@alan_econ

Studies finance

Joined November 2013
I agree--France and Sweden was very strange--they were flying on the field and you would only hear "les bleus" from time to time--what a waste--Brazil team better get better soon (I mean in the next 12 years) so all the magic is not wasted like that
Observations from France vs Morocco: 1) I've never seen such a one-sided encounter. 2) France are the Manchester City of international football. Literally the weakest international fan base I've ever seen. Very few fans, no drums or instruments, no tifo, no chant diversity.
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Read my reflection in Memoriam of Christopher A. Sims: larspeterhansen.org/news/art…
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People have been telling the “one day investors will dump the U.S. boyfriend” story for a long time. Tyler’s point is simple: the fiscal situation is a mess, but if markets were looking for a new boyfriend--prices would tell us. xitter.cf/cspan/status/203183102…
Everyone's warning about a US fiscal crisis. So why is the 10-year yield only 4%?
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Alan Moreira retweeted
Everyone's warning about a US fiscal crisis. So why is the 10-year yield only 4%?
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Alan Moreira retweeted
In case you missed it! @TylersMuir lays out for @DavidBeckworth why QE matters.
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Reminder: Applications for the @MFRProgram 2026 Modeling Climate-Dynamics Workshop for Young Scholars are due February 1, 2026. The workshop will be held at @UChicago on May 27–29, 2026. Details: tinyurl.com/2ee2cymz #EconTwitter #climatemodeling #climatechange #macroeconomics @BeckerFriedman
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Alan Moreira retweeted
Join us tomorrow if you're interested in using LLMs for measurement or prediction
🧵 1/ 🚨 Using #LLMs for research, forecasting, or text-as-data? Then this is a #webinar you cannot miss. 📅 Jan 16, 2026 🎙️ @AsafManela (@WashU ) 📍 #AMLEDS Webinar 🕚 11am ET | 5pm CET #EconTwitter #AI #Machinelearning
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Alan Moreira retweeted
Very happy that our paper received the DFA Prize for Best Paper in the Journal of Finance. The literature on wealth inequality has been highly influential in public debates, yet it largely ignores a key way households save over the life cycle: Social Security. We show that including the fair value of accrued benefits in wealth substantially mutes the rise in wealth inequality since 1989. Its importance has grown dramatically over the past three decades. In 1989, Social Security represented only 26.0% of the wealth of the bottom 90%. In 2019, this percentage rose to 49.8%. We cannot understand household balance sheets without paying attention to Social Security.
🧵🚨Accepted paper🧪 with @mjmill611 (Harvard) and @NatashaRSarin (Yale) Existing studies paint an incomplete picture of trends in wealth inequality in the US. When Social Security is properly accounted for, wealth inequality has not really increased over the past three decades.
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I couldn't be more excited to share that submissions to 𝐉𝐅: 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 & 𝐏𝐞𝐫𝐬𝐩𝐞𝐜𝐭𝐢𝐯𝐞𝐬 are finally open! Insights are short (<7,000 words) high quality pieces. Perspectives outline promising future research directions. afajof.org/jfip-submissions/
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This makes me think of Chico Lopez “Banda diagonal endogena “ — endogenous diagonal band — that lead to very rapid devaluation of the Brazilian real that only stoped once Arminio Fraga
BCRA: Cada vez más enfocados en M como ancla y predecible. Bandas, innovación argentina esta formula? Creo que sí. Rezago para tener dato cerrado, pero creo q también ayuda un poco a evitar profecías auto cumplidas, i.e. sigue siendo un poco ancla.
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took over as head of the bcb two weeks later. It did became a floating exchange rate after that so maybe not so terrible after all.
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Alan Moreira (@alan_econ) and Indira Puri are hiring a pre-doc! Learn more at: bit.ly/4ptl9lG
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Adam Solomon and I are seeking a highly skilled and motivated predoctoral research assistant to work with us at NYU Stern. This is a full-time position aimed at candidates interested in an economics or finance PhD. Faculty, please tell your students to apply! Link here: apply.interfolio.com/176733
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totally agree with Val, but I would put it differently: the fact that prices respond to announcement of purchases and not the purchases themselves tell us that these effects are not about short-term plumbing frictions. Whether it is "demand" depends on your identification
Replying to @mktmacrostruct
3️⃣ Prices responding to news about flows (rather than flows themselves) is perfectly consistent with “investor flows matter.” Just as prices responding to expected cash-flow is consistent with “cash flows matter.”
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“Causation does not imply variation.” — an important warning by @tylersmuir, which prompted thoughtful comments by @JohnHCochrane on the causal effects of selling pressure in stock markets. 🔗 grumpy-economist.com/p/causa… Unfortunately, John slips into the same fallacy... 🧵
"Causation does not imply variation." A lovely saying coined by Tyler Muir with applications to price pressure in stocks and the causality revolution in applied micro. Just because x causes y does not mean most variation in y is caused by x. grumpy-economist.com/p/causa…
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After 8 amazing years at the University of Rochester / Simon (simon.rochester.edu/), today is my last day at this incredible institution. It’s been a transformative place for me and my family, and I’ll always be grateful for how warmly we were welcomed and supported.
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We also loved living in Rochester: – The beautiful lakes in summer – The snowy (very snowy) winters – A great public school system – Music from Eastman (though I did go to way too many Nutcrackers...) - Waking up 30 minutes before boarding - The Erie Canal!
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While we’re genuinely excited about our next steps, Rochester will always hold a special place in our hearts. Thank you, Simon and University of Rochester .
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