This paper was making the rounds, but did you notice it has a key contradiction? They divide cities into two groups (high and low housing supply constraints), and estimate the supply elasticity—how much quantities change in response to prices. Result: no difference! 1/

The Path

There is a random guy named James Groth who the CME lists as a liquidity provider for Treasury Futures Block Trades… The crazy part is it’s just one guy.. not a company. You literally email him directly at his hotmail address to do a 10 million dollar trade. To put into

Congratulations to professor Amir Sufi on 20 years at Booth! “I came here to imbibe the incredible scholarly environment,” he says. “The last 20 years confirmed what I believed to be true when I arrived: Booth is the best place in the world to research business-related issues.”

A couple of days ago, I posted on the double descent phenomenon to alert economists about its importance. To illustrate it, I used the following example: 1️⃣ You want to find the curve that “best” approximates an unknown function generating 12 observations. 2️⃣ I know the target

Stronger together. The Arsenal ✊

Quite possibly the nerdiest Lunch with the FT we've ever run, featuring the inelastic markets hypothesis, 'econophysics', the Black-Scholes model's weaknesses and several drive-by shootings of economists. on.ft.com/3Ik6fOs

It's almost boring to say investors don't agree with each other. But "investors' demand is inelastic" excites vivid debates. New paper w/ Philippe and Lorenzo: If you acknowledge investors disagree, you MUST accept the inelastic market—that trading has large price impact

NVidia is like the Fed, except that it influences or outright decides the quantity and price of compute tokens instead of the quantity and price of money.

There is a missing mortgage which would be valuable: Variable Term, Fixed Rate A mortgage which responds to interest rates by shortening or lengthening maturity, while monthly payments stay the same Provides borrowers w security of FRM, while sheltering lenders from rate risk

Frequent convo between me and PhD students Me: "After 400 hours of data analysis on industry X, have you talked to anyone actually working in industry X" Student (S): "No" Me: "Why not?" Student: "Where would I find someone in industry X willing to talk to me"

Private equity researchers: submit work ([email protected]) to the Columbia Private Equity Conference held March 5th and 6th at @columbia_biz PhD students: submit work to the PhD workshop (held on the 5th) Info: columbiapeconference.com/call-for-paper… 📅Deadline: Dec. 1st

He’s back. October 14th. Flatiron Plaza.

1/ 🚀 MAJOR UPDATE The Global Macro Database (GMD) — September 2025 release is live! Our mission: democratize access to complete, harmonized, and easy-to-use cross-country macroeconomic time series. Explore: globalmacrodata.com

We are pleased to introduce Niels Gormsen (Niels J. Gormsen), Copenhagen Business School & University of Chicago, as a new member of the Editorial Board of REStud. His outstanding expertise will help us continue to publish pioneering economic research. #econtwitter #REStud

FYI. Voice memos drive me crazy. They shift all the work from sender to receiver. You hit record and ramble for 3 minutes while I’m stuck listening with no way to skim. You’re trading YOUR efficiency for MY time, and if you keep choosing your convenience over mine, don’t be

Updated the bio.

Stochastic Gradient Descent

I have a new paper with Luis Rayo on a key, simple question: will AI end careers as we know them? Link below. We all experience AIs usefulness every day: AI writing code, drafting legal memos, and analyzing spreadsheets. AI can already do many of the tasks that young people

Wow, incredible! Mokyr is awesome - he’s the father of the “ideas school” of the Industrial Revolution, which is one of the inspirations for Works in Progress, and the author of the best book I’ve read on the Irish Famine. So exciting.