📢📢! New working paper + podcast alert !📢📢 We study the equilibrium effects of mortgage lock-in on house prices, mobility, and homeownership. See thread by Julia Fonseca Pierre Mabille

How do households change their consumption and household balance sheets in response to large, but time-limited, unconditional cash transfers? We study an experiment that provided $1000 a month for 3 years to 1000 young, low-income households. 1/

Excited to finally see this article with Yiming Ma and Zhengyang Jiang in print! We show that each dollar of bank reserves created by QE crowds out 7.7 cents of bank lending, using a supply-and-demand model we identify with several natural experiments. sciencedirect.com/science/articl…

I'm hiring a pre-doctoral fellow at Columbia Business School to work on all things international macro. Applications considered on a rolling basis at link below. Feel free to reach out if interested! apply.interfolio.com/150937

🚨 undergrads and masters students interested in careers in applied econ research: My department is recruiting 5 full-time RAs to start summer 2025! wd1.myworkdaysite.com/recruiting/upe… Econ RA Listings PREDOC.org #econtwitter A short 🧵on why to apply:

I feel attacked

Households in markets with elastic supply don’t need it. In areas with inelastic supply, the subsidy will benefit sellers by increasing prices. It will add a layer of generational transfer since the net sellers (the old) will receive a subsidy paid by future taxpayers (the young)

🧑🏾🐎🧑🏽🐎🧑🏼🐎 New: “Racial discrimination in asset prices: Evidence from horse betting” w/ Spencer Barnes If gamblers underestimate minority trainers (or just don’t 𝘭𝘪𝘬𝘦 them), their horses may generate higher risk-adjusted returns! Download WP lukeste.in/horsebetting 1/7

from Evan Soltas evansoltas.com/papers/SoltasJ…

A brief guide to local projections, from Òscar Jordà and Alan M. Taylor nber.org/papers/w32822

Excited to drop a new paper (w/Benjamin Collier, Daniel Hartley Ng Jing Xian) on the effects of emergency credit! We find HHs with uninsured disaster losses benefit from SBA Federal Disaster Loans in ways private credit markets don't replicate. Liquidity matters 3 years later!

1.5% of yearly US GDP goes to retirement saving incentives, amplifying race and parental income wealth gaps. Reforms could close retirement wealth gaps by one-third, from Taha Choukhmane, Jorge E. Colmenares, Cormac O'Dea, Rothbaum, and Lawrence Schmidt nber.org/papers/w32843

1/ New micro-to-macro paper alert! 👇👇👇👇 How much does inflation matter for inequality? To address this question, I'm very excited to share new inflation series by income, age, race and other socio-demographic characteristics in the United States. 👉xavierjaravel.com/_files/ugd/bac…

New WP 📢 Buy *or* rent? It is the largest financial decision most households make. But what if you could choose how *much* to own? Enter partial (home)ownership (PO) 🧵

Just posted a new paper: "Racial Differences in the Total Rate of Return on Owner-Occupied Housing" with Rebecca Diamond . We examine racial inequality in "total returns:" house price appreciation, a home's rental value, property taxes, and maintenance. papers.ssrn.com/sol3/papers.cf…

This paper shows that Black Americans have higher total returns on owner-occupied housing, primarily because they face lower price-to-rent ratio. In other words, they can save a lot on rent by buying a house at relatively low prices. Since I had access to an early draft, we

‼️ Revised paper with Irina Luneva. For firms with low ESG performance, it is cheaper to borrow from banks than from bond markets relative to green firms. As a result, they borrow from the banks while bondholders divest. This is due to banks' superior information and taste. 🧵

This is so exciting! It’s a great time to join us in the Macalester Econ department, in the fabulous, vibrant Twin Cities.

🎉🎉🎉 My job market paper "Downward Rigidity in the Wage for New Hires" (w/ Bledi Taska) has been conditionally accepted by the American Economic Review! 🎉🎉🎉 A summary: (1/9)

Workshop: Household Debt Relief, New data, Micro-Macro Perspectives 🗓️ September 24, 08.00-18:35 📍Stockholm School of Economics Keynote speakers: Paul Goldsmith-Pinkham (Yale School of Management) and Sasha Indarte (The Wharton School). Program & registration: bit.ly/3AO816f