RIP Robert Mundell

Undergrad macroeconomics students of my generation learned 3 core models: The Quantity theory identity MV= PT (which becomes a model when you assert M[oney]is controlled by the Cent Bank, V[elocity] is a function of primitives, P[rice level] is subject to some time varying expectations augmented adjustment process, and T[ransactions] reflects nominal GDP), IS-LM and the Mundell- Fleming extension to the open economy, and Lucas’s rational expectations island parable.

There were 2 major intellectual battles in post war macroeconomics (each featuring Milton Friedman as a protagonist). …

By Daniel Aronoff , MIT Department of Economics [1]


Binance recently announced its intention to register a clone cryptocurrency exchange with US regulators to compete for US institutional investor business.[2] The plan has limited upside potential. Binance will face stiff competition from US exchanges like ICE that have deep ties to the institutional investor community. The downside for Binance is unlimited. The holding company’s operation of an unregulated exchange may off-put US investors, while Binance’s operation of a regulated exchange may frighten Chinese traders and others who require anonymity.

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The Sudden Emergence of Binance

Binance is the world’s largest cryptocurrency exchange by legitimate daily trade volume. Binance…

Daniel Aronoff

Daniel is, first and foremost, a person. He is a person who has done some things, is doing other things and wishes to do more and different things in the future

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