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Recently accepted by #QJE, “A Monetary-Fiscal Theory of Sudden Inflations,” by Bassetto and Miller (David Miller): doi.org/10.1093/qje/qj…

The move towards lower-amenity (& lower-cost) metropolitan areas is driven by changes in the # of household children over the life cycle: individuals, particularly the college educated, tend to move towards lower-amenity areas after having their 1st child nber.org/papers/w33552

Thanks a lot for the invitation. A pleasure, as always!!

We're going to make our own pencils.

At many stores, you buy more from them than they buy from you. President Trump’s economic logic is: that’s bad. He thinks you would be better off not buying from them and producing that stuff at home, so you get the work. That’s why we’ll all be trying to make our own clothes.

In Economics this is known as the double-coincidence of wants "problem": we rarely find trading partners that simultaneously have what we want and want what we have. Bartering on a balanced basis with everyone would be terrible! Fortunately, we don't have to do that. We can buy

Not going well. My local coffee shop was not interested in buying some of my stroopwafels to help me reduce my bilateral trade deficit.

Happy to see someone from inside the administration tweet this beautiful classic from Milton Friedman on the division of labor, supply chains and the working of the market. Maybe Elon Musk can send it to Trump?

UMN Economics PhD alumna Ina Simonovska was quoted in this article about her research being cited by the White House on how tariffs influence imports. finance.yahoo.com/news/the-white…

Reposting to remind people revenue from tariffs do not justify their use. Yes it is a tax but an inferior one.

Apply apply apply! Seriously, be great to have you at NorMac, my favourite conference of the year.

To all macro PhD students: We're organising a PhD workshop in beautiful Konstanz in October! Submission deadline on June 1st. Please circulate and apply! Call for papers attached 👇

Policy on whims is worse than a pandemic

Hannes and I just wrote a short note on the important role of investment for thinking about the long-run consequences of trade wars. Trade wars reduce investment, and this makes them dramatically more costly for long-run outcomes.

And all these kinds of estimates are big underestimates in the medium run, because the disruption to supply networks causes shortages and price increases far beyond what the models underlying these predictions capture.

I have met many brilliant people in my life, but Pat was in a class of his own. He was the best grad student at MN in my time and one of the kindest, most generous souls in the profession. If I ever had a role model, it was Pat. I’ll miss you forever. cla.umn.edu/economics/news…

Pat Bajari was one of the most influential economists of the past 30 years, and an amazing person

Exciting opportunity for a Guest Professorship in Health Economics for the winter term 2025/26 (October–March). For: Experienced scholars, eligible for a sabbatical, and interested in spending a term in one of Germany's leading national research centres in Health Economics

And if you're interested in social science genomics, health, and human capital I would be happy to be the supervisor for your Marie Curie fellowship application! Send me a CV and the project idea at my institutional email. #MSCfellow #econtwitter #genomics #humancapital

Call for papers for a conference on long-term fiscal policy, debt, and deficits. On February 26-27, at the NBER organized by myself and Markus Brunnermeier, spurred to action by Jim Poterba. See the link for submission guidelines. nber.org/long-term-fisc…