Everyone has a lot to digest in the wake of Donald Trump’s presidential victory, but for markets one question looms large: What should it change in the policies of the world’s most powerful central bank, the U.S. Federal Reserve? The answer differs depending on whether you’re looking at the next few months or the next several years. In the …

  One of the best things to do when confronted by a major surprise is to see what there is to be learned from the experience. I always try to identify what sorts of lessons can be gleaned from nonmarket events. You would be surprised at how often there are rules and insights to be had about investing. In the …

  Noah Smith As you might expect, economists tend to talk about lots things in terms of supply and demand. Macroeconomics is no different. The basic model of recessions and booms that gets taught in undergrad classes relies on the notions of aggregate demand and aggregate supply. Just like the demand for oranges is the number of oranges people want …