Thank you, legend Toni Kroos!

Fantastic conference with fantastic people!

Very interesting. Looking forward to reading it!

📢New Paper: 𝐎𝐩𝐭𝐢𝐦𝐚𝐥 𝐖𝐞𝐚𝐥𝐭𝐡 𝐓𝐚𝐱𝐞𝐬 ➡️Fully analytical model w/ heterogeneity ➡️Book-value wealth tax: Increases productivity/output/wages➕Spurs innovation➕Incentivizes entrepreneurial effort ➡️ Formulas for opt. combination of wealth & capital-income tax 🧵👇

The University of Minnesota awarded its highest honor for alumni to Andreu Mas-Colell, the Outstanding Achievement Award, for his pioneering research, contributions to graduate education, and institution building. We held the ceremony at UPF Barcelona. A wonderful event!

Introducing UMN Economics - Just in time for Minnesota Macro 2024! sites.google.com/umn.edu/minnes…

Are you an econometrician on the market this year wanting to do exciting research in a vibrant department with wonderful colleagues? Come join us SMU Economics. We're hiring! Here's the job posting: aeaweb.org/joe/listing.ph…

Praise for Price Gouging grumpy-economist.com/p/praise-for-p…

Useful summary of the market power literature from Chad Syverson, especially helpful at the conceptual level. - Why can we not usually identify just markups? - Why do we need physical quantities, not just prices? - Does any of this relate to inflation? nber.org/papers/w32871

We were so happy to gather for pizza to welcome the new members of the SMU economics department. We have an exciting new cohort of Masters and Ph.D. students from 🇧🇷🇨🇳🇨🇴🇪🇹🇮🇳🇺🇲, plus four new faculty members! Welcome to all! 🐎🐎🐎

How will climate impact poor households in developing countries? UMN Economics JMC Maurico Barbosa-Alves Mauricio Barbosa Alves constructs a model of Brazil in which high temps lower crop yields and agricultural incomes but poor road networks also increase food prices. mbarbosaalves.github.io

Why does Latin America suffer from high inflation, high informality, and low financial intermediation? UMN Economics JMC Gabriel Devoto's Gabriel Devoto hypothesis: Government’s use of inflation as fiscal tool causes informality and low financial intermediation. gabrieldevoto.com

"Inflation and the Macroeconomy." Grumpy economist post: grumpy-economist.com/p/inflation-an… Video of the panel at the AEA aeaweb.org/webcasts/2025/…

🐎PhD APPLICATION DEADLINE👩‍🏫 Time is running out to apply to the economics PhD program at SMU! Join an exciting and international (🇺🇸🇧🇩🇧🇷🇨🇱🇨🇳🇨🇴🇪🇹🇮🇳🇪🇸🇰🇷) group of students in Dallas, one of the most dynamic cities in the US. Apply until January 15! smu.edu/dedman/academi…

Finally out in AEJ:Macro👉 The Evolution of US Retail Concentration w/Dominic A. Smith Census data👉*National and local* concentration increased 1982-2012 Trends hold for product and industry markets 🔗aeaweb.org/articles?id=10… AEA Journals

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

Flexport's team was able to reverse engineer the formula the Administration used to generate the "reciprocal tariffs." It's quite simple, they took the trade deficit the US has with each country and divided it by our imports from that country. The chart below shows the

New paper on recent US tariffs with Matt Rognlie and Adrien Auclert Our focus: effects of temporary increases in tariffs (“tariff shocks") Three Qs: 1 Will tariffs lead to a recession? 2 Will they reduce the trade deficit? 3 Why are they not appreciating USD? (as in std theory) 🧵

After a great first day of our conference yesterday, we are looking forward to an exciting second day!

Two of our greatest legends leave the club today. The entire Real Madrid C.F. family is in tears. What a journey it’s been—thank you for everything, Carlo and Luka.