The Washington consensus needs an update, and some people got together at the LSE to offer one: press.lse.ac.uk/books/e/10.313…

"We develop a method of solving rational expectations models with dispersed information and dynamic strategic complementarities." NEW in The Review of Economic Studies by Zhen Huo & Naoki Takayama: academic.oup.com/restud/article…

🚨Publication Alert🚨 My paper "Taxing transitions: Inheritance tax and family firm succession" with Philipp Krug has just come out in the Journal of Economic Behavior & Organization! 🥳 Full paper: doi.org/10.1016/j.jebo… and thread 👇

Cool paper

What happens when the U.S. restricts H-1B visas? Firms don’t stop hiring talent, they just move jobs abroad. For every visa rejection, multinationals add ~0.4–0.9 foreign employees, especially in R&D hubs like India, China, and Canada.

“Most complicated problems have a solution that is simple, obvious and totally wrong.”

Interesting discussion, which reminds me of these two papers of mine. I made a push for Pareto efficient analytics, taking fairness/welfare functions out if possible. At the same time, wrote this Political Economy paper justifying nonlinear wealth taxes!

Science really does progress one funeral at a time. worksinprogress.co/issue/why-scie…

The return of inflation: Why ‘look through’ can backfire under incomplete information cepr.org/voxeu/columns/… a través de CEPR

Die Amis entdecken Bernd das Brot…. und es ist unfassbar lustig.

It’s hard to cleanly identify the effects of corporate taxes. Most work focuses on profits, investment, or jobs (Zwick & Mahon QJE ’17; Ljungqvist & Smolyansky JF ’18; Fuest et al. AER ’18). In our new paper — “The Real and Financial Effects of Local Corporate Tax Increases”

The flurry of ~econ policy changes under the current administration has me routinely thinking about this lovely paper. (Also helpful when interpreting stock market news.)

Townsend on Lucas is self-recommending: sciencedirect.com/science/articl…

📢📢New paper on measurement of core-->periphery transfers in the Eurozone that result from unconventional monetary policy. "What does it Take?" tinyurl.com/3psu6wmp

‼️Wir suchen für den SVR Wirtschaft Ökonominnen und Ökonomen als (Senior) Referent/in mit dem Schwerpunkt Produktivität und Wachstum - für den neuen Standort Berlin! linkedin.com/posts/sachvers…

alberto bisin Continuous differentiability is the proverbial Trojan horse of neoliberal globalism.

On Argentina. I have been asked my views. I am no expert on Argentina, but here they are. (A very nice exercise in open economy macro…) Exchange rate-based stabilization typically leads to an overvalued exchange rate for some time (even if the underlying cause of inflation, the

But that's not the point. They don't want the math at all, so they (at least many) can put forth their gut models to advance their favorite policies.

Mathematics is a language, a tool. If you think you have a better language/tool to understand "human behavior", then write a paper and show it to us. It will be much more effective than periodically whining about "math" or "formalism" in economics.

I file this under the “not even wrong” category. Math is just a language. One does not need math to predict human behavior (though it can help). Also, any “behavioral rule” can be derived as a solution to some constrained optimization problem.