The Two Cents
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What's the Sticker Price of Exorbitant Privilege?
If you buy into this Pflueger/Yared perspective, then the price of exorbitant privilege is outspending your military adversaries. And the US has…
May 19
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Hanno Lustig
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The Safe Assets that weren't.
Feb 4
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Hanno Lustig
205
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The United States Capital Structure
Jun 2
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Hanno Lustig
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Why Eurobonds won't work
Mar 23
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Hanno Lustig
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U.S. Treasury Investors' Massive Bet on AI
With Howard Kung (LBS) and James Paron (Stanford GSB).
Apr 24
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Hanno Lustig
42
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What about Japan? (Part I)
Running a SWF with borrowed money.
Apr 2
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Hanno Lustig
68
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The Housing Affordability Paradox
Last year, on August 19 2025, the day before Powell was to give his annual Jackson Hole speech, the White House pressured Chairman Powell to lower…
Mar 30
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Hanno Lustig
52
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How can you help to protect your local central banker?
The U.S.
Mar 9
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Hanno Lustig
30
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Party like it's 1999! YHOO joins the S&P 500.
I moved to the Bay Area in 1997.
Jun 8
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Hanno Lustig
17
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Who's looking out for passive investors?
When you think about asset management, managing other people’s money, the first thing you have to worry about is the alignment of incentives.
Jun 5
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Hanno Lustig
31
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The United States Capital Structure
The U.S.
Jun 2
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Hanno Lustig
62
18
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The Two Cents
A space for musings on economic policy and political economy by Hanno Lustig and Romain Wacziarg
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