Michael Varley

Finance AP @UKGattonCollege. PhD @UChi_Economics and @ChicagoBooth.

[Michael Varley @varley_ma]

🚨New Working Paper 🚨

How does Federal Reserve policy impact the real economy? With Igor Cunha, we reveal a key but overlooked player in this transmission: municipal bond issuers. Our findings show how financial flexibility in public finance amplifies monetary policy. (1/N)

[Michael Varley @varley_ma]

Always surprised at how underappreciated point 2 is. Glad to see Emil lay it out so succinctly!

[Emil Verner @EmilVerner]

Two points:

1. The boom-bust-boom was a feature of many of the housing markets in the 2000s-2020s, both across US regions and internationally.

2. The fact that there was a rebound does not disprove that valuations were extremely stretched in 2005-06. Most bubbles are based on optimism that has some fundamental kernel of truth but gets massively exaggerated (see Kindleberger...). The key issue in the 2000s boom was not just the bubble in house prices but the massive expansion in household leverage.

[Dan Garrett @DangGarrett]

The Virtual Municipal Finance Workshop meets TOMORROW, 4/30, at 11am EDT!

Our presentations will be by Hala Moussawi (Stanford) and Renping Li (WUSTL) covering topics in municipal finance and taxation and competition.

Papers and Zoom link: https://t.co/QJJ9tvFz8x

[Florida Gators Men’s Basketball @GatorsMBK]

YOUR 2025 NATIONAL CHAMPIONS.

[Michael Varley @varley_ma]

🚨New Working Paper 🚨

How does Federal Reserve policy impact the real economy? With Igor Cunha, we reveal a key but overlooked player in this transmission: municipal bond issuers. Our findings show how financial flexibility in public finance amplifies monetary policy. (1/N)

[Michael Varley @varley_ma]

Websites: Igor (https://t.co/eJ83sa3b6J)

Mine: (https://t.co/Bohjleo7lm) (10/9)

[Michael Varley @varley_ma]

🚨New Working Paper 🚨

How does Federal Reserve policy impact the real economy? With Igor Cunha, we reveal a key but overlooked player in this transmission: municipal bond issuers. Our findings show how financial flexibility in public finance amplifies monetary policy. (1/N)

[Michael Varley @varley_ma]

And that’s our paper! It’s an early-stage paper, so we are ecstatic to hear any feedback at this critical time in the project. Please let us know if you have any questions. Thanks for reading! (9/9)

The full paper is on SSRN: https://t.co/5YI5C8ZZzR

[Lucy Msall @LucyMsall]

I am on the job market!

Under policies of "stepped-up basis", many countries exempt inherited assets from previously-accumulated capital gains tax liability. My paper w/ @OleAndreasNaess examines how this type of policy distorts sales, inheritances, and overall tax collections.

[Michael Varley @varley_ma]

@FrancoTabaresSa @UChi_Economics @BU_Tweets @HansbergRossi @ufukakcigit Congratulations to you both!!

[Michael Varley @varley_ma]

@prof_cookson @UKGattonCollege @KWHankins I couldn’t agree more!

[Michael Varley @varley_ma]

JM Update: I am excited to announce that in Fall 2024 I'll be joining @UKGattonCollege as an Assistant Professor of Finance!

I am so thankful for everyone who helped me get to this point and cannot wait to start this next chapter of my academic career in Lexington!

[Lauren Skillen @laurenskillen]

Congratulations to my husband, @varley_ma, who worked so hard for this! I'm so excited for our next adventure together!

[Simon Oh @plausiblyexog]

Update: I am excited to share that I'll join @Columbia_Biz as an AP in Finance this summer!

🙏 to @ChicagoBooth for fostering my growth; my advisors Ralph, Niels, Lars, & Stefan for their incredible support; and Edward Hopper whose art has been a constant companion in my journey