Timo Reinelt
@timo_reinelt
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🔜 Economist @sffed • via @uni_tue @BrownUniversity @OxfordEconDept @EconUniMannheim @ecb • views are my own
San Francisco, CA
Joined December 2007
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🙂📣 I’m excited to announce that I will be joining the San Francisco Fed (
@sffed
) research department this summer. I’m very grateful to my mentors and thrilled to join the fantastic group in SF 🌁🇺🇸
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🚨Job Market Thread 🙂📣
My 𝗝𝗠𝗣 shows that monetary policy affects markup dispersion. Heterogeneity in price rigidity gives rise to this 𝙢𝙞𝙨𝙖𝙡𝙡𝙤𝙘𝙖𝙩𝙞𝙤𝙣 𝙘𝙝𝙖𝙣𝙣𝙚𝙡 of monetary policy. (cond. accepted
@REStat
)
🔗
🧵on my other papers👇
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Looking forward to presenting later at the fantastic EM^3C.
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Many exciting conferences this week👨💻: The CEPR ESSIM, the Oxford Conference on Firm Heterogeneity and the Macroeconomy, and the Ghent Empirical Macro Workshop will feature paper presentations by three of my great coauthors … 1/n
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Looking forward to presenting at the
#ASSA2022
session on "Price Setting and Inflation Expectations in a Low Inflation Environment", today Friday, Jan. 7 at 10am (EST) / 4pm (CET)
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@jan_eeckhout
@RaphAuer
Indeed, in a recent WP with
@OmirosKouvavas
@ChiaraOsbat
@isabelsabine
we provide empirical evidence for differences in pass-through / inflation responses between high-markup and low-markup sectors:
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✈️ On my way to London, looking forward to the E1 Macro Workshop at
@QMUL
I’ll be presenting our paper on the pass-through of corporate taxes to consumer prices and the role of firms’ market power 🔗
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New working paper with
@MatthiasMeier1
:
📃 Monetary Policy, Markup Dispersion, and Aggregate TFP
🔗
👇 Summary
1/4
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I'm looking forward to this great conference in Mannheim and excited to be presenting my paper on pass-through and firms' market shares (joint w/ L. Dedola and
@ChiaraOsbat
)!
Looking forward to our EABCN/Mannheim/Kiel conference:
"New Challenges in Monetary Economics & Macro-Finance"
featuring keynotes by Markus Brunnermeier (Princeton) & Christian Wolf (MIT) + many fantastic speakers!
Jointly organized with
@MSchularick
from
@kielinstitute
.
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Happy to have contributed research to the ECB Strategy Review background paper on low inflation. We show that inflation cyclicality is especially dampened in sectors with high markups. Link to the Occasional Paper: (see Box 7)
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Looking forward to this
#ASSA2022
session including our work with Luca Dedola and
@ChiaraOsbat
on price setting and corporate taxes:
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Looking forward to present at the North American Summer Meeting of
@econometricsoc
. Session with
@MinFangUR
and Patrick Kehoe on Monetary Policy with Heterogeneous Firms/HHs, happening at 9:00 ET / 15:00 CEST
#NASMES2021
(joint work with
@ImmoSchott
@MatthiasMeier1
J.Jungherr)
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Paper 2⃣: I show with
@MatthiasMeier1
, Joachim Jungherr,
@ImmoSchott
that "𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗗𝗲𝗯𝘁 𝗠𝗮𝘁𝘂𝗿𝗶𝘁𝘆 𝗠𝗮𝘁𝘁𝗲𝗿𝘀 𝗙𝗼𝗿 𝗠𝗼𝗻𝗲𝘁𝗮𝗿𝘆 𝗣𝗼𝗹𝗶𝗰𝘆": Firms with more maturing debt respond more to monetary policy
🔗
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Paper 3⃣: 𝗟𝗼𝘄𝗲𝗿 𝗿𝗲𝗮𝗹 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗿𝗮𝘁𝗲𝘀 amplify belief-driven housing price fluctuations and thus call for a 𝗵𝗶𝗴𝗵𝗲𝗿 𝗼𝗽𝘁𝗶𝗺𝗮𝗹 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 𝗿𝗮𝘁𝗲 - joint work with
@klaus_adam
and
@PfaeutiEcon
🔗
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Already yesterday,
@PfaeutiEcon
presented our paper with
@klaus_adam
on “Falling Natural Rates, Rising Housing Volatility and the Optimal Inflation Target” at the Qatar Centre for Global Banking and Finance conference, with a great discussion by
@caterinamendic2
5/n
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On Thursday 17:45 CEST in the MEF session of the CEPR ESSIM, Chiara Osbat (ECB) will present our paper with Luca Dedola (ECB) on “Tax thy neighbour: Corporate tax pass-through into downstream retail prices in a monetary union”. Programme here: … 2/n
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@_peterzorn
@FabioGhironi
@ben_moll
@SorryToBeKurt
@dandolfa
@glviolante
@farmerrf
@Simon_Mongey
Great compilation of papers showing that firm heterogeneity is important for monetary policy! Here is a short thread on a paper of
@MatthiasMeier1
and myself that looks at the role of heterogeneity in price rigidity and markups:
New working paper with
@MatthiasMeier1
:
📃 Monetary Policy, Markup Dispersion, and Aggregate TFP
🔗
👇 Summary
1/4
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@danc00ks0n
Why is there a discontinuous change in the color between -19% and -22% from orange to blue?
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Exciting: Tom Sargent and
@john_stachurski
are working on a QuantEcon textbook spin-off, draft available at
#EconTwitter
Tom Sargent and
@john_stachurski
are planning a hardcopy textbook to complement the QuantEcon lectures. We are keen to hear feedback and make improvements according to our reader's needs. If you can spare the time please complete our survey
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Paper 5⃣: The 𝗿𝗶𝘀𝗲 𝗶𝗻 𝗺𝗮𝗿𝗸𝗲𝘁 𝗽𝗼𝘄𝗲𝗿 leads to 𝗹𝗲𝘀𝘀 𝗰𝘆𝗰𝗹𝗶𝗰𝗮𝗹 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 and inflation responds less to demand, oil price, and monetary policy shocks - joint work with
@OmirosKouvavas
,
@ChiaraOsbat
, and
@isabelsabine
🔗
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On Thursday 16:45 CEST at the Ghent Empirical Macro Workshop,
@MatthasMeier1
will present or paper with Joachim Jungherr (Bonn) and Immo Schott (Montréal) on why “Corporate Debt Matters For Monetary Policy”. Programme here: … 3/n
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@LukasHenselEcon
@OxfordEconDept
@GESSuniMannheim
Thanks Lukas! A draft of the paper (joint with Joachim Jungherr (
@UniBonn
), Matthias Meier (Mannheim), and Immo Schott (Montreal)) will be available soon.
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On Friday 15:30 CEST, Immo will present our Debt Maturity paper at the Oxford Conference on Firm Heterogeneity and the Macroeconomy (organized by
@SedlacekPe
,
@GUlyssea
, and V. Sterk). Programme here: … 4/n
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Paper 4⃣: What are the 𝗲𝗳𝗳𝗲𝗰𝘁𝘀 𝗼𝗳 𝗰𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝘁𝗮𝘅𝗲𝘀 on 𝗰𝗼𝗻𝘀𝘂𝗺𝗲𝗿 𝗽𝗿𝗶𝗰𝗲𝘀? I show with Luca Dedola and
@ChiaraOsbat
that retail prices respond significantly to tax hikes
🔗
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I’m looking forward to attending many great presentations and receiving valuable feedback on our papers throughout the next days. Thanks a lot to all organizers for their work. n/n
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Highly recommended 🙂
CALL FOR PAPERS
XXV Workshop on Dynamic Macroeconomics, Castle of Soutomaior (Pontevedra, Spain), July 6-8, 2021
Deadline April 9, 2021.
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@BachmannRudi
@FuestClemens
@Lars_Feld
@GrimmVeronika
@MonikaSchnitzer
@makro_philip
@GustavAHorn
@SGechert
@heimbergecon
@AchimTruger
@GFelbermayr
Interesting indeed! related to this, we show (with Luca Dedola and
@ChiaraOsbat
) that higher corporate taxes have quite direct (adverse) effects for consumers: Firms partially pass on the tax burden by increasing consumer prices.
🔗:
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We document that monetary policy shocks increase markup dispersion across firms. This affects allocative efficiency and hence lowers aggregate TFP. The estimated increase in markup dispersion explains a large share of the aggregate TFP response after monetary policy shocks. 2/4
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We further show that part of the markup dispersion response can be explained by heterogeneity in price rigidity across firms. Firms with stickier prices have higher markups on average and increase their markups by more after monetary policy shocks. 3/4
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Covid-19 reinforces market concentration (
@jan_eeckhout
et al.): consumers favor trusted brands and shop in big stores with large array of products. Besides that, digitized firms fared much better, a chance for innovative small firms.
#EconTwitter
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