It's great to see "cyclical attention to saving" - the final chapter of my PhD - finally out! Households pay more attention to their savings decisions in recessions. They therefore earn greater returns, offsetting standard monetary easing and amplifying the slump.

I'm very pleased to see this come out! Especially because my brilliant coauthor Chenchuan is on the job market this year, and this gives me an excuse to say what a great colleague she would be - go read her JMP!

** Dataset on household disagreement about expected inflation ** Available here: for the US and the EZ, from three surveys, using standard deviation or skewness, and raw or taking out observable individual characteristics. https://t.co/uPtQhtMvk8

``In the United States, market hours worked are approximately flat across the wealth distribution. Accounting for this phenomenon is a standing challenge for standard heterogeneous-agent macro models. In these models, wealthier households consume more and work fewer hours.👇 1/3

This should be fun! Open to all PhD students in macro or finance.

New paper with @bijurao and @AdityaKChhabra in which we find that using Large Language Models (LLMs) such as ChatGPT and Llama in social science research might lead to serious biases! https://t.co/h9IbQjk4pG (1/6)

This is going to be a fascinating event - sign up link below

Forthcoming in the AER: "The Ends of 27 Big Depressions" by Martin Ellison, Sang Seok Lee, and Kevin Hjortshøj O'Rourke.

⏳ Don't miss out on updates about our Macro Research Network! 👉Sign up now at https://t.co/eHr7hdTKbv Calls for papers and exclusive meeting invites will be sent to signed-up members only. 📩✅ #ResearchNetworks #Economics #AcademicCommunity #EconTwitter

Exciting new development at @MMF_research with a new Macro Research Network. Open to anyone who is an active macro researcher. Particularly aimed at PhDs, postdocs and ECRs. More info and sign up here https://t.co/h6J0x1z3FJ @R2Rsquared

Very pleased to see my first paper with Wenting Song in this edition of the P&P! It's about everyone's favourite topics: inflation and twitter. Take a look! https://t.co/Mz1TCzthKo

Exciting conference tomorrow: 14 papers selected out of 300 great submissions for the @CFMUK @warwickecon Vienna Global Macro Conference taking place @LSEEcon. Co-organized with Christine Braun, @farmerrf @R2Rsquared @dandolfa. The program is here:

I'm very happy about this! Thanks to everyone who helped/advised/supported me through the JM 😀

As interviews start to loom closer, I'm very pleased to be included in this amazing group of economists - good luck everyone!

I saw Giacomo present this in the summer - it's a great paper on a fascinating topic. Definitely check it out!

Also, go look up the incredible group of economists also on the market from @OxfordEconDept this year! @AltmannM @bzdiop @shihangh @luke_milsom @HannahZillessen @HughLi85363603 @MBertazzini @VictorPouliquen Xiyu Jiao

Thanks for reading! If you want to know more about this or my other research, check out my website: https://t.co/leWCIz3reL And read the paper:

But this is just the first application. The narrative heterogeneity channel I introduce here is much more general – this is just the start of a research agenda exploring its effects in other contexts, with other agents.

In the paper: much more on implications in this context, including -Information selection effects -Central bank communication -Implications for survey RCTs (a la @YGorodnichenko) -Should we worry about high inflation getting 'baked in' to expectations?

The key reason: households with lots of info about inflation are mostly those who believe inflation➡️ very damaging to the real economy. So the people who see rising inflation first are the ones who hate it the most. That lowers the consumption response to inflation by a lot!