PIMCO’s McCulley Call Wall Street Prices ‘Rationally Overvalued’
PIMCO chief economist Paul McCulley has been arguing that the Federal Reserve will keep the Fed funds rate low until labor finally gets a share of the recovery in the form of real wage growth, and in this month’s wide ranging Macro Perspectives he gives a more detailed explanation of the mechanism that he sees at play.
Dornbusch explains exchange rate movements
Going back to the mid-70s when Bretton Woods was still a . . .
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