Discover and read the best of Twitter Threads about #Jobmarketpaper
Most recents (2)
I've written a paper to show that part of the US’s financial turbulences witnessed since the 1980s are due to the fall in the Capital Gains Tax (CGT).
Without tax cuts, this is what would've happened 👇
Do you want to know why?
🧵 [1/10].
#EconTwitter #Econjobmarket
Without tax cuts, this is what would've happened 👇
Do you want to know why?
🧵 [1/10].
#EconTwitter #Econjobmarket
First, let me introduce the animal. It is my #Jobmarketpaper, written under the supervision of Prof. Albert Marcet at @IDEA_UAB, @CREIResearch, @bse_barcelona.
You can find it here: pau-belda.eu/wp-content/upl…
[2/10]
You can find it here: pau-belda.eu/wp-content/upl…
[2/10]
The Fact. Despite the Great Moderation, stock and housing markets experienced more turbulence.
The Fact is challenging to explain for much of the theory. If prices reflect fundamentals and fundamentals became more stable…Why did prices become wilder? 🧐
[3/10]
The Fact is challenging to explain for much of the theory. If prices reflect fundamentals and fundamentals became more stable…Why did prices become wilder? 🧐
[3/10]
🚨Job Market Paper🚨
Do inflation expectations respond to changes in Monetary Policy (Inflation Targeting (IT))?
The answer? No! But there are nuances.
Key Result 📢: Inflation leads expectations.
Details in the thread. #EconTwitter #Jobmarketpaper #Econjobmarket
Do inflation expectations respond to changes in Monetary Policy (Inflation Targeting (IT))?
The answer? No! But there are nuances.
Key Result 📢: Inflation leads expectations.
Details in the thread. #EconTwitter #Jobmarketpaper #Econjobmarket
Rational Expectations: Agents immediately adjust expectations to the target.
Adaptive Learning: Priors do not adjust after the introduction of IT.
Adaptive Learning: Priors do not adjust after the introduction of IT.
Forecast Errors (Realised Inflation - Predicted Inflation) change after the introduction of IT. Driven mostly by countries with a single mandate.
Implication: Inflation adjusts but not expectations.
Channel? Needs to be explored.
Implication: Inflation adjusts but not expectations.
Channel? Needs to be explored.
