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© 2026 Cam Harvey: Through the Noise
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Fuqua economist Campbell Harvey gives his insights on pressing topics within the worlds of economics and finance.
12 Episodes
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The latest CFO Survey, directed by The Fuqua School of Business in partnership with the Federal Reserve Banks of Richmond and Atlanta, suggests AI won't meaningfully shrink payrolls. In this episode, Professor Harvey argues that CEOs and CFOs are dramatically underestimating AI's reach. The real disruption isn't replacing clerks; it's AI rewriting code for security and speed, redesigning websites and apps, drafting and reviewing contracts, prepping earnings call questions, and serving a...
What if working fewer hours coincided with stronger economic growth? New labor data reveals a puzzling trend: employment is being revised downward even as the economy keeps growing. Professor Harvey explores whether AI is the variable that can help us understand that divergence. The conversation moves beyond the familiar narrative of job displacement to examine a structural shift in how AI functions. As systems evolve from tools into agents, they can organize tasks, execute workflows, and con...
The war in Iran is being treated by financial markets as a systemic event rather than a local conflict. In this episode, Professor Harvey outlines a framework for understanding that distinction. He distinguishes between geographically contained wars and those that intersect with critical nodes of the global economy. Iran sits at the center of energy transit routes, regional trade networks, and broader strategic relationships, making the potential spillovers materially different from more isol...
Geopolitical events test how quickly and efficiently markets incorporate risk. When news of military action in Iran broke outside traditional trading hours, investors responded immediately in alternative venues. This episode examines three economic linkages. First, the role of gold as a safe-haven asset and how 24/7 trading in tokenized gold provides real-time price discovery when conventional markets are closed. Second, the strategic importance of industrial capacity, including concentrated ...
Tariffs are typically recognized as a tax. But that framing assumes the only objective is efficiency. Since China’s entry into the World Trade Organization in 2001, the balance of global manufacturing power has shifted dramatically. Where the United States once dominated, it now depends on foreign supply in strategically important sectors. In an era of supply chain fragility and strategic uncertainty, industrial capacity is not just an economic variable – it is leverage. The rollout of broad ...
Bitcoin is often described as “digital gold.” Both are presented as inflation hedges with supply constraints beyond the control of any single government. But do they serve the same economic function? In this episode, Duke finance professor Campbell Harvey argues that Bitcoin’s extreme volatility and structural risks undermine its claim to safe-haven status. He examines the deeper differences between Bitcoin and gold, including valuation uncertainty, network vulnerability, and the...
What does the nomination of a new Federal Reserve chair signal about the future direction of U.S. monetary policy? Professor Harvey uses the announcement as a lens to examine a deeper question inside central banking. He explains how prediction markets anticipated the decision, then draws a clear distinction between crisis intervention and ongoing economic fine-tuning. While aggressive Fed action can be appropriate in moments of stress, Cam argues that prolonged zero interest rates and large-s...
Gold prices moved sharply in late January 2026, surging past $5,500 before dropping 11% in a day. The swing ranks among the largest single-day moves in decades. In the latest episode of Through the Noise, Prof Campbell Harvey explains the trading dynamics behind the reversal, showing why the episode reflects a rapid correction following an extreme run-up rather than a change in underlying fundamentals. The discussion traces how retail buying, institutional momentum strategies, leverage,...
Why have gold prices hit an all-time high, and what’s driving demand for gold now? In this episode of Cam Harvey: Through the Noise, Duke Fuqua finance professor Campbell Harvey explains the forces behind the recent surge in gold prices. Cam breaks down why gold supply is uniquely constrained, how its decentralized global production supports its role as a safe haven asset, and why gold has preserved purchasing power over thousands of years despite periods of significant volatility. The discus...
In this episode of Cam Harvey: Through the Noise, Duke Fuqua finance professor Campbell Harvey joins Assistant Dean Robert Olinger to clarify how interest rates are determined, and why long-term rates matter far more for the economy than short-term moves by the Federal Reserve. Cam argues that today’s rate environment is shaped less by Fed policy and more by deep structural forces. From rising U.S. government debt and shifting global capital flows to inflation expectations and AI-driven inves...
How independent should the Federal Reserve be as its role in the economy continues to expand? In the latest episode of Through the Noise, Duke Fuqua professor Cam Harvey examines how modern monetary policy has evolved and what that means for central bank independence, credibility, and long-term economic growth.
Are markets experiencing another tech bubble, or is this time fundamentally different? In the first episode of Through the Noise, Cam Harvey, Professor of Finance at Duke University’s Fuqua School of Business, discusses today’s market environment through the lens of the late-1990s tech boom. Joined by Robert Olinger, Assistant Dean at Fuqua, Harvey draws on his firsthand experience from 1999 to assess whether current concerns about overvaluation and AI-driven enthusiasm are justified. The c...
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