A fair bit going on in Eumaeus world right now. More later. For the moment:
- The Radio 4 Moneybox programme at 12:00 tomorrow will have an item on the Law Commission report on leasehold enfranchisement published on Thursday. I (DB) am featured trying to explain the no-arbitrage principle without using any technical term such as time value, discount rate etc.
- Ian Mulheirn has a great piece out here on a recent Bank working paper by Victoria Monro and David Miles, the main conclusion of which is that, relative to incomes, the rise in house prices between 1985 and 2018 “can be more than accounted for by the decline in the real risk-free interest rate observed over the period”. Ian comments “Stop me if you’ve heard that before”. Indeed, and see our post from September 2018 on the same subject.