Very honored to receive this award and in such good company. Thankful to
@banquedefrance
and
@TSEinfo
and the members of the selection committee who put together a great conference mixing research and policy panels. Congratulations to all the other awardees.
Interested in international macroeconomics and finance? Find online all the materials from the Stanford Initiative: videos, slides, data, and code.
Intended to be a starter kit for PhD students interested in large-scale empirical work in the field. 1/n
Interested in international macroeconomics and finance? Find online the materials from the Stanford Initiative: videos, slides, data, and code.
Intended to be a starter kit for PhD students interested in large-scale empirical work in the field. 1/n
"Se aveste vinto voi, io sarei ancora in prigione. Siccome abbiamo vinto noi, tu sei senatore." Il partigiano e senatore Vittorio Foa al senatore fascista Giorgio Pisano'.
Buon due Giugno a tutti. Ringraziando di avere una Repubblica e una costituzione.
I am deeply honored to receive the Fisher Black Prize. The list of past recipients is a humbling one to join. The Prize also honors my co-authors and the many people who are doing great work in the field of international macro and finance.
Why is academia not moving fast(er) to video conference? We travel way too much anyway, our travel is rarely essential, we sit in a room with colleagues from all over the world and with students. We should be a prime candidate for video conferencing as a great alternative. Views?
📢📢The Italian economist MATTEO MAGGIORI, winner of this year’s Bernacer Prize “for his influential research on international finance and macroeconomics, including asset pricing and exchange rate dynamics.” Read the full announcement
A thread on US debt levels and its risks. The debt stock is high, rates are low.
Was low debt pre 2007 an inefficient waste of fiscal space? Or should we thank those earlier policy makers for affording us the ability to spend in GFC and pandemic without worrying? 1/n
This morning I received a devastating call. We lost Emmanuel Farhi. A true scholar, we shared research, but also interests in books, travel, art.
I choose to remember him fiercely engaged in our work. Walking deep in conversation through Harvard squared to get one of our coffees
I had two PhD students on the job market this year. Chris Clayton will join the
@YaleSOM
Finance Group, and Omar Barbiero will join the
@BostonFed
research group. Please join me in congratulating them and welcoming them to our profession. More great research from them to come!
Bob Lucas was one of the great intellectual forces in economics. Let me share a little known story about the famous Lucas Endowment Economy, which is the foundation of modern macro finance.
The article came out of Lucas meeting a MIT job market candidate, Pentti Kouri, who posed
Just to say this…
I do NOT agree that:
public debt is free,
increasing it is always a good idea,
if you borrow in your currency then debt sustainability is guaranteed,
we know the exact debt limits,
markets or economists will signal if a crisis is coming,
You?
The NBER Summer Institute meetings, including International Finance and Macroeconomics that I co-organize this year with
@InaSimonovska
, will be live-streamed online for everyone.
The programs as well as the livestream links (on the day) will be here:
The NBER Summer Institute International Macroeconomics and Finance Program is out.
Co-organized with
@galinahale_ucsc
Program:
It will be live streamed.
Looking forward to all presentations and discussions.
Understanding the sources of geoeconomic power: how it is used, which sectors are strategic, and what are its limitations, from Christopher Clayton,
@m_maggiori
, and
@jschreger
A return to the gold standard is a terrible idea. Why would one want as a monetary policy objective to stabilize the price of a useless metal? As opposed to say employment and the price of a large basket of goods? Look at the volatility of gold prices when not targeted 1/n
Interested in international macroeconomics and finance? Find online all the materials from the Stanford Initiative: videos, slides, data, and code.
Intended to be a starter kit for PhD students interested in large-scale empirical work in the field. 1/n
This article in
@JofFinance
celebrates the research of a great scholar and friend
@stroebel_econ
.
J has done brilliant work in many areas from household finance to real estate and social networks. His work is creative and always insightful.
I got to know J when we were on the
Delighted to be a
#CarnegieFellows
. Looking forward to doing more research on China’s internationalization of its currency.
Congrats to all the fellows!
Meet the 2022
#CarnegieFellows
! Through humanities and social sciences research, these scholars are helping us better understand the past, the enduring challenges we face, and how we can create a better future for us all. Congratulations, fellows! 🎉
We held the 4th edition of the Big-Data Initiative in International Macro and Finance.
There is a new website with all the slides, videos, codes, and data. A starter kit for anyone interested in doing research in international macro:
Take a look:
I am hiring two pre-doc fellows starting in summer/fall 2022 at
@StanfordGSB
Working in international macro and finance
Details here:
For background on research:
@econ_ra
Matteo Maggiori won the 2019 edition of the Carlo Alberto Medal.
Thursday, February 27 at 6 p.m.
@CollegioCA
the award ceremony will take place with the lecture of the winner entitled: The International Monetary System: New Theory and Evidence.
New paper "Internationalizing like China"!
We empirically characterizes the Renminbi’s bond market internationalization. We find that foreigners increasingly buy these bonds as substitute for developed government debt.
We provide a model to understand China's strategy.
This is a fantastic paper! It changed what i know and teach about sovereign default. Very strongly encourage it as a read.
A great example of careful research on facts that i think will be very influential
I lost this battle with co-authors so many times. Now The Economist makes it official. I lost the war.
One of the last uses of a latin education in econ research gone…
List of great books on history of international monetary and financial system. Put together over time for my PhD class. Feel free to add to it.
Features:
@B_Eichengreen
@BennSteil
@nfergus
Great to see this in print. For those of you who are interested in using this: the related codes and estimates are available here:
Going forward we plan to keep updating them and posting them. So stay tuned for further releases!
Lot's of FX intervention in the last few days
Last year
@HyunSongShin
@BIS_org
kindly invited me to give a lecture on the topic. Might be of some use:
there is also a very short note here:
We have a new lecture on Geoeconomics, covering the theory and empirics of economic coercion and fragmentation, by
@chris_d_clayton
@m_maggiori
and
@JSchreger
.
Watch here:
A survey of the literature on Global Capital Allocation. Focusing on offshore financial centers and non-bank financial intermediation. Both topics of great relevance to current policy debates.
A thread on job market candidates in international macroeconomics and finance. Please add below, self posting welcome. This is a tough year and it’d be great to give all candidates visibility!
The work that Hanno and Adrien have done documenting risk premia in exchange rates is great. It has become a classic fact for models to match and an important moment in practice. Estimating mean returns (risk premia) is very hard statistically given sample lengths, but i am
High-interest-rate currencies depreciate against low-interest-rate currencies when global vol spikes in equity markets.
Chart courtesy of Adrien Verdelhan.
We are HIRING predoctoral fellows starting in summer 2024! Come work with us to do research in international macroeconomics and finance.
@m_maggiori
@JSchreger
@acoppola4
Positions are based
@StanfordGSB
See flyer below for details:
If with no travel and no conferences to stimulate you, you are feeling in need of some pressure to keep up your academic productivity. Let me share some random musings (1/4)
I’d like to deeply thank my colleague
@HannoLustig
for a generous review of my work. So nice of him to take the time and write this. Thanks also to
@JofFinance
.
Very excited to be co-organizing the NBER Summer Institute session in International Finance and Macroeconomics for next two years. Ina Simonovska and I will try our very best. Send us your best papers!
Thanks
@pogourinchas
for invite.
@nberpubs
@nberrel
Borse di ricerca per studenti di PhD in Italia o all’estero. Sono una grande opportunità per tanti ragazzi.
Aiutiamo a diffondere l’esistenza di queste opportunita’!
A great thread on a wonderful life. I have been reading Hirschman’s early work and found it deep and insightful. It’s long lost in economics.
More than his development work (more well known) or his later dubious push away from modern econ…it is his early work on trade, finance,
Happy birthday to Albert Hirschman, who would be 109 today.
Hirschman—anti-fascist, resistance hero, later a development economist—may be the most interesting person to ever take up the profession.
🧵 and blog post on his remarkable life and work.
Robert Mundell passed away.
He had a lasting influence on international macroeconomics. His insights on capital mobility, exchange rate regime, and policy remain at the core of today’s theories and practice.
Please join me in congratulating my colleague
@DuffieDarrell
Nicolae Garleanu (one of my advisors) and Lasse Pedersen for receiving the Ross Prize for the paper
"Over-the-Counter Markets"
@ecmaEditors
2005. A paper of superb clarity that shaped our understanding of these markets
In Italia c'e' forse un po' di confusione su cosa fanno gli economisti di ricerca. Quest'anno per la prima volta il principale meeting di ricerca, il Summer Institute del NBER, sara' ungated livestreaming. Non e' divulgativo, ma lo consiglio comunque a molti. (1/2)
I’ll give the introductory remarks, based on a new chapter
“International Macroeconomics With Imperfect Financial Markets”
For the handbook of international economics. the first draft of which I just finished:
Looking forward!
Join us this Monday March 22, 12:30pm Eastern, to discuss recent progresses in our understanding of international portfolios. Looking forward to talks by
@m_maggiori
,
@helene_rey
,
@rrichmond
,
@itskhoki
, and Verdelhan.
Registration:
Teaching PhDs online? Musings:
1. Wonderful opportunity to have guest lectures. We'll be lucky to have
@WenxinDu
this week.
2. Assign videos to students before class; class is for value added discussion:
3. OBS virtual cam, slides on ipad works well
The news today and tonight out of Italy are just horrible. I spent the day speaking with family and friends across Italy, which fortunately are all fine. The toll this is imposing on the country is enormous, both physical and psychological. My thoughts are with all of you.
Friday 11/3 I'll chair a panel on "Financial Globalization and Geopolitics" at the NBER Asset Pricing Fall meeting in Stanford.
Panelists
@HyunSongShin
Linda Goldberg and
@itskhoki
will offer their views on payment systems, swap lines, value chains, and sanctions.
A cool paper. A reminder of the many forms in which macro industrial policy comes. Reminds me also of the great work of Farhi-Tirole on industrial monetary policy. Read it!
"Se aveste vinto voi, io sarei ancora in prigione. Siccome abbiamo vinto noi, tu sei senatore." Il partigiano e senatore Vittorio Foa al senatore fascista Giorgio Pisano'.
Buon 25 Aprile a tutti. Ringraziando di avere un'Italia libera e una costituzione democratica.
How do reserve currencies develop? How do we think of competition among reserve currencies?
New draft of paper on how China is internationalizing its currency:
Presentation tomorrow at 11am ET. Youtube:
@JSchreger
@_amandads_
Walking to my favorite spot of the Stanford campus. The “Gates of Hell” by Rodin. Inspired by Dante’s inferno. In 2021 i am left wondering: will they open?
New research collaboration with the European Central Bank (
@ecb
)
First paper: Reassessing Euro Area financial integration, looking through the financial activities taking place in European “onshore offshore financial centers” (OOFCs) — Luxembourg, Ireland, and the Netherlands.
The first long-run dataset of official international loans, covering 230,000 loans, grants, and guarantees extended by governments, central banks, and multilateral institutions, from Sebastian Horn, Carmen M. Reinhart, and Christoph Trebesch
I am very happy to share the NBER Summer Institute IFM program co-organized with
@InaSimonovska
. Submissions were great, and we are very excited about the program.
Our article with
@BrentNeiman
@JSchreger
is in print as the lead article for the May issue of
@JPolEcon
. Very nice to see it in print!
The article documents home-currency bias and the exceptional role of the dollar. Also shows the decline of the euro as an international currency
The NBER Summer Institute International Macroeconomics and Finance Program is out.
Co-organized with
@galinahale_ucsc
Program:
It will be live streamed.
Looking forward to all presentations and discussions.
We are looking for two predoctoral fellow to come work with us starting this summer. If you are interested in a predoc fellowship in international economics and finance, we might be a great fit.
Applications are open and reviewed on a rolling basis until positions are filled.
We are HIRING predoctoral fellows starting in summer 2024! Applications will be considered on a rolling basis. Come do research with us in international macroeconomics and finance. Position based
@StanfordGSB
Details:
@m_maggiori
@JSchreger
@acoppola4
The NBER Summer Institute call for papers for the IFM group is out, see below. Send us your best papers!
@galinahale_ucsc
and I will co-organize.
Submissions:
Evidence that the US government behaves strategically and exploits its market power when issuing debt, and that related distortions are sizable and give rise to a significant underprovision of global safe assets, from Choi, Kirpalani, and Perez
Cool to see this paper in print! Have been a fan all along
Textual analysis as a source of data in international macro and finance. I think this literature will keep expanding and yielding results. Well done to the authors.
In a new paper,
@t_a_hassan
,
@jschreger
, Markus Schwedeler and
@tahoun100
use text analysis to measure the risk that listed firms around the world associate with each of the 45 largest economies in the world. (1/2)
And the data... 👇
People often ask whether you can publish papers using data from other (than US) countries. The answer is yes, and I would love to see more of that. Here is a cool related article looking at country focus of papers.
Antonio Coppola (
@acoppola4
) is a JMC from Harvard. He works in international macroeconomics and finance. His job market paper investigates how investor composition, in particular heterogenous propensities to liquidate assets in crises, impact bond prices and firm real outcomes
@ShengwuLi
I regard advisors (and departments) who publicly state that they encourage students to feel free to accept and then renege on exploding offers as even better citizens. Since it removes stigma from job market candidates doing so. It is the advice my students receive from me.
Dark times. Racism and shaky constitutional rights. Tomorrow is the anniversary of the Italian Republic. A quote from a resistance fighter speaking to a fascist; they were both senators afterwards:
"If you had won, I would still be in prison. Since we won, you are now a senator"
I am co-organizing with Ina the NBER Summer Institute for IFM. Here is the call for papers. Submission link below. My two cents to lower barrier to entry! Pls retweet widely.
A simple theory: financiers had to be compensated for risk of holding pounds. Currency was weak, to leave room for appreciation. Uncertainty goes down, lower compensation needed, currency strenghtens. Consistent with theory, as in Gabaix-Maggiori (QJE 15)
It gives me enormous pleasure to see my brilliant co-author
@JSchreger
and the wonderful
@WenxinDu
honored as two of the 8 Sloan Fellows in Economics this year. Way to go for international macro and finance!
We are pleased to announce the 2021 cohort of the Sloan Research Fellows. These extraordinary early career researchers represent some of the most exciting young minds working today! We are so thrilled to be able to support your work!
#sloanfellow
So great to see former students jmp published! This is a great paper advancing our knowledge of how to regulate multinational financial institutions.
Strongly encourage you to read it and hope to see more work on this.
The
@AEAjournals
and
@SEDmeeting
held a session on Emmanuel Farhi's contributions to economics.
You can find the videos here:
Thanks to all the organizers and the associations that put this together.
💥💥💥Announcing the bi-weekly Online International Macro-Finance seminar (OIFM) starting on Monday June 8 💥💥💥 Sign up for the email list here:
@m_maggiori
@rrichmond
#EconTwitter
[1/3]
A methodology to restate global capital flow statistics from a residency to a nationality basis, which helps unmask issuance in tax havens, from Antonio Coppola,
@m_maggiori
,
@BrentNeiman
, and
@JSchreger
We are HIRING predoctoral fellows to start in summer 2025! Applications are due October 18 (portal opens on September 1). Come do research with us in international macroeconomics and finance. Based
@StanfordGSB
.
Details:
@m_maggiori
@JSchreger
@acoppola4
It was great to hold the 3rd edition of this initiative for PhD students interested in international macro and finance.
Thanks for
@StanfordGSB
@SloanFoundation
for the support. Thanks to presenting faculty, and most of all to the students who made it lively!
Interested in international macroeconomics and finance? The website below has all the materials from the Stanford Initiative, a two-day workshop that aims to get PhD students started in research in the field. 1/n
I am very happy to congratulate my former student Chris Clayton on receiving the 2020 AQR Top Finance Graduate Award. Please join me in congratulating all the awardees:
👉