Ioana Marinescu
@mioana
Followers
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Following
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Media
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Statuses
446
Economist, @PennSP2 professor, @NBERpubs . #Antitrust , labor, policy. Podcast host #JustEconomics . Better the world through knowledge. Also @ioma @econtwitter .net
Philadelphia, PA
Joined July 2009
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Last Seen Profiles
I am excited to announce that I just joined the
#antitrust
division of the Department of Justice (DOJ) as their Principal Economist. I look forward to learning and being of service!
#EconTwitter
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2K
Our paper on the minimum wage is in
@RevEconStudies
! Local
#MinimumWage
hikes can decrease employment in competitive markets with low labor market concentration but increase employment in markets with high labor market concentration. The result is consistent with
#monopsony
.
"New research on job loss (or not) from minimum wage policy and how it varies with labor market concentration."
From
@joseazar
,
@EmilianoHuetV
,
@mioana
&
@Bledi_Taska
:
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I’m thinking of participating in (or maybe organizing) a workshop on the best ways to change the world and live your life as a tenured professor. It would be in the summer of 2023. Who’s interested? Any thoughts? Is there such a workshop already?
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I'm excited to be writing a literature review on
#monopsony
, & I want to write a helpful one.
1. What are the most important papers in this literature in the past 10 years, and why are they important?
2. Are there some specific questions you'd like me to cover?
#EconTwitter
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18
125
I am part of the leadership team of the Economic Analysis Group at the antitrust division together with our fantastic chief economist
@Susan_Athey
.
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2
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Our paper on labor market power with
@joseazar
@steventberry
is featured on
@nberpubs
! Just as the
#antitrust
authorities prevailed in a labor
#monopsony
case, thus protecting authors against the power of publishers:
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24
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Our review of literature on worker power with
@JakeRosenfeld1
is now available on
@SSRN
. We discuss how exit and voice can contribute to worker power, touching on many topics, including
#monopsony
, cash benefits and unions.
@urbaninstitute
@WorkRiseNetwork
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I will be tweeting occasionally in my personal capacity only, not representing the opinions of the antitrust division or the DOJ.
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1
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🚨New
#JustEconomics
episode 🚨 To begin our season 2,
@lkatz42
discusses the effects of sectoral training programs, a new way to get workers without college degrees into higher wage jobs & promising industries. Subscribe and listen now👉
#EconTwitter
🧵
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23
48
“Market structure and industrial organization: Do we need a new
#antitrust
standard?” Check our recording at EFIP with
@steventberry
@TomValletti
The videos from the inaugural Economics for Inclusive Prosperity (EfIP) conference have now been posted
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I’m honored by this prize for our work on
#monopsony
and labor market concentration with
@joseazar
@Econ_Marshall
. Thanks all for your support, and let’s keep the research going!
Congratulations 🎉
@joseazar
,
@mioana
, and
@Econ_Marshall
, recipients of this year's JHR Highly Cited Paper Award for "Labor Market Concentration." Thank you for your outstanding contribution!
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Has anybody looked into counter-cyclical tax rates as an instrument for cyclical stabilization? What would be the impact on inequality? (I am assuming progressive taxes and heterogeneous agents). How does it compare to other instruments?
#EconTwitter
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I am very concerned that this broad brush criticism of stronger
#antitrust
enforcement is under-specified.
I am very concerned that we may headed into a new era of Brandeisian populist antitrust policy that will make the US economy more inflationary and less resilient.
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#EconTwitter
, I talked about
#counterfactuals
😉in the press: "People aren’t thinking about the counterfactual — if we didn’t have such a vigorous response from the federal government, what would have happened?" Easy to forget when faced with inflation...
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Great thread on our brand new paper on green jobs, with
@paulkrugman
emphasizing its relevance to the Inflation Reduction Act 👇
Glad to get this paper, coauthored with
@mioana
, released! Stay til the end of the 🧵 to see why Paul Krugman cited us in the NY Times today. Motivation: There's very little existing data on solar and wind workers.
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Ouch: real wages are falling at the fastest rate in 40 years, & it’s even worse in Europe 👇
It's also painful in the United States with real wages falling at the fastest rate they have fallen in forty years. But not nearly as painful as it is in Europe.
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So fun to listen to my PhD advisor
@PikettyLeMonde
talk about his latest book on one of my absolute favorite podcasts, the
@ezraklein
show!
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The US Department of Justice
#Antitrust
Division is hiring economists. I encourage you to apply or pass along to people who may be interested!
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Interesting work on how costs are passed on to prices as a function of industry concentration. This paper finds pass-through increases dramatically with concentration, so that concentration increases inflation. What are other relevant papers on this issue,
#EconTwitter
?
The U.S. economy is at least 50% more concentrated today than at the start of this century. Is this increase amplifying the
#inflationarypressures
from current
#supplychain
disruptions and a tight
#labormarket
? Read the new brief by
#BostonFed
economists:
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This is excellent advice for making a theory paper readable! Even when theory is only part of the paper, it is SO important to explain it clearly, and using the English name with the symbol is one of the most helpful tips: “the cost of entry c is large,” not “c is large”.
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Big day today!!! The new merger guidelines are released, including a section on labor market competition! Your comments are most welcome: see link below. 🙏
#antitrust
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I am humbled by my kids' teachers' wonderful end of year emails. I wish I could write with such simple, direct, and heartfelt words. Academic writing can be so stilted 😔. Even my journal writing is dry, very dry. Maybe one day I'll take a fiction writing course.
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🌏📈
#Antitrust
enforcement in labor markets is growing in the US and across the world.
I've just submitted my thoughts to the Parliament of Australia's
@AboutTheHouse
inquiry on economic dynamism & competition. 🇦🇺
📝 Read my submission:
#EconomicDynamism
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Higher income tax rates in a boom and lower income tax rates in a recession could be an additional instrument to stabilize the economy. This fiscal policy may generate less
#inequality
than monetary policy.
What are the arguments for using monetary policy vs. fiscal policy for stabilization? In theory they can accomplish the same thing (as noted by
@pmichaillat
among others in discussion w/
@mioana
yesterday). In practice some big differences.
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Would
#BasicIncome
raise prices? Listen to my discussion (replay) of cash transfers and
#inflation
with
@Claudia_Sahm
, at
@The_BIG_Conf
.
#EconTwitter
👇
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6
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Our paper on the politics of the carbon tax is out! To find out why the
#carbontax
lost at the polls in 2016 & 2018, check it out 👇
(2/3) "Can Pigou at the Polls Stop Us Melting the Poles?" by
@sorentanderson
,
@mioana
, and
@bshor
is 🗳️ out now 🗳️ in
@JaereAere
.
Read it here:
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Beyond the hot take:
@LHSummers
voices concerns about how changes in
#antitrust
enforcement could lead to efficiency losses. But what are the specifics? And where's the empirical evidence?
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Great thread about the evolution of global inequality: in 2008-2018, the global poorest’s incomes have grown the most while the richest’s have grown the least.
In the "nerding out" part: the end of the elephant. Between 2008 and 2018, incomes of the globally poor have increased in percentage terms much more than the incomes of the globally rich. The global Gini has gone down.
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Labor in the the merger guidelines!
#monopsony
Join us for this online discussion 👇
On 9/13 at noon ET, join us for an online discussion on the labor market aspects of the proposed U.S. merger guidelines. Featuring Herb Hovenkamp
@Sherman1890
,
@GusHurwitz
, Ioana Marinescu
@mioana
, Aviv Nevo & Sanjukta Paul.
@Penn
Register here:
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Join us online or in person at this
#monopsony
conference on Monday! I’ll discuss a paper on concentration, wages and job quality in Europe by
@AndreaBassanini
and co-authors! I’ll also discuss policy options to address
#monopsony
, drawing on US
#antitrust
law & my role at DOJ.
More info and the updated program can be found at this link:
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@arindube
@MartinSGaynor
The key is that having tenure means you are no longer under the strong imperative to maximize your own academic success metrics (pubs, etc.). You have the freedom to pursue more altruistic goals, and there are different ways to do so, including by doing research differently.
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🚨Today at 10:15am: our paper on the labor demand side of involuntary part-time work with
@HyeriChoi1
. As part of a great session on labor market competition and the political economy.
#ASSA2023
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There are already several helpful reviews out there and there will be some overlap, but I'm also looking to hopefully bring a different perspective. Reviews include: , ,
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Join us
@UChicagoLaw
or online for a discussion of the 2023 draft merger guidelines. I will be moderating a session on labor markets with
@KyleHerkenhoff
Beatriz Marques, Elena Prager and Eric Posner.
#antitrust
#monopsony
👇
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As
@FTC
is scrutinizing the Microsoft-Activision merger for labor issues, Microsoft has dropped non-competes & confidentiality clauses, and promised neutrality in unions elections. Another great piece by
@leah_nylen
👇
Microsoft-Activision Merger: FTC Is Scrutinizing Labor Impact of the Deal - Bloomberg
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Spatial segregation by class reduces public goods provisions in cities. Great paper in the
@apsrjournal
by my colleague
@alice_z_xu
!👇
Excited to share my new paper now
@apsrjournal
:
I show that segregation encourages the privatization of urban services. Conversely, integrated cities produce intergroup externalities that align the middle class w/ the poor in coalitions for public goods 🧵
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Delve into the critical implications of the 2023 Draft Merger Guidelines for workers, in our latest panel
@TheRegReview
. With insights from Herb Hovenkamp,
@Sherman1890
,
@GusHurwitz
, Aviv Nevo, Sanjukta Paul, and myself.
#monopsony
#antitrust
#labor
👇
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The
#antitrust
division at the Department of Justice is recruiting economists. Check it out
#EconTwitter
, and help me spread the word! 🙏
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I love this 👇 Would any journal care to implement?
@zdeborova
@SaraASolla
@mioana
May be, after a paper is accepted, the editor should tell the authors:
"add please a paragraph explaining all your weak points, your paper is not going to be rejected no matter what you write" 😉
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Check out our 🚨new🚨 paper on racial
#inequality
in unemployment insurance 👇
Our WP on Racial Inequality in Unemployment Insurance w/
@mioana
& Maxim Massenkoff is out:
Using rich admin data on UI claims, we show that differences in state rules create a Black-White gap in replacement rate & don’t maximize overall welfare.🧵👇(1/7)
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The Department of Justice
#antitrust
division is “vigorously protecting the rights of workers to competition for their labor”, says Assistant Attorney General Jonathan Kanter in his recent remarks 👇
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Just published w.
@johannagreeson
@PennSP2
& Fei Tan!
Being a foster parent is not quite like a regular job:
1. Yes, higher pay increases fostering.
2. But no, increasing pay in other jobs does not decrease fostering.
To learn more, check out:
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And more on the role of supply, demand, and “ambiguous” factors in inflation: the
@ssfed
finds only a third is due to demand. BUT
Both supply and demand have been pointed out as responsible factors for current inflation. Our recent Letter assesses the extent to which each explains current inflation levels: |
#SFFedResearch
#EconTwitter
#Inflation
#Economy
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@arindube
@MartinSGaynor
As a non exhaustive list, here are some examples (some you cited):
1. Take on riskier projects that you think can really advance knowledge
2. Produce more shareable research that will enhance others’ productivity: better replication codes, develop new methods & implement
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Thanks so much for the shout-out,
@cwae_aaea
! 🙏
Today for
#greatwomenwednesday
, we are highlighting Ioana Marinescu (
@mioana
), an associate professor at the School of Social Policy & Practice (
@PennSP2
), and the University of Pennsylvania (
@Penn
)
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I am at the Utah Project Merger Guidelines, and we will discuss labor in the merger guidelines later today at 1:45pm Utah time, 3:45pm Eastern. Tune in online!
#antitrust
About time to start. Join us online for the Utah Project Merger Guidelines Conference.
#Antitrust
#Econtwitter
#lawtwitter
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@arindube
@MartinSGaynor
3. Involve younger scholars in research as a mentorship opportunity and make sure they get credit
4. Work in your university/ department to improve processes e.g. around tenure and promotion
5. Make a concerted effort to get to know, mentor and promote younger scholars
1
1
10
Our paper on the politics of the
#carbontax
is accepted at
@JaereAere
! 🎊
🗳️ 🐻❄️ 💈 Just accepted 💈 🐻❄️ 🗳️ in
@JaereAere
:
"Can Pigou at the Polls Stop Us Melting the Poles?" by
@sorentanderson
,
@mioana
, and
@bshor
.
Read it here:
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0
2
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🚨New paper🚨Racial
#inequality
in volunteering and employment, with Handy & Zheng. The Black-white gap in volunteering (17%) is larger than the gap in working. Lower _social_ capital can contribute to racial inequality. Comments welcome!
#EconTwitter
🧵
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It's Friday night, Memorial Day weekend, and I reached Inbox Zero for once! 💪📭Now please don't send me an email 📩🤣
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@wwwojtekk
Agreed! Also: there is such a thing as good writing for specialists. Good writing remains important, it’s just that criteria could vary depending on the context.
0
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On the ethics of academic discourse: as an academic, is it ok to only present one side of an issue on a podcast or in a lecture?
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Fascinating research on common ownership of companies by the same shareholders: price effects depend on whether there is direct competition between companies 👇
Intra-industry common ownership raises prices, while inter-industry common ownership lowers them
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When you’re looking for an economist colleague’s latest research on production networks, and find out they’re a politician.
#EconTwitter
👇
La campagne est officiellement lancée : les 12 et 19 juin donnons une majorité à
@EmmanuelMacron
! 🚀
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… decomposing inflation in this way is sensitive to one’s choice of counterfactual, as exemplified in
@jasonfurman
’s clever question:
Suppose the economy is at 100 and then a shock hits lowering both supply and demand to 75.
Monetary and fiscal policy raise nominal demand back to 100 without raising supply so inflation is 25.
Is inflation 100% due to supply or 100% due to demand?
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"The law and economics of no-poach agreements," my article w. Danielle Drory, is out in
@CompetitionLaws
#antitrust
#monopsony
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This episode features the amazing training programs by non-profits like
@PerScholas
@YearUp
@ProjectQUESTInc
. Here's the link to the paper we discuss in the podcast, by
@lkatz42
@jondr44
@hendr239
& Schaberg, forthcoming in
@SOLE_Labor_Econ
:
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Great collection of “mean” referee reports with pointers on how we can do better. Don’t say “This paper is utterly stupid.” Say: something like “here are the 3 big issues with the paper”.
I wrote a new blog post based on the mean referee comments some of you shared with me a few weeks ago.
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I will discuss the impact of universal
#basicincome
on inflation, based on my work on the Alaska Permanent Fund with
@nomadj1s
. And with the fantastic
@Claudia_Sahm
.
Saturday, June 25 at 11 am ET, 8 am PT (virtually)
@The_BIG_Conf
Register here:
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What does your favorite “grass is greener” fantasy job have that’s better than your current job?
Lots more meaning
132
Less dealing with people
41
Less performance pressure
99
Lots more money
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This doesn’t necessarily make decomposition exercises useless, but it DOES mean we have to be extra careful about the assumed counterfactual when comparing different studies.
1
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Looking forward to discussing
#AI
, its potential anticompetitive effects, and how regulation can address them. Today
@CompetitionLaws
8th
#GlobalAntitrustEconomics
Conference
@NYUStern
in New York.
#Antitrust
👇
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Here’s his cool paper
@QJEHarvard
with
@juliensauvagnat
. Economic shocks propagate through the production network: a $1 loss in sales for an affected (specialized) supplier leads to $2.4 loss for customer firms.
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@arindube
@MartinSGaynor
6. Take on an editor role in a journal and / or try to improve the publication process
7. Serve on grant panels and/or try to improve the grant making process
8. Develop new courses and share them with colleagues
9. Organize conferences / workshops
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Cooling off the economy by raising interest rates typically increases unemployment, which disproportionately affects low income people. Raising income tax rates would instead disproportionately lower the consumption of high income people.
2
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7
I feel vindicated in my decision to pick up the acoustic guitar during the pandemic: every set of tourism posters produced by DALL.E for Colorado, Canada or the US features at least one guitar. It's clearly popular & cool 😙👇
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How can you optimize policy thresholds, such as grades to maximize the positive impact of remediation? We discuss methods in the Regression Discontinuity Design framework. See our newly published paper in
@PLOSONE
with
@KordingLab
& Sofia Triantafillou
1
4
8
Why do black claimants get lower unemployment benefits? If you missed our
#NBERSI
presentation, check
@DaphneSkandalis
’s summary thread below
1
3
7
I discuss the evidence from Alaska, as analyzed in our recent work with
@nomadj1s
. The upshot: not much evidence that policies like
#BasicIncome
cause significant inflation.
0
3
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@pmichaillat
@jasonfurman
I’ve just been told (by
@LeoAparisidL
) about this paper by
@ChristianKWolf
. Seems highly relevant
@gchodorowreich
@ben_moll
0
1
7
@arindube
@MartinSGaynor
10. Do more policy relevant research (as you said).
Etc.
The above are things that are already within the academic role, but it’s worth thinking about which ones to do and how, and what’s a good fit.
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This somewhat surprised me given that money is not the main driver of job satisfaction. However, the question was a counterfactual one about an alternative job. So the result may be interpreted as compensating differentials: people don’t maximize income when picking their jobs.
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@besttrousers
@LHSummers
Yes, magnitudes matter! Evidence matters! We can’t just resort to good old models and go home satisfied we know what policy is best.
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@arindube
@MartinSGaynor
Then, as a tenured academic, you can also do things that are not directly in your job description but where your skills could help:
1. Public communication: Twitter, op-eds, trade books, podcasts, etc. Extra points if you promote others’ research, not just your own.
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7
Dos and donts in podcasts with academics:
❌Long discussion about why & how they wrote this paper
❌Discussion of the topics covered by the paper instead of the actual findings
✅ Go straight to the key results & introduce fun new concepts: e.g.
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Tune in now! Will
#BasicIncome
foster inflation?
I will be talking about the effects of the Child Tax Credit on inflation. (spoiler very small). the excellent
@mioana
presenting too at
@The_BIG_Conf
.
Saturday, June 25 at 11 am ET, 8 am PT (virtually).
Register here:
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@ULojkine
@itaisher
@arindube
@snaidunl
@annastansbury
@akbarpour_
@BrankoMilan
@LILCICERCH
@lastpositivist
@BatutCyprien
@Carbonnier_Eco
@BiasedStats
@FrancoisGeerolf
@enzoreds
@cozyunoist
@Undercoverhist
I look forward to reading that! Please share when it’s ready.
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Markets are not a homogeneous soup where all shocks get smoothed out: firms that lose a key differentiated supplier cannot quickly adjust and have to reduce production. This is reminiscent of how workers cannot replace a lost job with an equivalent one. Switching costs all over!
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Or maybe I should just accept my writing as dry as it is, and focus on my guitar and singing :) So many possibilities for growth and happiness, and for enjoying the moment too!
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@estebanjq3
That’s one of the things you should do as a senior professor: help the juniors! But how? What are the best things we can do?
1
0
7
@ULojkine
@itaisher
@arindube
@snaidunl
@annastansbury
@akbarpour_
@BrankoMilan
@LILCICERCH
@lastpositivist
@BatutCyprien
@Carbonnier_Eco
@BiasedStats
@FrancoisGeerolf
@enzoreds
@cozyunoist
@Undercoverhist
I'm reading it, it's very cool, still processing and haven't finished yet. I really wished somebody had written something like that, and now you have!
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Politicians or lawyers are expected to push an agenda, but shouldn’t academics be expected to teach us about the whole of reality? I’m not sure, there may be exceptions to this, but I wonder if what you think
#EconTwitter
?
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@LarryMishel
@ikuziemko
@snaidunl
@imkahloon
@epopppp
I don’t think economics is inherently right-wing (or left-wing). However, it IS problematic that we tend to go around saying some policy is “efficient” or “optimal” as if this were a positive technical statement when it is in fact derived from a specific normative framework.
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@arindube
@MartinSGaynor
2. Policy papers & policy consulting
3. Serve in government
4. Advise companies and/or non-profits to do stuff that you think will promote the greater good, sit on a board
5. Become an entrepreneur
6. Become a politician: run for office
7. Create a non-profit
Etc.
1
0
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I have some plans about how to write this review (I recently wrote a closely related one on worker power with
@JakeRosenfeld1
, to come out soon).
Hearing about YOUR take helps me think deeper, improve my plan, and address issues/papers I may have overlooked.
#EconTwitter
0
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6
To be fair, (good) referees often make you write caveats in the paper.
0
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@arindube
@itaisher
@MartinSGaynor
Well, I think there’s a space for “fundamental” research in economics about e.g. understanding how competition works, or aspects of economic history, that may not have immediate applications but are still valuable contributions to knowledge.
2
0
6
Does anybody NOT have any “grass is greener” fantasies? I adore my job and honestly think it’s the best, but I still occasionally have these fantasies. I think that’s because no job is perfect and you can always occasionally dream about what you don’t have.
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Basically, determining which part of inflation is due to “supply” involves figuring out the gap in supply from some counterfactual. If demand policies also affect supply, it gets extra murky: should you calculate the gap in supply in the absence of demand policies?
@jasonfurman
2
0
5
On June 15, I will speak at the
@AntitrustInst
23rd Annual Policy Conference. I'm on the panel "
#Antitrust
as a Tool in a Bigger Toolkit: The Public Policy Approach to Protecting Competition". Register:
0
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@JohnHolbein1
1. Yes, definitely!
2. Journaling about your values and goals. This includes both general values and goals, and broad research areas you’re interested in. Personally, after tenure, I accepted requests to do lit reviews, I started a podcast and took leave to do policy work.
1
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If you're at
#LERA2022
online, join us shortly
@2
:15 ET for this discussion with
@WhiteHouseCEA
's
@hboushey46
and
@WSpriggs
on
#antitrust
, wages and income
#inequality
. 👇
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I look forward to Wednesday’s session labor
#antitrust
at the National Association of Attorneys General
@NatlAssnAttysGn
Eastern meeting! We’ll discuss no poach, information sharing, & more! Join us Wed 2:20 EST & share your thoughts on these key issues.
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