This is a fantastic piece of sense-making using a very smart metaphor for the US provision of public goods in the postwar period: insurance. It makes a compelling argument for how Trump's undoing of this, his extractive approach, hurts traditional US allies most. Must-read.

Lot's of activity below while I was on a long flight to Korea. Looking forward to delivering together with Jesús Fernández-Villaverde the Lunchtime Plenary on Geoeconomics at the Econometric Society World Congress: eswc2025.org/speakers/02.ht… Here are my slides: …allocation.s3.us-east-2.amazonaws.com/geoecon_plenar… With

Astonishingly insightful analysis of the new global order. Thanks to Adam Posen for this superb essay!! I wonder -- what a continuation of the status quo would have looked like? Almost certainly it would have involved US default and a steadily increasing rivalry betw. CHN-USA.

Another great economist has left us. Charlie Plosser was one of the founding fathers of Real Business Cycle Theory and a warm and caring human being. I’ll fondly remember our many conversations over the years. We’ll miss you Charlie.

MAGA is so pessimistic about the USA. Here is how it works: we educate the best and brightest from around the world, we let them see for themselves how much better it is here than in China, we convince tomorrow entrepreneurs and scientists to stay and work with us. 1/3

Great model-narrative of how the USA has switched from being the low-cost systemic-insurance provider for the international capitalist order (where the global benefits exceed the sheerly local benefits for the USA), to being a Sopranoid protection racket extracting rents in

With Jesús Fernández-Villaverde donga.com/en/article/all…

In the early US, greater state capacity led to complex tariff codes and more specific tariffs-curbing evasion and raising revenue. Developing a model to explain this pattern, then and now, from Erik Madsen, Martin Rotemberg, Sharon Traiberman, and Shizhuo Wang nber.org/papers/w34143

Tariffs are a key source of revenue for many countries—historically and today. But tax collection isn’t free. Importers can lie. We show that this occurred, and characterize when specific tariffs (no lying) are worth the cost (worse price distortion than ad valorem).

x.com/Copela1492/sta… I'm pleased to announce that the symposium on A World Safe for Commerce has been sustaining its position as the most downloaded single item on the RJISSF over the last month. (Right side of webpage shows most popular posts.) Thanks everyone for your

Very much looking forward to this seminar series. cepr.org/events/event-s…

The shift to general laws in Pennsylvania and other states led to the emergence of a party system in the United States dominated by two durable political organizations, from Naomi R. Lamoreaux and John Joseph Wallis nber.org/papers/w34171

I'm excited to share that the next stage of my career will be back in Oxford! In January, I'll begin as Associate Professor of Economic and Social History, where I'll also be an Associate Member of the Department of Economics and a Fellow of All Souls. history.ox.ac.uk/article/meredi…

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Some fine words from Claudia Goldin here - "Teaching is essential to my researcher, it is the handmaiden of my research. I could not have been a researcher had I not been a teacher." Thanks EHA for another fantastic conference, I love being part of this community.

One week left to submit to this! Excited for conference and the Journal of International Economics special issue. Feel free to reach out directly if you're considering submitting and have any questions on process etc.

"Does trade push countries up the development ladder or hold them at the bottom? What about the rise of China? Modeling and estimating a ladder economy gives surprising answers." New paper from David Atkin , Costinot & Fukui: restud.com/globalization-… #econtwitter #REStud

📢CFP Tariffs and Trade Policy: Past, Present, & Future ncsu: Dec 5, 6, 7 (am) Due: Sept 30 tinyurl.com/2stm2fk7 Papers: 8 + Discuss Keynote: Douglas Irwin Panel: Chad P. Bown +TBD Sponsor: U.S. National Science Foundation NEW TARIFF DATABASE 1789-2025 Funding: Flight+Hotel+Food (presenter/discussant)

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