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A thread on second- and third-order comments as research killers, related to a recent bopinion post by tylercowen. 1/n

It’s important for economists to read Marx (and Marshall)

Academic organizations should not tell their members what newspapers to read, what movies to watch, or what social media to use. The AEA has stepped out of line. This advice to move from X to BS should be rescinded.

Very grateful for a splendid day at W. P. Carey School and the extremely insightful feedback I received from the wonderful macro group, Galina, Natalia Kovrijnykh, Domenico Ferraro, Gustavo Ventura, Rajnish, as well as the outstanding PhD students, working on very exciting topics.

I do not think that the government's formula is an appropriate way to think about reciprocal tariffs. And it is unclear what the note references or doesn’t from my research with Cavallo et al. But I believe our work suggests the value for the “elasticity of import prices to

[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.

Congratulations to Sujan Bandyopadhyay Sujan Bandyopadhyay and Furkan Sarikaya Furkan Sarikaya for successfully defending their (very good) dissertations in Economics W. P. Carey School ! In the picture my colleagues Galina Vereshchagina and Domenico Ferraro Domenico Ferraro

New CEPR Discussion Paper - DP20104 The U.S. Trade Deficit: Myths and Realities Maurice Obstfeld Peterson Institute UC Berkeley ow.ly/iYso50VvKIo #CEPR_IMF #CEPR_MEF #EconTwitter

Today W. P. Carey News features my work on "Why wealthy Americans work" based on my research with Vytautas Valaitis: news.wpcarey.asu.edu/20250413-why-w…

CPI inflation rate for May 2025 2.38% year-over-year 0.97% month-over-month (annualized) Room for a rate cut here, though probably won't happen. Not that it matters very much. Many other more pressing problems not fixable w/ interest rate policy!

"[W]here it’s the quality of consumption that matters, conventional logic falls short and may mislead policymakers into believing that work incentives are no longer important for those at the top." Domenico Ferraro discoursemagazine.com/p/understandin…

Another matter to keep in mind is that Fed Chair is not equivalent to FOMC Chair. Latter is selected by the FOMC (which usually votes for Fed Chair, but need not be the case). Fiscal dominance requires control of FOMC, not just Fed Chair.

Interesting new paper by Lukasz Rachel and Morten O. Ravn. Great to see overlapping generations, a very intuitive way to have heterogeneous agents in NK models. >

Repost: Is it Time for Some Unpleasant Monetarist Arithmetic? andolfatto.blogspot.com/2021/03/is-it-…

How I think about wealth and labor supply without econ jargon or math on Discourse Magazine

This morning, I posted about how misguided the idea of using AI to run a centrally planned economy is: 🔗 x.com/JesusFerna7026… One of my (not-so-secret) secrets is that over the years, I’ve read as many books on central planning as I could find, including digging in obscure