Edouard Challe
@ChalleEdouard
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Prof. of Economics @PSEinfo @CNRS @cepr_org
Paris, France
Joined September 2018
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Pinned Tweet
#Macroeconomic
#Fluctuations
and
#Policies
: Thread on my advanced undergrad
#textbook
@mitpress
, based on lectures
@Polytechnique
&
@ENSAEparis
&
@columbia_econ
(thanks to
@AllianceProg
) ⬇️
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Delighted to join!
👏 We're delighted to announce the arrival of eight new faculty members.
A warm welcome the to Professors
@Zei_Abo
, Daniele Caramani,
@ChalleEdouard
,
@GuilhotNicolas
, Sarah Nouwen,
@ProfCRadaelli
, Diane Stone &
@maartenpvink
.
Read more:
🔎
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Every cloud has a silver lining: in the future German officials won’t be in a position to lecture the rest of Europe anymore
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📢𝐂𝐚𝐥𝐥 𝐟𝐨𝐫 𝐩𝐚𝐩𝐞𝐫𝐬 𝐚𝐥𝐞𝐫𝐭!📢
Conference on "Heterogenous Agents in Macroeconomic Models", Prague (
@CNB_cz
), 𝐌𝐚𝐲 𝟏𝟔-𝟏𝟕 (submission deadline 𝐌𝐚𝐫𝐜𝐡 𝟏𝟖)
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What are the effects of a negative AS shock & how should the central bank respond?
THREAD, partly based on a just-published paper of mine (AEJ Macro April 2020)
(1/7)
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Finally reading this jewel. Makes me feel like becoming a search theorist and do nothing else
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My daughter just asked me whether I ever considered becoming a scientist 😬
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La BCE n’est PAS responsable des taux d’intérêts négatifs ou nuls en ZE. C’est parce qu’il y a trop d’épargne et pas assez de consommation et d’investissement que les taux sont faibles ET PAS L’INVERSE
Si l'objectif de la BCE est d'assurer la solvabilité de tous les Etats de la zone euro, elle ne pourra jamais sortir de la politique de taux d'intérêt nuls ou négatifs
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All the presentations and discussions can be found here :
Thanks again to our fantastic keynotes
@a_auclert
@Jonheathcote
& Vincent Sterk, and to the CNB for hosting!
📢𝐂𝐚𝐥𝐥 𝐟𝐨𝐫 𝐩𝐚𝐩𝐞𝐫𝐬 𝐚𝐥𝐞𝐫𝐭!📢
Conference on "Heterogenous Agents in Macroeconomic Models", Prague (
@CNB_cz
), 𝐌𝐚𝐲 𝟏𝟔-𝟏𝟕 (submission deadline 𝐌𝐚𝐫𝐜𝐡 𝟏𝟖)
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ON FISCAL POL. IN THE EZ. Let me restate a basic point. When the real interest rate is inefficiently low due to high demand for liquidity, debt-financed fiscal expansions efficiently raise that rate and may even pay for themselves. Cf. Woodford (1990) and Challe-Ragot (2010) 👇
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Mon point de vue dans
@LesEchos
sur le mémorandum des anciens banquiers centraux européens. Ceux-là ignorent 2 concepts fondamentaux de l’analyse macro : le « taux d’intérêt neutre » et l’« ancrage des anticipations d’inflation »
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Our VoxEU column on monetary policy and inequality (and if you want to dig further, see also our related underlying paper )
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In Paris this Friday? Come and attend the 2 special sessions on "HANK and Optimal Policy" that
@Xavier_Ragot
(
@ofceparis
@ScPoEcon
) and I (
@EUI_EU
@EUI_ECO
) have set up as part of the French Economic Association congress (
@AfseContact
) at
@sciencespo
👇
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Call for papers: Conference on Individual Risks and the Macroeconomy (Paris, 16-17 June 2022). Feel free to circulate
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It’s called robust control. Macroeconomists are fortunately much more diffident about their own models than you are. There are plenty of reasons why you may want to be gradual - not always embedded in simple models
200bps rate hike.
There is no well-accepted theoretical justification for smoothing interest rate increases. Go directly to the optimal level.
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Il y a une confusion (ou mauvaise fois ?) dans les discussions autour du Ubergate. Que Uber soit loin de l’employeur modèle -et qu’il faille lui forcer la main dans cette dimension- ne remet nullement en cause l’utilité sociale d’avoir un acteur de plus sur ce marché
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You are contemplating a PhD in Economics and want to know more about
@EUI_EU
in Florence? Join us (me +
@sulealan_econ
+ admissions officers + current PhD students) for our next online Economics PhD Open Day on Dec. 15. Programme and registration link:
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Annals of Economics and Statistics to publish a special issue on "Advances in Heterogenous Agents models". Submit your paper! (Deadline 30 Sept)
More details here:
@AnnalsOf
@EUI_EU
@XDepEco
@CrestUmr
@T2M_Conference
@ofceparis
@IPParisEco
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CALL FOR PAPERS (Submission deadline Oct. 10)
I'm co-organizing this joint
@banquedefrance
/
@EUI_Schuman
conference on "Upcoming Macroeconomic Risks" (Florence, Dec. 1-2):
Keynotes by
@LucreziaReichli
(LBS) & Philip Lane (ECB)
@EUI_ECO
@EUI_EU
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Incredible mix of bad faith and bad economics. Luckily these guys are out !
Memorandum on ECB Monetary Policy by Issing, Stark, Schlesinger
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The great
@IsabelleMejean
giving the keynote speech on the second day of the CRC International Macro Workshop
@GESSuniMannheim
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La politique de la BCE a-t-elle les effets pervers qu'on lui prête parfois ? Les slides de mon intervention récente au
@CEPII_Paris
sur cette question :
@Polytechnique
@XDepEco
@ENSAEparis
@ofceparis
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If Germany does not act decisively, by doing all it can to force a quick end the Russian invasion of Ukraine and then mobilise its spare fiscal capacity to buffer the shock, the survival of the euro area will be at risk. Too many large negative macro shocks in too little time
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Zoom seminars will persist and reinforce star system
Maybe not the right time to ask this but I will do it anyway. What does
#EconTwitter
think the
#CoronavirusPandemic
will do to inequality and power of hierarchies and networks in econ academia? Vote but also feel free to comment:
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The Economic Journal
@EJ_RES
has a new virtual issue on “The Economics of Income and Wealth Distribution”:
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Je viens de recevoir ce superbe manuel d’introduction à l’économie, merci et bravo
@O_Goss_
@jbmichau
& Vincent Rollet pour ce travail !
@Polytechnique
@IP_Paris_
@IPParisEco
@CrestUmr
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(same last tweet, with correct link)
Attending EEA-ESEM 2023 and interested in HANK? Come & see the special contributed session on Open-Economy HANK models on Aug 29 at 9:00:
@ShabalinaKate
@laura__sp
@EEANews
@EUI_EU
@EUI_ECO
Sponsored by
@AgenceRecherche
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On sent le haut niveau de connaissance de la discipline… 😳
« J’aimerais que les jeunes #économistes fassent moins de mathématiques et répondent aux questions des
#citoyens
: les machines détruisent-elles des emplois ? A quoi va nous conduire le numérique ? Que coûtera à chacun le changement climatique ? » - Dominique Schnapper
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😂
also see: real analysis, markov chains, differential equations
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NON le QE n’est pas une monétisation de la dette : ça ne change pas la contrainte budg de l’état (hors stabilisation des spreads), ça n’augmente pas la quantité de monnaie (juste la monnaie de réserve) et ça n’est pas inflationniste (les anticipations d’inflation décrochent)
L’arrêt de la Cour de Karlsruhe révèle l’ambiguïté du comportement de la BCE
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Thanks again
@d_sergeyev
and
@Basile_G
for the invitation and also everyone (
@monacelt
@nicopavo
@ATrigari
@luigiiov
@FlorianOswald
@DanieleSiena_
M. Maffezzoli M. Marcellino +…) for the great seminar feedback, what a lively and friendly macro group you have
@Unibocconi
!
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1/N Condensé par
@PatrickArtus
dans
@lopinion_fr
des contresens actuels sur la POLITIQUE MONETAIRE EN ZONE EURO.
L’occasion pour un THREAD (avec liens) 👇
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@GaetanoGaballo
kicking off the conference in honour of Ramon Marimon
@EUI_ECO
@EUI_EU
@EUI_Schuman
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Fantastic match - congrats to both sides!
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Mon billet de blog avec Stéphane Auray sur l’inflation en zone euro (et dont le titre aurait pu être “la trappe à liquidité expliquée aux enfants”)
@Polytechnique
@XDepEco
@ENSAEparis
@CNRS
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Titre trompeur. Voilà la suite de la phrase, essentielle pour bien comprendre le propos : “Ce serait le symptôme d’une société timorée, qui épargne beaucoup mais n’investit pas. Une telle pathologie va bien au-delà de la politique monétaire”
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The same is true in Bewley models with flex prices. If inflation redistributes wealth money can be nonneutral. But we want more than just nonneutrality right? We want realistic responses of prices & quantities to mon. pol shocks - which flex price models typically fail to deliver
@pontus_rendahl
Details obviously depend on the model. Consider endowment economy. Effect is to redistribute purchasing power from rich to poor w/ no effect on RGDP (a critical aspect of CARES and ARP). In model w/ endogenous investment, could get investment boom. Etc.
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Once upon a time in America
Presidential spiritual adviser Paula White is currently leading an impassioned prayer service in an effort to secure Trump's reelection.
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Should the central bank care about inequalities and can this conflict with its traditional objectives? Check out our new working paper, with Sushant Acharya & Keshav Dogra
=>
@Polytechnique
@XDepEco
@IPParisEco
@ENSAEparis
@ofceparis
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Shameless self-promotion: Part IV (« The Liquidity Trap and Unconventional Policies ») of my new textbook
@mitpress
makes it clear why the hawks have it totally wrong on current ECB policy
Thread below 👇
#Macroeconomic
#Fluctuations
and
#Policies
: Thread on my advanced undergrad
#textbook
@mitpress
, based on lectures
@Polytechnique
&
@ENSAEparis
&
@columbia_econ
(thanks to
@AllianceProg
) ⬇️
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And from my own humble anecdotal experience it does show up in their attitude...
The richest families in Florence in 1427 are still the richest families in Florence in 2011 HT
@benphillips76
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Very good summary of an all too common misconception
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@giannitsarou
Well I have changed views from a car park in the Paris suburb to THIS and it does make a difference!
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📢Call for papers alert!📢
Next EUI-BdF conference on Macro, Price and Debt Stabilization (Paris, Sept. 11). Deadline June 1.
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Ouch
Randomized control trials (RCT) have no special standing among econometric methods. They do not simplify inference, nor can an RCT establish causality. They often carry serious and inadequately addressed ethical issues, from Angus Deaton
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In a few month time, I’ll be returning to my home country. The news tells me it is mote segregated than ever, and my twitter feed tells me it is politically more polarised than ever. Welcome to US-style France
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What a speech
Watch John McCain’s notable concession speech from the 2008 election
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Am I the only one to have a written check-list of things not to forget when I travel? (that it includes mostly obvious items like computer power cable tells me its true function is not a reminder but a way to cope with travel anxiety)
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This is a great paper👇
Here’s a thread about my first paper (I discovered today this
@AEAjournals
tweet!). The topic is the estimation of the elasticity of consumption to transitory shocks.
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Economics Professor Emmanuel Farhi, Who Wielded His Intellect for Public Good, Dies at 41 | News | The Harvard Crimson
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One week left to submit (deadline is Feb 29, NOT March 18!)
📢𝐂𝐚𝐥𝐥 𝐟𝐨𝐫 𝐩𝐚𝐩𝐞𝐫𝐬 𝐚𝐥𝐞𝐫𝐭!📢
Conference on "Heterogenous Agents in Macroeconomic Models", Prague (
@CNB_cz
), 𝐌𝐚𝐲 𝟏𝟔-𝟏𝟕 (submission deadline 𝐌𝐚𝐫𝐜𝐡 𝟏𝟖)
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Grossman-Stiglitz paradox redux
If AI platforms are allowed to re-post slightly altered content as product—content that took huge amounts of work to produce—that content will stop being produced. This has been happening with artists, and now happening with journalists.
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Been there…
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I’m reposting this (2 weeks to deadline)
Call for papers: Conference on Individual Risks and the Macroeconomy (Paris, 16-17 June 2022). Feel free to circulate
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Il ne faut pas financer EELV. Ce parti anti-science (anti-nucléaire, anti-OGM, occasionnellement anti-vax) doit mourir pour qu’un mouvement véritablement écologiste, centré sur la question du réchauffement climatique, emerge
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FUTURS DOCTORANTS :
@AntoineCamous
et moi-même présenterons, pour les candidats de France, le doctorat d’économie
@EUI_EU
(Florence) le 18/11 à 14h : (prés en ligne + Q&A)
PS : Français ou titulaires d’un diplôme français sont éligibles aux bourses FR
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Good luck, and good night:
The Grumpy Economist: Whack-a-mole: the long run virus
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@stef_alba
@MortenORavn
@helene_rey
The French university system is a wreck, hence unable to benefit from that outflow. The same is true of Spain and Italy. My guess is that English-language programs in Germany, Netherlands and Scandinavian countries will boom
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Thanks for using the book!
@c_cantore
This textbook by Edouard Challe is great (level: advanced undergraduate). It is a general macro book with a focus on the new keynesian approach 👇
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Une clarification salutaire, par
@BarthelemyEcon
(décidément très en verve en ce moment) et A. Penalver
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There is nothing in the French news about UK bonds and currency markets. Either French journalists are incompetent or no one cares about the UK anymore (perhaps both)
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Very nice piece but 2 precisions: CB asset purchases raise reserve money, not money, hence are not directly inflationary; it is not primarily the CB that determines the real burden of public debt but the demand for/supply of (safe) assets (CB seeks to “follow” so that r -> r*)
Like revenge, austerity is a dish best served cold.
I did a piece for
@guardian
On the corona debt debate
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Tout ce que vous avez toujours voulu savoir sur la “monétisation” de la dette publique sans jamais avoir osé le demander
Toute l'actualité de
@ofceparis
👉
Policy Brief /De la monétisation à l'annulation de la dette publique, quels enjeux pour les banques centrales ?/La crise de la Covid 19 changera-t-elle notre façon de faire de l'économie ? OFCE, INSEE, Banque de France
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J’apprends que le
@CNRS
, qui gère mon financement
@AgenceRecherche
, ne rembourse plus les affiliations de ses membres aux sociétés savantes. Mais à part ça l’ambition internationale reste intacte 🤔 (merci à
@CrestUmr
d’avoir trouvé une solution)
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Tip: Google map provides real-time info about train times, delays and connexions. Much bette than The Train Line. Very useful in countries with unpredictable railroad systems where you have to improvise your journey (🇩🇪😠). End of rant.
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On average over the past 25 years, how do the primary surpluses (as % of GDP) of Italy (I) and the Netherlands (N) compare? (HINT: one of them is a tax heaven)
N > I by more than 2%
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N > I by btw 0% and 2%
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I > N by btw 0% and 2%
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I > N by more than 2%
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I will be moderating a panel on the future of EU fiscal integration. Stay tuned!
📢 The State of the Union is back!
On 5 - 7 May,
#SOU2022
will bring together the worlds of
#academia
,
#policymaking
,
#media
&
#civilsociety
and come up with constructive proposals for a more effective EU action.
➡️ Stay tuned & find out more:
@EUISoU
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Same here
People complain a lot about being a PhD student. I *loved* being a PhD student. I couldn’t believe that I was being paid to study and learn! The deal of a lifetime.
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Happy to report that I managed not to hurt myself against my office walls while presenting. Thanks
@WinantPablo
for setting this up!
A lot to be learnt from the experience. Stay tuned. One conclusion stands out: it was interesting and fun, and, indeed, very immersive 🙃
@ChalleEdouard
😎
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A very modest & temporary wealth tax on the very rich will help us get out of this mess. By
@landais_camille
@gabriel_zucman
& E. Saez (btw: agreeing on it right now would reduce gov’t bond spreads in the EA and make the tax even cheaper)
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@BachmannRudi
True but one should be careful what one wishes for. This reflects more intense competition => predocs, 6y PhDs. This has a cost, and allocation of time/ressources may not be efficient
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Trump mocking Biden over mask wearing 3 days ago
"I don’t wear a mask like him. Every time you see him, he’s got a mask. He could be speaking 200 feet away from you and he shows up with the biggest mask I’ve ever seen," Trump told Biden at the
#2020Debates
, which took place less than 72 hours ago
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A recent paper by
@VeronicaGuerri7
,
@guido_lorenzoni
,
@IvanWerning
&
@ludwigstraub
looks at a different feedback from AS to AD, and with a proper “covid shock”
(). They also look at fiscal policy.
(7/7)
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Why? This confuses impulse vs. propagation. The impulse is the shock itself, the propagation is the general eq’m effect. The shock may directly affect AS, but the feedback to AD may be even stronger than the shock itself
(3/7)
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Quand il était lycéen Emmanuel Macron a lancé une gazette. Aujourd’hui elle s’appelle The Lancet
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HANK the TANK États-Unis : à l'origine de 21 cambriolages, l’ourse Hank The Tank a été arrêtée en Californie
par
@Le_Figaro
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@FabioGhironi
@markcliffe
@ProSyn
I like this one : « macroeconomists must recognize that distribution matters. Trying to model households’ economic behavior on the basis of a single “representative agent” elides... ». Go back to school
@markcliffe
🙄
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Moi je me souviens de questions (sincères) du genre : “Tu fais une thèse parce que tu n’as pas envie de travailler ?” Courage et bon Noël quand même !
- Tu finira avant la retraite ?
- Tu es vraiment payé avec un salaire ?
- Tu es un peu notre salarié car tu es payé par nos impôts !
- Tu vas être medecin en economie ?
Je crois que j’ai le bingo de Noël des doctorants.🎅
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@AntoineCamous
The issue I think is the combination of scale effects (a large number of economists can attend the same seminar) + limited time / attention (one economist can only attend so many). Something has to give, and that’s gonna be presentations by less established scholars
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He’s back
My message to my fellow Americans and friends around the world following this week's attack on the Capitol.
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May all the Dick from the internet shut their mouth on Monday
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