efficient markets, or not

on askblog I read of Fama efficient market hypothesis and monetary policy https://www.arnoldkling.com/blog/finance-theory-and-the-fed/

he says that “Actually, the central banks don’t do anything real. They are issuing one form of debt to buy another form of debt. If you are an old Modigliani–Miller person the way I am, you think that’s a neutral activity: You’re issuing short-term debt to buy long-term debt or vice-versa. That’s not something that should have any real effects

I should study the Efficient Market hing. It also prompted me to punt on reading list Mandelbrot The (Mis)Behavior of Markets https://www.goodreads.com/book/show/665134.The_Mis_Behavior_of_Markets

things to grow

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