The building blocks for a futuristic American state.

When the stock market moves in a big way, journalists try to explain why. This column uses next-day newspaper accounts to characterise the drivers of more than 6,000 big daily moves (‘jumps’) across 16 national stock markets. Policy-driven jumps account for a greater share of upward than downward jumps in all countries. Jumps attributed to monetary policy foreshadow much lower levels of future stock market volatility than other jumps. 

Inflation, unemployment, and the Biden spending binge.

While many an American university has struggled with the pandemic and cancel culture, Indiana’s Purdue University seems the exception to the norm: a reopened campus with an ongoing commitment to civics literacy and intellectual diversity. Purdue’s president, former Indiana governor Mitch Daniels, joins Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane to discuss the state of higher education.