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The relationship between food prices and median nominal wages may have shaped people’s perceptions of how well the economy is working for them.
Don’t Glorify Manufacturing Jobs whathappensnextin6minutes.com/p/dont-glorify…
Factories Aren’t the Future wsj.com/opinion/factor…
Has the decline in manufacturing been the catastrophe portrayed by various politicians? Hardly, writes @EichMartin on.wsj.com/3BCDvMY
The Yemeni Air Force has gone on alert.
I'm happy to see that my paper `Expectations, Infections and Economic Activity', co-authored with Miguel Godinho de Matos, Francisco Lima, Sergio Rebelo, and Mathias Trabandt, has been published, ahead-of-print, in the Journal of Political Economy journals.uchicago.edu/doi/10.1086/72…
I had the opportunity to speak at the Aaron Institute for Economic Policy's Annual Conference this week. During my interview with Prof. Martin Eichenbaum, I emphasized the following: "We have been tirelessly working to achieve a hostage deal that would lead to a ceasefire…
Nemmers Prize to Mike Woodford for: “advancing the New Keynesian approach to understanding economic fluctuations in general equilibrium, bridging the theory and the practice of monetary policy, and incorporating bounded rationality in macroeconomics.” news.northwestern.edu/stories/2024/0…
University presidents everywhere need to embrace this simple statement by Ben Sasse, President of the University of Florida: "At the University of Florida, we have repeatedly, patiently explained two things to protesters: We will always defend your rights to free speech and free…
My new paper on `Slow Learning' with Larry Christiano Ben Johansen faculty.wcas.northwestern.edu/yona/research/… Convergence of a learning equilibrium to the rational expectations equilibrium can be so slow that policy analysis based on rational expectations is very misleading.
I'm happy to invite everyone to join us at next week's NBER Macro Annual, April 18-19. It will be streamed live on YouTube The program and YouTube link are at nber.org/conferences/39…
The 16th Advanced Workshop for Central Bankers just concluded in Singapore, gathering talented central bankers from 10 countries. I look forward to returning to Singapore for the 2025 edition of the workshop!
I’m very excited to announce that Kunal Sangani has accepted our offer to join Northwestern Econ. He will make a terrific macro group even better.
Congratulations to my colleague Matt Rognlie on his visit to the Federal Reserve Bank of Minneapolis next year. It’s great to have my friends at Minnesota on the NK team!
Sometimes it’s worth driving a stake into the heart of what was an already dead monster to hopefully prevent it from ever rising again. But unfortunate that we had to relearn this from Turkey’s natural experiment. Nominal rate cuts are not a way to bring down high inflation.
Our analysis of the Turkish monetary policy experiment with sustained low interest rates. (Spoiler: Did not end well.) "Where neo-Fisherian disinflation experiments fail, New Keynesian indeterminacy begins." academic.oup.com/economicpolicy…
Here's a link to the program for the NBER Macro Annual to be held on April 18 and 19. I'll post a Zoom link when available so that people can enjoy the sessions remotely. nber.org/conferences/39…
Junior faculty trying to bridge two literatures (macro-labor, anyone??)
Both Trump and Netanyahu have cult followings, conspiracy theories about an "elite" out to get them - and an overwhelming urge to burn down the country if they can’t control it, Alon Pinkas writes haaretz.com/us-news/2023-0…
I'm happy to tweet (xweet?) that I'm spending the fall quarter at Harvard where I'll be teaching part of the core PhD macro sequence. Very excited to meet all of the wonderful grad students there. Big adventure for me.
NYC spends $38k per pupil and most kids don’t learn at grade level and 100k a year drop out. There are similar stories across the country. This should be the focus of American education policy debate not the nuances of admissions policies at elite schools.
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