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Quantifying Structural Risk in 'Zombified' Markets | Hari Krishnan & Ash Bennington
Hidden Forces
The Role of the Central Bank in Markets, Right?
Since the two thousand eight period, we have been at or near the zero bound on the federal funds rate here in the united states for most of the time. And i think that notion has perhaps led to excessive risk taking in many markets, and the central bank in this case. When certain agents get very large, when they become whales, or dominant agents, as you said, they can distort forward returns. So someone has to liquidate an s and p position, to pak a random example, 50 points below where we're at now in size, that's going to change the distribution,. because the impact of their liquidation will, call us maga, price moves.
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