The excitement by the female PhD students at the announcement of Duflo was palpable-seeing a brilliant woman being recognized for changing her field. Let's hope that this will inspire many more women to change the field for the better (and nudge us men to be open to them!)
2019 Economic Sciences Laureate Esther Duflo, born in 1972, is the second woman and the youngest person to be awarded the Prize in Economic Sciences.
#NobelFacts
#NobelPrize
Some (late) personal news. Iβm happy to report that Iβve started this month as a full professor
@CEMFInews
Excited for the new research (and city) adventure!
10 years ago today got my 1st paper rejection and first taste of overly negative/aggressive tone of reports
As an editor, I encourage all to write constructive reports even if you advise rejection. Don't perpetuate the destructive tone that is endemic in the prof.
#EconTwitter
Hard not to get a little emotional reading this thesis acknowledgment.
Nice to know that in addition to helping them academically that they feel supported personally.
We are thrilled to announce that associate prof
@SorryToBeKurt
has been appointed Joint Managing Editor
@RevEconStud
as of 1 December 2019. The appointment is a testament to Kurt's expertise within
#macroeconomics
. Many congratulations!
π¨ New Paper, a π§΅
Macro is increasingly focused on the importance of heterogeneity. One challenge for the agenda has been the intractability of HA models w/aggregate risk. To make progress, we typically rely boundedly rational equilibria following seminal Krusell-Smith 98 1/n
The irony of
@realDonaldTrump
considering firing Powell, was that the first Fed Chair he "fired" Yellen more likely would have taken the more dovish approach he wants now...
Great talk today at
@MITEcon
, with lots of valuable feedback on my project with
@Federomei1
@sergiodieffe
And of course, the paper features an MIT-shock :)
Itβs been semi-official but not public, so let me make it official (since it may affect your submission behavior!)
Iβll be stepping down as managing editor from
@RevEconStudies
when my term ends on December 31, 2023 and will be replaced by the fabulous Vincent Sterk
@EconUCL
Big congratulations to my student
@jvkramer1
on accepting a tenure track assistant professor job with the Econ Dept at Copenhagen University
@uni_copenhagen
. It's a great place to start his career and I wish him all the best!
Interesting facts!
A couple of points, related to my research on inequality within/across countries
1) disposable income need not necessarily reflect standard of living, since we know that expenditure rates (consumption/disposable income) vary a lot across the distribution 1/n
NEW: income inequality in US & UK is so wide that while the richest are very well off, the poorest have a worse standard of living than the poorest in countries like Slovenia
Essentially, US & UK are poor societies with some very rich people.
A thread:
I'm really feeling the β₯οΈπ₯° today from my fabulous colleagues at
@IIES_Sthlm
wishing me a surprise happy birthday. Really a special place and so glad to be a part of it.
Excited to announce the program for the upcoming Copenhagen Macro Days that I'm organizing with
@MortenORavn
@helene_rey
@gprimice
Link to register coming shortly!
This year
@RevEconStud
is having a "double" Restud tour May 17-21. Since it's virtual, we'll be live streaming the event on youtube.
Don't miss this opportunity to see 14 fantastic young scholars present their work!
Details below:
If youβre interested in one potential answer to the challenge, check out my work with Tobi Broer,
@AKohlhas
and
@KSchlafmann
that rationalizes heterogeneity in forecasts across the distribution and studies the impact for policy and the macro economy:
Calling everyone interested in Macro -
@MortenORavn
,
@RalphLuet
and I are launching VMACS - a virtual macro seminar series. Sign up! We're kicking off with a fantastic line up next week!
VMACS: Virtual macro seminar series is launching! 60 minute online talks w/discussion, free to everyone to sign up and participate.
We start next week with
@IvanWerning
and
@GregWKaplan
/
@ben_moll
/
@glviolante
Sign up at and follow this account
In my new
@cepr_org
DP with Marcus Hagedorn, we explore how the monetary and fiscal response to the COVID-19 pandemic in the EU, in particular, how to deal with the debt burden. We analyze these issues through the lens of the Heterogenous-agent New Keynesian model (HANK) 1/n
Very proud of my student Richard a Foltyn on passing his PhD defense today! Also, feels nice to go to a restaurant for the first time in 3 months to celebrate.
Big congrats to my old friend and co-author
@yfatihkarahan
. Amazing to think how far youβve come from those days working on problem sets in McNeil from when we started the PhD! Well deserved and a great addition to the central bank.
Very excited that
@IIES_Sthlm
has launched the inaugural Assar Lindbeck Fellowship. For rookies and APs looking to visit for a year, all fields welcome. You can ask
@Ale_M_Peter
and
@AnneKaring
how they're enjoying their visit!
Well, this is a new feature. But happy to see people are using the sequence space method that Per, Timo, and I developed to linearize heterogenous-agent models!
New
@cepr_org
DP on the importance of expectations and information choice for inequality and macroeconomic dynamics - a thread
Joint with Kathrin Schlafmann, Tobi Broer and Alex Kohlhas
1/n
π¨Last callπ¨
PhD students in working in monetary policy and financial stability donβt forget to submit your papers by Sunday night to this workshop that Iβm co-organizing through CeMoF (
@SU_Economics
@IIES_Sthlm
) and
@riksbanken
Very sad news about Emmanuel Farhi. In addition to being a brilliant mind, genuinely nice and warm human being, he also showed us at Normac that he knew his way around a football pitch. He will be missed.
π¨ Call for Papers π¨
Doing work on Macro and Inequality?
Submit to the SITE session on Macro and Inequality that I organize with Adrien Auclert, Chris Tonetti, and Arlene Wong on August 16-17
Empirical, quantitative, and theoretical papers all welcome
Congrats to the Restud Tourists for 2018:
Giulia Brancaccio
Princeton
Harry Di Pei
@harry_toulouse
MIT
Heather Sarsons
@saskatchewin
Harvard
Molly Schnell
Princeton
Jann Spiess
@jannspiess
Harvard
Ludwig Straub
MIT
David Yang
@david_yang
Stanford
Check out my presentation of "The Fiscal Multiplier" and the excellent discussion by Adrien Auclert hosted by the
@banquedefrance
-
@PSEinfo
Chair and thanks to
@mmhmmapp
for great software to facilitate my presentation
I officially declare the Stockholm housing market bubbly:
An 860 sq ft (80 m2) flat I was looking at *without a kitchen* sold for $1.2 million.
And here I thought I could get a deal by buying an apartment with no kitchen.
Interested macro and want to do a PhD in economics? Apply to SU, the deadline hasn't passed yet. See what you could be a part of. Very cool to have Tom Sargent say that I'm "...not just a great creator of ideas, but also teacher(s)"
One of the most rewarding things about academia is seeing the growth and developments of the students that you advise. This is the first year that I've had students where I followed them from the start of the program up through graduation. 1/3
I can report that giving 5 seminars in a week on zoom is feasible but not desirable. (This was by choice)
Thanks to the great audiences
@SBUeconomics
, Columbia, Michigan, Nottingham, and Essex for all of the insightful feedback!
Now, time for a πΈ
A privilege and an honor to sit next to
@NobelPrize
Laureate Michael Kremer tonight at dinner (even if they misspelled my name π). Thanks to
@sebbank
for hosting
Interested in doing a PhD in economics with a focus on monetary policy or financial stability? Apply to
@SU_Economics
and come to our zoom info session!
``Empirically, government spending is more expansionary when financed with more progressive taxes. This can be replicated in a HANK model with realistic MPCs and labor supply elasticities.''
From
@gmnavarro
and
@AxelleFerriere
Great seminar today
@EIEF_Rome
1st in person seminar since 2019. Iβve enjoyed zoom the last 18 months, but definitely prefer in-person. More engaging, discussions afterwards, &c. And dinner in Rome is π
But there was some βskill depreciationββ¦couldnβt hook up the projectorπ
Thanks to
@cepr_org
for the promotion! Honored to be part of such a great institution. I've benefitted a lot from being an affiliate, attending CEPR conferences, getting CEPR to help with organizing conferences and reading fantastic discussion papers and
@voxeu
columns!
Very excited for a great four days of macro at our annual Normac conference. A great lineup of young macroeconomists from the Nordics and beyond. Full conference program here:
Manic Monday - one paper conditionally accepted
@JPolEcon
, one paper rejected at AER, and one revision sent back to JPE... I guess according to
@ProfNoto
I need three celebrations tonight!
Very proud of my
@IIES_Sthlm
students on their first publication - a paper in AEJ:Macro that grew out of our the applied macro research PhD course. A nice empirical contribution that squares well with quantitative HANK models.
π¨I have some newsπ¨:
@JoseEGaIIegos
,
@mattias_almgren
, Ricardo Lima and I had our paper on Monetary Policy and Liquidity Constraints accepted at the AEJ: Macro. Here's a short thread about the paper. 1/5
My xmas present to myself this year: After working all day to wrap up my research statement, I've now submitted my tenure pack. I know
@ProfNoto
's advice about celebrating ever step of the process was meant for papers, it can extend to the tenure packet! Now for xmas dinner!
It turn out that conclusions follow from assumptions.
You should judge model conclusions based on how much they rely on the assumptions and how good/general/etc those assumptions are (a point made by Solow long ago).
I had a great visit to
@Unibocconi
interacting with both with the students and faculty and getting to enjoy Milan. Hope to come back soon (and get the full non-pandemic experience!). Thanks for having me!
Big congrats to
@jondequidt
on being granted tenure today at
@IIES_Sthlm
A great permanent addition to the faculty and well deserved. Iβm sure thereβs much more great research to come!
Working at the intersection of micro data and macro? Submit to the second edition of the European Midwest Micro/Macro Conference on October 17-18, 2019
@ChicagoBooth
. Submission deadline is April 30.
π’ Very excited to be welcoming the amazing Alessandra Peter (
@Ale_M_Peter
) to
@IIES_Sthlm
for the 2020-21 academic year before she heads to NYU. We're all looking forward to having her at the department. Thanks to
@ERC_Research
for the funding to make it happen.
Nice to see our paper in print!
The findings are particularly relevant now (when jobs are abundant) given the ongoing policy debate about UI during the pandemic.
Recently published COVID paper in the
@JPubEcon
:
"Whether, When and How to Extend Unemployment Benefits: Theory and Application to COVID-19"
Vol 200 (August 2021)
by Kurt Mitman (
@SorryToBeKurt
) & Stanislav Rabinovich (
@rabinovich_stan
)
A great group of presenters and participants for the second edition of
#EM3C
. Thanks to everyone for participating and an amazing program committee and the generosity of
@ChicagoBooth
Sweden finally recommends wearing masks: "A recommendation to wear face coverings on public transport during peak hours, beginning on January 7, 2021."
I guess Jesus will protect us from COVID from his birth through Epiphany...π€
New
@iza_bonn
paper: Construct and estimate an integrated assessment Econ-SIR model of the crisis and use it for policy analysis for fighting the pandemic. Sobering conclusions, but a reason for hope: A thread 1/N
π Lecture | October 22, 4pm-5:30pm
The
@banquedefrance
- PSE Chair is glad to invite you to an online lecture (Zoom) by Kurt Mitman (
@Stockholms_univ
) entitled: "The Fiscal Multiplier".
π² Registration:
Concentration of power is a problem in economics, and the top-5 journals are the prime example.
A realistic path for improvement is to massively increase the number of papers published in these journals. Top-5 publications are artificially scarce. Let's change that.
1/6
Nice to see that the insights that Per, Timo and I developed for linearizing models in sequence space have now made it to continuous time formulations!
π€ Nerd tweet for the heterogeneous-agent macro crowd
You like sequence-space Jacobians? But you also like working in continuous time?
Then I have just the thing for you! π€
Two very nice recent papers and some code:
STOP TOP5: a proposal to cure top5ism
An idea I've been toying with for long. Motivated to post here by recent posts. Sloppy, meant to launch a debate.
Most people agree that the obsession with top5, I call it top5ism (top5itis, tyranny, whatever you want to call it) is toxic1/n
Looking forward to our
#AEA
session today - a great lineup of papers looking at the effects of inequality on stabilization and growth and excellent discussants
#EconTwitter
#ASSA2022