My latest column for the Financial Times is about a type of model that is infiltrating central banks around the world

Researchers in the Fed, the ECB and the BoE are working to incorporate inequality into models of how the economy works

Let me introduce you to HANK

on.ft.com/3VWG8Bx

There seems to be an overarching theme here: little evidence that corporate climate promises have any credibility at all. Incentives matter, not “promises” developed in corporate PR departments.
nytimes.com/2024/04/09/bus…

Nice to see our paper on the impact of voluntary bank net-zero commitments covered by Eshe Nelson in the The New York Times today.

The paper is joint work with Pari Sastry and david marques-Ibanez. 1/

Very interesting work!

Thanks Emil! Sharing Emil's great thread on today's NYT piece & broad overview of how we come to this conclusion in the paper. It was a long effort to get here, am so happy to finally see all the results come together.

New paper on Fragmented Monetary Unions.

We provide a theory to understand why fragmentation risk threatens price stability in the euro area, some monetary interventions by the ECB (OMT, PEPP, TPI), and why the ECB is not your usual central bank.

crei.cat/wp-content/upl…

Such efforts of course critically depend on data availability. We made our data (balance sheets for all nat. banks from 1865-1904) available for other researchers. If you are interested in banking and didn't know about it already, check it out here:
scorreia.com/data/call-repo…

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Sergio Correia (Sergio Correia) recently joined
Markus Brunnermeier for a webinar on 'Unlocking Economic Data with LLM.' In his highly informative presentation, Correia covered:

1. Why should we use AI to create data? (3:55)
(1/2)

I had the opportunity to discuss Arslanalp, Barry Eichengreen, and Peter Henry's fascinating paper on Jamaica's exceptional large and sustained debt reduction at the BPEA conference last week. Soumaya Keynes has a very nice write-up of the paper here.

How to squash government debt ift.tt/sY1Ec64