"When we think of the US stock market booming, only like 60 percent of that is American wealth, and the other 40 percent is actually foreign wealth. So our net foreign asset position was deteriorating rapidly because the US stock market was booming." www.aeaweb.org/research/net...

The observed decline in labor’s share of corporate output, in conjunction with relatively weak corporate investment, generates a persistent rise in the ratio of corporate valuation relative to corporate earnings, from Andrew Atkeson, Jonathan Heathcote, and Fabrizio Perri www.nber.org/papers/w34748

🚨We are Hiring at the University of Western Ontario🚨 We have 3️⃣ tenure-track positions: •2 Open-Field •1 linked to our Masters in Financial Economics (open to various fields) Come work with us in 🇨🇦! Share with your students! 📄 Open-Field uwo.ca/facultyrelat... 📄 MFE Position uwo.ca/facultyrelat...

New working paper with Andy Atkeson and Fabrizio Perri. A thread 1/ www.nber.org/papers/w33459

New working paper with Andy Atkeson and Fabrizio Perri. A thread 1/ www.nber.org/papers/w33459

Week 2: This week's theory paper in focus is a brilliant conceptual puzzle piece by Thomas & Worrall (1990). What are the implications of risk sharing/insurance provision over time when income is private? They have a surprising answer: it necessarily leads to long-term impoverishment.

In economics, editors, referees, and authors often behave as if a published paper should reflect some kind of authoritative consensus. As a result, valuable debate happens in secret, and the resulting paper is an opaque compromise with anonymous co-authors called referees. 1/

Send your labor papers and come present at Princeton! Deadline is Dec 22. irs.princeton.edu/news/2024/nl...

Chicago Fed is hiring in our micro group! The ad is not yet on JOE but see this link. 3+ years of experience. Don't need rec letters but do need to list 3 references: rb.wd5.myworkdayjobs.com/en-US/FRS/jo...

Submit your papers to the next @cepr.org Public Economics Annual Symposium, taking place in Cologne on June 5-6, 2025. Co-organized with @sigginho.bsky.social and Johannes Spinnewijn, keynotes by Cecile Gaubert and @omzidar.bsky.social! cepr.org/events/cepr-...

Remember when "Ferris Bueller's Day Off" tried to teach us about tariffs and no one was paying attention

I will continue to update this -- let me know if you want in! (or out!)

A little more context on my tariff argument, including why "success" is hard to measure www.economicforces.xyz/p/some-tarif...

📢 Call for Papers open: Nov 1 – Feb 1, 2025 for the annual ThReD Conference, hosted by @MonashUni 📍 Monash Prato Centre, Prato, Italy🇮🇹 📅 June 25-26, 2025 Submit your research thred.devecon.org/conferences/... #EconSky #DevelopmentEconomics

DOGE will find increasing government efficiency is easier said than done. But showing that you are at least trying not to waste taxpayer money is important. My county is raising property taxes sharply while subsidizing local rail to the tune of $116 per ride. www.startribune.com/what-is-nort...

Minnesota Economics Starter Pack! go.bsky.app/SJCFzaU

@cristinarellano.bsky.social and @tkehoe.bsky.social are here!

New today: my Mpls Fed Research Note on how layoffs and labor supply contribute to unemployment. Labor supply rises in recessions, driving 25-30% of the rise in unemployment & giving insight to workers' perceptions. See what this means for the current moment: www.minneapolisfed.org/article/2024...

Interesting work on inequality in Norway. Two surprising findings: (1) consumption inequality is high, and (2) inequality is pro-cyclical.

I put together a starter pack of all the academic macroeconomists I could find on the platform. It's short. Please message me if you would like to be added. go.bsky.app/RYnjd8k #econsky etc.