The challenge in macro is not the Phillips curve or the Euler equation as is often supposed. It is how expectations are formed. (Not the only challenge, but a big one.) We make a pitch for more attention to learning in this paper: https://t.co/RqzvKox9n9
Today’s the day!!! #AMEC’s and @NYFedResearch ‘s Multivariate Core Trend model (MCT) went live! Kudos to @martinalmuzara , Babur Kocaoglu, and Argia Sbordone! MCT is the real thing for measuring trends in US #inflation
BU post shows that i) splitting aggregate unemployment into short and long-term parts can help explain inflation dynamics ii) during economic expansions, long-term unemployment has a bigger effect on inflation than short-term unemployment does.
https://t.co/M45o0B8xjj
BU:"The Phillips Curve slopes with respect to short-term unemployment (STU) & long-term unemployment (LTU) diverge most significantly during expansions when the labour market is tight, with LTU displaying a larger & more immediate peak effect on inflation"
https://t.co/M45o0B958R
Applying for visas to attend conferences is a spiritual experience. It teaches you to be detached from worldly possessions (money spent on bookings) and desires (attending the conference).
I feel bad for those with stronger passports who miss out on such an important experience.
BU: "Unlimited, ungoverned, and uncollateralised, flash loans give hackers the toolkit to highly leverage their potential attacks. ...In this blog post we consider the world of flash loans and their criminal counterpart – flash attacks"
https://t.co/bihageifHD
Pleased to see my paper with my friends Guido Ascari, @stefano_fasani
and @jakobgrazzini on: "Endogenous uncertainty and the macroeconomic impact of shocks to inflation expectations"
Published on JME.
Here available in open access:
https://t.co/RFDTdKTmL4
Hi #EconTwitter!
Just started diving into #Econometrics? 📈
Explore cross-sectional and panel data methods with these illuminating notes by Todd Gormley (@WUSTLbusiness).📚
Created for PhDs in empirical finance, yet invaluable for all economics fields.
Don't miss out!✨
Central bank communication can affect house price expectations, especially if communication explains the mechanisms by which monetary policy affects house prices, from @cconces Pei Kuang, and Li Tang https://t.co/IVCEgWkJqH
SWP 1018 by Vania Esady, Bradley Speigner + Boromeus Wanengkirtyo (all BoE) looks at whether short- and long-term unemployment have different effects on inflation, finding evidence that effect of long-term unemployment is highly state-dependent…
https://t.co/qusVAJEkB7
ICYMI: Recent blog post and SWP by Vania Esady on how disagreement between agents affects monetary transmission + macro dynamics was featured in @FTAlphaville this week:
https://t.co/IbwSOhgzNk
If you’re looking for a light reading to end the week, may I suggest this FT article that covers my recent work 😉🤓
& here is the blog on the work: https://t.co/uZKytwGn6t
BU: "During periods of low disagreement, contractionary monetary policy is able to reduce inflation significantly with a relatively small cost to output. This raises the potentially important role of communicating aggregate conditions to economic agents"
https://t.co/66E78TAYfc
BU post uses dispersion in SPF forecasts to proxy disagreement. Using local projection methods finds that when views more dispersed, prices respond more sluggishly, meaning a flatter Philips curve + a larger output response to monetary policy shocks
https://t.co/66E78TAYfc
Join us at the Central Bank Macro Modeling Workshop in April, where @MarcoDelNegro of the @NewYorkFed will be delivering a keynote on the future of DSGE modeling under open-source software.
Register for here: https://t.co/CGSe8Jhwen
#Dynare#Julia#DSGE#EconTwitter#NYFed
Call for Papers: @BoE_Research (@vania_esady & Nikoleta Anesti) are organising a session on Household Survey #Inflation#Expectations and Their Determinants at the #CEBRA23 Annual Meeting.
➡️If you have a suitable paper, please submit it by March 10:
https://t.co/sl6UuMd4cB
BoE's Nikoleta Anesti + Vania Esady are organising a session at #CEBRA2023 on "Household Survey Inflation Expectations and Their Determinants", 5-7 July . If you have a suitable paper, please submit at: https://t.co/4OD8iI14tT Deadline for submissions is 10 March
The Call for Papers for the #CEBRA23 Annual Meeting is out! High-level panels, 37 sessions covering a wide variety of topics & a poster session for early career women in #economics. Please share.
➡️Click here for the full #CFP:
https://t.co/sl6UuMd4cB
@RaphAuer@RaphaelSchoenle