Guido Lorenzoni @guido_lorenzoni Twitter profile

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@arturocharria

Guido Lorenzoni

@guido_lorenzoni

4 months

I’m afraid it’s time to confess that this sentence in one of my papers is just shameless plagiarism (math included). But I am not alone… and I will name names

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Guido Lorenzoni

@guido_lorenzoni

3 years

Don't be fooled by the ridiculousness of some pictures from yesterday. The guys below also did ridiculous stunts and wore ridiculous hats. Until the fun stopped

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Guido Lorenzoni

@guido_lorenzoni

4 years

Like many of you, still struggling to cope with the death of Emmanuel Farhi. Today I met a group of graduate students I am advising and decided to share some of my feelings. It was hard. 1/4

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Guido Lorenzoni

@guido_lorenzoni

2 years

Two comments on the inflation debate. First, on the importance of history and nonlinearities. When @ojblanchard1 shared his prescient warnings in February, there was one step in his reasoning that I didn’t take seriously enough

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Guido Lorenzoni

@guido_lorenzoni

7 months

Finally, @IvanWerning and I are adopting randomized authors' order on new paper. However, I got a bit too excited with the randomizing device:

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Guido Lorenzoni

@guido_lorenzoni

4 years

2. (This is something I thought witnessing the reaction of Veronica and other former PhD classmates of Emmanuel I know.) Work on your friendship with your PhD classmates. It’s a very very special friendship and it’s going to stay with you forever. 4/4

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Guido Lorenzoni

@guido_lorenzoni

4 years

Academic work is lonely work. We all need that human contact like air. In this difficult time, do all you can to find (imperfect) substitutes. 3/4

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Guido Lorenzoni

@guido_lorenzoni

3 years

I was googling for a reference to a classic paper of my dear colleague Larry Christiano with habits in the utility function, and this is the result

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Guido Lorenzoni

@guido_lorenzoni

1 year

This is exactly how we start our presentation of paper with @IvanWerning . This is game actually has a simple well defined equilibrium as long as there’s an initial condition for the price

Nick Rowe

@MacRoweNick

1 year

Apple producers set the price of apples, to maximise their profits. Banana producers set the price of bananas, to maximise their profits. The profit-maximising price of apples is 2 bananas per apple. The profit-maximising price of bananas is 2 apples per banana. What happens? 1/

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Guido Lorenzoni

@guido_lorenzoni

2 years

I am not quite sure what this discussion was about. But I think we can safely say, in agreement with @Noahpinion , that there is no economic transaction that causes a negative number to be added to measured GDP

Noah Smith 🐇🇺🇸🇺🇦

@Noahpinion

2 years

Jesus Christ, New York Times. What kind of economic journalism is this?? IMPORTS DO NOT SUBTRACT FROM GDP!!! Imports subtract from exports but they add to consumption!! They're simply neutral for GDP!!

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Guido Lorenzoni

@guido_lorenzoni

5 years

the first protein bar clinically proven to increase your general equilibrium intuition!

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Guido Lorenzoni

@guido_lorenzoni

3 years

I wish I were as good as ASSA support team at enforcing screen time limits for my kids

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Guido Lorenzoni

@guido_lorenzoni

1 year

Yesterday saw Pascual Restrepo presenting some intriguing new work on automation. Here's a simple version of his argument

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Guido Lorenzoni

@guido_lorenzoni

4 years

Two thoughts I will share here: 1. Chatting in the corridor, going to seminars, conferences and so on. We think of it as exchanging ideas (or gossip). But it’s really about making human contact. 2/4

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Guido Lorenzoni

@guido_lorenzoni

4 years

What a sad day

Veronica Guerrieri

@VeronicaGuerri7

4 years

Since our first days of PhD, you were always an exceptionally brilliant mind, but most important to me, you have always been my friend...I will miss you

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Guido Lorenzoni

@guido_lorenzoni

9 months

Wrapping up kids’ sleepover party. Lots of air mattresses in our basement. Turns out sometimes inflation and deflation are really easy #macrodads

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Guido Lorenzoni

@guido_lorenzoni

4 years

Better to think in terms of fiscal response as insurance: how to protect the incomes of the most vulnerable, and how to help put “in the freezer” chunks of the business sector so as to minimize long-run damage. 3/3

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Guido Lorenzoni

@guido_lorenzoni

4 years

Thinking about appropriate fiscal response to the coronavirus. Wondering if stimulus should actually _not_ be the primary concern. In the financial crisis, the objective was to get people to spend more. 1/3

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Guido Lorenzoni

@guido_lorenzoni

4 years

Sad day for all italian economists. Alberto Alesina was a beacon for all of us. We’ll miss badly his creative mind, his incredible capacity to break new ground in new areas, and his passionate, piercing commentary on Italian affairs

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Guido Lorenzoni

@guido_lorenzoni

2 years

Hard to put it better than @GitaGopinath , proud phd advisor of deserving winner! Congrats @itskhoki !

Gita Gopinath

@GitaGopinath

2 years

Congratulations @itskhoki on winning the prestigious 2022 John Bates Clark Medal. It is so well deserving and a great day for the field of international economics.

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Guido Lorenzoni

@guido_lorenzoni

4 years

Congratulations to my brilliant colleagues and friends @mdoepke and Alessandro Pavan, newly elected fellows of the Econometric Society! @NUEconomics

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Guido Lorenzoni

@guido_lorenzoni

5 years

The Fed buying cows now? Maybe this QE thing is going too far...

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Guido Lorenzoni

@guido_lorenzoni

9 months

Confused by disagreement between @R2Rsquared and @ojblanchard1 . I think overall I side with OB, simply because I don’t find the use of the term “side effect” useful.

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Guido Lorenzoni

@guido_lorenzoni

5 years

our amazing colleague @MarReguant just got a Presidential Early Career Award for Scientists and Engineers

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Guido Lorenzoni

@guido_lorenzoni

4 years

Read “It’s baaaack” in my phd days, trying to imitate it ever since, hard to express how flattering this sounds

Paul Krugman

@paulkrugman

4 years

That is, they deal with dynamics by putting all shocks in period zero, then assume an unchanging future, which lets them do a quasi-one-period model. 5/

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Guido Lorenzoni

@guido_lorenzoni

4 years

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Guido Lorenzoni

@guido_lorenzoni

4 years

Lack of demand during the coronavirus crisis | VOX, CEPR Policy Portal

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Guido Lorenzoni

@guido_lorenzoni

3 years

caro @fabriziobarca , forse se te lo dice anche @paulkrugman che l’ossessione “Big-Pharma-ci-guadagna!” ha fatto gravi danni alla campagna vaccinale europea...

Fabrizio Barca

@fabriziobarca

3 years

Profitti ragionevoli e sovraprofitti da rendita monopolistica contro gli interessi collettivi. Ma nessuno batte ciglio

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Guido Lorenzoni

@guido_lorenzoni

6 months

Hi all, I am at Chicago FED where a great EFG program is live now! NBER Economic Fluctuations and Growth Program Meeting via @YouTube

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Guido Lorenzoni

@guido_lorenzoni

3 years

Europe needs a fiscal union. Next Gen EU was great step forward. Events in Italy in last few weeks point to unresolved problems. Quick summary: coalition parties governing Italy started fighting on how to spend 200 billion euros. Result: today Conte's government is in crisis. 1/4

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Guido Lorenzoni

@guido_lorenzoni

2 years

This asymmetry is clearly important to understand what’s happening and especially why the Fed has faced a harder problem than usual. This is the simple graph we have used to think about the dilemma here @IvanWerning @ludwigstraub @VeronicaGuerri7

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Guido Lorenzoni

@guido_lorenzoni

5 years

⁦⁦ @chiara_maggi ⁩, ⁦ @gmcugat ⁩, ⁦ @SashaIndarte ⁩ just defended their phd theses. Chiara and Gaby going to IMF, Sasha going to Duke, congratulations to all!!! #womeninmacro

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Guido Lorenzoni

@guido_lorenzoni

3 years

Again on stimulus/relief: @Noahpinion makes the argument very cleanly. If you give money to people who lost income, they may spend it or save it. Core point: even if people don’t spend it, it is still a desirable reallocation of financial resources! 1/n

Noah Smith 🐇🇺🇸🇺🇦

@Noahpinion

3 years

We should stop thinking about the COVID relief effort as primarily a "stimulus" bill. Mostly, it's a form of retroactive social insurance -- making sure that the pandemic doesn't end up leaving a lot of people poorer than before.

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Guido Lorenzoni

@guido_lorenzoni

4 years

Experimenting with new formats for virtual seminars. Looks like Cinderella has one of her tough questions

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Guido Lorenzoni

@guido_lorenzoni

3 years

Recently out on JEEA, paper with @VeronicaGuerri7 and @MartaPrato , based on Veronica’s Schumpeter Lecture

JEEA

@JEEA_News

3 years

Recently published: “Slow Household Deleveraging” by Veronica Guerrieri @guido_lorenzoni and @MartaPrato @EEANews @OUPEconomics

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Guido Lorenzoni

@guido_lorenzoni

4 years

However, in the current crisis a temporary reduction in real activity is probably desirable in many sectors of the economy where more activity leads to more in-person interactions. 2/3

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Guido Lorenzoni

@guido_lorenzoni

2 years

If you want to fill the gap in every labor market segment, you'll get inflation in tighter sectors. Just pointing out: central bank's job got harder than usual here.

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Guido Lorenzoni

@guido_lorenzoni

4 years

Giulia: Dad, show me how much money you have, so I can check again tomorrow morning and see if the tooth fairy is real. Me: Actually, I have no cash at all! [Promising research design. But need to work on incentive compatibility]

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Guido Lorenzoni

@guido_lorenzoni

6 months

Good thing they now have someone who knows everything about R*

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Guido Lorenzoni

@guido_lorenzoni

4 years

I have been advised to advertise my new WP with Luigi Bocola as "The latest on the accelerator from Luigi and Guido!"

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Guido Lorenzoni

@guido_lorenzoni

4 years

Viva l’America! Viva la democrazia!

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Guido Lorenzoni

@guido_lorenzoni

4 years

@TheEconomist nicely covered my recent paper with @VeronicaGuerri7 @ludwigstraub @IvanWerning 1/8

Covid-19 could lead to the return of inflation—eventually

Once the virus is truly beaten, the crisis could weaken structural forces weighing on demand

www.economist.com

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Guido Lorenzoni

@guido_lorenzoni

4 years

ok friends, time to cozy up with @MarkusEconomist and @ProfJAParker ’s 2005 paper and dial up your expectations of a blue wave

Optimal Expectations

(September 2005) - Forward-looking agents care about expected future utility flows, and hence have higher current felicity if they are optimistic. This paper studies utility-based biases in beliefs...

www.aeaweb.org

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Guido Lorenzoni

@guido_lorenzoni

4 years

Jane can do it all! Her JMP is a beautiful model of effects of market power on innovation, her work with Ana Danieli is on sectoral effects of the Covid shock , her work with @TitanAlon , @mdoepke , @TertiltMichele is on its effects on women's work. Amazing!

Northwestern Economics

@NUEconomics

4 years

Economics PhD Candidate Jane Olmstead-Rumsey’s research interest is Macroeconomics. Learn more about @janeor_econ & other Northwestern Job Market Candidates at

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Guido Lorenzoni

@guido_lorenzoni

3 years

There’s a debate going on in Italy about a proposal from center-left to give 18yo kids a lump sum and partly finance it with inheritance taxes

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Guido Lorenzoni

@guido_lorenzoni

2 years

The output gap calculations were pretty convincing. But then OB himself said, well Phillips Curve has been so flat as of late, maybe we shouldn’t worry. However, he then added: look at the 60s, PC can be flat and then get very steep once you go above potential!

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Guido Lorenzoni

@guido_lorenzoni

7 months

The European Commission made a bold proposal to reform fiscal rules in November 2022 (then made into a full legislative proposal last April)

Luciano Capone

@lucianocapone

7 months

Il momento della verità per l’Italia sulle regole fiscali. "Il governo italiano superi le esitazioni e sostenga con convinzione la riforma del Patto di stabilità e la proposta di accordo che viene dalla Spagna". Di @VeronicaGuerri7 e @guido_lorenzoni .🔗

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Guido Lorenzoni

@guido_lorenzoni

4 years

Remote teaching requires a bit more thinking about good ways to visualize concepts. This week I made some progress

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Guido Lorenzoni

@guido_lorenzoni

3 years

thank you to @paulkrugman for covering so nicely Jakson Hole paper w/ @VeronicaGuerri7 @ludwigstraub and @IvanWerning

Paul Krugman

@paulkrugman

3 years

We're having a reallocation slump. Some inflation is just what the doctor ordered.

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Guido Lorenzoni

@guido_lorenzoni

3 years

Stimulus or relief? @Austan_Goolsbee makes strong case for a “relief” motivation for fiscal support. Our paper on macro of Covid formalized a similar point. Here is a figure: 1/n

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Guido Lorenzoni

@guido_lorenzoni

4 years

I agree with calls for opening schools. However, sadly, local governments have a choice: reopen restaurants and get some sales tax revenue, or reopen schools and spend more to make schools safe. Not surprisingly, they choose the first. 1/4

Emily Oster

@ProfEmilyOster

4 years

More direct than my typical. In @TheAtlantic on schools.

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Guido Lorenzoni

@guido_lorenzoni

4 years

Thank you, it is an honor. And it’s wonderful to share it with my colleagues Bruno and Nicola and with NW PhD Tomasz. Good day for @NorthwesternU !

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Guido Lorenzoni

@guido_lorenzoni

5 years

I remember someone saying it would be nice if economists became dentists or something. Well, it looks like I am finally on the right track

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Guido Lorenzoni

@guido_lorenzoni

3 years

Great thread and follow up exchanges. My impression is that cross sectional coefficients often measure well some (appropriately defined) partial equilibrium effect. However, in macro we are eventually interested in effect with full GE adjustment, so model is needed.

Ben Moll

@ben_moll

3 years

@p_ganong Yes exactly re the 1st part! Re the 2nd part, I wouldn't be quite so binary ("does or doesn't"). In general cross-sectional X doesn't teach us about ag X but cross-sectional X is still useful. You just need to do more work and add some more structure, see

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Guido Lorenzoni

@guido_lorenzoni

2 years

For example, compare services (left) and durables (right)

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Guido Lorenzoni

@guido_lorenzoni

3 years

@IvanWerning @stelifanie @DrDaronAcemoglu there’s da right and da ‘ron way of pronuncing his name

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Guido Lorenzoni

@guido_lorenzoni

3 years

Glencoe’s city planners had fun naming the only non parallel street in this area

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Guido Lorenzoni

@guido_lorenzoni

3 years

@glviolante

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Guido Lorenzoni

@guido_lorenzoni

4 years

Call us prescient, but we did order a huge box of face masks from Amazon in early February

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Guido Lorenzoni

@guido_lorenzoni

1 year

Great news from DC!

U.S. Senate Majority Floor Updates

@DSenFloor

1 year

CONFIRMED: Brent Neiman to be a Deputy Under Secretary of the Treasury By a vote of 54-40.

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Guido Lorenzoni

@guido_lorenzoni

5 years

fantastic news, congratulations!!! go Emi! go macro!

AEA Journals

@AEAjournals

5 years

Congratulations to Emi Nakamura of @berkeleyecon , winner of the 2019 John Bates Clark Medal!

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Guido Lorenzoni

@guido_lorenzoni

2 years

If on a given day the only economic event in the US is that a US factory buys steel from a Chinese seller, that adds the same number to imports and to investment (as a change in inventory). It adds zero to US GDP, as it should, but it doesn’t subtract anything

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Guido Lorenzoni

@guido_lorenzoni

10 months

NBER Martin Feldstein Lecture by Mario Draghi via @YouTube

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Guido Lorenzoni

@guido_lorenzoni

5 months

when they ask you that "big picture question"

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Guido Lorenzoni

@guido_lorenzoni

3 months

Many have made fun of the @ecb Valentine's card. But for Italians Valentine's day really is closely associated to anti-inflation fight! On 2/14/1984 Italian prime minister Bettino Craxi, imposed, by decree, a pause on a wage indexation clause in national contracts

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Guido Lorenzoni

@guido_lorenzoni

4 years

We still have some

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Guido Lorenzoni

@guido_lorenzoni

3 years

Interesting contrast between some recent tweets, on the one hand @lugaricano espouses a view common in Bruxelles that strengthening international role of euro is an important objective

Luis Garicano 🇪🇺🇺🇦

@lugaricano

3 years

Why can the Euro not attain he internatonal role that the EU economy should give it as a store of value and vehicle for transactions? Why does this matter? What can we do about it? I have just been working on this from the @Europarl_EN . Some answers in a THREAD 1/18

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Guido Lorenzoni

@guido_lorenzoni

5 years

Happy birthday Francesco! Deep admiration for his incredible combination of top-notch academic research, relentless advocacy for economic reform in Italy, and amazing work as teacher/advisor who sent scores of brilliant Bocconi students to the US! And a great friend!

Inês G. Raposo

@inesgraposo

5 years

About to start! Alberto Alesina, Richard Portes, @ojblanchard1 ,Veronica Guerrieri, Charles Wyplosz in @unibocconi to celebrate Francesco Giavazzi’s 70th birthday w/discussion on Eurozone fiscal rules, monetary-fiscal coordination,and Maastricht rules preventing debt monetization

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Guido Lorenzoni

@guido_lorenzoni

2 years

Great news, congratulations @m_maggiori on a richly deserved prize!!

Bernacerprize

@bernacerprize

2 years

📢📢The Italian economist MATTEO MAGGIORI, winner of this year’s Bernacer Prize “for his influential research on international finance and macroeconomics, including asset pricing and exchange rate dynamics.” Read the full announcement

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Guido Lorenzoni

@guido_lorenzoni

2 years

Very clear interpretation of the Russian request to be paid in rubles. Basically Russia trying to make non-sanctioned banks (like Gazprombank) work like subsidiaries of the Central Bank of Russia for foreign currency reserves

Robin Brooks

@robin_j_brooks

2 years

Russia says it wants to be paid for its gas in Rubles. What does that mean? Russia is a current account surplus country (black), so it exports more than it imports. Such a surplus country is constantly building financial claims on other countries. That happens in one of 2 ways...

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Guido Lorenzoni

@guido_lorenzoni

4 years

My twitter feed has a sense of humor tonight

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Guido Lorenzoni

@guido_lorenzoni

3 years

Wonderful to see 4 of my idols so deservedly celebrated!

Sarah Gertler

@sarahmgertler

3 years

proud of my dad!

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Guido Lorenzoni

@guido_lorenzoni

4 years

@IvanWerning Back when I was a student, I really liked this Dixit piece:

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Guido Lorenzoni

@guido_lorenzoni

4 years

Domani e giovedì viaggio virtuale in Italia per presentare articolo con @VeronicaGuerri7 , @ludwigstraub , @IvanWerning a @sieconomisti e @Unibocconi

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Guido Lorenzoni

@guido_lorenzoni

1 year

@paulkrugman Thanks so much for appreciating our work!

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Guido Lorenzoni

@guido_lorenzoni

3 years

Yes, but an interesting observation in this paper by @AtifRMian @profsufi and Khoshkhou is that US consumers don’t act on it

Vitor Constâncio

@VMRConstancio

3 years

Observe the ultrarational consumers of our textbooks forming economic expectations in the US. Republicans or Democrats have a high correlation with whom is President more than anything else

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Guido Lorenzoni

@guido_lorenzoni

4 years

@gmcugat calls out all male senior economists on twitter, so here I am. I applaud @and_joy_ for speaking up yesterday and for his passionate advocacy for racial equality in the past few weeks. 1/4

Gaby Cugat

@gmcugat

4 years

Some male senior macroeconomists spoke up, here are the ones I saw. Let’s ask of them to keep speaking up when opinions like this are voiced at seminar dinners, in conference coffee breaks, behind closed doors. Change will take too long if only juniors are expected to do it.

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Guido Lorenzoni

@guido_lorenzoni

3 years

turns out, Larry’s habits for success are surprisingly similar to Ronaldo’s

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Guido Lorenzoni

@guido_lorenzoni

2 years

In retrospect, that was a good call. For research, this asks us to understand better why Phillips curves can be L shaped. Downward nominal rigidities are easy way of doing that in models, but there is more to understand here

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Guido Lorenzoni

@guido_lorenzoni

4 months

A tweet of @kearney_melissa compels me to clarify where my joke comes from. I don’t think plagiarism should be taken lightly. I just think that many outside academia underestimate how hard it is to evaluate academic output and originality

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Guido Lorenzoni

@guido_lorenzoni

5 years

getting ready for BFI women’s in econ panel

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Guido Lorenzoni

@guido_lorenzoni

1 year

@ojblanchard1 @ojblanchard1 always chooses his classic references with care: Charybdis was (wait for it) a spiral!

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Guido Lorenzoni

@guido_lorenzoni

2 years

[I am teaching an international macro class these days, so it's great to show my students that even our boring national accounting first lecture can stir up fun twitter fights!] @DBaqaee @gchodorowreich #ChicagoBooth

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Guido Lorenzoni

@guido_lorenzoni

2 years

Second comment is on asymmetries (and a bit on micro vs macro theories of inflation @jasonfurman ). If one looks at total consumer spending one sees it going roughly back to trend and maybe one wouldn’t worry too much about overheating if potential has been growing normally

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Guido Lorenzoni

@guido_lorenzoni

4 years

@IvanWerning beautifully summarizes our recent work with @VeronicaGuerri7 and @ludwigstraub on Corona shock. What a privilege working with these folks!

Ivan Werning

@IvanWerning

4 years

Can the negative supply shock from this pandemic lead to a demand deficient recession? Yes. Together with the brilliant Veronica Guerrieri, Guido Lorenzoni and Ludwig Straub, I explore the conditions for this to happen in this new paper. (start thread)

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Guido Lorenzoni

@guido_lorenzoni

3 years

Huge advantage of micro-to-macro approach is that it forces us to "unpack" mechanism for why in our models X moves Y, and if one (partial equilibrium) step of the argument grossly contradicts the cross-sectional evidence, it forces us to think harder

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Guido Lorenzoni

@guido_lorenzoni

5 years

Awesome program for the long awaited sequel to Women in Macro I

marina azzimonti

@mazzimon77

5 years

The program for the Second Annual Women in Macro Conference is up! Check it here:

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Guido Lorenzoni

@guido_lorenzoni

4 months

@kearney_melissa @washingtonpost Next time try “The Three-Parent Privilege”

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Guido Lorenzoni

@guido_lorenzoni

3 years

Tentative lesson: in the future it’d be much better to point to creation of centralized automatic stabilizers, like EU-managed unemployment insurance program. 4/4

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Guido Lorenzoni

@guido_lorenzoni

3 years

@ben_golub Talking of children growing independent and philosophy reminded me of this

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Guido Lorenzoni

@guido_lorenzoni

4 years

two signs you see in downtown Chicago these days, looks like the old guy wins

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Guido Lorenzoni

@guido_lorenzoni

5 years

@mdoepke @chiara_maggi @gmcugat @SashaIndarte @NorthwesternU @RiceUniversity @KelloggSchool @Wharton @WomenInMacro More great macro graduates from @NorthwesternU ! Today Lorena Keller defended her thesis and I was able to get Stephanie Johnson in the picture. And a dude too (Gideon Bornstein, going to @Warton ). Congrats to all!

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Guido Lorenzoni

@guido_lorenzoni

5 years

When you get an email about an “NK special class” and aren’t quite sure if it’s New Keynesian or Nursery/Kindergarten #macrodads

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Guido Lorenzoni

@guido_lorenzoni

3 years

Great news indeed! And congratulations to @R2Rsquared and Silvana, brilliant macro minds!!

Ben Moll

@ben_moll

3 years

Huge congratulations to my two brilliant colleagues @R2Rsquared and Silvana!!! An extremely well-deserved award for a long list of hugely insightful and policy-relevant work!!!

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Guido Lorenzoni

@guido_lorenzoni

4 months

Non solo la stampa italiana ha coperto in modo limitato la sorprendente vitalità del mercato del lavoro italiano negli ultimi anni (per fortuna c’è @RiccardoTrezzi ). Ora @repubblica sembra orientata a ridurre direttamente l’offerta di lavoro!

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Guido Lorenzoni

@guido_lorenzoni

3 years

Was also fun opportunity to learn some continuous time methods (thanks @ben_moll for beautiful notes!) My slides from recent class are here (see Slide Set #3 ): . Code is here:

Login - Dropbox

Login to Dropbox. Bring your photos, docs, and videos anywhere and keep your files safe.

www.dropbox.com

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Guido Lorenzoni

@guido_lorenzoni

3 years

@Susan_Athey e Michael Kremer e coautori, qui danno argomenti cogenti che è il momento di dare più soldi (in modo intelligente) alle case farmaceutiche

Market design to accelerate COVID-19 vaccine supply

Build more capacity, and stretch what we already have

www.science.org

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Guido Lorenzoni

@guido_lorenzoni

9 months

Ivan going back to our "benign spiral" view

Ivan Werning

@IvanWerning

9 months

Our analysis features a two way feedback between P and W which we think captures the idea of spirals. This feedback or spiraling does imply greater overall inflation. However, the point is to argue it doesn't have to "spiral out of control".

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Guido Lorenzoni

@guido_lorenzoni

4 years

@ben_moll @pilossopher @SorryToBeKurt @Simon_Mongey @yfatihkarahan @GregWKaplan @glviolante This paper has an interesting behavioral explanation: consumers try to revert fast to their “desired” liquid balances because they’re used to it and are afraid of going far from it

imperfect_problem_solvers.pdf

drive.google.com

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