Pay Attention to Our Privates

It's not really a shadow banking system, it's a banking system

This is going to be another (relatively) short note, combined with a section from my new paper inspired by last week’s note. This will be my first “academic” paper, and I’ll share it here as soon as it is finished (currently being reviewed by friends), but this section on “selective cointegration” is absolutely critical to understand what is going on. C…