David Andolfatto 🇮🇹 🇨🇦 🇺🇸
@dandolfa
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Construction worker turned academic turned central banker turned academic again. Chair, Economics Department @MiamiHerbert University of Miami
Miami, FL
Joined April 2013
Hey, I spent Sunday morning thinking about macroeconomic theory.🤓. MacroMania: A Journey in Macroeconomic Thinking
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RT @florianederer: Why do governments wait until the fiscal crisis hits to act?. Alesina & Drazen (1991) argue that stabilization delays ar….
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RT @GeorgeSelgin: I’ve been a critic of the Fed’s post-2008 IOR-based “floor” operating system as long as anyone. But IOR is no more a tran….
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RT @GeorgeSelgin: No, but it _is_ the Fed’s job to resist pressure from the executive branch. Rate decisions are the FOMC’s prerogative, no….
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RT @sjwrenlewis: Y'days post: A minimum tax on billionaires The super rich pay a much lower % of their income in ta….
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Went from somewhat to seriously confused in an impressively short period of time.
I'm going to give the fed chair the benefit of assuming he knows that tariffs are not inflationary and their price changes are not within his mandate, but that makes this a nakedly political decision intended to frustrate the policy choices of elected leaders.
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Art of the deal.
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RT @FairDuty: A somber anniversary is a few days away; my thanks to the @calgaryherald for publishing my words about the bombing of Air In….
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RT @lymanstoneky: The thing about the conservatives opposed to selling Federal lands (e.g. I noticed @L0m3z ), is that they clearly have no….
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RT @NickTimiraos: Two things can be true:. 1) Waller hasn't always been in the center of the committee, and he can bounce between the guard….
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A good payment instrument requires a stable *short-run* rate of return. While both BTC and GLD may offer superior hedging/store-of-value properties, they do not make good money. See:
I get Bitcoin, but not U.S. dollar stablecoins. If you're going to introduce a third party custodian, why settle for a token backed by a flawed fiat currency like the dollar, when you can own one backed by gold? You get the same liquidity, but you also get a real store of value.
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As expected.
After 3 years of losses, the Fed projects that it will return to profitability in 2026. The rebound reflects slow runoff of low-yielding assets & expected stabilization of short-term interest rates after the rapid increases of 2022–23. #PIIECharts.More:
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Poor billionaires.
If Zohran Mamdani wins, several billionaires told me they'll leave NYC—or at the very least spend more time outside it to avoid city taxes. “It only takes a handful of successful people to leave to decimate the city’s tax base," said @BillAckman (who plans on staying in NYC).
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What a guy.
Trump's long-standing & wide-ranging disdain for the Fed Chair he nominated is, at its core, about Jay Powell's refusal to respond to his multi-faceted & well honed powers of persuasion. "I do it every way in the book. I'm nasty. I'm nice. Nothing works."
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CPI inflation rate for May 2025.2.38% year-over-year.0.97% month-over-month (annualized). Room for a rate cut here, though probably won't happen. Not that it matters very much. Many other more pressing problems not fixable w/ interest rate policy!
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