Fully agree. And with the follow-up tweet noting that unremunerated reserve requirements function as a tax on banks -essentially what we were trying to convey here with Bob McCauley cepr.org/voxeu/columns/…

"Even if efficiency goes up, an increasing reliance on AI could potentially reduce critical thinking, creativity and problem-solving across the remaining workforce" time.com/7295195/ai-cha…

Took BlaBlaCar again yesterday after years (great company). As always, when I mention I work on central banks, the first question is about money creation—basically, why it isn’t a magic fix. Too small sample perhaps, but I got the exact same question on my last BlaBlaCar 4y ago.

Fabulous programme for the #EEA25Bordeaux Congress thanks to our great programme chairs Abi Adams and Johannes Boehm and the entire scientific committee. Thanks a lot to all. And this is the #EEA40thAnniversary ! Join us in Bordeaux! eea2025.org/eea-scientif...

Almost a decade ago I was the Harvard economist that said that bitcoin was more likely to be worth $100 than 100k. What did I miss? I was far too optimistic about the US coming to its senses about sensible cryptocurrency regulation; why would policymakers want to facilitate tax

Quite a strong and direct today from Macron to Israel’s prime minister after his letter: “manipulative”, “abject”, “amalgam” france24.com/fr/france/2025…

"En accréditant l’idée d’une identification des juifs du monde entier à sa politique d’extrême droite, c’est Nétanyahou qui attise l’antisémitisme" (Le Monde) lemonde.fr/idees/article/…

"The initial news, printed as a scientific piece in Nature in Nov. 1997, was accompanied by a 30%⬆️in EntreMed’s stock price. In May 1998, the NY Times published a front-page piece with almost identical information. EntreMed’s stock price surged by >300%" hbr.org/2016/09/resear…

This seems great "AI Agents for Economic Research". I found the first paper and its update from Korinek (Generative AI for economists) very useful, nice to see a new update on AI agents aeaweb.org/content/file?i…

What is creativity without sweat and tears? Harvard Gazette - Philosophers, psychiatrist consider what we lose when we outsource struggle to AI news.harvard.edu/gazette/story/…

Following up on an earlier post about advanced Economics classes available to the public as videos (truly helpful to many), I just found out that the The Econometric Society uploads videos from its summer school “Dynamic Structural Econometrics” here: youtube.com/@dynamicstruct…

Our Department in Alicante (dfae.ua.es/en/) is hiring a Macroeconomist at the AP level (all fields welcome, theory and/or applied). Active and collegial research environment, rich seminar series, strong Master’s and PhD programs. More info: dfae.ua.es/en/

I'm just watching this event: excellent discussions, highly recommended for people who care about the topic. Central bank independence in practice youtube.com/live/WcwEPbsc5… via YouTube

"Causation does not imply variation." A lovely saying coined by Tyler Muir with applications to price pressure in stocks and the causality revolution in applied micro. Just because x causes y does not mean most variation in y is caused by x. grumpy-economist.com/p/causation-do…

Excited to give a keynote at the 4th Workshop in Empirical Macroeconomics, “Business Cycles in Times of Fragmentation and Uncertainty,” at the University of Innsbruck (March 26–27, 2026). Macro, winter & Kaiserschmarrn in the Alps – what’s not to like?

Lengthy interview from Aghion in the FT: ft.com/content/d9a5c4… “Macron used to come to my house to learn economics”, Zucman tax, AI… + “Karl Lagerfeld helped me with my homework”, which to me resonates with Lagarde’s “Delors used to come to my house in my teens”(socialcapital)