One thing that’s genuinely novel to me about this tax bill is that at least three major models have “dynamic” scoring estimates — estimates that account for subsequent economic growth — finding the bill to be more, not less, expensive, because higher interest costs slow growth

Cartoon

Current older generation of Americans taking future generations to the cleaners. Not discussed in the media. Lots of coverage of how OBBBA affects different income and wealth quintiles of Americans today. No discussion of how it affects different generations of Americans. Why is

Forecastable from this picture

Tariffs are not going to mean that we have more goods-producing jobs in the US. What they will do is change the relative price of goods versus services, pushing Americans to buy fewer goods relative to services. 🧵

PS1. Think of common intelligent retaliation not just by EU, but EU+Japan+Canada+Brazil+whoever is willing to participate. The more countries, the better the common intelligent retaliation list. By cutting more sources, common tariffs on some products hurt the US more; by

Do you prepare yourself to a Phd\Master Microeconomics course? The 2025 version of my book "Lecture Notes in Microeconomic Theory: The Economic Agent" is available for FREE downloading. See first comment to the URL.

Measles cases are rising in England. It spreads easily and can cause serious illness, especially in babies, pregnant women and those with weak immune systems. MMR vaccination is safe and offers lifelong protection. For more info, visit: nhs.uk/MMR

Great thread. Best part: diff in diff can be read that places not exposed to china shock boomed so china raised employment. Obviously not. Micro does not aggregate.

On the latest tariffs, especially 50% on Brazil. So many things wrong but here's just one: If indeed tariffs are "paid for" by foreigners, then how do they get the money to pay? Answer: by increasing exports to or decreasing imports from the US. It's the only way to get dollars.

The PPI explicitly excludes imports.

WFP Statement | #Gaza On the morning of 20 July, a 25 truck WFP convoy carrying vital food assistance crossed the Zikim border point destined for starving communities in northern Gaza. Shortly after passing the final checkpoint beyond the Zikim crossing point into Gaza, the

📣New Podcast: Dimitri Vayanos on Passive Investment Strategies! Professor Dimitri Vayanos from LSE joins the Making Money podcast to discuss his research on the growing impact of passive investment strategies on market dynamics. 🎧A must-listen for anyone interested in

Final CBO score of the "big beautiful bill" is out Biggest Medicaid cuts ever - in fact, 4 times the size of the previous biggest; $894-$990 bn Kicks 10 million off health insurance Biggest SNAP cuts ever, $187 bn Still increases deficit by $3.4 trillion from huge tax cuts

🧵 "How economics teaching became the Aeroflot of ideas" -- great title by Ha-Joon Chang. But the content? We supposedly teach "variations of the failed theme of efficient markets", that the system is "fundamentally fair, rational, and efficient" and folks should 1/6 ➡️

We are hosting the 14th Advances in Macro-Finance Conference in Santa Barbara on Oct 17 and 18. Please submit your paper at forms.gle/DaP86ZptjX4J1K…

So if Lutnick’s math was right (it isn’t) this would be about $700 of new taxes on each US household.

Calling all Macro PhD students based in and around London! Join us for a workshop at LSE on 14 Nov to get to know each other and discuss your research. Send us your paper or extended abstract by 15 Aug! sites.google.com/view/london-ma…

The Emperor has no jobs.

More teasers: Title page plus an interesting result Most models of production networks are static, while I analyze dynamic flows on networks. But for worst-case/H∞ performance & robustness, only frequency zero/steady state matters. (maximum singular value of Leontief inverse)