Esteban Rossi-Hansberg
@HansbergRossi
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Macro, Trade, and Urban Economist. Professor of Economics at the University of Chicago.
Chicago, IL
Joined September 2019
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RIP Jonathan Eaton, a great economist that transformed the field of international trade. He should have received a Nobel prize for his many invaluable contributions to economics.
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After 16 great years at
@PrincetonEcon
and
@PrincetonSPIA
, I am moving to
@UChi_Economics
. Back to my alma mater. Very excited!
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Such a sad day. Bob Lucas, the most important economist in modern macroeconomics, and certainly the most important economist in my life, died today. He was such a deep and honest thinker. He was such a helpful and caring mentor. I owe him so much. Farewell Bob. Thank you.
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Honored to serve as an editor of the JPE. Send me your best work, I will be very selective, but will try to be fair, efficient, and fast.
Today the JPE welcomed several new editors to the team: A. Atkeson, M. Dell, L. Lochner, E. Rossi-Hansberg, and A. Shaikh. M. Mogstad assumes the role of lead editor. The JPE thanks outgoing editors, H. Uhlig and J. Heckman, for their distinguished service to the journal.
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My paper “Learning from Coworkers” with my great Princeton colleagues Gregor Jarosch and Ezra Oberfield was just accepted by Econometrica. So happy! Here is the accepted draft:
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What we learn from coworkers is a significant part of our compensation. Are we losing it by not going to the office?
How much do workers learn from their coworkers? We show that learning from colleagues, particularly the more knowledgeable ones, is significant. At the bottom decile of the knowledge distribution workers receive as much as 16% of their compensation in the form of knowledge
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Good prize, but why not Nobu Kiyotaki?
BREAKING NEWS:
The Royal Swedish Academy of Sciences has decided to award the 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig “for research on banks and financial crises.”
#NobelPrize
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I am honored and delighted.
Seven UChicago faculty have been elected to the prestigious American Academy of Arts and Sciences (
@americanacad
)—which recognizes extraordinary accomplishments and leadership in academia, the arts and more.
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Fantastic news. Congratulations to
@itskhoki
for winning the 2022 Clark Medal. A great economist and a fantastic person and colleague. Wonderful choice.
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The U.S. has the great advantage of having the best university system in the world. It attracts some of the brightest students. Many of them stay in the U.S. afterwards. Jeopardizing this great privilege with xenophobic immigration policies is simply absurd.
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My paper “Location as an Asset” with
@AdrienBilal
just accepted at Econometrica (
@ecmaEditors
) Location is an asset with intertemporal costs and benefits that financially constrained agents can use to smooth consumption. And they do! What a pleasure to work with Adrien on this.
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New in the NBER Reporter, a review of our research agenda on Climate Change: The Economic Impact of Climate Change over Time and Space
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I am looking to hire a Research Specialist (pre-doc) starting this summer at
@UChi_Economics
to work with me on a number of projects in spatial, trade, environmental, and macro. Candidates should apply here:
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In case someone is interested. Everyone is welcome.
Join us tomorrow at 11:00 Eastern Time (17:00 Central Europe) for the final
#UrbanEcon
lecture with
@HansbergRossi
(
@PrincetonEcon
) on "Dynamics in Spatial Economics" (). Live at
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We say it would triple:
If everyone who wanted to migrate were able to do so, global GDP would double, estimates one expert
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He should get the Nobel Prize
#PrincetonU
Professor Nobuhiro Kiyotaki has been awarded an honorary doctorate by
@EdinburghUni
.
Learn more about Kiyotaki's contributions to the fields of finance and economics:
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We are at home, the economy is shut down for all non-essential economic activity, but what’s the plan? For how long? We just wait for months? Why are we not spending billions testing, isolating the infected, and espanding medical capabilities. This is the main priority!
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Delighted that this paper with
@jlcruzalv
is coming out in the
@RevEconStudies
Many years and a lot of effort went into it. If you are interested in the economic impact of climate change, we hope is will be useful.
``We propose and quantify a dynamic economic assessment model of the world economy with high spatial resolution to study the cost of global warming and the importance of a variety of adaptation channels.''
From
@jlcruzalv
and
@HansbergRossi
:
#CarbonTax
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New paper on banks; in space, of course!
A theory of multibranch banks that sort into heterogeneous locations yields two forms of sorting, span-of-control and mismatch, that account for the impact of deregulation in the 1980s and ’90s, from Oberfield,
@HansbergRossi
, Trachter, and
@derekwenning
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The JPE has two new Journals: Macroeconomics and Microeconomics with
@GregWKaplan
and
@Econ_4_Everyone
as lead editors. Send you papers, but save the very best for the
@JPolEcon
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Come work with me at
@BeckerFriedman
as a research professional. You can collaborate on projects related to the spatial economic impact of climate change, the impact of work from home on cities, among other topics. Apply here:
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How are undocumented workers in the restaurant, hospitality, and home cleaning industries supposed to survive in a lockdown? Do the transfers reach them? This is a humanitarian time bomb.
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Emmanuel was the best economist of his generation. A true scholar. How sad and shocking. Rest in peace.
Rest in peace Emmanuel Farhi. A brilliant researcher, an insatiable mind, and a wonderful person & friend. Au revoir, cher ami.
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Plants in Space, a new paper that studies the plant location decisions of firms. A hard problem.
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Finally out, after years of work and great editorial guidance from Ali Hortaçsu at the
@JPolEcon
: . Firms that add layers of management increase their quantity productivity but decrease their revenue productivity, since they lower their price to sell more.
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Adrien Bilal and Charly Porcher defended today. Fantastic PhD students. Best wishes to both of them in their careers. So proud!
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Olivia’s paper on the role of political fragmentation for the misallocation of road infrastructure is illuminating. I wrote my dissertation 22 years ago on optimal zoning. It is incredible how much the field has advanced since then. This is the current state of the art.
OLIVIA BORDEAU works at the intersection of urban economics and international trade, and her Job Market Paper (JMP) studies the determinants and consequences of commuting infrastructure in Santiago, Chile
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A new survey of the literature studying spatial aspects of climate change.
New working paper, "Climate Change Economics over Time and Space," from
@UChi_Economics
'
@HansbergRossi
and
@klausvanieper
.
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Finally! Our paper on the economic costs of coastal flooding came out in this issue of AEJ:Macroeconomics. Look at Figure 3, which illustrates the great importance of adaptation. Multidisciplinary work is really hard.
The April 2021 issue of AEJ: Macroeconomics (13, 2) is now available online at .
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First live presentation in more than 18 months at Minnesota Macro today. Feels good!
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Please, please, do no leave Trump any discretion on how to use the stimulus package. He will surely misuse it. We need more respirators, protective equipment, and hospital beds. And lots of tests. It’s cheeper and more effective.
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Fantastic group. Princeton is lucky to have them. Congratulations!
We are thrilled to announce that the Princeton University Board of Trustees has approved the promotions of Michal Kolesár, Eduardo Morales, and Owen Zidar to the role of full professor with tenure.
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As Princeton’s president wrote “this is policymaking at its worse: cruel, opaque, and arbitrary.” And economically costly too!
We stand firmly with our international students.
#PrincetonU
is filing an amicus brief in the lawsuit that
@Harvard
and
@MIT
brought against
@DHSgov
and
@ICEgov
earlier today.
Read more in a letter from President Eisgruber to the campus community.
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Happy Birthday to Bob Lucas, also my advisor and now my new colleague.
Happy birthday to my thesis advisor, the great Professor Robert E. Lucas, Jr.
@IvanWerning
@EulerEquation
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Santiago has an excellent JMP. Must read.
@FrancoTabaresSa
research focuses on Macroeconomics, Spatial Economics, and International Trade. In his job market paper, he studies differences in output market power across U.S. cities and how they lead firms to locate inefficiently across space:
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Come work with me as a Research Professional. You will have an opportunity to work on projects related to the spatial economic consequences of climate change, the structure of cities, mobility, international trade, and more. Information below:
✨Research Professional ✨
@BeckerFriedman
Sponsoring Researcher: Esteban Rossi-Hansberg
@HansbergRossi
Fields of research: International trade, spatial economics and the economics of climate change
Apply @
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Just out: The role of sectoral specialization as an adaptation mechanism to climate change. We find that trade and migration are substitute forms of adaptation.
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Hugo is a fantastic economist who has produced several excellent papers on learning and mobility across cities, outsourcing, and supply chain resilience. Everyone should try to hire him this season.
Hugo Lhuillier’s (
@Hugo_Lhu
) job market paper studies how the sorting of individuals into cities shapes human capital accumulation.
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New working paper on the spatial and aggregate effects of global warming. We analyze the role of migration, innovation, and carbon taxes and green energy subsidies. The spatial distribution of effects is a crucial part of this problem! Comments welcome.
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Come on USA. Make us proud, as you have done so many times. Vote and elect Biden, clearly.
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New paper on Globalization and Pandemics with
@pol_antras
and
@ReddingEcon
, two of my favorite coauthors. Comments welcomed:
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Prosecute the mob, reconvene congress, and certify Biden as President. Now!
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Wow, a dramatic case of spatial misallocation!
This video speaks volumes about the oversupply in China's housing market. 15 tower blocks in Kunming 昆明, the capital of Yunnan province, were demolished last month after sitting unfinished for eight years.
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This is excellent. An easy way to learn about the latest findings in the Spatial/Urban literature.
@ProfDiegoPuga
and
@jeffrlin
do a great job summarizing the papers. Thanks for including “Location as an Asset” ()!
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Please be careful, the account
@HansbergR0ssi
is a fake account impersonating my account. Note the 0 in Rossi. Do not follow. It has been reported.
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New Princeton Economics Department ( ) and IES () websites. Check them out. A great improvement if you ask me.
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There’s a lot to like about the national chains setting up shop in small and midsize markets, write Chang-Tai Hsieh and
@HansbergRossi
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Welcome to immigration control in Europe (BRU) for US visitors.
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Using spatial integrated assessment models to understand the local and global economic impact of climate change | CEPR
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Thanks to
@lugaricano
for putting this book together (and for including me). A fun way to find out what economists are thinking about. Capitalism after Covid: Conversations with 21 Economists | VOX, CEPR Policy Portal
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The yearly list of published urban/spatial economics papers from
@ProfDiegoPuga
is a gem. Read them all, and don’t skip g!
These are 10 of my favourite
#UrbanEconomics
articles published in academic journals in 2023, continuing with a tradition from the last few years (order is alphabetical by first author, no ranking implied):
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RIP Paolo Rossi. In 82, I celebrated each of his goals thoroughly with my father and sister. Thanks for the idilic childhood memories.
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Tomorrow, September 3rd at 11am ET, I will present my latest work on climate change at the Virtual Seminar on Climate Economics. Everyone is welcome:
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Everyone is welcome!
The effects of global warming and the reactions to it vary in different regions of the world. People can adapt to higher local temperatures by migrating, trading, and investing.
@HansbergRossi
will discuss the role of these mechanisms. Register now →
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If you are interested in working with me and
@FelixTintelnot
for the next two years, please apply. The academic environment at BFI is simply fantastic.
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More on Bob
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Congratulations to my colleague Eduardo Morales for this well deserved prize:
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A nice discussion of our paper on the “Industrial Revolution in Services”:
What if rising concentration were an indication of more competition, not less?
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Explore the local welfare effects of global warming with this interactive map created by
@BeckerFriedman
.
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A nice article by Giovanni Peri and
@bobnic72
. It features some of our work on climate change and sectoral specialization: On the economic geography of climate change | VOX, CEPR Policy Portal
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New paper on the effect of global warming on local sectoral specialization across the world.
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Trade costs play a key role in the importance of sectoral specialization as a mechanism to adapt to the consequences of global warming.
High spatial resolution analysis shows that global warming will shift agricultural specialization from Central Africa, Brazil, and India, to Central Asia, China, and northern Canada from Bruno Conte,
@klausvanieper
, Dávid Krisztián Nagy, and
@HansbergRossi
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José-Luis Cruz (
@jlcruzalv
) has written an important JMP on the effect of climate change on sectoral specialization. He is a wonderful economist and a great coauthor. Everyone, and specially potential employers, should read his work. He is a real catch.
José-Luis Cruz's (
@jlcruzalv
) job market paper evaluates the welfare consequences and labor market reallocation of global warming, accounting for the vast heterogeneity of damages across geographic locations and economic sectors:
#EconJobMarket
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Princeton’s International Economics Section is now on Twitter
Hello. Welcome to
@IESPrinceton
, the new twitter account of the International Economic Section at Princeton University.
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Interesting, but missing endogenous economic adaptation through migration, trade, and local innovation: Comprehensive Evidence Implies a Higher Social Cost of CO2
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Just confirmed: Princeton will be all remote for undergrads in the fall.
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First one tomorrow! Seminar Series: Trade and Spatial Afternoons | BFI -
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Thanks to the SED, thrilled to participate.
We are thrilled to announce that Esteban Rossi-Hansberg will be a Plenary Speaker at SED 2022
📢📢📢
@YANBAI25157736
@HansbergRossi
@UChi_Economics
#SED_2022
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Here is a link to the video of yesterday’s session of the World Congress of the Econometric Society with Per Krusell and Philippe Aghion on Climate Change. I presented some of my ongoing work on global warming with Jose-Luis Cruz:
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Excellent paper. Glad it is being published in
@RevEconStudies
``What are the origins of U.S. cities? I argue that trade in farm goods contributed substantially to the formation of cities and aggregate U.S. growth in the 19th century.''
From Dávid Krisztián Nagy
@bse_barcelona
@CREIResearch
:
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Rethinking Detroit, our analysis of the structure of Detroit and the policies to improve it, is finally published:
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Work from home in cities: A tale of coordination and multiple equilibria | CEPR
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Today at 3:30pm ET come see a presentation of “Plants in Space” at the NBER ITI, here is a link to the livestream: , and here is the paper:
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Gracias
@lugaricano
. Gran historia
@esquivelgerardo
. Lamentablemente México, junto con muchos otros países, no ha fomentado lo suficiente la investigación. Un gran desperdicio de mentes brillantes.
Extraordinaria historia. Un mexicano escribió una tesis doctoral en Stanford en 1966 que contiene las semillas de las contribuciones de cuatro nobeles en economía. Se va a trabajar a un ministerio y cae en el olvido. Triste y asombrosom. Merece un reconocimiento
@HansbergRossi
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Great to present in person, and in ERWIT in Milan, again!
Wonderful having the European Research Workshop in International Trade in person in Milan! Thanks to
@BJavorcik
,
@GNavaretti
,
@Altomonte_C
& Gianmarco Ottaviano for getting us discussing research face-to-face again (
@cepr_org
@LdA_CentroStudi
@LaStatale
@Unibocconi
@UniCreditPR
)
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A great hiring opportunity!
In his job market paper,
@castrovincenzi
examines how climate change disruptions impact firms’ spatial organization.
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Not the right balance, in my opinion.
In the AEA Conference Papers and Proceedings: no macro, no inflation, no fiscal policy, nothing on the stimulus, no monetary policy, no climate, no industrial organization, no trade, nothing on long term growth.
Aprox. 20 papers on race, 20 on gender.
Right balance?
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A conversation with Princeton students on my research on climate change and a variety of other issues. Hope it’s interesting for some of you.
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A much better approach: back to work, carefully, with testing and protection, depending on age. We need a nuanced policy, not just simply a shut down of all non-essential businesses. Fully agree with
@JohnHCochrane
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John wants cost-benefit analysis of climate policy. I agree. Here is a framework to do the analysis, with an evaluation of several policies and their consequences at a high spatial resolution:
The Grumpy Economist: How much does climate change actually affect GDP? Part I: An illogical question.
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Yes, very excited this paper is forthcoming. Great privilege to work with
@pol_antras
and
@ReddingEcon
Excited that this paper with the great
@pol_antras
and
@HansbergRossi
is forthcoming. While the main contribution is theoretical, it certainly has the longest time interval of data of any project I have worked on from 1347-2020!
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Optimizing the geography of occupations across U.S. cities
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Fantastic news. So well deserved!
August-Lösch Prize 2020 awarded to Cécile Gaubert (UC Berkeley). Congratulations! She is joining a great line-up:
@JDelaRocaUSC
2018, A Storeygard 2016, H Koster 2014, K Behrens & Y Murata 2012,
@klausvanieper
&
@HansbergRossi
2010, G Duranton &
@henryoverman
2006.
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From my work with
@AdrienBilal
on Anticipating Climate Change
Anticipating climate change benefits workers and investors, finds our Top
#3
Chart of 2023 from
@HansbergRossi
.
Without anticipation, the impact on worker’s welfare in parts of FL, LA, SC and TX amounts to ~$400/yr in additional losses.
#EPICTop10
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Finally, I was feeling a little anxious about not having a COVID paper 😉
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Congratulations!
Congratulations to all the winners of the 2024 Sloan Fellowships! So many good young Scholars! (Note that the Sloan School is unaffiliated with the Sloan Foundation, so there is no conflict of interest for those winners at Sloan or taught & advised by Sloan faculty.)
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Interested in understanding how market power varies across space and why? Read Santiago Franco’s job market paper.
@FrancoTabaresSa
research focuses on Macroeconomics, Spatial Economics, and International Trade. In his job market paper, he studies differences in output market power across U.S. cities and how they lead firms to locate inefficiently across space:
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This is really a great interview of Fernando Alvarez (
@alvafer64
) on Bob Lucas. A must for everyone interested in Bob’s contributions.
Conversations with Sebastian Galiani: I talked with Fernando Alvarez (
@alvafer64
), Professor of Economics at the University of Chicago, about the remarkable contributions and enduring legacy of Robert E. Lucas Jr.
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Lucas 78, what an amazing paper!The example of “Poulet Frit Kentucky “ in the conclusion fits perfectly with the evidence we document 42 years later:
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Un placer como siempre hablar con
@lugaricano
. ¡Qué lujo para el congreso europeo tener un economista como él!
Hoy en
#CapitalismAfterCoronavorus
un entrevistado particularmente querido,
@HansbergRossi
, uno de los mayores expertos mundiales en geografía económica. Hablé con el del futuro de las ciudades y mucho mas. Os dejo un extracto en
@elconfidencial
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Congratulations to Cecile Gaubert, she is a superstar economist!
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A research brief from BFI on The Economic Geography of Global Warming | BFI - . Enjoy!
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Our work on the economic costs of global warming referenced in the WSJ. The spatial inequality of the effects of global warming is the key issue, though. Not so much the magnitude of the average loses, which are highly uncertain.
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