Six months ago, Benito Salomao, Douglas Elmauer & myself launched Heterogeneous Agents, a Substack with articles, chats, resources & notes for economists. We've now reached 1,000 subscribers. Feel free to subscribe, Heterogeneous Agents is free! Link below & in bio. #econsky

Chatting with @JohnHCochrane about inflation, fiscal reforms, commitment, expectations, micro reforms, institutions, bail outs, & some more. Have fun! Link to full chat in comments below & in bio. #econsky

Chatting with @DavideRomelli about financial frictions & R&D investment, gender equality & climate change in central banks, central bank independence & lower inflation, & central bank independence and its role in development. #econsky

Christmas market has finally arrived, Heidelberg, Germany.

A crispy Saturday in Heidelberg, Germany.

A short article on price & rent controls, the Brazilian heterodox experience in 1986 known as the Plano Cruzado. Have fun! #econsky #brazil #inflation #unemployment #pricecontrols #rentcontrols heterogeneousagents.substack.com/p/price-and-...

Interview by Douglas Elmauer on the effects of the Brazilian interest rates on economic activity. It's beginning to bite. #econsky #Brazil #Inflation #Unemployment heterogeneousagents.substack.com

Article by @BenitoSalomao on the recent Brazilian soft landing, lower inflation, lower unemployment. What's going on? Benito provides some first-principles insights. #econsky #inflation #unemployment #brazil #welfare heterogeneousagents.substack.com

Heidelberg, Germany, from the castle, on a Friday evening.

📢Article by Benito Salomao on the proposed Brazilian tax reform. He touches on principles such as neutrality, simplicity and equity. He argues the reform is a small step in the right direction.👉 #econsky #brazil #taxation #macroeconomics #welfare👇 heterogeneousagents.substack.com/p/the-unequi...

A foggy evening in Heidelberg, Germany.

Heidelberg, from the philosophers weg.

Friday evening in Heidelberg

I wrote a piece on literacy, human capital formation, state capacity & development in South Africa. Link in the comments. #econsky #publicgoods #statecapacity #southafrica #stateformation #democracy #Education

'Full moon' in Heidelberg..

This is the site of the old synagogue, in Heidelberg. Sobering moment.

Recall the Nobel going to Mokyr, & Aghion & Howitt? It feels like a long time ago.. @PeteKlenow does a great job in intuitively describing Aghion & Howitt. #econsky cepr.org/voxeu/column...

A super insightful talk by @ChadJonesEcon on automation & econ growth, you'll see 'some' Solow, Romer, Aghion, Howitt, and lot's of 'ideas' there. #econsky👇👇 youtu.be/U-ziizXkuXg?...

State capacity, taxation, public goods, allocation of resources, employment, bandits, states, Brazil, Rio #econsky👇👇 www.linkedin.com/posts/manoel...

A great initiative by the @piie.com on central bank independence to further our understanding on the subject, with great speakers, and a lot knowledge being shared. #econsky 👇👇 youtu.be/WcwEPbsc5ZE

A rainy Sunday evening in Heidelberg. Heading for pizza & wine.👇👇

Halloween in Heidelberg👇👇

In Heidelberg I go to bed with one impression, and I wake up with another..👇👇

A great conference on private & public institutions for good governance, & it's in Rome!! Consider submitting #econsky #Economics #institutions #politicaleconomics #governance 👇 👇 winir.org/winir-2026/

A nice 'sunny' day in Heidelberg, 15 degrees Celsius, perfect for a walk along the Neckar.

Another day, another evening in Heidelberg. My backpack with my laptop in it has been found by Deutsch Bahn and DHL will deliver it to me, soon..🤞🏻 In the meantime, HD at night..

Arrived in Heidelberg this morning, managed to forget my backpack on the ICE, but refreshing the soul now.

What a day it has been so far, and what a great award!

Chatting with @essobecker.bsky.social about religion & growth, Weber, migration & education, education & secularization, & conflict & state formation. #econsky open.substack.com/pub/heteroge...

Cresci com o Analista, com o Ed, e também com a Velhinha.. RIP. placar.com.br/placar/a-pai...

🚨A cool column by @BenitoSalomao on public goods & democratic stability. Link to the article in the comments.👉 #econsky👇

🚨 I wrote an article on economic growth in South Africa. I write about investment & inflation, two of the most popular drivers of growth, at least to those advocating growth policies in SA. I also explain what is that the same commentators get wrong. Link to the article in the comments. 👉 #econsky👇

Friday evening, in Brazil, visiting Mother..

📢Super useful insights by Douglas Elmauer on the Magnitsky Act and its effects on Brazilian banks, and institutional development as well. Link to the article in the comments below.👉#econsky👇

🚨 I wrote a short article on inequality persistence, education quantity and quality, state capacity and economic growth, in South Africa. Link to the article in the comments below. 👉 #econsky👇

📢Heterogeneous Agents have reached 100 subscribers in its first week! Thanks so much! 🧵Let's keep growing, link in the comments below.👇👇

📢Monetary policy, coordination failures, institutions, Lucas critique & dynamic inconsistency in South Africa. The @SAReserveBank has been rebuked by the @Treasury_RSA. 👉#econsky👇

🚨In times of central bank independence uncertainty, @Elmauer1 makes a compelling case for central bank independence certainty. It's a "civilizational achievement". 🧵Link to the article in the comments below. 👉#econsky👇

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🚨it was bound to happen, the @TreasuryRSA has officially rebuked the @SAReserveBank for "unilateral announcements" on the 'new' inflation target. the SARB ignored Lucas, & Kydland & Prescott, no small feat. #econsky

📈article by @BenitoSalomao on pros & cons of fiscal rules in Brazil 🚨fiscal rules should take in consideration public goods provision & redistribution in democracies 🧵link to article in comments👇 #econsky

📈Is the South African young democracy breeding its own support? 🚨To answer this question we need to stand on the shoulders of giants & look at the data. 🧵Link to the article is on the comments below. #econsky👇

📢Heterogenous Agents with Benito Salomao & Douglas Elmauer is on. Our goal is to make macro & political economics accessible. No inside ball. Just good analysis. We cover a range of topics from growth, monetary & fiscal policies, to the role of political economics in policy implementation.👇

A cool paper by @dacemoglumit.bsky.social, Ajzenman, Aksoy, Fiszbein & Molina on how democracies breed their own support. It made me think about some young democracies around the world. #econsky 👇https://substack.com/@heterogeneousagents/note/c-138207453

📈See the lecture notes for a guest lecture I gave @ UPretoria on (fiscal) austerity, autocracy (consolidation) & (successful) democracies. SAn data on growth, governance and support for democracy was also discussed.👉 #econsky👇 heterogeneousagents.substack.com/p/lecture-no...

📢 ICYMI: on the importance of economic literacy in South Africa. #econsky👇👇 www.linkedin.com/posts/manoel...

Was 'taken' to this 'place' by Madame, perfect location, perfect beer..

Great read 👇👇

Find me on LinkedIn #econsky👇👇 www.linkedin.com/in/manoel-bi...

📽️ The most ambitious of the three. A tale of settlers, bandits, no rule of law, civil war & nation building. The last 20 minutes are riveting. Leone & Morricone! 👇👇