Python (and Python-curious) econometrics folks: My package `econtools` is now a lot more user friendly, with full documentation: Check it out here: https://t.co/pJPn5aX2pj It's still a work in progress, but it fills a large gap in the Python/stats ecosystem.

And thanks/congrats to @p_ganong, @pascaljnoel, Christina Patterson, @JoeVavra, and @AlexWeinberg_ for this great research!

🔗Or the full academic paper: https://t.co/oA4GwCDf60

🤝 Bottom line: Reducing earnings instability can benefit both workers and employers. More stability means better retention, satisfaction, and financial resilience. 🔗 [Read the research brief] https://t.co/vY2HXvJ0r7

📊 Annual income stats can hide the full story. Two workers with the same yearly pay may face very different financial risks if one has more volatile earnings.

🔒Workers value stability. The typical hourly worker would give up 4–11% of their income for the predictability that salaried workers enjoy.

⚠️Earnings instability is costly. About 25% of the ups and downs in pay get passed on to spending: earnings instability makes it harder for families to plan, save, and handle surprise expenses.

Most of this volatility isn’t about workers choosing flexibility. It’s driven by employers—think fluctuating demand, unpredictable schedules, or sudden changes in hours.

Hourly workers see big swings in pay: typical month-to-month change is 9%, and 1 in 4 months brings a jump or drop of 21% or more—often bigger than their checking account balance.

🚨 New insights from #JPMorganChaseInstitute: "Earnings Instability – The Hidden Volatility of American Workers’ Paychecks." Steady jobs don’t always mean steady income. Here’s what we found 👇

Mississippi State Univ. is hiring a tenure-track Assistant Prof. of Economics w/ August start! Open field; preference for applied micro & teaching PhD Micro I & II (Micro II this fall). Apply: MSU site & https://t.co/FNCOaV2FMn Please repost—it's an off-cycle search. Thanks!

There’s a longstanding question: how much of the union wage premium is accounted for by selection (unions focus on more profitable firms to unionize) vs rent sharing (unions increase workers’ share of the profits) Well, superb new work by @raffaelesaggio & co answers this…!

Regarding the question of whether health insurance is really "insurance": The goal of insurance is to make you approximately indifferent to possible, future, adverse experience. A one-year policy cannot do that effectively, because many health problems are long-lasting.

I specifically used wages and prices for carpenters in Connecticut. See here for prices and wages by year and state:

Modern clothing is so cheap it's truly a miracle. In 1880, the average carpenter needed 12-16 hours of wages to buy a pair of heavy boots. At today's wages, that would be $290-$380, and boots at that price would last for years.

And this gets at the deep disconnect within climate world: A techno-utopian camp that says “We don’t need anyone to change their lifestyles, we can tech our way through!” and science camp that says “How do you tech in three feet of salt water?” The tech camp won all debates …

This, plus a reminder: around half of all US imports are inputs for American manufacturers. So, for example, when you tax (tariff) steel imports (83k workers), you hurt all the US manufacturers that consume steel (~6.5M workers)

Here's the killer slide you were all waiting for: This is what happens to price after private equity does roll-up acquisitions of anesthesia practices.

More than happy to trade for it in some way!

Does someone have a copy of the latest Sept AER they wouldn't mind parting with? Especially an #EconTwitter person local to DC? We need a copy to send to a good home.

Aspiring researchers: come work at Chicago Booth! I'm hiring pre-doctoral fellows along with a large group of Booth colleagues and our co-authors at other institutions. Positions start summer 2025. Application: https://t.co/g82kI6F8Ja First deadline: Oct 1