Manuel A Paillacar

PhD candidate in Financial Economics @ucl. Before: @bcentralchile | @ManUniEconomics. FirstGen. Nacido y criado en Yates, Cochamó. 🇨🇱

[Manchester City @ManCity]

"What a time we have had together." 🩵

[Markus K. Brunnermeier @MarkusEconomist]

For PhD students around the world.
Online Summer School (6 weeks) @PrincetonBCF
Interested? Please register and join. First meeting May 19th
https://t.co/oryNoRLItO

[Markus K. Brunnermeier @MarkusEconomist]

R.I.P. Christopher Sims (21 Oct. 1942 - 14 March 2026)
- a giant in macroeconomics and one of the finest human beings I have ever met -

[Brian Albrecht @BrianCAlbrecht]

Now the WSJ has at least

[Manuel A Paillacar @mpaillacar23]

Amazing conference!

[Fred Malherbe @FredMalherbe]

It was a great pleasure to host the FTG @ucl @UCLSoM @EconUCL @uclnews. A big thanks to all speakers and participants, and to the team (especially to Ming Yang) for such a fantastic work.

[UCL Economics @EconUCL]

🎉 @EconUCL was founded in 1828, just two years after @ucl. Today is UCL Foundation Day, making it 199 years since UCL was founded. #UCL200 will be celebrated next year with a great programme of activities and events.
Learn more and join the fun!➡️https://t.co/t78mlvPQSx…
🎉

[Sylvain Catherine @sc_cath]

When do we start including Social Security pension wealth in wealth inequality statistics?

You can’t advocate for large progressive social programs that displace private savings and then ignore their actuarial value in measuring wealth inequality.

Since the mid-1980s, real interest rates have fallen sharply, inflating the present value of stocks and private businesses—driving up inequality measures. But the present value of accrued pension benefits, essentially long-term annuities, has risen too. Why record paper gains for some assets but not others?

Social Security represents half the wealth of the bottom 90%. Excluding it from wealth inequality statistics distorts the picture, even though we know it matters.

If Bush had succeeded in partially privatizing Social Security, contributions would have accrued in individual accounts and been counted as assets—reducing measured wealth inequality.

If Social Security were privatized tomorrow and people received the fair value of their accrued benefits in individual accounts, the top 1% wealth share would hit its lowest recorded level. Yet, people wouldn’t be much better off—it would just move an existing off-balance-sheet asset in their balance sheets.

This thought experiment highlights why wealth measures that exclude the primary way most Americans save for retirement are misleading.

If you think rising wealth inequality is a huge problem and Social Security claims are worth nothing to people, you should be the main advocate of its privatization. Because, according to your own metric, wealth inequality would immediately collapse, and it would not change the intertemporal budget constraint of the government.

[Manuel A Paillacar @mpaillacar23]

Princeton Initiative was great!

[Markus K. Brunnermeier @MarkusEconomist]

Princeton Initiative brings together top 3rd year PhD students in Macrofinance to study new ideas, techniques, tricks, tools, …
https://t.co/YNIBDBj4Tb
Videos will follow

[Manuel A Paillacar @mpaillacar23]

@valentiandrade Muchas gracias ☺️

[Manuel A Paillacar @mpaillacar23]

Super excited to be in Princeton to participate in the 2024 Princeton Initiative: Macro, Money and Finance.

Looking forward for the lectures and discussions starting tomorrow 🤓

Also, it is my first time in the US.

[Manuel A Paillacar @mpaillacar23]

@skokas01 @degryse_hans @dominic_cucic @alexkontonikas @Diana__Bonfim @mauricio_calani

[Manuel A Paillacar @mpaillacar23]

A great opportunity for those interested in a PhD Economics/Finance!

[UCL School of Management @UCLSoM]

📣 Job Opportunity!

We are looking for a Research Assistant with a high level of literacy and numeracy to support across our researchers.

📅 Application Deadline: 04 August 2024.
Learn more:

https://t.co/6zVKRcae05

[Mauricio Calani @mauricio_calani]

Call for papers 🚨: SANTIAGO FINANCE WORKSHOP 2024 (deadline July 12th). We welcome submissions on Finance and Financial Economics. Workshop will be held in Santiago 🇨🇱 on Dec 9-10, 2024 ☀️. Do send us your best papers 💪!! https://t.co/2MlA1Lrplx @CBChileresearch

[Manuel A Paillacar @mpaillacar23]

👏🏻👏🏻

[Premier League @premierleague]

🏆 MAN CITY ARE CHAMPIONS! 🏆

[Manuel A Paillacar @mpaillacar23]

@alvcastilloa @MinneapolisFed Excelente! Me alegro muchísimo 🎉

[Stone Centre at UCL @StoneEcon_UCL]

🆕 New Doing Economics project, by Stone PhD Scholar Joern Onken! This is the first @coreeconteam education resource produced by the Stone Centre.

Students learn how to clean a dataset and use HP filters.

Sounds good? Explore now, it's free ➡️ https://t.co/iPukhZy8rk

@EconUCL

[Central Bank of Chile Research @CBChileresearch]

✈️Visiting Scholars Program 2024✈️

The Research Department of the @bcentralchile welcomes applications from researchers in academia and policy institutions! Apply by March 31st.

More info at: https://t.co/NmCHqN4a72

[UCL Economics @EconUCL]

📢 1 week to go! Interested in applying for our fully-funded PhD in #FinancialEconomics based in the heart of London’s intellectual and financial centres? Get your application in now before the deadline closes on 31st!

➡️https://t.co/RRzFFPquF4

@UCLSoM
@UCLSocHistSci

[Manuel A Paillacar @mpaillacar23]

AFA Presidential Address!

[Markus K. Brunnermeier @MarkusEconomist]

AFA Presidential Address 2024 "MACROFINANCE and RESILIENCE" now on YouTube ICYMI
https://t.co/hx4wtLAw3V

[Manuel A Paillacar @mpaillacar23]

Don’t miss out the chance to apply to the Financial Economics PhD at UCL.

We have a top faculty in Economics and Finance, a great program structure, lots of seminars/conferences, and more 😎

[UCL Economics @EconUCL]

Thinking about applying for a #PhD? Take a look at our fully-funded PhD in #FinancialEconomics based in the heart of London’s intellectual and financial centres. ➡️https://t.co/RRzFFPquF4

@UCLSoM @UCLSocHistSci