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 @Jon_Hartley_: RIP Charlie Plosser, former @PhiladelphiaFed President 2006-2015 during Great Recession. Lucas-Prescott-Sargent student.….
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Meeting new and old friends at the Econometric World Congress in Seoul.
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RT @GregHerczeg: China will design the next generation lithography, send people to the moon, and code up AI, but still will never be able t….
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RT @ATabarrok: The right-wing populists are gaining ground…because the cultural liberals…are extremely reluctant to meet the preferences of….
marginalrevolution.com
From a recent paper: Populists are often defined as those who claim that they fill “political representation gaps” -differences between the policymaking by established parties and the “popular will.”...
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Fed: Why Has Consumer Spending Remained So Resilient? Evidence from Credit Card Data.
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He wants to replace GDP with S&P500?.
As measured by GDP, AI will be super undervalued. How would the datacenter of geniuses show up in GDP? . GDP would show raw inputs (aka chip & energy), and raw outputs (aka cost of tokens). But wouldn't clearly reflect the value of the crazy new shit that's being cooked up in
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RT @cremieuxrecueil: One concept I wish more people were aware of is the Tocqueville Effect. Named for Alexis de Tocqueville, this concept….
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Stephen Moore is a national disgrace.
The Bureau of Labor Statistics' initial jobs reports are riddled with errors, and the issue is only getting worse. This chart from Issues and Insights sums it up perfectly. @realEJAntoni is ready to bring the accuracy and honesty America needs in its jobs numbers.
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The Manly Origins of Cheerleading - Sociological Images:
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Tariff has minimal impact on US manufacturing output/employment though. Still working through model logic and assumptions (coauthored w/ @roozbeh52). Will keep u posted!.
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Preliminary results from a model with USD as global reserve asset suggests foreign producers can be expected to lower prices in the manner suggested by Bessent, at least, to the extent ROW has few good USD substitutes.
Companies, not consumers, have been bearing the cost of tariffs. With corporate margins normalizing post-COVID, that trend is likely to continue.
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In the old days we called this "monetizing the debt.".
Scott Bessent had one job. To sell the U.S. debt to the world. He’s going to do it with Stablecoins (his words, not mine). Here’s exactly what he’s got planned:
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Says the man who filed Chapter 11 bankruptcy 6 times on behalf of businesses he ran into the ground. 🥂
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Of course, tariffs (taxes) can be inflationary if accommodated by policy (and there's a good reason for why this should be the case). Reality is quite complicated. This doesn't seem to discourage forming strong opinions. Cheers! 😅.
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President Schmid is wrong about not looking through tariffs. Taxes are not inflationary. Taxes distort relative prices can be deflationary to the extent revenue is used to contract supply of nominal securities (e.g. , national debt). Thought this was basic textbook material?.
Kansas Fed President Schmid subtly trashing Waller's view that inflation ex-tariff is already around target, so we should look through it.
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And then, finally, there's this.
I've seen several economists discussing the EJ Antoni nomination centering his PhD institution, number of pub, or citation count. This is disappointing, as several of these posters are well aware of econ's elitist, clubby nature where those signals are used *despite* someone's.
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