The US could develop its own cheap, fast public payment rails. Instead, it’s threatening trade-related measures against Brazil for innovating. Using financial statecraft to help incumbents continue squeezing out rents at consumers’ expense.

been thinking about this very smart @bdmcclay.bsky.social post all morning www.notebook.bdmcclay.com/p/men-men-me...

With the US potentially coming to Argentina's financial rescue, I'm sharing my new paper on "Financial Statecraft." It critiques the government's deployment of the banking system for geopolitical purposes and proposes reforms to rebalance public and private power. papers.ssrn.com/sol3/papers....

Apropos Miran making it onto the Fed's Board of Governors and using some technical terms last week without really getting into the details, I wrote more about exorbitant privilege, and Miran's origin story as someone who says they want the dollar to depreciate: open.substack.com/pub/ninaeich...

its so funny how trump 1 was "manufacturing should be a priority" and then after the pandemic the Biden admin successfully made manufacturing an actual priority and now trump 2 is "racism is higher priority than manufacturing"

Later posting than usual, but: my newsletter this week is about Stephen Miran, his economic views, and what it could all mean for dollar dominance -- please check it out! open.substack.com/pub/ninaeich...

I wrote this week's newsletter about Fed Independence, how I sympathize with those that critique it, and why I think Powell has generally been so successful pushing the margins while sticking to its mandates. Pretty sure this may still make some people mad: ninaeichacker.substack.com/p/do-we-real...

I promise I was planning to write about the Fed before everything happened: this week's newsletter goes into the origins of central banks, the root of Trump's beef with the Board of Governors, how the Fed has been responding to recent inflation uncertainty: open.substack.com/pub/ninaeich...

I already loved @atwilliams.bsky.social and @cmmonwealth.bsky.social , but holy heck, this meditation on Bidenomics is amazing, and it pairs oddly well with @lioneltrolling.bsky.social 's recent work on the importance of rhetoric, and also with the start of The Argument. Check it out!

It's live: here's me thinking out loud about data in macro class, recent drama with the BLS, and why it would be such a shame to lose the public good that is data disseminated by the BLS open.substack.com/pub/ninaeich...

Imagining Mulder and Scully busting an American University frat party.

I was either going to write about the BLS firing or the Odd Lots profile, so I picked joy. Here's a piece on how Odd Lots (thank you @weisenthal.bsky.social and @tracyalloway.bsky.social ) is one of the best institutionalist readings of the global economy going: open.substack.com/pub/ninaeich...

We don’t need to invent hypotheticals. The Biden administration’s efforts to enforce antitrust law and regulate Wall Street engendered a much more intense reaction from the business community, including a barrage of lobbying, WSJ editorials, and tv ads and billboards.

Slightly earlier newsletter posting than usual! I talk about @dkthomp.bsky.social on whether economists were wrong to predict doom after liberation day, and also shout out @weisenthal.bsky.social about manufacturers' animal spirit: open.substack.com/pub/ninaeich...

miller red raspberries, painted by deborah griscom passmore, 1895

It's that time: a newsletter is live with more detail about possible supply (and demand) side effects of the Big Beautiful Bill and more Trump administration economic policies. Lots of hand-holding alongside some charts where I had fun with the marker colors: open.substack.com/pub/ninaeich...

There are a lot of Democrats who are going to have to look back and explain this vote in a few years after the crypto industry blows itself up.

arkansas black apples, painted by ellen isham schutt, 1909

I've got a nuts and bolts description of how I think about shocks, aggregate demand and supply, and inflation in my newsletter today -- consider yourself forewarned about the charts! open.substack.com/pub/ninaeich...

This was basically the concept of the IRA and welp now instead the opposite is happening

I think we should find a way to have people who favor both Phillips and Mamdani in the party

Rural economies are propped up by commodity prices, immigration and public funding. Tariffs, ICE crackdowns and the Big Beautiful Bill go after all 3.

New newsletter post up! I talk about the Beauty Contest Theory, buying assets as commitment to a bit, and also thank a bunch of people: open.substack.com/pub/ninaeich...

Worth noting that preserving universal vacatur allows conservative judges to continue enjoining regulations issued by Democratic administrations. It's a perverse outcome if constitutional rights can't be *protected* nationwide, but regulations that help people can be *blocked* nationwide.

Zohran Mamdani can lower housing costs by getting everyone who jets between New York and the South of France to leave the city for good

ICYMI: I have a post out on my new newsletter talking about Zohran, abundance, and "Abundance" talking about why I think it's cool for a left identified DSA candidate to be talking approvingly about the abundance agenda: open.substack.com/pub/ninaeich...

The world is going to hell in a hand basket, it’s the final day of voting in the primaries for NYC’s mayor, and it’s so so hot out. But! I’m also introducing a newsletter about economics for people with less than fond memories of Econ classes in their past! ninaeichacker.substack.com/p/welcome-to...

If there are any crypto boosters still claiming it’s about freedom from the oppressive state institutions, well…

I wish folks would ask the current administration this: Why is it that investment in the construction of manufacturing structures fell both times President Trump took the helm? And why did it rise so high and so fast under President Biden? Data from: www.industrydatanavigator.org/data-viewer/

This piece by @rachelmcohen.bsky.social (characteristically!) has everything: nuance, descriptions of prisoners' dilemmas, epithets for labor greedy employers, and so much more. A really important piece that you should read.

We shouldn’t ignore the barriers to early parenthood, and people deserve the support to have as many or as few children as they like, when they wish to www.vox.com/policy/41509...

A new bipartisan bill would require private insurers to fully cover the cost of childbirth with no co-pays or deductibles. Average out-of-pocket costs today is ~$3,000. It’s a big deal, with an unusual origin story, and backed by an even more unusual alliance of orgs 🧵 www.vox.com/policy/41491...

I know the Abundance guys can be annoying but can we at least admit that they have a point?

I have been waiting for someone to do this for years, and who more perfect than DeGrom If he really preaches this stuff - embracing pitching instead of max effort and velo - he could truly change the game, and save a lot of kids' arms along the way

NEW ODD LOTS: Why interest rates are soaring all over the world. With Steven Englander of Standard Chartered podcasts.apple.com/us/podcast/o...

So so so sad!!!

Moody's joined Fitch and S&P to downgrade the United States' credit rating. But how are bond markets supposed to react when the chaos agent is the government itself? @ninaecon.bsky.social‬, a professor of economics at the University of Rhode Island, explains.👇

Oh hey -- I'm on @marketplace.org (top of the show!) talking to @kairyssdal.bsky.social about the Moody's downgrade and what it may mean about the bigger picture. Content warning: I get a little bleak! Lots of other great stories to listen to, too! www.marketplace.org/story/2025/0...

THE MOST DISTURBING ASPECT OF US FISCAL POLICY In today's Odd Lots newsletter, I wrote about the Moody's downgrade of US debt, and how while I don't think the downgrade itself matters, there are disturbing aspects of US fiscal policy nonetheless. Sub here: www.bloomberg.com/account/news...

I wrote something about those announced reductions, inspired by this post of Joe's! I don't really think this is the end, tariff wise, and don't discount how disruptive 34% tarifs are likely to be, especially when we see the material effects of April: ninaephd.wordpress.com/2025/05/12/o...

I've been working on a post about that tariff announcement since Monday (eek), and, finally, decided to make it an exercise in spitballing: t.co/lBDbiTw1lA

The PBS Kids app is one of the few things you can trust your kids to play around with on a computer. All the shows that you can stream are good and entertaining. Nothing positive comes from getting rid of this, they're just trying to make life worse for everyone www.nytimes.com/2025/05/06/u...

As someone who spent her mid-twenties in grad school in rural New England, can I say something,

Oh hey -- I was on @marketplace.org last night talking about stall speed and the US economy! There were many smart commentators on the episode (including @adamposen.bsky.social @prestonmui.bsky.social Nicole Servi and more), which is worth listening to in full: www.marketplace.org/episode/2025...

When in doubt, write it out.

THE ACTUALLY EXISTING WAR ON CHRISTMAS @tracyalloway.bsky.social and I wrote jointly in the Odd Lots newsletter about the prospect of empty shelves and reduced variety, as retailers are handling holiday orders right now. Sub here: www.bloomberg.com/account/news...

i think people not plugged-in to financial media or trade-pubs have not yet realized that starting next week the imports start declining precipitously and, with them, also port-worker shifts, truck loads, rail cars, cargo unloads at distribution centers all the way to eventually stocking shelves

Turns out shareholder value dies in darkness too

How it's gone every time so far: