Lightnews — Scholar-powered news

Carlos Garriga @carlosgarriga.bsky.social · Aug 21

Jackson Hole Symposium is underway! Great to be back and reconnect with colleagues from the System and central bankers globally. With a Framework review in the mix, there's sure to be plenty to discuss over the next few days. Let's get to it.

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Carlos Garriga @carlosgarriga.bsky.social · Jun 4

Tornado approaching downtown St Louis. The second one in 3 weeks.

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Carlos Garriga @carlosgarriga.bsky.social · Apr 18

We invite you to forward this information to your students

Carlos Garriga @carlosgarriga.bsky.social · Apr 18

Applications will be accepted on a rolling basis until all positions are filled. The first round applications are due by May 30th. Apply for this position on EconJobMarket econjobmarket.org/positions/11...
For questions contact [email protected]

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Carlos Garriga @carlosgarriga.bsky.social · Apr 18

Former St. Louis RAs have continued their careers in other Bank divisions, in PhD programs, and in the private sector.

This position is a full-time position to start in the summer of 2025. Interested applicants should expect to graduate in the Spring of 2025.

EJM - Econ Job Market

lnkd.in

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Carlos Garriga @carlosgarriga.bsky.social · Apr 4

A motion is better than a million words. Do you find it relatable? Squeezed from all sides.
#EconSky #AcademicSky

youtu.be/jKsBlyh-cqw?...

Beckett's Death Scene - Pirates of the Caribbean: At World's End | 4K HDR Clip

YouTube video by Pjeter Studios

youtu.be

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Carlos Garriga @carlosgarriga.bsky.social · Apr 1

It is great to have Diego Mendez-Carbajo discussing how #FRED (Federal Reserve Economic Data) can be best utilized as a powerful tool for teaching personal finance during the upcoming Stanford Financial Education Symposium (April 10–11, 2025).
#EconSky #AcademiaSky
ifdm.stanford.edu/events/stanf...

Stanford Financial Education Symposium

ifdm.stanford.edu

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Carlos Garriga @carlosgarriga.bsky.social · Mar 29

Did you know Spain is a powerhouse not only in football and tennis, but also in central banking? In his recent post on Nada es Gratis, by Galo Nuño (BdE), he highlights the significant, yet often overlooked, contributions of Spanish economists to international monetary institutions.
#EconSky

Españoles: futbolistas, tenistas ¿y banqueros centrales?

Por Galo Nuño El título de esta columna puede haber sorprendido a más de uno (esa era mi intención), pero resume el mensaje principal: además de producir futbolistas y tenistas de talla mundial, Es...

nadaesgratis.es

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Carlos Garriga @carlosgarriga.bsky.social · Mar 29

Reflecting on these predictions in light of the subsequent inflation episode and evolving economic landscape offers valuable insights.
www.centralbanking.com/central-bank...

#monetarypolicy #economicmodelling #softlanding #research #centralbanking #EconSky #FinSky

Research proposes ‘Monk’ model of long-term monetary transmission - Central Banking

Equilibrium in standard models only affected by short rates, say Garriga, Kydland and Šustek

www.centralbanking.com

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Carlos Garriga @carlosgarriga.bsky.social · Mar 29

Interestingly, our analysis at the time indicated potential pathways for a soft landing following monetary policy tightening, contrasting with typical Keynesian recessionary outcomes.

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Carlos Garriga @carlosgarriga.bsky.social · Mar 29

This novel framework proposed that long-term interest rates, shaped by persistent monetary policy expectations, are crucial for economic equilibrium, a departure from the traditional focus solely on short-term rates.

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Carlos Garriga @carlosgarriga.bsky.social · Mar 29

Revisiting my work with Finn Kydland (2004 Nobel Laureate with Ed Prescott) and Roman Šustek , summarized in 2019 by Central Banking, which introduced the "MoNK" model for analyzing long-term monetary transmission.

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Carlos Garriga @carlosgarriga.bsky.social · Mar 21

Proud to see our collaborative work with Serdar Birinci on overemployed workers being discussed in this CNBC article: "More Americans With College Degrees Are Working Multiple Jobs". This piece highlights some key aspects of the changing work landscape. #EconSky #FinSky
www.cnbc.com/2025/03/16/m...

More Americans with college degrees are working multiple jobs, Fed report finds

In 2024, roughly half of Americans holding multiple jobs have a college degree, according to a report.

www.cnbc.com

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Carlos Garriga @carlosgarriga.bsky.social · Mar 21

Mario Benedetti said that "in life one must avoid three geometric figures: vicious circles, love triangles, and square minds."

Nowadays, one could include three-dimensional figures such as political spheres, financial pyramids, and block perspectives.

Happy Friday

Carlos Garriga @carlosgarriga.bsky.social · Mar 18

Unlock a wealth of historical insights! 🗝️ The full collection of the Minutes of the Board of Governors of the Federal Reserve System is now available. You can now search the complete record for deeper understanding of past monetary policy decisions. #EconSky

fraser.stlouisfed.org/title/minute...

Minutes of the Board of Governors of the Federal Reserve System | 1960s | Title | FRASER | St. Louis Fed

This collection contains minutes of meetings of the Board of Governors of the Federal Reserve System (the Federal Reserve Board), as well as meetings of committees of the Board and meetings of the Boa...

fraser.stlouisfed.org

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Carlos Garriga @carlosgarriga.bsky.social · Mar 18

Exciting news for all data enthusiasts! 🎉 ALFRED has a fresh new look and updated graphs are now available to all users. Experience a more modern interface and enhanced data visualization.
alfred.stlouisfed.org #economics #data #visualization #federalreserve #ALFRED

Archival FRED | ALFRED | St. Louis Fed

ArchivaL Federal Reserve Economic Data (ALFRED). Over 350,000 real-time economic time series. Download data. Analyze policy decisions. Reproduce research.

alfred.stlouisfed.org

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Carlos Garriga @carlosgarriga.bsky.social · Mar 16

It's been a while as far as I recall.

Carlos Garriga @carlosgarriga.bsky.social · Mar 16

This is the non-technical summary.

Carlos Garriga @carlosgarriga.bsky.social · Mar 16

This is among the best intellectual work on protecting infant industries, by Ravikumar, Raymond Riezman, and Yuzhe Zhang. Sorry, it's highly technical.
fedinprint.org/item/fedlwp/...

Private Information and Optimal Infant Industry Protection | Fed in Print

fedinprint.org

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Carlos Garriga @carlosgarriga.bsky.social · Mar 16

This video on tariffs has been circulating widely this week. The issue of protecting domestic winners is a perennial one. However, kudos to the team from the CEA or NEC who contributed to the speech.
#EconSky #FinSky #AcademiaSky

youtu.be/5t5QK03KXPc?...

President Reagan's Radio Address on Free and Fair Trade on April 25, 1987

YouTube video by Reagan Library

youtu.be

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Carlos Garriga @carlosgarriga.bsky.social · Mar 15

The dichotomy of modern life is clearly stated in this commercial from the 1990s. Things that humans didn't have to worry about 500 years ago.
#EconSky #AcademiaSky #FinSky

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Carlos Garriga @carlosgarriga.bsky.social · Mar 14

A very hot topic these days.
Dive into the fascinating evolution of Federal Reserve System employment! 📈 The essay by Genevieve Podleski, Jonathan Rose, and Jona Whipple reveals key trends from 1915 to 2022. You can see the breakdown by bank.
#EconSky #FinSky

fraser.stlouisfed.org/title/econom...

Economic Synopses, Statistics on Federal Reserve System Employment, 1915 to 2022, 2023, No. 16 | FRASER | St. Louis Fed

Employment in the Federal Reserve System has been shaped by various factors over time, including demand for services, efficiency and productivity, legislative mandates, and responses to major economic...

fraser.stlouisfed.org

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Carlos Garriga @carlosgarriga.bsky.social · Mar 13

Corporate tax discussions are always relevant. My research challenged the idea of zero or negative taxes on investment by incorporating innovation and fixed costs. The optimal corporate tax is positive. #EconSky #FinSky
academic.oup.com/jeea/article...

Optimal Taxation with Imperfect Competition and Aggregate Returns to Specialization

Abstract. In this article we explore the proposition that, in economies with imperfect competitive markets, the optimal capital income tax is negative and

academic.oup.com

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Carlos Garriga @carlosgarriga.bsky.social · Mar 12

The duopoly in the US killed daily ski tickets, leading to massive congestion & long lift lines. Removing price signals ruins the experience.
#Skiing #EconSky #FinSky

www.youtube.com/watch?v=0bfD...

How Vail Destroyed Skiing

YouTube video by More Perfect Union

www.youtube.com

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Carlos Garriga @carlosgarriga.bsky.social · Mar 11

Explore the U.S. Federal Reserve System's research and publications. Insights at your fingertips.
#Fed #Economics #Research #EconSky #FedSky

fedinprint.org

Fed in Print

fedinprint.org

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Carlos Garriga @carlosgarriga.bsky.social · Mar 10

Chicken or egg? Price puzzle solved! 🥚 FRED data cracks the case: the egg comes first. #Economics #FRED #Data #EconSky #FinSky
fred.stlouisfed.org/graph/?g=1ElJV

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Yuriy Gorodnichenko @ygorodnichenko.bsky.social · Mar 9

10 year ago, Oli Coibion ( @empctmacrotx.bsky.social ) and I had a paper in AEJ Macro about inflation expectations in the U.S. (www.aeaweb.org/articles?id=...). We found that oil/gasoline prices strongly predict inflation expectations. This "iron law" continues to hold.

#inflation #EconSky

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Carlos Garriga @carlosgarriga.bsky.social · Mar 9

If you want to learn more about monetary policy uncertainty, take a look at this index by @nickbloom.bsky.social and coauthors.
#EconSky #FinSky
fred.stlouisfed.org/series/EPUMO...

Economic Policy Uncertainty Index: Categorical Index: Monetary policy

fred.stlouisfed.org

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Carlos Garriga @carlosgarriga.bsky.social · Mar 7

Here's part 2 of Fernando Martin's story about pandemic inflation. The answer's in the title, and you probably won't be surprised. You should also check his more technical piece with our former colleague David Andolfatto.
#EconSky #FinSky

www.stlouisfed.org/on-the-econo...

The Fiscal Origin of the COVID-19 Price Surge

This analysis examines the role that deficit financing, which was used to pay for federal COVID-19 assistance, may have played in recent inflation.

www.stlouisfed.org

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Carlos Garriga @carlosgarriga.bsky.social · Mar 6

This is an excellent point. I will talk to my coauthor, and we will try to address any confusion in the title

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