Assorted Links

1. Fed has cut its benchmark rate by 50 bps and discount rate by 50 bps (differnce between the two is here). As it was the most awaited event, expect a lot of blogs on the subject.
WSJ Blog points to reactions from economists and politicians.

Econbrowser has an excellent analysis (as usual) of how various asset markets reacted to the mpve.

My take is yes finance is important and disruptions could lead to a possible recession, but this decision from Fed has worsened moral hazard problems. Expect bigger crisis next time.

2. New economist points to a new econometrics book available online for free.

3. PSD Blog says World Bank South Asia Chief Economist starts a blog.

4. Fin Prof points out Britney Spears explains sub-prime. Check it out.

5. TTR points to happening Calcutta

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