Markets
Gold demand falls to four-year low – FT.com
Monetary Policy
Unconventional monetary policy: Quantitative easing, not as we know it | The Economist
Unconventional monetary policy: Don’t shoot the messenger | The Economist
It’s hard to talk about this without reading the actual report but the stated goal of QE is clearly to influence the private portfolio preference channel by reducing risk premia and creating a risk-on investing environment. This is an indirect channel of transmission from interest rates and investment allocation to asset price increases. So I am sceptical that a study can capture its effect. Ganon even notes this at the end in his second asterisk.
Speech: Monetary Policy and the Economic Outlook – Federal Reserve Bank of Atlanta
“Going forward, it may be appropriate to adjust the policy tool mix. That will depend on circumstances and the economic diagnosis of the moment.”
Missing Piece in the Communication Strategy – Tim Duy’s Fed Watch
“The Fed is clearly signalling they want to change the policy mix. They are not clearly signalling why.”
Macro and Other Market Musings: If You are Going to Criticize QE…
Central Banks Risk Asset Bubbles in Battle With Deflation Danger – Bloomberg
ECB’s Praet: Negative Deposit Rate, Asset Purchases Are Options – WSJ.com
Germany’s Weidmann Defends ECB Against Charges It’s Hurting Savers – Real Time Economics – WSJ
Europe
BBC News – Eurozone economic growth slows to 0.1%
BBC News – Portugal struggles under weight of austerity
With France stalling, euro zone recovery comes to near halt | Reuters
French Economy Shrinks as Businesses Hold Off on Investment – Bloomberg
UK retail sales fall ends run of strong high street data | Business | theguardian.com
Deflation fears stalk eurozone as Spain reports fall in prices | Business | The Guardian
ekathimerini.com | Poll gives SYRIZA narrow lead over New Democracy
ekathimerini.com | Dijsselbloem: Greece must step up effort to find 2014 budget gap financing
ekathimerini.com | Greek unemployment rate at 27.3 percent in August
Le Pen and Wilders forge plan to ‘wreck’ EU from within | Politics | The Guardian
European Commission launches review of Germany’s export surplus | World news | The Guardian
Lasst uns den Exportüberschuss doch Importdefizit nennen
Here Dirk Elsner tries to impress on German readers that a current account surplus is not necessarily a good thing and he points out that an export surplus equals an import deficit and that it means exporting capital and not importing it.
Wie Deutschland seinen Exportüberschuss reduzieren könnte – SPIEGEL ONLINE
Three ways to get rid of excessive surplus: raise wages, raise taxes or increase capital investment
Exportdebatte : Daran krankt unsere Wirtschaft wirklich – Nachrichten Wirtschaft – DIE WELT
This German article shows an average current account surplus in order to make the Netherlands look like a bigger problem than Germany. That’s one way this EU Macroeconomic Imbalance Procedure is going to be dealt with in the German media.
Steuererhöhungen : Frankreich steht vor der sozialen Explosion – Nachrichten Wirtschaft – DIE WELT
This German article says that Hollande’s tax increases in France are going to cause a epic social backlash
Why Draghi was wrong to cut interest rates – FT.com
Hans-Werner Sinn stiring up trouble… again.
United States
Congress Faces Gridlock Again As Budget Talks Stagnate | TIME.com
Aggressive Enforcement May Drive Out College-Educated Immigrants – Real Time Economics – WSJ
Business to tea party: Get out of our way
More U.S. Taxpayers Renounce Citizenship – WSJ.com
Obamacare
Obama Fighting for His Presidency As Democrats in Congress Revolt Over Obamacare | TIME.com
Americans’ Approval of Healthcare Law Declines
Obamacare: Only 106,000 Signed Up On Healthcare.gov in October | TIME.com
Asia
China’s State Companies Ain’t Going Nowhere – Real Time Economics – WSJ
Abenomics at one year: growth to slow as challenges mount | Reuters
Top Japan banks’ second-quarter earnings leap thanks to ‘Abenomics’ bull market | Reuters
Japan third quarter GDP slows, consumption expected to pick up again | Reuters
Technology
Our Government Has Weaponized the Internet. Here’s How They Did It | Wired Opinion | Wired.com
Messaging Service Snapchat Spurned $3 Billion Facebook Bid – WSJ.com
Apple ‘hid €1bn from Italian taxman’ – Telegraph
Snapchat turned down $3 Billion Acquisition Offer from Facebook – Digits – WSJ
Yahoo’s Latest HR Disaster: Ranking Workers on a Curve – Businessweek
Swedes Develop Invisible Bike Helmet