Bringing Credibility Back to Macroeconomic Policy Frameworks, Stephen Anthony and Hamid Yahyaei in Economic Papers, 30 June 2022

In their first ever published article in Economic Papers, Macroeconomics Advisory’s Stephen Anthony and Hamid Yahyaei critique the current state of macroeconomic policy frameworks. They propose a theoretical model that can quantify the effects of these policies on efficient portfolio holdings. They show that ultra-expansionary policy settings result in lower risk-adjusted expected returns.

Stephen and Hamid thank the multitude of academics and policy experts that helped in shaping their arguments.