Last Emmanuel Farhi’s AER paper. “This ability to combine careful logic with sensitivity to the context .. is probably nowhere harder than in macroeconomics. There are few in any generation who can do it with Emmanuel’s panache, and our field is much less interesting without him”
Tomorrow starts in Paris the conference in the honour of Emmanuel Farhi
.
@cepr_org
@cdf_InnovLab
Important to reread the beautiful article written by Jean Tirole on Emmanuel’s work in the Annual Review of Economics.
@ImranRasul3
@econromesh
@DianeCoyle1859
@SoumayaKeynes
People will not trust economists as long as they believe economists’ main job is to forecast. It is not. Nurses and doctors do not forecast. They try to prevent problems and heal. So do economists.
So true. "The point of saving for a rainy day is to spend when it rains, and preparing for pandemics, wars, climate crises, and other out-of-the-box events is precisely why open-ended deficit spending during booms is dangerous." Kenneth Rogoff
@ProSyn
🇫🇷 70 personnes vaccinées en 3 jours
🇩🇪 Près de 19.000 sur la même période
🇮🇱 Plus de 100.000 par jour
🇬🇧 Déjà environ 1 million
🇺🇲 Déjà environ 2 millions
Remember that discussion on optimum currency areas? “Over the last few decades, Americans have become less mobile, and most adults – especially those with less education or lower incomes — do not venture far from their hometowns”.
A general equilibrium model of the risk taking channel of monetary policy. Funding costs, leverage and value at risk are key. Good booms and bad booms. Systemic risk increases and yet risk prermia are low…
@LBS
@HyunSongShin
Heterogeneity in financial sector generates a risk-taking channel of monetary policy due to competition for funds and assets & trade-off between mon policy and fin stability.
From Coimbra
@banquedefrance
and
@helene_rey
@LBS
@cepr_org
@nberpubs
:
The Frontiers of Knowledge Award goes to Bernanke, Gertler, Kiyotaki and Moore for establishing the nature of the linkage between the financial sector and the real economy and how it operates to amplify crises - Premios Fronteras
IMF names Berkeley’s Pierre-Olivier Gourinchas as new economic counsellor and research director, succeeding Gita Gopinath who is coming first deputy managing editor.
Putin’s propaganda machine hammers EU while Brussels sleeps. In the fast-evolving disinformation war against Russia, Europe remains outmatched, outgunned and under-resourced to combat the Kremlin's sophisticated playbook.
Such a nice trip down memory lane to be back in Princeton to give the Graham Lecture today. I spent great years here!
@pogourinchas
Fun facts: the first lecturer was Milton Friedman (1950). The first woman, the amazing front runner Anne Krueger (1974).
[CONFERENCE]
💥« Conference in Memory of the Work of Emmanuel FARHI »
⌛June 13 2022 until June 14 2022, from 8:30 pm to 7pm
📍Collège de France
@cdf1530
, 11 Place Marcelin Berthelot 75005 Paris
✔️ Open to everyone without registration access
Just received the Annual Review of Economics 2020. Full of fantastic papers. So many important topics to think about in our field. The authors give a cutting-edge view.
@AnnualReviews
Very important to listen to that excellent speech of Lord Kerr on asylum seekers having no other choice but to cross the Channel on small boats. Facts and decency.
Great speech by John Kerr in House of Lords.
The UK is not a popular destination for refugees. We’re way down the list.
The dangerous sea route is the only refugee route now our govt have shut safe routes.
The facts do not support govt case for cruelty.
Congratulations to LBS’
@LucreziaReichli
who was recently awarded The Serena Medal by
@BritishAcademy_
. The award was given to Professor Reichlin for her outstanding work and contribution to
#economics
and
#econometrics
. Learn more about the award here:
« - Ça fait 4 ans que j’essaie de féminiser cette émission mais les femmes c’est tjs ‘je ne parlerai que dans le domaine où je suis compétente’
- Mais si elles préfèrent ne pas raconter n’importe quoi, c’est peut-être une bonne chose non...? »
@landais_camille
, juste et drôle 🙏🏼
The 2020 Birgit Grodal Award Winner
The EEA is delighted to announce that Eliana La Ferrara, Bocconi University, Milan, has won the 2020 Birgit Grodal Award. Congratulations!
@cepr_org
This promises to be an amazing course with fascinating material and top notch lecturers and speakers. Put together in particular by my wonderful colleague and great scholar
@EliasPapaioann2
BREAKING NEWS
The Royal Swedish Academy of Sciences has decided to award the 2023 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Claudia Goldin “for having advanced our understanding of women’s labour market outcomes.”
#NobelPrize
“Going forward, the world has to be one that is less unequal, where there is universal access to education, healthcare and social safety nets,” says
@GitaGopinath
, the first female chief economist at the International Monetary Fund.
#VogueWOTY2020
‘What started as a student exchange programme in 1987, has grown into something bigger and enriched the lives of more than 9 million direct participants. Each year, more than 300,000 students now study or train under the Erasmus+ umbrella.’
My thanks to the outstanding external group members for a great discussion— and warm welcome to Professor
@helene_rey
who recently joined our group. (2/2)
Investments in public goods – efficient public transport, quality public schools, R&D, museums and parks, renewable-energy infrastructure, are ultimately vital to the quality of life for ordinary citizens, and to restore optimism in the future.
@ProSyn
“The average yield on new German bonds issued until end of November was -0.56 percent, resulting in revenues of 7.07 billion euros, according to the finance ministry document.”
“one cannot help wondering whether the German judges have pondered the proportionality of their own action.” Germany’s Constitutional Court Goes Rogue by Katharina Pistor
Fewer women reported being satisfied with the climate in the economics profession in 2023 compared to five years ago, according to a new survey via
@economics
Wonderful. Great economist for a great organisation (
@cepr_org
) at a time where rigorous academic research is very much needed for economic policy in Europe and beyond.
I am delighted and honored to help
@CEPR_org
in a newly created position as vice-president Europe. This is exciting at a time when CEPR works to start new operations in Paris and more generally on the continent.
Finally, the job market season is also over for me🥳
I am so thrilled to share that I will join the Economics Department at Northwestern
@NUEconomics
as a college fellow this fall and as an assistant professor in 2023!
Extra spending can't be funded by Brexit dividend.
1) Govt has accepted Brexit will *weaken* public finances by £15bn pa
2) Financial settlement with EU plus commitments to replace EU funding already uses up all of our EU contributions in 2022
There is no Brexit dividend
‘Brexiters are the vanguard of the populist nationalists who hate the EU, because it promotes a rules-based liberal order rather than a tribally based struggle for power.’ via
@johnvanreenen
Another completely unbiased view. Wonderful choice. Great for the Fund and all of us. Et félicitations (even internalising the negative shock on our joint papers..)
A thread:
[1/6] Many euro area countries implemented 'unconventional fiscal policies' in 2022. Designed to offset the energy crisis, but also to reduce inflation.
Defining moment for EU: shd trigger escape clause to cope with “an unusual event outside the control of the Member State concerned and with a major impact on the financial position of general government,...” (Council Regulation No 1177/2011, Art. 2).
@AEACSWEP
and
@WomenInMacro
will co-host a webinar on Choosing Macroeconomics in Graduate School: A Conversation with Women in Macro. This event is scheduled for April 21, 2023 starting at 10 am EST.
Register now:
Rest in Peace, Peter Neary
I am devastated.
Peter is why I’m still in academia.
He appointed me to my first job
@MertonCollege
& mentored me officially & unofficially since.
He is an outstandingly brilliant economist but wore this with such charm & humour. 1/n
IMF Managing Director Christine
@Lagarde
appoints Harvard’s Gita Gopinath as IMF Chief Economist, replacing Maury Obstfeld who will retire from IMF in December.
Given some of the reactions to this thread, let me remind you of some of the doomsday predictions around the time we wrote our original paper.
Our key message below is not: "everything is great in Germany". Instead it is: "those doomsday predictions were far off the mark."
Point is we have to invest right now in climate change. And to decrease uncertainty and have right incentives we need a carbon price with a predictable path (create a central bank)
@JacquesDELPLA
@CGollier
MPs have voted against New Clause 10 being read a second time, by 344 votes to 254.
This new clause would have required the Government to seek to negotiate continuing full membership of the EU’s Erasmus+ education and youth programme.
Excellent thread Gauti which brings back so many memories from our Princeton days. Also early discussions of global imbalances with Rogoff and Gourinchas, links between monetary and financial stability with Bernanke, optimal investments under rational inattention with Sims…
Scott Sumner coins a fun term the “Princeton School of Macro” for the work in monetary economics at Princeton from the mid 1990’s to mid 2005 in this podcast 1/n
The ECB’s market-neutral approach undermines the broader policy of the EU to achieve a low-carbon economy. It could be changed.
Greening monetary policy | VOX, CEPR Policy Portal
Certains pays doivent plus de 15 % de leur PIB à la Chine. L'attitude de la Chine, qui n'appartient pas au Club de Paris, vis-à-vis de la restructuration des dettes des pays pauvres et émergents est d'importance systémique.
@LesEchos
📉 La garantie publique des crédits de trésorerie est un puissant levier pour éviter la propagation des difficultés sectorielles liées au
#coronavirus
à l'ensemble des entreprises.
Ma proposition: un fonds de garantie exceptionnel ciblé sur les PME 👇
Intergenerational mobility in Italy. mobility in Italy is higher than in the US but lower than in the Nordic countries. High in Northern Italy, low in south.
(1/3) In this paper we show that the vast majority of exchange rate changes at business cycle frequency can be explained by lagged macroeconomic news ( a result inconsistent with UIP holding)…
1. Treat political money laundering and electoral subversion as national security issues
2. No representation without taxation
3. Secrecy jurisdictions are a national security threat
This was a splendid conference where i learned a lot and met great young economists. The audience was friendly and helpful and laughed a lot more than in your average conference!
#WIMC19
Excellent discours de Mario Draghi pour ses adieux. Ça serait bien si les médias le reportaient dans son intégralité et en expliquaient les parties plus techniques au public. Great farewell speech by Draghi. Should be widely picked up by media.
Interested in international macroeconomics and finance? The website below has all the materials from the Stanford Initiative, a two-day workshop that aims to get PhD students started in research in the field. 1/n
It is a moment for strong, all-embracing official policy so that the economic effects of the pandemic are contained and equitably shared. Europe can do this; the timidity and suspicion that characterised policy during the euro area crisis must be avoided.
I wanted to make public 3 lectures in open economy macro that I had the pleasure to give at CREI Barcelona (100% based on joint work with Emmanuel Farhi).
Topics: Optimal Currency Areas, Fiscal Unions, Global Financial Cycle, Capital Controls, Mobility, Macropru policies.
1/n🧵
Wonderful description of some of Tommaso Padoa-Schioppa’s intellectual contributions. He was an essential thinker on euro area issues and a great European.
On 18 December 2010, ten years ago, Tommaso Padoa-Schioppa passed away. He was an economist with the Bank of Italy, an Italian and European civil servant, a member of the
@ecb
's very first board, and an Italian MinFin) [short thread]
Research based:
@jdportes
‘Immigration makes the UK more productive, and benefits the Treasury: these effects are (by far) more than enough to outweigh any small direct negative impacts on wages for lower paid workers. ‘