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Money and Monetary Policy
On Harford's solid bond ratings [Editorial]

Few aspects of modern life are as tedious as matters of finance. Sure, everyone understands what goes into taking out a five-year car loan then paying it off with interest in installments over the next 60 months. Credit cards are a little bit more complicated, and terms vary. Mortgages are something of a break point. Just about every homeowner has to make a monthly mortgage payment and has a vague idea that ratio of interest to principal in each payment varies with each passing month, but very few of us understand how the loan amortization schedule was derived. Matters of government finance can make a mortgage payment schedule look like grade-school arithmetic, so it's easy to...