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Young economics researchers--especially PhD students in Europe preparing for next year's job market--should apply for the Workshop on Dynamic Macroeconomics in Vigo, Spain, 8-10 July 2025. Submission deadline is 10 April. workshop.webs.uvigo.es/index.html

Thread on this paper here x.com/jonheathcote/s…

Big congrats to Matt, Corina, Christian and Chen!

Super write up by Jeff Horwich of a new paper with Johannes Fleck Gianluca Violante and Kjetil Storesletten here: minneapolisfed.org/article/2025/m…

Stock market volatility since 1929 can be reconciled with the relative stability of macro variables if fluctuations in corporate valuations are attributed to changes in “factorless income” rather than expected returns. Jonathan Heathcote fabrizio perri edwardconard.com/macro-roundup/…

🚨 Call for Papers 🚨 Now accepting submissions for the 17th Annual Normac conference Keynote Adrien Auclert Juniors in macro apply! A connection to the Nordics a + but not required. Send papers or abstracts to: [email protected] by April 7, 2025 dropbox.com/scl/fi/z6nlyry…

Jon presented his work(w fabrizio perri and Andrew Atkeson) that aims to reconcile empirical observation of volatile stock market valuations with a stable capital stock within a macroeconomic model. They use a new Integrated Macroeconomic Accounts dataset developed by BEA and FRB.

[Warning: this may offend some people!] I think economists have done society a disservice by elevating applied-micro studies that focus exclusively on the relative effects of trade across different groups of workers but are silent about the aggregate effects.

Don't blame the plumbing of Treasury markets, blame Congress and the White House. Not the unwinding of the basis trade in US Treasury markets, but the response to a large, macro shock. March 2020 was the first sign of cracks in the global safe asset supplier armor. April 7 and

#tariff update I ran the numbers with the smart phone exemptions. This leads to a meaningful change in effective protection: #china all in tariff falls from 127 to 96 average US tariff falls from about 27 down to 23

I fished around for fast-growing countries over the past 20 years (I'm sure I missed some). China really is in a league of its own.

New paper: with LLMs and firm-level text, we track in real time how American and global companies are reacting to tariffs, export controls, and financial sanctions. 🇺🇸🌏 In Q1 2025, even before "Liberation Day", we see a sharp surge in reported economic pressure. 🧵(1/x)

The Internal Revenue Service is making plans to rescind the tax-exempt status of Harvard University Really big scoop from Evan Pérez Alayna Treene cnn.com/2025/04/16/pol…

Tax-exempt status means Harvard currently pays no property taxes, no tax on endowment income, and can issue tax-free bonds. Also donations to Harvard are tax-deductible. Losing all of those benefits would be a big hit.

The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States - American Economic Association ⁦Jonathan Heathcote⁩ ⁦fabrizio perri⁩ aeaweb.org/articles?id=10…