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.
