📢New WP!📢 The Class Gap in Career Progression: Evidence from US Academia, w/ Kyra Rodriguez Class is rarely a focus of research or DEI in elite US occupations. Evidence suggests it should be: we find a large class gap in at least one occupation - tenure-track academia...🧵

Eliminating the FDIC is a very bad idea. But I don't see any strong argument against combining and reducing the 9(!) financial regulatory agencies that supervise the U.S. financial system wsj.com/finance/regula…

BPI's new note shows how a bank can increase its profitability through an SRT while reducing risk exposure. The economics work because the reduction in capital costs exceeds the cost of credit protection: bpi.com/the-economics-…

Of all the arguments I am heard to rethink the ECB approach, this seems weak and without much empirical support. If Unicredit is a well-run bank, let it expand and buy others. What does this have to do with ECB (monetary) policy?

Academics from poorer socio-economic backgrounds are more likely to - not publish - have outstanding publication records - introduce more novel scientific concepts - less likely to receive recognition, as measured by citations, Nobel Prize nominations, and awards.

Sneaky massive news out of the Fed today -- they're going to make stress test models and scenarios open to public comment in response to "evolving legal landscape: (i.e. post-Chevron world): federalreserve.gov/newsevents/pre…

Two presidents strengthen the case for curtailing the pardon power in one day.

I understand why a major breakthrough in AI that does not require Nvidia chips is bad for Nvidia. But shouldn't it be good news for all other companies, especially tech ones? After all, the cost of AI is going down

Our recent GDPNow updates stirred up a lot of conversation about the model’s subcomponents, including a trade deficit spurred on by an increase in nonmonetary gold imports. In an article and the thread below, Pat Higgins, creator of the GDPNow model, provides additional insight

Ths is pretty disturbing wsj.com/us-news/law/ic…

The alternative model forecast, which adjusts for imports and exports of gold, is -1.4%. After this morning’s construction spending report from the U.S. Census Bureau and incorporation of the available March data into the models’ dynamic factor model, including manufacturing data

We have a trade deficit because foreigners send us more goods and services than we send them. Our trade deficit simply means that foreigners are working more to serve us than we are working to serve them. wsj.com/opinion/financ…

Federal Reserve Bank of Atlanta Ph.D. Summer #Internship Opportunities at the Atlanta Fed Accepting applications here: spkl.io/6015fId6S Full details here: spkl.io/6010fId6a #AcademicTwitter #HigherEducation #EconTwitter

WSJ says that GDP dropped because businesses stocked up on imports. This does not make much sense to me, as inventories should increase if businesses are, well, increasing their inventories. Also, does anybody know what the impact of gold imports is? wsj.com/economy/us-gdp…

Question for (New Keynesian) economists: if there is a permanent increase in TFP growth in a simple NK model, does employment drop on impact? And what's the optimal monetary policy response?