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    <title>Pinboard (cshalizi)</title>
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    <description>recent bookmarks from cshalizi</description>
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	<rdf:li rdf:resource="https://arxiv.org/abs/2105.04131"/>
	<rdf:li rdf:resource="https://www.theatlantic.com/ideas/archive/2021/04/the-autopilot-economy/618497/"/>
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	<rdf:li rdf:resource="https://www.vox.com/2020/3/28/21195207/coronavirus-covid-19-financial-crisis-economy-depression-recession"/>
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	<rdf:li rdf:resource="http://eh.net/database/international-currencies-1890-1910/"/>
	<rdf:li rdf:resource="http://www.stats.ox.ac.uk/~snijders/FlandreauJobst2005.pdf"/>
	<rdf:li rdf:resource="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2739170"/>
	<rdf:li rdf:resource="http://www.powells.com/biblio/74-9781591846024-0"/>
	<rdf:li rdf:resource="http://www.theguardian.com/commentisfree/2015/jul/08/new-york-stock-exchange-suspends-trading-wall-street-aftermath"/>
	<rdf:li rdf:resource="http://www.jstor.org/stable/3989880?seq=1#page_scan_tab_contents"/>
	<rdf:li rdf:resource="https://www.academia.edu/12559799/Mistakes_Were_Made_The_Role_of_Catallactic_Bias_in_the_Financial_Crisis"/>
	<rdf:li rdf:resource="https://medium.com/bull-market/say-it-ain-t-so-ben-72d55d00cef7"/>
	<rdf:li rdf:resource="https://medium.com/bull-market/digital-locability-and-interocular-trauma-973397192975"/>
	<rdf:li rdf:resource="http://www.nber.org/papers/w21021"/>
	<rdf:li rdf:resource="http://www.russellsage.org/sites/all/files/Rethinking-Finance/Philippon_v3.pdf"/>
	<rdf:li rdf:resource="http://www.nextnewdeal.net/rortybomb/2003-dividend-tax-cut-did-nothing-help-real-economy"/>
	<rdf:li rdf:resource="http://www.washingtonpost.com/blogs/monkey-cage/wp/2014/12/16/bitcoins-financial-network-is-doomed/"/>
	<rdf:li rdf:resource="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2511068"/>
	<rdf:li rdf:resource="https://www.aeaweb.org/articles.php?doi=10.1257/aer.104.10.3115"/>
	<rdf:li rdf:resource="https://medium.com/bull-market/bedtime-for-market-efficiency-772c4daa80e7"/>
	<rdf:li rdf:resource="http://www.propublica.org/article/carmen-segarras-secret-recordings-from-inside-new-york-fed"/>
	<rdf:li rdf:resource="http://www.washingtonpost.com/blogs/wonkblog/wp/2014/09/26/why-do-people-on-wall-street-make-so-much-money/"/>
	<rdf:li rdf:resource="http://www.bloombergview.com/articles/2014-09-24/occupational-hazards-of-working-on-wall-street"/>
	<rdf:li rdf:resource="http://www.washingtonmonthly.com/magazine/septemberoctober_2014/features/why_are_harvard_grads_still_fl051758.php?page=all"/>
	<rdf:li rdf:resource="http://delong.typepad.com/sdj/2014/08/long-run-warranted-stock-valuations-and-expected-returns-what-does-the-shiller-data-tell-us.html"/>
	<rdf:li rdf:resource="http://epicureandealmaker.blogspot.com/2014/08/all-hail-and-farewell-trophy-kids.html"/>
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	<rdf:li rdf:resource="http://press.princeton.edu/titles/10261.html"/>
	<rdf:li rdf:resource="http://www.businessweek.com/articles/2014-07-22/for-ceos-correlation-between-pay-and-stock-performance-is-pretty-random"/>
	<rdf:li rdf:resource="http://slackwire.blogspot.com/2014/07/the-rentier-would-prefer-not-to-be.html"/>
	<rdf:li rdf:resource="http://sss.sagepub.com/content/44/3/418.abstract.html?etoc"/>
	<rdf:li rdf:resource="http://sss.sagepub.com/content/44/3/393.abstract.html?etoc"/>
	<rdf:li rdf:resource="http://www.bloombergview.com/articles/2014-05-13/caesars-and-the-450-million-and"/>
	<rdf:li rdf:resource="http://www.frbatlanta.org/documents/news/conferences/14fmc/Stiglitz.pdf"/>
	<rdf:li rdf:resource="http://thenewinquiry.com/essays/disgorge-the-cash/"/>
	<rdf:li rdf:resource="http://www.gsb.stanford.edu/sites/default/files/research/documents/Chameleons%20-The%20Misuse%20of%20Theoretical%20Models%20032614.pdf"/>
	<rdf:li rdf:resource="https://www.jacobinmag.com/2014/02/the-rent-is-too-damn-high-2/"/>
	<rdf:li rdf:resource="http://cowles.econ.yale.edu/~gean/art/p1358.pdf"/>
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	<rdf:li rdf:resource="http://www.aeaweb.org/articles.php?doi=10.1257/jel.51.4.1063"/>
	<rdf:li rdf:resource="http://jacobinmag.com/2013/11/wall-street-isnt-worth-it/"/>
	<rdf:li rdf:resource="http://www.uq.edu.au/rsmg/WP/Australian_Public_Policy/WPP06_3.pdf"/>
	<rdf:li rdf:resource="http://press.princeton.edu/titles/9512.html"/>
	<rdf:li rdf:resource="http://dealbook.nytimes.com/2013/08/01/sun-capital-court-ruling-threatens-private-equity-structure/?src=recg"/>
	<rdf:li rdf:resource="http://mathbabe.org/2013/07/01/payroll-cards-it-costs-too-much-to-get-my-money-ows/"/>
	<rdf:li rdf:resource="http://www.powells.com/biblio/9781137265814"/>
	<rdf:li rdf:resource="http://arxiv.org/abs/1305.3243"/>
	<rdf:li rdf:resource="http://press.uchicago.edu/ucp/books/book/distributed/W/bo13218112"/>
	<rdf:li rdf:resource="http://journals.cambridge.org/action/displayAbstract?fromPage=online&amp;aid=8864475&amp;fulltextType=RA&amp;fileId=S1537592712003593"/>
	<rdf:li rdf:resource="http://baselinescenario.com/2013/02/09/the-importance-of-excel/"/>
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  </channel><item rdf:about="https://link.springer.com/book/10.1007/978-3-031-97239-3">
    <title>Signature Methods in Finance: An Introduction with Computational Applications | Springer Nature Link</title>
    <dc:date>2026-06-13T04:04:14+00:00</dc:date>
    <link>https://link.springer.com/book/10.1007/978-3-031-97239-3</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["This Open Access volume offers an accessible entry point into the fast-growing field of signature methods in finance. It is written for early-career researchers and quantitatively minded practitioners—quant analysts and applied researchers—seeking a clear, practical introduction. It highlights recent developments and includes coding examples to help readers apply signature methods in practice.
"The advantages of modeling financial markets from a path-wise perspective, rather than as a traditional series of returns, are increasingly gaining recognition. Signature methods provide a parsimonious description of paths of stochastic processes and, through the signature kernel, open a rich and compelling framework at the interface between machine learning and mathematical finance."]]></description>
<dc:subject>to:NB books:noted path_signatures time_series stochastic_processes finance kernel_methods</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:a5cf1e7772a2/</dc:identifier>
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	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:path_signatures"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:time_series"/>
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	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:kernel_methods"/>
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<item rdf:about="https://arxiv.org/abs/1108.0799">
    <title>[1108.0799] Ito calculus without probability in idealized financial markets</title>
    <dc:date>2026-03-10T10:53:13+00:00</dc:date>
    <link>https://arxiv.org/abs/1108.0799</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["We consider idealized financial markets in which price paths of the traded securities are cadlag functions, imposing mild restrictions on the allowed size of jumps. We prove the existence of quadratic variation for typical price paths, where the qualification "typical" means that there is a trading strategy that risks only one monetary unit and brings infinite capital if quadratic variation does not exist. This result allows one to apply numerous known results in pathwise Ito calculus to typical price paths; we give a brief overview of such results."]]></description>
<dc:subject>to:NB to_read stochastic_differential_equations mathematics vovk.vladimir finance via:mraginsky</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:d0fd5a421d09/</dc:identifier>
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	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:stochastic_differential_equations"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:mathematics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:vovk.vladimir"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:mraginsky"/>
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<item rdf:about="https://www.degruyter.com/document/doi/10.1515/9780691256740/html">
    <title>The Data Economy</title>
    <dc:date>2025-03-02T14:51:28+00:00</dc:date>
    <link>https://www.degruyter.com/document/doi/10.1515/9780691256740/html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["The most valuable firms in the global economy are valued largely for their data. Amazon, Apple, Google, and others have proven the competitive advantage of a good data set. And yet despite the growing importance of data as a strategic asset, modern economic theory neglects its role. In this book, Isaac Baley and Laura Veldkamp draw on a range of theoretical frameworks at the research frontier in macroeconomics and finance to model and measure data economies. Starting from the premise that data is digitized information that facilitates prediction and reduces uncertainty, Baley and Veldkamp uncover the ways that firm-level data choices resonate throughout the broader macroeconomic and financial landscapes.
"With The Data Economy, Baley and Veldkamp put forward a broad research agenda with a formal yet accessible approach, offering an analysis of the data economy and its welfare effects that will be of interest to practitioners, researchers, and graduate students. The tools presented, many of them information-related methods from macroeconomics and finance, are theoretical but introduced with careful attention to how they can inform or enable measurement. Applications include assessing the economic worth of data and unraveling its influence on the structure of production, inflation, and pricing dynamics; firm and investor behavior; advertising; market power; and asset pricing. Baley and Veldkamp bring readers to the cutting edge of this novel research area, equipping them to formulate their own theoretical advances and policy analysis."]]></description>
<dc:subject>to:NB economics macroeconomics finance econometrics information_theory books:noted</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:c7f09031cfe2/</dc:identifier>
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<item rdf:about="https://arxiv.org/abs/2212.13628">
    <title>[2212.13628] Functional Expansions</title>
    <dc:date>2023-12-08T19:03:52+00:00</dc:date>
    <link>https://arxiv.org/abs/2212.13628</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Path dependence is omnipresent in many disciplines such as engineering, system theory and finance. It reflects the influence of the past on the future, often expressed through functionals. However, non-Markovian problems are often infinite-dimensional, thus challenging from a conceptual and computational perspective. In this work, we shed light on expansions of functionals. First, we treat static expansions made around paths of fixed length and propose a generalization of the Wiener series−the intrinsic value expansion (IVE). In the dynamic case, we revisit the functional Taylor expansion (FTE). The latter connects the functional Itô calculus with the signature to quantify the effect in a functional when a "perturbation" path is concatenated with the source path. In particular, the FTE elegantly separates the functional from future trajectories. The notions of real analyticity and radius of convergence are also extended to the path space. We discuss other dynamic expansions arising from Hilbert projections and the Wiener chaos, and finally show financial applications of the FTE to the pricing and hedging of exotic contingent claims."]]></description>
<dc:subject>to:NB stochastic_processes finance</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:2ca680d2c220/</dc:identifier>
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<item rdf:about="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4359282">
    <title>Counterproductive Sustainable Investing: The Impact Elasticity of Brown and Green Firms by Samuel M. Hartzmark, Kelly Shue :: SSRN</title>
    <dc:date>2023-05-02T20:36:34+00:00</dc:date>
    <link>https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4359282</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["We develop a new measure of impact elasticity, defined as a firm's change in environmental impact due to a change in its cost of capital. We show empirically that a reduction in financing costs for firms that are already green leads to small improvements in impact at best. In contrast, increasing financing costs for brown firms leads to large negative changes in firm impact. Thus, sustainable investing that directs capital away from brown firms and toward green firms may be counterproductive, in that it makes brown firms more brown without making green firms more green. We further show that brown firms face very weak incentives to become more green. Due to a mistaken focus on percentage reductions in emissions, the sustainable investing movement primarily rewards green firms for economically trivial reductions in their already low levels of emissions."

--- Hmm.  I love a good perverse incentive as much as the next guy raised by economists, but this seems a little bit too pat.  One would need to carefully consider the counterfactual paths of pollution under different scenarios.  (Which they may!)]]></description>
<dc:subject>to:NB economics finance color_me_skeptical environmental_management</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:f3011daa3663/</dc:identifier>
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	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:color_me_skeptical"/>
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<item rdf:about="https://www.bloomberg.com/features/2022-the-crypto-story/?cmpid=BBD102522_MONEYSTUFF&amp;leadSource=uverify%2520wall">
    <title>The Only Crypto Story You Need, by Matt Levine</title>
    <dc:date>2022-12-29T02:27:07+00:00</dc:date>
    <link>https://www.bloomberg.com/features/2022-the-crypto-story/?cmpid=BBD102522_MONEYSTUFF&amp;leadSource=uverify%2520wall</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[--- Still far, far too kind.
]]></description>
<dc:subject>cryptocurrency levine.matt have_read finance to:NB</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:4502dd875a67/</dc:identifier>
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	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:levine.matt"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
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	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
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</item>
<item rdf:about="https://www.nber.org/papers/w29705">
    <title>Why Are Returns to Private Business Wealth So Dispersed? | NBER</title>
    <dc:date>2022-03-19T23:07:52+00:00</dc:date>
    <link>https://www.nber.org/papers/w29705</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["We use micro data from Orbis on firm level balance sheets and income statements to document that accounting returns for privately held businesses are dispersed, persistent, and negatively correlated with firm equity. We also show that firms experience large, fat-tailed, and partly transitory changes in output that are not fully accompanied by changes in their capital stock and wage bill. This implies that capital and labor choices are risky, as fluctuations in output are accompanied by large changes in firm profits. We interpret this evidence using a model of entrepreneurial dynamics in which return heterogeneity can arise from both limited span of control, as well as from financial frictions which generate differences in financial returns to saving. The model matches the evidence on accounting returns and predicts that financial returns to saving are half as large and dispersed as accounting returns. Financial returns mostly reflect risk, as opposed to collateral constraints which play a negligible role due to firms' unwillingness to expand and take on more risk."

--- Cf. Farjoun and Machover [http://bactra.org/weblog/820.html]]]></description>
<dc:subject>to:NB economics heavy_tails finance</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:37c47526adba/</dc:identifier>
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<item rdf:about="https://press.uchicago.edu/ucp/books/book/chicago/J/bo49967326">
    <title>Justice Is an Option: A Democratic Theory of Finance for the Twenty-First Century, Meister</title>
    <dc:date>2021-06-28T04:45:49+00:00</dc:date>
    <link>https://press.uchicago.edu/ucp/books/book/chicago/J/bo49967326</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["More than ten years after the worst crisis since the Great Depression, the financial sector is thriving. But something is deeply wrong. Taxpayers bore the burden of bailing out “too big to fail” banks, but got nothing in return. Inequality has soared, and a populist backlash against elites has shaken the foundations of our political order. Meanwhile, financial capitalism seems more entrenched than ever. What is the left to do?
"Justice Is an Option uses those problems—and the framework of finance that created them—to reimagine historical justice. Robert Meister returns to the spirit of Marx to diagnose our current age of finance. Instead of closing our eyes to the political and economic realities of our era, we need to grapple with them head-on. Meister does just that, asking whether the very tools of finance that have created our vastly unequal world could instead be made to serve justice and equality. Meister here formulates nothing less than a democratic financial theory for the twenty-first century—one that is equally conversant in political philosophy, Marxism, and contemporary politics. Justice Is an Option is a radical, invigorating first page of a new—and sorely needed—leftist playbook. "

--- I presume the title is a horrible pun.]]></description>
<dc:subject>to:NB books:noted political_economy finance progressive_forces books:suggest_to_library</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:4f1061f216c6/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:political_economy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:progressive_forces"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:suggest_to_library"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.annualreviews.org/doi/abs/10.1146/annurev-statistics-042720-015705">
    <title>Extreme Value Analysis for Financial Risk Management | Annual Review of Statistics and Its Application</title>
    <dc:date>2021-06-01T13:40:17+00:00</dc:date>
    <link>https://www.annualreviews.org/doi/abs/10.1146/annurev-statistics-042720-015705</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["This article reviews methods from extreme value analysis with applications to risk assessment in finance. It covers three main methodological paradigms: the classical framework for independent and identically distributed data with application to risk estimation for market and operational loss data, the multivariate framework for cross-sectional dependent data with application to systemic risk, and the methods for stationary serially dependent data applied to dynamic risk management. The article is addressed to statisticians with interest and possibly experience in financial risk management who are not familiar with extreme value analysis."]]></description>
<dc:subject>to:NB extreme_values finance statistics</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:31a0fcb4f0eb/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:extreme_values"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:statistics"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://arxiv.org/abs/2105.04131">
    <title>[2105.04131] Symbol Dynamics, Information theory and Complexity of Economic time series</title>
    <dc:date>2021-05-13T14:05:04+00:00</dc:date>
    <link>https://arxiv.org/abs/2105.04131</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["We propose to examine the predictability and the complexity characteristics of the Standard&Poor500 dynamics behaviors in a coarse-grained way using the symbolic dynamics method and under the prism of the Information theory through the concept of entropy and uncertainty. We believe that experimental measurement of entropy as a way of examining the complexity of a system is more relevant than more common tests of universality in the transition to chaos because it does not make any prior prejudices on the underlying causes associated with the system dynamics, whether deterministic or stochastic. We regard the studied economic time series as being complex and propose to express it in terms of the amount of information this last is producing on different time scales and according to various scaling parameters."

--- Last tag because oh boy the stories I could tell you from 20 years ago.]]></description>
<dc:subject>to:NB finance information_theory symbolic_dynamics color_me_skeptical</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:105069dcda08/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:information_theory"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:symbolic_dynamics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:color_me_skeptical"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.theatlantic.com/ideas/archive/2021/04/the-autopilot-economy/618497/">
    <title>How Index Funds May Hurt the Economy - The Atlantic</title>
    <dc:date>2021-04-12T03:31:01+00:00</dc:date>
    <link>https://www.theatlantic.com/ideas/archive/2021/04/the-autopilot-economy/618497/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[All of these problems, to the extent that they are problems, would be avoided by my old proposal [http://bactra.org/weblog/438.html].  I am not a crank.]]></description>
<dc:subject>market_failures_in_everything finance to:blog have_read</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:6bd128f1167c/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:blog"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.aeaweb.org/articles?id=10.1257/aer.20171611">
    <title>Speculative Fever: Investor Contagion in the Housing Bubble - American Economic Association</title>
    <dc:date>2021-01-28T17:21:06+00:00</dc:date>
    <link>https://www.aeaweb.org/articles?id=10.1257/aer.20171611</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Historical anecdotes abound of new investors being drawn into a booming asset market, only to suffer when the market turns. While the role of investor contagion in asset bubbles has been explored extensively in the theoretical literature, causal empirical evidence on the topic is much rarer. This paper studies the recent boom and bust in the US housing market and establishes that many novice investors entered the market as a direct result of observing investing activity of multiple forms in their own neighborhoods and that "infected" investors performed poorly relative to other investors along several dimensions."]]></description>
<dc:subject>to:NB economics economic_history finance financial_crisis_of_2007-- information_cascades social_influence contagion re:homophily_and_confounding to_read not_at_all_related_to_current_events</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:c60c9c843f6c/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_history"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:information_cascades"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:social_influence"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:contagion"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:re:homophily_and_confounding"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:not_at_all_related_to_current_events"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://arxiv.org/abs/2012.12702">
    <title>[2012.12702] Systemic Risk in Financial Networks: A Survey</title>
    <dc:date>2020-12-26T17:43:35+00:00</dc:date>
    <link>https://arxiv.org/abs/2012.12702</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["We provide an overview of the relationship between financial networks and systemic risk. We present a taxonomy of different types of systemic risk, differentiating between direct externalities between financial organizations (e.g., defaults, correlated portfolios and firesales), and perceptions and feedback effects (e.g., bank runs, credit freezes). We also discuss optimal regulation and bailouts, measurements of systemic risk and financial centrality, choices by banks' regarding their portfolios and partnerships, and the changing nature of financial networks."]]></description>
<dc:subject>to:NB networks finance jackson.matthew_o.</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:bd94715620f0/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:networks"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:jackson.matthew_o."/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://link.springer.com/article/10.1007/s41109-020-00301-2">
    <title>The multiplex nature of global financial contagions | SpringerLink</title>
    <dc:date>2020-10-23T16:59:35+00:00</dc:date>
    <link>https://link.springer.com/article/10.1007/s41109-020-00301-2</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["As illustrated by the 2008 global financial crisis, the financial distress of one country can trigger financial distress in other countries. We examine the problem of identifying such “systemically important” countries (i.e., countries whose financial distress can trigger further distress), which is important for assessing global financial stability. Using data on bilateral financial positions that are split by asset type, we build a multiplex global financial network in which nodes represent countries, edges encode cross-country financial assets of various types, and layers represent asset types. We examine the temporal evolution of a measure of node importance known as MultiRank centrality, and we find that several major European countries decrease in rank and that several major Asian countries increase in rank since 2008. We then develop a multiplex threshold model of financial contagions in which a shock can propagate either within a layer or between layers. We find that the number of systemically important countries can be twice as large when we take into account the heterogeneity of financial exposures (i.e., when using a multiplex network) than in a contagion on an associated aggregate global financial network (i.e., on a monolayer network), as is often examined in other studies. We also study the extent to which buffers can reduce the propagation of financial distress. Our analysis suggests that accounting for both intralayer and interlayer propagation of contagions in a multiplex structure of financial assets is important for understanding interconnected financial systems of countries."]]></description>
<dc:subject>to:NB finance contagion network_data_analysis networks porter.mason_a.</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:e9f240e1a070/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:contagion"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:network_data_analysis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:networks"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:porter.mason_a."/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.bloomberg.com/news/features/2020-01-09/the-hidden-dangers-of-the-great-index-fund-takeover">
    <title>The Hidden Dangers of the Great Index Fund Takeover - Bloomberg</title>
    <dc:date>2020-10-01T21:50:06+00:00</dc:date>
    <link>https://www.bloomberg.com/news/features/2020-01-09/the-hidden-dangers-of-the-great-index-fund-takeover</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>economics market_failures_in_everything imperfect_competition finance</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:7495fe076756/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:imperfect_competition"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.jstor.org/stable/j.ctt13x0hch">
    <title>The Black Box Society: The Secret Algorithms That Control Money and Information on JSTOR</title>
    <dc:date>2020-08-17T15:20:38+00:00</dc:date>
    <link>https://www.jstor.org/stable/j.ctt13x0hch</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>books:noted downloaded data_mining finance to_read to_teach:data-mining in_NB</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:98fede5cdf9c/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:downloaded"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:data_mining"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_teach:data-mining"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:in_NB"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://doi.org/10.1016/S0165-1889(98)00011-6">
    <title>Heterogeneous beliefs and routes to chaos in a simple asset pricing model - ScienceDirect</title>
    <dc:date>2020-05-17T16:53:52+00:00</dc:date>
    <link>https://doi.org/10.1016/S0165-1889(98)00011-6</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["This paper investigates the dynamics in a simple present discounted value asset pricing model with heterogeneous beliefs. Agents choose from a finite set of predictors of future prices of a risky asset and revise their ‘beliefs’ in each period in a boundedly rational way, according to a ‘fitness measure’ such as past realized profits. Price fluctuations are thus driven by an evolutionary dynamics between different expectation schemes (‘rational animal spirits’). Using a mixture of local bifurcation theory and numerical methods, we investigate possible bifurcation routes to complicated asset price dynamics. In particular, we present numerical evidence of strange, chaotic attractors when the intensity of choice to switch prediction strategies is high."]]></description>
<dc:subject>to:NB have_read finance economics bounded_rationality hommes.cars brock.william_a.</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:f178bd17d597/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:bounded_rationality"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:hommes.cars"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:brock.william_a."/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.vox.com/2020/3/28/21195207/coronavirus-covid-19-financial-crisis-economy-depression-recession">
    <title>Understanding the financial crisis that coronavirus could cause - Vox</title>
    <dc:date>2020-03-30T13:58:36+00:00</dc:date>
    <link>https://www.vox.com/2020/3/28/21195207/coronavirus-covid-19-financial-crisis-economy-depression-recession</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>tooze.adam finance the_continuing_crises coronavirus_pandemic_of_2019--</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:b773dfe5fa3b/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:tooze.adam"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:the_continuing_crises"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:coronavirus_pandemic_of_2019--"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.jstor.org/stable/j.ctt1vwmh9g">
    <title>Money: Whence It Came, Where It Went on JSTOR</title>
    <dc:date>2020-01-27T00:37:05+00:00</dc:date>
    <link>https://www.jstor.org/stable/j.ctt1vwmh9g</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>to:NB books:recommended economics economic_history finance galbraith.john_kenneth downloaded</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:c3728407c662/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:recommended"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_history"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:galbraith.john_kenneth"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:downloaded"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.journals.uchicago.edu/doi/abs/10.1086/697318?journalCode=ajs#.Wxkussx1FbY.twitter">
    <title>Material Signals: A Historical Sociology of High-Frequency Trading | American Journal of Sociology: Vol 123, No 6</title>
    <dc:date>2018-06-08T12:16:26+00:00</dc:date>
    <link>https://www.journals.uchicago.edu/doi/abs/10.1086/697318?journalCode=ajs#.Wxkussx1FbY.twitter</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Drawing on interviews with 194 market participants (including 54 practitioners of high-frequency trading or HFT), this article first identifies the main classes of “signals” (patterns of data) that influence how HFT algorithms buy and sell shares and interact with each other. Second, it investigates historically the processes that have led to three of the most important categories of these signals, finding that they arise from three features of U.S. share trading that are the result of episodes of meso-level conflict. Third, the article demonstrates the contingency of these features by briefly comparing HFT in share trading to HFT in futures, Treasurys, and foreign exchange. The article thus argues that how HFT algorithms act and interact is a specific, contingent product not just of the current but also of the past interaction of people, organizations, algorithms, and machines."]]></description>
<dc:subject>to:NB finance sociology prediction</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:7d8ec4cf652f/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:sociology"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:prediction"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.aeaweb.org/articles?id=10.1257/jep.31.3.89">
    <title>The Agency Problems of Institutional Investors</title>
    <dc:date>2017-08-26T17:56:07+00:00</dc:date>
    <link>https://www.aeaweb.org/articles?id=10.1257/jep.31.3.89</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Financial economics and corporate governance have long focused on the agency problems between corporate managers and shareholders that result from the dispersion of ownership in large publicly traded corporations. In this paper, we focus on how the rise of institutional investors over the past several decades has transformed the corporate landscape and, in turn, the governance problems of the modern corporation. The rise of institutional investors has led to increased concentration of equity ownership, with most public corporations now having a substantial proportion of their shares held by a small number of institutional investors. At the same time, these institutions are controlled by investment managers, which have their own agency problems vis-á-vis their own beneficial investors. We develop an analytical framework for understanding the agency problems of institutional investors, and apply it to examine the agency problems and behavior of several key types of investment managers, including those that manage mutual funds—both index funds and actively managed funds—and activist hedge funds. We show that index funds have especially poor incentives to engage in stewardship activities that could improve governance and increase value. Activist hedge funds have substantially better incentives than managers of index funds or active mutual funds. While their activities may partially compensate, we show that they do not provide a complete solution for the agency problems of other institutional investors."

--- I'd be curious to see if they make the connection to market socialism, of the Roemer-esque "One Big Mutual Fund" variety]]></description>
<dc:subject>to:NB economics corporations finance market_failures_in_everything</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:eea8ae2ca0af/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corporations"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://journals.sagepub.com/doi/abs/10.1177/0306312716676900">
    <title>A material political economy: Automated Trading Desk and price prediction in high-frequency trading - Dec 06, 2016</title>
    <dc:date>2016-12-28T01:04:36+00:00</dc:date>
    <link>http://journals.sagepub.com/doi/abs/10.1177/0306312716676900</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["This article contains the first detailed historical study of one of the new high-frequency trading (HFT) firms that have transformed many of the world’s financial markets. The study, of Automated Trading Desk (ATD), one of the earliest and most important such firms, focuses on how ATD’s algorithms predicted share price changes. The article argues that political-economic struggles are integral to the existence of some of the ‘pockets’ of predictable structure in the otherwise random movements of prices, to the availability of the data that allow algorithms to identify these pockets, and to the capacity of algorithms to use these predictions to trade profitably. The article also examines the role of HFT algorithms such as ATD’s in the epochal, fiercely contested shift in US share trading from ‘fixed-role’ markets towards ‘all-to-all’ markets."]]></description>
<dc:subject>to:NB finance prediction sociology mackenzie.donald</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:fec60290322a/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:prediction"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:sociology"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:mackenzie.donald"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://onlinelibrary.wiley.com/doi/10.1111/jofi.12121/abstract">
    <title>Sequential Learning, Predictability, and Optimal Portfolio Returns - JOHANNES - 2014 - The Journal of Finance - Wiley Online Library</title>
    <dc:date>2016-12-01T20:13:09+00:00</dc:date>
    <link>http://onlinelibrary.wiley.com/doi/10.1111/jofi.12121/abstract</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["This paper finds statistically and economically significant out-of-sample portfolio benefits for an investor who uses models of return predictability when forming optimal portfolios. Investors must account for estimation risk, and incorporate an ensemble of important features, including time-varying volatility, and time-varying expected returns driven by payout yield measures that include share repurchase and issuance. Prior research documents a lack of benefits to return predictability, and our results suggest that this is largely due to omitting time-varying volatility and estimation risk. We also document the sequential process of investors learning about parameters, state variables, and models as new data arrive."]]></description>
<dc:subject>to:NB finance prediction time_series online_learning</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:290a269e6015/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:prediction"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:time_series"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:online_learning"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2820176">
    <title>The Finance Franchise by Robert C. Hockett, Saule T. Omarova :: SSRN</title>
    <dc:date>2016-11-14T21:05:44+00:00</dc:date>
    <link>https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2820176</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["The dominant view of banks and other financial institutions is that they function primarily as intermediaries, managing flows of scarce funds from those who have accumulated them to those who have need of them and can pay for their use. This understanding pervades textbooks, scholarly writings, and policy discussions – yet it is fundamentally false as a description of how a modern financial system works. Finance today is no more primarily “intermediated” than it is pre-accumulated or scarce. 
"This Article challenges the outdated narrative of finance as intermediated scarce private capital and maps the basic structure and dynamics of the financial system as it actually operates. We begin by developing a three-part taxonomy of ways to model financial flows – what we call the “credit-intermediation,” “credit-multiplication,” and “credit-generation” models of finance. We show that only the last model captures the core dynamic of a complex modern financial system, and that the ultimate source of credit-generation in any such system is the sovereign public, acting primarily through its central bank and treasury. We then trace the operation of this dynamic throughout the financial system, from the banking sector, through the capital and “shadow banking” markets, all the way out to the “disruptive” frontier of peer-to-peer digital finance.
"What emerges from this retracing of the financial system’s operative logic is a comprehensive view of modern finance as a public-private franchise arrangement. On this view, the sovereign public acts effectively as franchisor, licensing private financial institutions to earn rents as franchisees in dispensing a vital public resource: the public’s monetized full faith and credit. We conclude the Article by drawing out some of the potentially transformative analytic and normative implications of a paradigmatic shift from the orthodox theory of financial intermediation to the franchise view of finance."]]></description>
<dc:subject>to:NB finance money banking economics color_me_skeptical</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:44a614154929/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:money"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:color_me_skeptical"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://eh.net/database/international-currencies-1890-1910/">
    <title>International Currencies 1890-1910</title>
    <dc:date>2016-04-19T13:45:47+00:00</dc:date>
    <link>http://eh.net/database/international-currencies-1890-1910/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Data set underlying the "Ties that Divide" paper, https://pinboard.in/u:cshalizi/b:8027cc78db0d]]></description>
<dc:subject>economics economic_history finance network_data_analysis data_sets to_teach:baby-nets</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:83c55f6b0491/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_history"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:network_data_analysis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:data_sets"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_teach:baby-nets"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.stats.ox.ac.uk/~snijders/FlandreauJobst2005.pdf">
    <title>The Ties that Divide: A Network Analysis of the International Monetary System, 1890--1910</title>
    <dc:date>2016-04-18T22:39:38+00:00</dc:date>
    <link>http://www.stats.ox.ac.uk/~snijders/FlandreauJobst2005.pdf</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Neat-looking data set about the flow of exchange rate information around 1900, and block-models.]]></description>
<dc:subject>to:NB economic_history economics finance social_networks community_discovery to_teach:baby-nets via:phnk have_read</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:483c7993ad27/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_history"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:social_networks"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:community_discovery"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_teach:baby-nets"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:phnk"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2739170">
    <title>The Market for Financial Adviser Misconduct by Mark Egan, Gregor Matvos, Amit Seru :: SSRN</title>
    <dc:date>2016-03-01T02:49:31+00:00</dc:date>
    <link>http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2739170</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["We construct a novel database containing the universe of financial advisers in the United States from 2005 to 2015, representing approximately 10% of employment of the finance and insurance sector. Roughly 7% of advisers have misconduct records. Prior offenders are five times as likely to engage in new misconduct as the average financial adviser. Firms discipline misconduct: approximately half of financial advisers lose their job after misconduct. The labor market partially undoes firm-level discipline: of these advisers, 44% are reemployed in the financial services industry within a year. Reemployment is not costless. Following misconduct, advisers face longer unemployment spells, and move to less reputable firms, with a 10% reduction in compensation. Additionally, firms that hire these advisers also have higher rates of prior misconduct themselves. We find similar results for advisers of dissolved firms, in which all advisers are forced to find new employment independent of past misconduct or performance. Firms that persistently engage in misconduct coexist with firms that have clean records. We show that differences in consumer sophistication may be partially responsible for this phenomenon: misconduct is concentrated in firms with retail customers and in counties with low education, elderly populations, and high incomes. Our findings suggest that some firms "specialize" in misconduct and cater to unsophisticated consumers, while others use their reputation to attract sophisticated consumers."]]></description>
<dc:subject>fraud finance market_failures_in_everything to:NB class_struggles_in_america via:?</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:5598e45b5f8f/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:fraud"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:?"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.powells.com/biblio/74-9781591846024-0">
    <title>The Great Beanie Baby Bubble: Mass Delusion and the Dark Side of Cute by Zac Bissonnette - Powell's Books</title>
    <dc:date>2015-08-17T18:19:11+00:00</dc:date>
    <link>http://www.powells.com/biblio/74-9781591846024-0</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["There has never been a craze like Beanie Babies. The $5 beanbag animals with names like Seaweed the Otter and Gigi the Poodle drove millions of Americans into a greed-fueled frenzy as they chased the rarest Beanie Babies, whose values escalated weekly in the late 1990s. 
"A single Beanie Baby sold for $10,000, and on eBay the animals comprised 10 percent of all sales. Suburban moms stalked UPS trucks to get the latest models, a retired soap opera star lost his kids’ six-figure college funds investing in them, and a New Jersey father sold three million copies of a self-published price guide that predicted what each animal would be worth in ten years. More than any other consumer good in history, Beanie Babies were carried to the height of success by a collective belief that their values would always rise.
"Just as strange as the mass hysteria was the man behind it. From the day he started in the toy industry, after dropping out of college, Ty Warner devoted all his energy to creating what he hoped would be the most perfect stuffed animals the world had ever seen. Sometimes called the "Steve Jobs of plush" by his employees, he obsessed over every detail of every animal. He had no marketing budget and no connections, but he had something more valuable — an intuitive grasp of human psychology that would make him the richest man in the history of toys. 
"Through first-ever interviews with former Ty Inc. employees, Warner’s sister, and the two ex-girlfriends who were by his side as he achieved the American dream, The Great Beanie Baby Bubble tells the inspiring yet tragic story of one of America’s most enigmatic self-made tycoons. Bestselling author Zac Bissonnette uncovers Warner’s highly original approach to product development, sales, and marketing that enabled the acquisition of plush animals to activate the same endorphins chased by stock speculators and gamblers.
"Starting with a few Beanie-crazed housewives on a cul-de-sac in Naperville, Illinois, Beanie Babies became the first viral craze of the Internet era. Bissonnette traces their rise from the beginning of the official website — one of the first corporate websites to aggressively engage consumers — to the day when "rare" models became worthless as quickly as they’d once been deemed priceless. He also explores the big questions: Why did grown men and women lose their minds over stuffed animals? Was it something unique about the last years of the American century — or just the weirdest version of the irrational episodes that have happened periodically ever since the Dutch tulip mania of the 1630s?"

--- Permit me to doubt the "genius" bits.]]></description>
<dc:subject>to:NB books:noted market_failures_in_everything market_bubbles finance economics via:pinboard in_wishlist in_library</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:2265f694a7de/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_bubbles"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:pinboard"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:in_wishlist"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:in_library"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.theguardian.com/commentisfree/2015/jul/08/new-york-stock-exchange-suspends-trading-wall-street-aftermath">
    <title>The New York Stock Exchange goes down: inside the dystopian aftermath | Molly Crabapple | Comment is free | The Guardian</title>
    <dc:date>2015-07-08T22:17:59+00:00</dc:date>
    <link>http://www.theguardian.com/commentisfree/2015/jul/08/new-york-stock-exchange-suspends-trading-wall-street-aftermath</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>satire finance apocalypticism have_read crabapple.molly</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:175d9af61b4f/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:satire"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:apocalypticism"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:crabapple.molly"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.jstor.org/stable/3989880?seq=1#page_scan_tab_contents">
    <title>Imperfect Information, Screening, and the Costs of Informal Lending: A Study of a Rural Credit Market in Pakistan on JSTOR</title>
    <dc:date>2015-06-22T16:49:36+00:00</dc:date>
    <link>http://www.jstor.org/stable/3989880?seq=1#page_scan_tab_contents</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>have_read economics pakistan finance imperfect_competition market_failures_in_everything institutions</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:5ab61a9aa5d6/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:pakistan"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:imperfect_competition"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:institutions"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.academia.edu/12559799/Mistakes_Were_Made_The_Role_of_Catallactic_Bias_in_the_Financial_Crisis">
    <title>Mistakes Were Made: The Role of Catallactic Bias in the Financial Crisis | Joseph Heath - Academia.edu</title>
    <dc:date>2015-06-04T23:52:26+00:00</dc:date>
    <link>https://www.academia.edu/12559799/Mistakes_Were_Made_The_Role_of_Catallactic_Bias_in_the_Financial_Crisis</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[I am unpersuaded, because I think Heath isn't really thinking through the risk-pooling, or lack thereof, happening in a CDO; he actually quotes correct observations on this from Das towards the end, but doesn't take it far enough.  If you're risk-averse, then pooling or averaging over multiple (weakly correlated) income streams does add value for you, by reducing variance.  But the banks which made the loans already had that low variance!  Pooling loans to create securities was something the government-supported entities had been doing for decades, precisely to make the mortgage market.  Anyone who wanted that low-variance income stream could buy one of those bonds, or a share in a bank, or open a savings account.  In a CDO, the extra low variance of the senior tranches necessarily implied extra high variance for the equity tranches.  In Heath's terms, that could only have made sense as trading, not insurance.  (Cf. http://bactra.org/reviews/fools-gold/)]]></description>
<dc:subject>have_read financial_crisis_of_2007-- finance insurance heath.joseph</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:46b364a2dbe4/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:insurance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:heath.joseph"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://medium.com/bull-market/say-it-ain-t-so-ben-72d55d00cef7">
    <title>Say It Ain’t So, Ben — Bull Market — Medium</title>
    <dc:date>2015-04-30T02:29:46+00:00</dc:date>
    <link>https://medium.com/bull-market/say-it-ain-t-so-ben-72d55d00cef7</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["But it’s sad that we live in a world where even Ben Bernanke — once perhaps the second-most powerful man in the world — feels like the only thing worthy of their time is just another hedge fund."]]></description>
<dc:subject>our_decrepit_institutions economics corruption finance</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:aff12d04c0e5/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:our_decrepit_institutions"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corruption"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://medium.com/bull-market/digital-locability-and-interocular-trauma-973397192975">
    <title>Digital Locability and Interocular Trauma — Bull Market — Medium</title>
    <dc:date>2015-04-14T00:13:27+00:00</dc:date>
    <link>https://medium.com/bull-market/digital-locability-and-interocular-trauma-973397192975</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Ah, the crushing intellectual superiority at the top of the financial & corporate heap...]]></description>
<dc:subject>have_read bad_data_analysis finance utter_stupidity dsquared dimon.jamie variance_estimation</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:41c250f3a860/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:bad_data_analysis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:utter_stupidity"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:dsquared"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:dimon.jamie"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:variance_estimation"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.nber.org/papers/w21021">
    <title>New Evidence on the Impact of Financial Crises in Advanced Countries</title>
    <dc:date>2015-03-18T17:44:33+00:00</dc:date>
    <link>http://www.nber.org/papers/w21021</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["This paper examines the aftermath of financial crises in advanced countries in the four decades before the Great Recession. We construct a new series on financial distress in 24 OECD countries for the period 1967–2007. The series is based on assessments of the health of countries’ financial systems from a consistent, real-time narrative source; and it classifies financial distress on a relatively fine scale, rather than treating it as a 0-1 variable. We find that output declines following financial crises in modern advanced countries are highly variable, on average only moderate, and often temporary. One important driver of the variation in outcomes across crises appears to be the severity and persistence of the financial distress itself."]]></description>
<dc:subject>to:NB finance financial_crises macroeconomics economics via:jbdelong</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:f5d7571dfa40/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crises"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:macroeconomics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:jbdelong"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.russellsage.org/sites/all/files/Rethinking-Finance/Philippon_v3.pdf">
    <title>Finance vs. Wal-Mart: Why are Financial Services so Expensive?</title>
    <dc:date>2015-02-14T05:26:47+00:00</dc:date>
    <link>http://www.russellsage.org/sites/all/files/Rethinking-Finance/Philippon_v3.pdf</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Despite its fast computers and credit derivatives, the current financial system does not seem better at transferring funds from savers to borrowers than the financial system of 1910."

--- I really wish papers like this would give more details about their calculations, and not use graphs which are so freaking painful to the eye.

--- ETA: Also, he never does get around to answering the question in his subtitle!]]></description>
<dc:subject>finance financialization economics whats_gone_wrong_with_america via:jbdelong have_read in_NB</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:4cbe9d1314e1/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financialization"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:whats_gone_wrong_with_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:jbdelong"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:in_NB"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.nextnewdeal.net/rortybomb/2003-dividend-tax-cut-did-nothing-help-real-economy">
    <title>The 2003 Dividend Tax Cut Did Nothing to Help the Real Economy | Next New Deal</title>
    <dc:date>2015-01-21T01:04:15+00:00</dc:date>
    <link>http://www.nextnewdeal.net/rortybomb/2003-dividend-tax-cut-did-nothing-help-real-economy</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[The plots are persuasive, but I guess I'd worry about selection into different corporate forms.  Propensity-score matching?
(Last tag is tentative.)]]></description>
<dc:subject>finance corporations taxes economics have_read track_down_references to_teach:undergrad-ADA</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:f1896aec9f53/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corporations"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:taxes"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:track_down_references"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_teach:undergrad-ADA"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.washingtonpost.com/blogs/monkey-cage/wp/2014/12/16/bitcoins-financial-network-is-doomed/">
    <title>Bitcoin’s financial network is doomed - The Washington Post</title>
    <dc:date>2014-12-17T03:18:10+00:00</dc:date>
    <link>http://www.washingtonpost.com/blogs/monkey-cage/wp/2014/12/16/bitcoins-financial-network-is-doomed/</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>economics finance banking bitcoin institutions have_read kith_and_kin farrell.henry money regulation blogged</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:aaf961376609/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:bitcoin"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:institutions"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:kith_and_kin"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:farrell.henry"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:money"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:regulation"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:blogged"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2511068">
    <title>Information Networks: Evidence from Illegal Insider Trading Tips by Kenneth R. Ahern :: SSRN</title>
    <dc:date>2014-10-27T23:10:12+00:00</dc:date>
    <link>http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2511068</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[The description given by A. Z. Jacobs cannot be bettered: "Insider trading happening adorably between childhood BFFs, not professional contacts." (https://twitter.com/az_jacobs/status/525003389713653761)

--- After reading through: a truly heroic piece of data acquisition.  Not wild about things like OLS and ordinal logistic regression (would it hurt you to use a spline once in a while?), but probably wouldn't affect the over-all trend, which is all this is really good for.  One thought not explored here: might the tendency for those further down a tip chain to make more money be part of how these particular networks got caught?  (He's sensitive on the, to put it delicately, sample-selection biases, but doesn't go into whether that might be one of them.)]]></description>
<dc:subject>to:NB social_networks finance corruption economics network_data_analysis have_read blogged to_teach:baby-nets</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:70933e99ccc7/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:social_networks"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corruption"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:network_data_analysis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:blogged"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_teach:baby-nets"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.aeaweb.org/articles.php?doi=10.1257/aer.104.10.3115">
    <title>AER (104,10) p. 3115 - Financial Networks and Contagion</title>
    <dc:date>2014-10-02T16:26:54+00:00</dc:date>
    <link>https://www.aeaweb.org/articles.php?doi=10.1257/aer.104.10.3115</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["We study cascades of failures in a network of interdependent financial organizations: how discontinuous changes in asset values (e.g., defaults and shutdowns) trigger further failures, and how this depends on network structure. Integration (greater dependence on counterparties) and diversification (more counterparties per organization) have different, nonmonotonic effects on the extent of cascades. Diversification connects the network initially, permitting cascades to travel; but as it increases further, organizations are better insured against one another's failures. Integration also faces trade-offs: increased dependence on other organizations versus less sensitivity to own investments. Finally, we illustrate the model with data on European debt cross-holdings."]]></description>
<dc:subject>to:NB social_networks finance economics jackson.matthew_o.</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:7ac658bc2c94/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:social_networks"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:jackson.matthew_o."/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://medium.com/bull-market/bedtime-for-market-efficiency-772c4daa80e7">
    <title>Bedtime for market efficiency — Bull Market — Medium</title>
    <dc:date>2014-10-02T00:20:14+00:00</dc:date>
    <link>https://medium.com/bull-market/bedtime-for-market-efficiency-772c4daa80e7</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>have_read economics finance to:blog davies.daniel</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:acb0cbc0ec34/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:blog"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:davies.daniel"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.propublica.org/article/carmen-segarras-secret-recordings-from-inside-new-york-fed">
    <title>Inside the New York Fed: Secret Recordings and a Culture Clash - ProPublica</title>
    <dc:date>2014-09-30T14:33:07+00:00</dc:date>
    <link>http://www.propublica.org/article/carmen-segarras-secret-recordings-from-inside-new-york-fed</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>banking our_decrepit_institutions finance regulatory_capture to:blog</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:eeead6dfd28c/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:our_decrepit_institutions"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:regulatory_capture"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:blog"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.washingtonpost.com/blogs/wonkblog/wp/2014/09/26/why-do-people-on-wall-street-make-so-much-money/">
    <title>Why do people on Wall Street make so much money? - The Washington Post</title>
    <dc:date>2014-09-26T21:20:54+00:00</dc:date>
    <link>http://www.washingtonpost.com/blogs/wonkblog/wp/2014/09/26/why-do-people-on-wall-street-make-so-much-money/</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>finance financialization track_down_references</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:fc0997cee643/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financialization"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:track_down_references"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.bloombergview.com/articles/2014-09-24/occupational-hazards-of-working-on-wall-street">
    <title>Occupational Hazards of Working on Wall Street - Bloomberg View</title>
    <dc:date>2014-09-25T19:18:55+00:00</dc:date>
    <link>http://www.bloombergview.com/articles/2014-09-24/occupational-hazards-of-working-on-wall-street</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>finance our_decrepit_institutions class_struggles_in_america moral_psychology lewis.michael have_read via:?</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:ee7106a5e450/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:our_decrepit_institutions"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:moral_psychology"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:lewis.michael"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:?"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.washingtonmonthly.com/magazine/septemberoctober_2014/features/why_are_harvard_grads_still_fl051758.php?page=all">
    <title>Why Are Harvard Grads Still Flocking to Wall Street? by Amy J. Binder | The Washington Monthly</title>
    <dc:date>2014-08-30T20:12:05+00:00</dc:date>
    <link>http://www.washingtonmonthly.com/magazine/septemberoctober_2014/features/why_are_harvard_grads_still_fl051758.php?page=all</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[We don't do this, do we?]]></description>
<dc:subject>academia finance financialization our_decrepit_institutions class_struggles_in_america</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:7aa70567f9f2/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:academia"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financialization"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:our_decrepit_institutions"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://delong.typepad.com/sdj/2014/08/long-run-warranted-stock-valuations-and-expected-returns-what-does-the-shiller-data-tell-us.html">
    <title>Long-Run Warranted Stock Valuations and Expected Returns: What Does the Shiller Data Tell Us? (Brad DeLong's Grasping Reality...)</title>
    <dc:date>2014-08-28T13:23:46+00:00</dc:date>
    <link>http://delong.typepad.com/sdj/2014/08/long-run-warranted-stock-valuations-and-expected-returns-what-does-the-shiller-data-tell-us.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Cute, though the R could stand some cleaning up.  (E.g., let me suggest the use of the I() modifier in lm formulas.)  Also: the simple visual check of doing a nonparametric fit (e.g., a simple smoothing spline) and overlaying that on your favorite parametric form.]]></description>
<dc:subject>finance statistics regression to_teach:undergrad-ADA have_taught</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:fef044739ddc/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:statistics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:regression"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_teach:undergrad-ADA"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_taught"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://epicureandealmaker.blogspot.com/2014/08/all-hail-and-farewell-trophy-kids.html">
    <title>The Epicurean Dealmaker: All Hail and Farewell, the Trophy Kids</title>
    <dc:date>2014-08-26T04:47:47+00:00</dc:date>
    <link>http://epicureandealmaker.blogspot.com/2014/08/all-hail-and-farewell-trophy-kids.html</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>inequality finance class_struggles_in_america education our_decrepit_institutions</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:67b08e0ead8f/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:inequality"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:education"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:our_decrepit_institutions"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://mobile.nytimes.com/2014/08/10/business/when-she-talks-banks-shudder.html?_r=1&amp;referrer=">
    <title>When She Talks, Banks Shudder - NYTimes.com</title>
    <dc:date>2014-08-10T18:06:12+00:00</dc:date>
    <link>http://mobile.nytimes.com/2014/08/10/business/when-she-talks-banks-shudder.html?_r=1&amp;referrer=</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>economics banking economic_policy finance have_read via:? track_down_references</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:ed5edb78d8aa/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:banking"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_policy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:?"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:track_down_references"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://press.princeton.edu/titles/10261.html">
    <title>Aït-Sahalia, Y. and Jacod, J.: High-Frequency Financial Econometrics (eBook and Hardcover).</title>
    <dc:date>2014-08-01T03:26:41+00:00</dc:date>
    <link>http://press.princeton.edu/titles/10261.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["High-frequency trading is an algorithm-based computerized trading practice that allows firms to trade stocks in milliseconds. Over the last fifteen years, the use of statistical and econometric methods for analyzing high-frequency financial data has grown exponentially. This growth has been driven by the increasing availability of such data, the technological advancements that make high-frequency trading strategies possible, and the need of practitioners to analyze these data. This comprehensive book introduces readers to these emerging methods and tools of analysis.
"Yacine Aït-Sahalia and Jean Jacod cover the mathematical foundations of stochastic processes, describe the primary characteristics of high-frequency financial data, and present the asymptotic concepts that their analysis relies on. Aït-Sahalia and Jacod also deal with estimation of the volatility portion of the model, including methods that are robust to market microstructure noise, and address estimation and testing questions involving the jump part of the model. As they demonstrate, the practical importance and relevance of jumps in financial data are universally recognized, but only recently have econometric methods become available to rigorously analyze jump processes."

--- I think only French probabilists could write a book on high-frequency finance which is more about semi-martingales than actual markets.]]></description>
<dc:subject>to:NB books:noted stochastic_processes martingales finance econometrics time_series statistics</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:2fc414f90ae0/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:stochastic_processes"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:martingales"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:econometrics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:time_series"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:statistics"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.businessweek.com/articles/2014-07-22/for-ceos-correlation-between-pay-and-stock-performance-is-pretty-random">
    <title>For CEOs, Correlation Between Pay and Stock Performance Is Pretty Random - Businessweek</title>
    <dc:date>2014-07-25T03:19:04+00:00</dc:date>
    <link>http://www.businessweek.com/articles/2014-07-22/for-ceos-correlation-between-pay-and-stock-performance-is-pretty-random</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[While I agree with the conclusion, I really have to poke holes in this.  At the very least, it makes little sense to aggregate over industries this way.  (A few years ago, you could have put an orangutan in charge of a commodities company and it would have made money.)  And: what if each CEO were paid exactly what they were worth to the company, but there was inevitably a substantial amount of noise in stock returns because of circumstances beyond their control --- what would this plot look like?]]></description>
<dc:subject>economics corporations corporate_governance why_corporations_are_messed_up finance to_teach via:mejn have_read bad_data_analysis</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:47abe93c8a64/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corporations"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corporate_governance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:why_corporations_are_messed_up"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_teach"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:mejn"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:bad_data_analysis"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://slackwire.blogspot.com/2014/07/the-rentier-would-prefer-not-to-be.html">
    <title>The Slack Wire: The Rentier Would Prefer Not to Be Euthanized</title>
    <dc:date>2014-07-07T13:06:22+00:00</dc:date>
    <link>http://slackwire.blogspot.com/2014/07/the-rentier-would-prefer-not-to-be.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["The rentiers would prefer not to be euthanized. Under capitalism, the elite are those who own (or control) money. Their function is, in a broad sense, to provide liquidity. To the extent that pure money-holders facilitate production, it is because money serves as a coordination mechanism, bridging gaps — over time and especially with unknown or untrusted counterparties — that would otherwise prevent cooperation from taking place. [1] In a world where liquidity is abundant, this coordination function is evidently obsolete and can no longer be a source of authority or material rewards."

--- I'm sympathetic (the new mode of production being prepared within the old FTW), but isn't there a fallacy of aggregation here?  Why would liquidity (etc.) still be abundant if its provision is _not_ paid for?  Admittedly, going from being a Master of the Universe to a modestly-compensated provider of a hum-drum service would be a big come-down, like going from hydraulic despotism to being a plumber, and maybe that'd be enough for Mason's argument to work.]]></description>
<dc:subject>economics political_economy finance financial_crisis_of_2007-- mason.j.w. to:blog</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:a63402b36fb9/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:political_economy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:mason.j.w."/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:blog"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://sss.sagepub.com/content/44/3/418.abstract.html?etoc">
    <title>‘A device for being able to book P&amp;L’: The organizational embedding of the Gaussian copula</title>
    <dc:date>2014-06-17T19:46:16+00:00</dc:date>
    <link>http://sss.sagepub.com/content/44/3/418.abstract.html?etoc</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[This article, the second of two articles on the Gaussian copula family of models, discusses the attitude of ‘quants’ (modellers) to these models, showing that contrary to some accounts, those quants were not ‘model dopes’ who uncritically accepted the outputs of the models. Although sometimes highly critical of Gaussian copulas – even ‘othering’ them as not really being models – they nevertheless nearly all kept using them, an outcome we explain with reference to the embedding of these models in inter- and intra-organizational processes: communication, risk control and especially the setting of bonuses. The article also examines the role of Gaussian copula models in the 2007–2008 global crisis and in a 2005 episode known as ‘the correlation crisis’. We end with the speculation that all widely used derivatives models (and indeed the evaluation culture in which they are embedded) help generate inter-organizational co-ordination, and all that is special in this respect about the Gaussian copula is that its status as ‘other’ makes this role evident.]]></description>
<dc:subject>to:NB sociology_of_science finance copulas financial_crisis_of_2007--</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:6970f6d27a80/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:sociology_of_science"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:copulas"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://sss.sagepub.com/content/44/3/393.abstract.html?etoc">
    <title>‘The formula that killed Wall Street’: The Gaussian copula and modelling practices in investment banking</title>
    <dc:date>2014-06-17T19:46:04+00:00</dc:date>
    <link>http://sss.sagepub.com/content/44/3/393.abstract.html?etoc</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Drawing on documentary sources and 114 interviews with market participants, this and a companion article discuss the development and use in finance of the Gaussian copula family of models, which are employed to estimate the probability distribution of losses on a pool of loans or bonds, and which were centrally involved in the credit crisis. This article, which explores how and why the Gaussian copula family developed in the way it did, employs the concept of ‘evaluation culture’, a set of practices, preferences and beliefs concerning how to determine the economic value of financial instruments that is shared by members of multiple organizations. We identify an evaluation culture, dominant within the derivatives departments of investment banks, which we call the ‘culture of no-arbitrage modelling’, and explore its relation to the development of Gaussian copula models. The article suggests that two themes from the science and technology studies literature on models (modelling as ‘impure’ bricolage, and modelling as articulating with heterogeneous objectives and constraints) help elucidate the history of Gaussian copula models in finance."]]></description>
<dc:subject>to:NB sociology_of_science finance copulas financial_crisis_of_2007--</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:fc8e8b48bc07/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:sociology_of_science"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:copulas"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.bloombergview.com/articles/2014-05-13/caesars-and-the-450-million-and">
    <title>Caesars and the $450 Million 'And' - Bloomberg View</title>
    <dc:date>2014-06-14T18:25:42+00:00</dc:date>
    <link>http://www.bloombergview.com/articles/2014-05-13/caesars-and-the-450-million-and</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["The entire edifice of modern financial capitalism is built on 100-page documents drafted by exhausted 26-year-olds and read by nobody. The reason disputes like this always bring out people talking about how important it is to dig deep into the documents is that nobody ever does."]]></description>
<dc:subject>finance our_decrepit_institutions have_read via:? to:blog</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:38466deb09a4/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:our_decrepit_institutions"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:?"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:blog"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.frbatlanta.org/documents/news/conferences/14fmc/Stiglitz.pdf">
    <title>Tapping the Brakes: Are Less Active Markets Safer and Better for the Economy?</title>
    <dc:date>2014-04-24T13:39:46+00:00</dc:date>
    <link>http://www.frbatlanta.org/documents/news/conferences/14fmc/Stiglitz.pdf</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[Remarkably theoretical, but then, Stiglitz very much _is_ a neo-classical microeconomic theorist, and, as he says, that theory gives no reason to presume that any of this is a good idea.]]></description>
<dc:subject>to:NB economics finance financial_markets stiglitz.joseph have_read via:?</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:5bcfe3b33a14/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_markets"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:stiglitz.joseph"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:?"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://thenewinquiry.com/essays/disgorge-the-cash/">
    <title>Disgorge the Cash – The New Inquiry</title>
    <dc:date>2014-04-22T16:56:55+00:00</dc:date>
    <link>http://thenewinquiry.com/essays/disgorge-the-cash/</link>
    <dc:creator>cshalizi</dc:creator><dc:subject>economics political_economy finance financialization class_struggles_in_america corporations have_read mason.j.w. to:blog</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:718d9c0d2ed0/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:political_economy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financialization"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corporations"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:mason.j.w."/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:blog"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.gsb.stanford.edu/sites/default/files/research/documents/Chameleons%20-The%20Misuse%20of%20Theoretical%20Models%20032614.pdf">
    <title>Chameleons: The Misuse of Theoretical Models</title>
    <dc:date>2014-04-02T02:28:29+00:00</dc:date>
    <link>http://www.gsb.stanford.edu/sites/default/files/research/documents/Chameleons%20-The%20Misuse%20of%20Theoretical%20Models%20032614.pdf</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["In this essay I discuss how theoretical models in finance and economics are used in ways that make them “chameleons” and how chameleons devalue the intellectual currency and muddy policy debates. A model becomes a chameleon when it is built on assumptions with dubious connections to the real world but nevertheless has conclusions that are uncritically (or not critically enough) applied to understanding our economy. I discuss how chameleons are created and nurtured by the mistaken notion that one should not judge a model by its assumptions, by the unfounded argument that models should have equal standing until definitive empirical tests are conducted, and by misplaced appeals to “as-if” arguments, mathematical elegance, subtlety, references to assumptions that are “standard in the literature,” and the need for tractability."

--- Query: Are the fundamental theorems of welfare economics "chameleons"?]]></description>
<dc:subject>social_science_methodology economics finance natural_history_of_truthiness scholarly_misconstruction_of_reality ideology have_read to:blog in_NB</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:593c02991c1c/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:social_science_methodology"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:natural_history_of_truthiness"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:scholarly_misconstruction_of_reality"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:ideology"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:blog"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:in_NB"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://www.jacobinmag.com/2014/02/the-rent-is-too-damn-high-2/">
    <title>The Rent Is Too Damn High | Jacobin</title>
    <dc:date>2014-02-21T17:47:55+00:00</dc:date>
    <link>https://www.jacobinmag.com/2014/02/the-rent-is-too-damn-high-2/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[While I am sympathetic to the general line of argument here, if we're going to be fair, I don't think this is the right way of looking at the rent extracted by the financial sector.  A fair value for the financial sector would be how much better they perform compared to the next-best alternative system for allocating capital, net of costs of operation, i.e., the opportunity cost of _not_ using the financial system.  Their rent is what they collect over that.  The figures here are compatible with the financial system getting progressively better than the alternatives, perhaps because the alternatives are themselves getting progressively worse.]]></description>
<dc:subject>economics finance class_struggles_in_america to:blog</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:05baf91320b5/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:blog"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://cowles.econ.yale.edu/~gean/art/p1358.pdf">
    <title>Getting at Systemic Risk Via an Agent-Based Model of the Housing Market</title>
    <dc:date>2014-01-10T19:35:27+00:00</dc:date>
    <link>http://cowles.econ.yale.edu/~gean/art/p1358.pdf</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[No abstract; see summary of discussion at a conference here
http://www.mfmgroup.org/session-2-76.html (the comments by the rather conventional macro/finance guys are not very illuminating but at least not blankly hostile):

"The authors build an "agent-based" model of the housing market in metropolitan Washington, D.C. over the 1997-2009 period. The goal of the present paper is to build a model that can reproduce many of the facts of the housing boom and bust during the most recent episode, and especially how they relate to interest rates and leverage. 
"The strategy is an "agent-based" one; although all economic models feature "agents," Howitt observes that the term comes from computer science and multiple-agent systems, in which an agent is an autonomous piece of software that interacts with others in ex ante unforeseeable ways. The advantage of such an approach is that it need not assume the existence of an equilibrium; one might emerge endogenously, in which case it can be inspected, or it might not.
"In this sense, the first "agent-based" models in economics were the simple location models used by Thomas Schelling to show how very slight preferences for living near others of the same race can lead to drastically segregated communities. Schelling's model was meant to be qualitative, but agent-based models have also been applied quantitatively, to model traffic behavior in cities or to predict mortgage refinancing. 
"An advantage of the agent-based approach, other than the obvious one of being an additional tool with which to tackle the problem, is that it can directly account for heterogeneity among agents in ways that equilibrium-based models frequently cannot for computational or tractability reasons. This is especially 
valuable in the data-rich setting of the current project; although the authors lack complete individual-level panel data of all variables of interest, they are able to include household-level transaction data, loan-level performance data, data on individual house listings, anonymized tax-return data, Census data from the Panel Study of Income Dynamics and the American Community Survey, as well as standard aggregate variables. 
"The model simulates income, wealth, housing, and financial decisions of 22,000 households (a 100:1 scale for Washington, D.C.) as well as the distribution of housing quality (defined as the sale price relative to the Case-Shiller index) and the foreclosure and sale decisions of a representative aggregate bank over the years 1997-2009, taking as given demographics, the income process, the housing stock (there is no construction in the model), and bank behavior (including interest rates, types of loans, and credit constraints). Rather than picking all parameters to fit target data moments as in the usual calibration exercise, the authors calibrate individual model components separately using micro-data, and then throw them all together in the simulation and see what happens. 
"In summary, after briefly describing households' desired housing expenditure, one of the many components of the model, Howitt presented a comprehensive "dashboard" of the model's predictions for the 1997-2009 period after running a 100-year \burn-in" simulation period to allow the model to reach a steady state. The model faithfully reproduces the boom and bust and housing prices, as well as the ratio of sold price to initial list price, but fails to match home-ownership rates or the number of house listings. The real strength of the approach, however, is the ability to run counterfactuals; the same model in which leverage constraints are drawn from their 1997 distribution, rather than relaxing as they did in the data, eliminates most of the run- up in house prices in the simulation. A comparable exercise fixing interest rates at their 1997 distribution eliminates some of the bubble, but not nearly as much of it. "]]></description>
<dc:subject>economics macroeconomics agent-based_models geanakoplos.john farmer.doyne axtell.robert finance mortgage_crisis in_NB</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:7e33d73998b5/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:macroeconomics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:agent-based_models"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:geanakoplos.john"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:farmer.doyne"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:axtell.robert"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:mortgage_crisis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:in_NB"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="https://journals.cambridge.org/action/displayAbstract?fromPage=online&amp;aid=8864496&amp;fulltextType=RA&amp;fileId=S1537592712003660">
    <title>Cambridge Journals Online - Perspectives on Politics - Abstract - International Political Economy, Global Financial Orders and the 2008 Financial Crisis</title>
    <dc:date>2013-12-23T22:29:57+00:00</dc:date>
    <link>https://journals.cambridge.org/action/displayAbstract?fromPage=online&amp;aid=8864496&amp;fulltextType=RA&amp;fileId=S1537592712003660</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["The 2008 financial crisis triggered the most severe global economic downturn since the Great Depression. The crisis has provoked soul-searching among economists, yet international political economy (IPE) scholars have been relatively sanguine. We argue that IPE has strayed too far away from studying the geopolitical and systemic causes and consequences of the global economy. IPE must explain the generation and transformation of global financial orders. Both the distribution of political power and the content of economic ideas will shape any emergent global financial order. A Kuhnian life-cycle framework of global financial orders permits a systemic approach to global finance that integrates the study of power and social logics into our understanding of markets."]]></description>
<dc:subject>political_economy financial_crisis_of_2007-- finance political_science via:henry_farrell in_NB</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:4b845d2b8aa4/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:political_economy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:political_science"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:henry_farrell"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:in_NB"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.aeaweb.org/articles.php?doi=10.1257/jel.51.4.1063">
    <title>JEL (51,4) p. 1063 - Exchange Rate Predictability</title>
    <dc:date>2013-12-12T16:40:20+00:00</dc:date>
    <link>http://www.aeaweb.org/articles.php?doi=10.1257/jel.51.4.1063</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["The main goal of this article is to provide an answer to the question: does anything forecast exchange rates, and if so, which variables? It is well known that exchange rate fluctuations are very difficult to predict using economic models, and that a random walk forecasts exchange rates better than any economic model (the Meese and Rogoff puzzle). However, the recent literature has identified a series of fundamentals/ methodologies that claim to have resolved the puzzle. This article provides a critical review of the recent literature on exchange rate forecasting and illustrates the new methodologies and fundamentals that have been recently proposed in an up-to-date, thorough empirical analysis. Overall, our analysis of the literature and the data suggests that the answer to the question: "Are exchange rates predictable?" is, "It depends"—on the choice of predictor, forecast horizon, sample period, model, and forecast evaluation method. Predictability is most apparent when one or more of the following hold: the predictors are Taylor rule or net foreign assets, the model is linear, and a small number of parameters are estimated. The toughest benchmark is the random walk without drift."]]></description>
<dc:subject>finance economics prediction statistics to_teach:undergrad-ADA time_series in_NB to_teach:data_over_space_and_time</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:c9d59e8cdfda/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:prediction"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:statistics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_teach:undergrad-ADA"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:time_series"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:in_NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_teach:data_over_space_and_time"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://jacobinmag.com/2013/11/wall-street-isnt-worth-it/">
    <title>Wall Street Isn’t Worth It | Jacobin</title>
    <dc:date>2013-11-15T13:28:19+00:00</dc:date>
    <link>http://jacobinmag.com/2013/11/wall-street-isnt-worth-it/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["It may be true, in some cases, that the relative wages of different workers reflect the relative market values of the goods and services they produce after managers and capital owners have taken their cut. But when the magnitude of this cut is unrelated to social contribution, and actually constitutes the bulk of total value, the value of the residual paid to those actually engaged in production is not related to social contribution, either. The dominance of the financial sector distorts all prices and wages in the economy, not just those directly related to the activities of the financial sector."]]></description>
<dc:subject>market_failures_in_everything markets_as_collective_calculating_devices finance financialization economics quiggin.john</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:6073ca99a789/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:markets_as_collective_calculating_devices"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financialization"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:quiggin.john"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.uq.edu.au/rsmg/WP/Australian_Public_Policy/WPP06_3.pdf">
    <title>Cities, Connections, and Cronyism</title>
    <dc:date>2013-09-03T12:22:25+00:00</dc:date>
    <link>http://www.uq.edu.au/rsmg/WP/Australian_Public_Policy/WPP06_3.pdf</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Recent developments in the global system of cities present a curious paradox. With the cost of communications declining almost to zero and substantial, though less dramatic reductions in transport costs, there is now little technical requirement for most kinds of production to be undertaken in any particular location, or for elements of production chains to be located close to each other. This fact has had dramatic consequences for the organisation of manufacturing industry. Simple production chains involving the import of raw materials, usually from developing countries, for processing in a specialised centre, have been replaced by far more complex structures.
"Yet, in important respects, the dominance of a small number of ‘global cities’ has never been greater. In this paper, it is argued that the dominance of global cities reflects a desire for clustering on the part of finance sector professionals and corporate executives. It seems likely that such clustering provides private benefits by enhancing the value of personal contacts, but reduces the efficiency and profitability of the corporate sector."]]></description>
<dc:subject>cities globalization economics social_networks finance quiggin.john market_failures_in_everything in_NB have_read re:urban_scaling_what_urban_scaling urban_economics</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:2076ef3b6b98/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:cities"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:globalization"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:social_networks"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:quiggin.john"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:market_failures_in_everything"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:in_NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:re:urban_scaling_what_urban_scaling"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:urban_economics"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://press.princeton.edu/titles/9512.html">
    <title>Garon, S.: Beyond Our Means: Why America Spends While the World Saves.</title>
    <dc:date>2013-08-13T23:08:42+00:00</dc:date>
    <link>http://press.princeton.edu/titles/9512.html</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["If the financial crisis has taught us anything, it is that Americans save too little, spend too much, and borrow excessively. What can we learn from East Asian and European countries that have fostered enduring cultures of thrift over the past two centuries? Beyond Our Means tells for the first time how other nations aggressively encouraged their citizens to save by means of special savings institutions and savings campaigns. The U.S. government, meanwhile, promoted mass consumption and reliance on credit, culminating in the global financial meltdown.
"Many economists believe people save according to universally rational calculations, saving the most in their middle years as they plan for retirement, and saving the least in welfare states. In reality, Europeans save at high rates despite generous welfare programs and aging populations. Americans save little, despite weaker social safety nets and a younger population. Tracing the development of such behaviors across three continents from the nineteenth century to today, this book highlights the role of institutions and moral suasion in shaping habits of saving and spending. It shows how the encouragement of thrift was not a relic of indigenous traditions but a modern movement to confront rising consumption. Around the world, messages to save and spend wisely confronted citizens everywhere--in schools, magazines, and novels. At the same time, in America, businesses and government normalized practices of living beyond one's means."

- I think explaining the financial crisis as due to US under-saving is a bit of a stretch...]]></description>
<dc:subject>to:NB books:noted finance financial_crisis_of_2007-- institutions comparative_history</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:f9ffd507a659/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:institutions"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:comparative_history"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://dealbook.nytimes.com/2013/08/01/sun-capital-court-ruling-threatens-private-equity-structure/?src=recg">
    <title>Sun Capital Court Ruling Threatens Structure of Private Equity - NYTimes.com</title>
    <dc:date>2013-08-03T02:36:02+00:00</dc:date>
    <link>http://dealbook.nytimes.com/2013/08/01/sun-capital-court-ruling-threatens-private-equity-structure/?src=recg</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[I hadn't realized this (completely senseless) tax dodge existed --- I wonder how much of the growth of private equity it explains?]]></description>
<dc:subject>class_struggles_in_america taxes finance</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:e7246b0fe4ee/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:taxes"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://mathbabe.org/2013/07/01/payroll-cards-it-costs-too-much-to-get-my-money-ows/">
    <title>Payroll cards: “It costs too much to get my money” (#OWS) | mathbabe</title>
    <dc:date>2013-07-11T20:10:10+00:00</dc:date>
    <link>http://mathbabe.org/2013/07/01/payroll-cards-it-costs-too-much-to-get-my-money-ows/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA[I suppose this is better than paying in scrip redeemable only at the company store, but not all that much.]]></description>
<dc:subject>finance corruption whats_gone_wrong_with_america class_struggles_in_america economics</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:5e1820759810/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:corruption"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:whats_gone_wrong_with_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:class_struggles_in_america"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economics"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://www.powells.com/biblio/9781137265814">
    <title>Financialization: The Economics of Finance Capital Domination by Thomas I. I. Palley - Powell's Books</title>
    <dc:date>2013-06-26T18:03:39+00:00</dc:date>
    <link>http://www.powells.com/biblio/9781137265814</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["This book explores the process of financialization whereby economies are increasingly dominated by finance capital. This process is characterized by rising income inequality, wage stagnation, increased indebtedness, a rising financial sector share of profits, and tendencies to generate asset price bubbles. The financial crisis of 2008 and the subsequent recession and stagnation represent the latest phase. The book provides a comprehensive treatment of these developments, beginning with a presentation of
the empirical evidence. That is followed by economic theory chapters dealing with the macroeconomics of financialization, business cycle effects; microeconomic developments; tendencies toward Minsky-style economic instability; and economic growth effects. The final section of the book focuses on the political economy of financialization and policies to stabilize financial markets."]]></description>
<dc:subject>to:NB books:noted finance financialization political_economy</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:b74863fadb87/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financialization"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:political_economy"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://arxiv.org/abs/1305.3243">
    <title>[1305.3243] Scaling symmetry, renormalization, and time series modeling</title>
    <dc:date>2013-05-15T15:43:23+00:00</dc:date>
    <link>http://arxiv.org/abs/1305.3243</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["We present and discuss a stochastic model of financial assets dynamics based on the idea of an inverse renormalization group strategy. With this strategy we construct the multivariate distributions of elementary returns based on the scaling with time of the probability density of their aggregates. In its simplest version the model is the product of an endogenous auto-regressive component and a random rescaling factor embodying exogenous influences. Mathematical properties like increments' stationarity and ergodicity can be proven. Thanks to the relatively low number of parameters, model calibration can be conveniently based on a method of moments, as exemplified in the case of historical data of the S&P500 index. The calibrated model accounts very well for many stylized facts, like volatility clustering, power law decay of the volatility autocorrelation function, and multiscaling with time of the aggregated return distribution. In agreement with empirical evidence in finance, the dynamics is not invariant under time reversal and, with suitable generalizations, skewness of the return distribution and leverage effects can be included. The analytical tractability of the model opens interesting perspectives for applications, for instance in terms of obtaining closed formulas for derivative pricing. Further important features are: The possibility of making contact, in certain limits, with auto-regressive models widely used in finance; The possibility of partially resolving the endogenous and exogenous components of the volatility, with consistent results when applied to historical series."]]></description>
<dc:subject>to:NB time_series finance color_me_skeptical</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:c8d91939c28b/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:time_series"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:color_me_skeptical"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://press.uchicago.edu/ucp/books/book/distributed/W/bo13218112">
    <title>A World Without Wall Street?, Morin, Fijalkowski, Richardson</title>
    <dc:date>2013-05-02T03:55:28+00:00</dc:date>
    <link>http://press.uchicago.edu/ucp/books/book/distributed/W/bo13218112</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["As the aftershocks of the latest economic meltdown reverberate throughout the world, and people organize to physically occupy the major financial centers of the West, few experts and even fewer governments have dared to consider a world without the powerful markets that brought on the crash. Yet, as François Morin explains in A World Without Wall Street?, this is the very step that needs to be taken as quickly as possible to avoid a perpetual future of dehumanizing working conditions, devastated ecosystems, and the submission of public policies to private interests.
"In this insightful and radical take on global finance, Morin recommends nothing less than a revolutionary reconstruction of the international monetary system. More, he recommends that the laws of societies be reformed so that the power of management may be shared among all of the actors involved in production, not concentrated in the hands of the few. This shift, argues Morin, will transform the monetary system into a common good for all of humanity, rich or poor. With Wall Street at the center of the very power structure that needs to be dismantled, Morin takes broad aim at the purely speculative financial games and arcane instruments by which the global economy and its citizens are held captive. In this very timely and provocative book, Morin bravely offers a way forward—instead of simply triaging a hemorrhaging system, he persuasively asks us to consider a subversive reinvention."]]></description>
<dc:subject>books:noted to:NB financial_crisis_of_2007-- finance economic_policy progressive_forces</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:fc7645cf2f73/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:books:noted"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to:NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:economic_policy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:progressive_forces"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://journals.cambridge.org/action/displayAbstract?fromPage=online&amp;aid=8864475&amp;fulltextType=RA&amp;fileId=S1537592712003593">
    <title>The Political Economy of Global Finance: A Network Model</title>
    <dc:date>2013-03-26T21:02:51+00:00</dc:date>
    <link>http://journals.cambridge.org/action/displayAbstract?fromPage=online&amp;aid=8864475&amp;fulltextType=RA&amp;fileId=S1537592712003593</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["Although the subprime crisis regenerated interest in and stimulated debate about how to study the politics of global finance, it has not sparked the development of new approaches to International Political Economy (IPE), which remains firmly rooted in actor-centered models. We develop an alternative network-based approach that shifts the analytical focus to the relations between actors. We first depict the contemporary global financial system as a network, with a particular focus on its hierarchical structure. We then explore key characteristics of this global financial network, including how the hierarchic network structure shapes the dynamics of financial contagion and the source and persistence of power. Throughout, we strive to relate existing research to our network approach in order to highlight exactly where this approach accommodates, where it extends, and where it challenges existing knowledge generated by actor-centered models. We conclude by suggesting that a network approach enables us to construct a systemic IPE that is theoretically and empirically pluralist."]]></description>
<dc:subject>the_continuing_crises financial_crisis_of_2007-- us-iraq_war political_economy financial_markets network_data_analysis via:henry_farrell re:network_differences in_NB finance oatley.thomas have_read</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:93a7433a2056/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:the_continuing_crises"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_crisis_of_2007--"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:us-iraq_war"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:political_economy"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:financial_markets"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:network_data_analysis"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:henry_farrell"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:re:network_differences"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:in_NB"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:oatley.thomas"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:have_read"/>
</rdf:Bag></taxo:topics>
</item>
<item rdf:about="http://baselinescenario.com/2013/02/09/the-importance-of-excel/">
    <title>The Importance of Excel | The Baseline Scenario</title>
    <dc:date>2013-03-06T15:07:08+00:00</dc:date>
    <link>http://baselinescenario.com/2013/02/09/the-importance-of-excel/</link>
    <dc:creator>cshalizi</dc:creator><description><![CDATA["But while Excel the program is reasonably robust, the spreadsheets that people create with Excel are incredibly fragile. There is no way to trace where your data come from, there’s no audit trail (so you can overtype numbers and not know it), and there’s no easy way to test spreadsheets, for starters. The biggest problem is that anyone can create Excel spreadsheets—badly. Because it’s so easy to use, the creation of even important spreadsheets is not restricted to people who understand programming and do it in a methodical, well-documented way.***
"This is why the JPMorgan VaR model is the rule, not the exception: manual data entry, manual copy-and-paste, and formula errors. This is another important reason why you should pause whenever you hear that banks’ quantitative experts are smarter than Einstein, or that sophisticated risk management technology can protect banks from blowing up. At the end of the day, it’s all software. While all software breaks occasionally, Excel spreadsheets break all the time. But they don’t tell you when they break: they just give you the wrong number.
"There’s another factor at work here. What if the error had gone the wrong way, and the model had incorrectly doubled its estimate of volatility? Then VaR would have been higher, the CIO wouldn’t have been allowed to place such large bets, and the quants would have inspected the model to see what was going on. That kind of error would have been caught. Errors that lower VaR, allowing traders to increase their bets, are the ones that slip through the cracks. That one-sided incentive structure means that we should expect VaR to be systematically underestimated—but since we don’t know the frequency or the size of the errors, we have no idea of how much.
"Is this any way to run a bank—let alone a global financial system?"]]></description>
<dc:subject>programming finance the_spreadsheet_menace to_teach:statcomp via:?</dc:subject>
<dc:source>https://pinboard.in/</dc:source>
<dc:identifier>https://pinboard.in/u:cshalizi/b:b1c2ded67d6c/</dc:identifier>
<taxo:topics><rdf:Bag>	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:programming"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:finance"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:the_spreadsheet_menace"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:to_teach:statcomp"/>
	<rdf:li rdf:resource="https://pinboard.in/u:cshalizi/t:via:?"/>
</rdf:Bag></taxo:topics>
</item>
</rdf:RDF>