Claes Bäckman
@claesbackman.bsky.social
Economist working on interest-only mortgages, housing, homeownership, social networks, and stock market participation. The goal is to combine all topics into one paper, but so far they are separate. https://sites.google.com/view/claesbackman/home
🎉 Excited to share that our paper "Personal Financial Advice and Portfolio Quality" has been conditionally accepted at the Review of Finance! Many thanks to my co-authors, Olga Balakina, Tobin Hanspal, Andreas Hackethal and Dr. Dominique Lammer!
November 12, 2025 at 10:55 AM
🎉 Excited to share that our paper "Personal Financial Advice and Portfolio Quality" has been conditionally accepted at the Review of Finance! Many thanks to my co-authors, Olga Balakina, Tobin Hanspal, Andreas Hackethal and Dr. Dominique Lammer!
Reposted by Claes Bäckman
📝New SAFE Working Paper No. 459 "Macroprudential Policies and Homeownership" by @claesbackman.bsky.social
👉Find it via papers.ssrn.com/sol3/papers.... #EconSky #Homeownership #YoHo
👉Find it via papers.ssrn.com/sol3/papers.... #EconSky #Homeownership #YoHo
November 3, 2025 at 10:00 AM
📝New SAFE Working Paper No. 459 "Macroprudential Policies and Homeownership" by @claesbackman.bsky.social
👉Find it via papers.ssrn.com/sol3/papers.... #EconSky #Homeownership #YoHo
👉Find it via papers.ssrn.com/sol3/papers.... #EconSky #Homeownership #YoHo
Reposted by Claes Bäckman
This paper shows that homophily in #socialnetwork affects stock market participation. Denser, homogenous networks boost participation, especially among wealthier individuals, while social influence is more significant for lower-income groups.
Read: papers.ssrn.com/sol3/papers....
Read: papers.ssrn.com/sol3/papers....
June 13, 2025 at 3:55 PM
This paper shows that homophily in #socialnetwork affects stock market participation. Denser, homogenous networks boost participation, especially among wealthier individuals, while social influence is more significant for lower-income groups.
Read: papers.ssrn.com/sol3/papers....
Read: papers.ssrn.com/sol3/papers....
Beyond excited to say that our paper on amortization payments and borrowing has just been accepted at the Review of Financial Studies! Very grateful to my co-authors, Peter van Santen and Patrick Moran, and to the editor and referees who helped to significantly improve the paper.
June 4, 2025 at 6:48 AM
Beyond excited to say that our paper on amortization payments and borrowing has just been accepted at the Review of Financial Studies! Very grateful to my co-authors, Peter van Santen and Patrick Moran, and to the editor and referees who helped to significantly improve the paper.
Great thread here
I am teaching my phd writing workshop course this quarter, question: are there any words/phrases said to you by an advisor/mentor that stuck with you, were memorable, or particularly helpful? If so please reply below!
April 24, 2025 at 11:14 AM
Great thread here
Reposted by Claes Bäckman
I have moved my open textbook on inequality research to a new address:
https://maxkasy.github.io/inequalityresearch/
(The textbook has not been updated recently, but hopefully is still useful.)
https://maxkasy.github.io/inequalityresearch/
(The textbook has not been updated recently, but hopefully is still useful.)
December 27, 2024 at 2:31 PM
I have moved my open textbook on inequality research to a new address:
https://maxkasy.github.io/inequalityresearch/
(The textbook has not been updated recently, but hopefully is still useful.)
https://maxkasy.github.io/inequalityresearch/
(The textbook has not been updated recently, but hopefully is still useful.)
This is a really cool (and concerning) paper. Makes me if the equilibrium outcome going to be more gatekeeping and name-checking at journals?
An academic paper has excellent empirical evidence & hypotheses that perfectly match the patterns in the data.
One catch: AI wrote the hypotheses after seeing the results.
Should this matter?
New paper w/ Robert Novy-Marx on AI-Powered (Finance) Scholarship🧵
papers.ssrn.com/sol3/papers....
One catch: AI wrote the hypotheses after seeing the results.
Should this matter?
New paper w/ Robert Novy-Marx on AI-Powered (Finance) Scholarship🧵
papers.ssrn.com/sol3/papers....
December 18, 2024 at 6:41 PM
This is a really cool (and concerning) paper. Makes me if the equilibrium outcome going to be more gatekeeping and name-checking at journals?
Very happy to see our paper on interest-only mortgages and house prices in the Journal of Urban Economics!
From 2003 to 2006, Danish house prices increased by 60 percent, in a robust regulatory design that limits housing speculation. This was a larger increase than in the US, Spain, or Ireland!
From 2003 to 2006, Danish house prices increased by 60 percent, in a robust regulatory design that limits housing speculation. This was a larger increase than in the US, Spain, or Ireland!
December 12, 2024 at 8:52 AM
Very happy to see our paper on interest-only mortgages and house prices in the Journal of Urban Economics!
From 2003 to 2006, Danish house prices increased by 60 percent, in a robust regulatory design that limits housing speculation. This was a larger increase than in the US, Spain, or Ireland!
From 2003 to 2006, Danish house prices increased by 60 percent, in a robust regulatory design that limits housing speculation. This was a larger increase than in the US, Spain, or Ireland!
Reposted by Claes Bäckman
The greatest poet of our, or any, generation
December 3, 2024 at 8:30 AM
The greatest poet of our, or any, generation
Reposted by Claes Bäckman
Just a reminder that @gmcd.bsky.social and @kylefbutts.bsky.social have made an incredible public good describing how to use data.table and fixest to encourage moving from Stata to R!
stata2r.github.io
stata2r.github.io
Translating Stata to R
Learning R coming from Stata
stata2r.github.io
December 4, 2024 at 12:14 AM
Just a reminder that @gmcd.bsky.social and @kylefbutts.bsky.social have made an incredible public good describing how to use data.table and fixest to encourage moving from Stata to R!
stata2r.github.io
stata2r.github.io
Reposted by Claes Bäckman
Today, we have an article in Handelsblatt about our paper on financial advice to family and friends. Giving financial advice to family and friends is risky, and we argue that this leads to generally good advice! www.handelsblatt.com/finanzen/mae...
Handelsblatt
www.handelsblatt.com
November 22, 2024 at 9:49 AM
Today, we have an article in Handelsblatt about our paper on financial advice to family and friends. Giving financial advice to family and friends is risky, and we argue that this leads to generally good advice! www.handelsblatt.com/finanzen/mae...
I held a class on doing research that I thought I would share. The slides contain writing tips, using ChatGPT, advice for non-native speakers, editing, and my biggest advice: Be hard on the writing, not on yourself. Self-worth is not at stake. claesbackman.github.io/Papers/Claes...
claesbackman.github.io
November 18, 2024 at 10:27 PM
I held a class on doing research that I thought I would share. The slides contain writing tips, using ChatGPT, advice for non-native speakers, editing, and my biggest advice: Be hard on the writing, not on yourself. Self-worth is not at stake. claesbackman.github.io/Papers/Claes...
Bluesky academics, lets get to know each other! Quote this & tell me: 1) a project you are working on & 2) an odd idea/theory you aren’t working on but keep thinking about
1) why does the return to housing differ by wealth?
2) why is the stock market participation rate not increasing over time?
1) why does the return to housing differ by wealth?
2) why is the stock market participation rate not increasing over time?
I am not in academia, but I keep wondering (ahem @henrikyde.bsky.social, though it’s a Q beat answered with macrofinance tools) whether and how much different redemption rates due to internal conversion activities set into prices of comparable bonds across different Danish mortgage institutes 😉
Bluesky academics, lets get to know each other! Quote this & tell me: 1) a project you are working on & 2) an odd idea/theory you aren’t working on but keep thinking about
1) (How) Does paternity leave shape gender norms?
2) Why are so few men nurses?
1) (How) Does paternity leave shape gender norms?
2) Why are so few men nurses?
November 18, 2024 at 6:53 AM
Bluesky academics, lets get to know each other! Quote this & tell me: 1) a project you are working on & 2) an odd idea/theory you aren’t working on but keep thinking about
1) why does the return to housing differ by wealth?
2) why is the stock market participation rate not increasing over time?
1) why does the return to housing differ by wealth?
2) why is the stock market participation rate not increasing over time?
Nice way to use AI when making slides: drag a picture of a formula from a paper and ask Claude to give you the latex code:
On a mac: use cmd+shift+4 to take a picture. In Windows, use Windows logo key + Shift + S.
On a mac: use cmd+shift+4 to take a picture. In Windows, use Windows logo key + Shift + S.
November 16, 2024 at 12:14 PM
Nice way to use AI when making slides: drag a picture of a formula from a paper and ask Claude to give you the latex code:
On a mac: use cmd+shift+4 to take a picture. In Windows, use Windows logo key + Shift + S.
On a mac: use cmd+shift+4 to take a picture. In Windows, use Windows logo key + Shift + S.
Come for the cool paper with insane data, and stay for the workshop that will teach you how to use SQL to handle billions of observations. I miss you in academia, @alemartinello.bsky.social
About 6 months ago we published a paper in PNAS that for many reasons went a bit under the hood. But given the growth of #EconSky, here's a short thread about it.
It's cool! It has:
- *Insane* microdata
- Simple approach
- Relevant policy result
It was likely also my last academic work. Here we go
It's cool! It has:
- *Insane* microdata
- Simple approach
- Relevant policy result
It was likely also my last academic work. Here we go
November 14, 2024 at 12:51 PM
Come for the cool paper with insane data, and stay for the workshop that will teach you how to use SQL to handle billions of observations. I miss you in academia, @alemartinello.bsky.social
Reposted by Claes Bäckman
Me whenever I decide on new projects instead of focusing on finishing my current ones:
November 13, 2024 at 6:49 PM
Me whenever I decide on new projects instead of focusing on finishing my current ones:
Now that everyone is here, does anyone have a book recommendation? Sci-fi, fantasy (recently entitled Broken Earth trilogy) or something history related (I *loved* The Alchemy of Air)?
November 12, 2024 at 10:58 PM
Now that everyone is here, does anyone have a book recommendation? Sci-fi, fantasy (recently entitled Broken Earth trilogy) or something history related (I *loved* The Alchemy of Air)?
This is the kind of content I’m here for. For finance, I would add Rational Reminder, especially the episode with John Campbell.
Best Podcasts, ranked:
•Odd Lots
•Acquired
•Fall of Civilizations
•Tides of History
•Ezra Klein
•Revolutions
•Conversations with Tyler
•Trepp Wire
•Invest Like the Best
•Speaking Densely
•99% Invisible
•Dwarkesh
•Good on Paper
•Derek Thompson
•Macro Musings
•Sharp Tech
•War on the Rocks
•Odd Lots
•Acquired
•Fall of Civilizations
•Tides of History
•Ezra Klein
•Revolutions
•Conversations with Tyler
•Trepp Wire
•Invest Like the Best
•Speaking Densely
•99% Invisible
•Dwarkesh
•Good on Paper
•Derek Thompson
•Macro Musings
•Sharp Tech
•War on the Rocks
November 12, 2024 at 10:52 PM
This is the kind of content I’m here for. For finance, I would add Rational Reminder, especially the episode with John Campbell.
Reposted by Claes Bäckman
Posting this urban econ / economic geography start pack back up here.
Thanks to @tarduno.bsky.social for reminding me!
go.bsky.app/DpxtxXn
Thanks to @tarduno.bsky.social for reminding me!
go.bsky.app/DpxtxXn
November 8, 2024 at 8:11 AM
Posting this urban econ / economic geography start pack back up here.
Thanks to @tarduno.bsky.social for reminding me!
go.bsky.app/DpxtxXn
Thanks to @tarduno.bsky.social for reminding me!
go.bsky.app/DpxtxXn
Here is a very helpful summary by Alex Edman on why papers get rejected at top journals, with examples from editor letters.
I especially liked the point that mechanisms are useful if the channels affect the interpretation of the results but not if all mechanisms point in the same direction.
I especially liked the point that mechanisms are useful if the channels affect the interpretation of the results but not if all mechanisms point in the same direction.
Learnings From 1,000 Rejections
The Review of Finance aimed to significantly increase its standards over my 6 years as Managing Editor and 1 year as Editor. To comply with these new standards,
papers.ssrn.com
November 5, 2024 at 11:01 AM
Here is a very helpful summary by Alex Edman on why papers get rejected at top journals, with examples from editor letters.
I especially liked the point that mechanisms are useful if the channels affect the interpretation of the results but not if all mechanisms point in the same direction.
I especially liked the point that mechanisms are useful if the channels affect the interpretation of the results but not if all mechanisms point in the same direction.
Reposted by Claes Bäckman
Ok guys here's the point.
Diff in Diff is a model based assumption that identifies the ATT (unless you're using random timing of rollouts, but almost noone is).
It is model-based because you make assumptions to identify the OUTCOME MODEL in the *absence* of the treatment.
1/
Diff in Diff is a model based assumption that identifies the ATT (unless you're using random timing of rollouts, but almost noone is).
It is model-based because you make assumptions to identify the OUTCOME MODEL in the *absence* of the treatment.
1/
DDDiD: Don't do difference in differences (w obs data). DiD is a (bad) weighting estimator and is almost always strictly dominated by better ones
Maybe now that Guido is saying it, people will listen
files.constantcontact.com/668faa28001/...
Maybe now that Guido is saying it, people will listen
files.constantcontact.com/668faa28001/...
files.constantcontact.com
October 31, 2024 at 9:02 PM
Ok guys here's the point.
Diff in Diff is a model based assumption that identifies the ATT (unless you're using random timing of rollouts, but almost noone is).
It is model-based because you make assumptions to identify the OUTCOME MODEL in the *absence* of the treatment.
1/
Diff in Diff is a model based assumption that identifies the ATT (unless you're using random timing of rollouts, but almost noone is).
It is model-based because you make assumptions to identify the OUTCOME MODEL in the *absence* of the treatment.
1/
Reposted by Claes Bäckman
Does money buy happiness?
Some may recall findings from an adversarial collaboration that concluded that happiness keeps increasing with log(income) even at high incomes, but not among the unhappiest.
I found that "resolution" extremely confusing at the time.>
www.pnas.org/doi/10.1073/...
Some may recall findings from an adversarial collaboration that concluded that happiness keeps increasing with log(income) even at high incomes, but not among the unhappiest.
I found that "resolution" extremely confusing at the time.>
www.pnas.org/doi/10.1073/...
November 1, 2024 at 9:56 AM
Does money buy happiness?
Some may recall findings from an adversarial collaboration that concluded that happiness keeps increasing with log(income) even at high incomes, but not among the unhappiest.
I found that "resolution" extremely confusing at the time.>
www.pnas.org/doi/10.1073/...
Some may recall findings from an adversarial collaboration that concluded that happiness keeps increasing with log(income) even at high incomes, but not among the unhappiest.
I found that "resolution" extremely confusing at the time.>
www.pnas.org/doi/10.1073/...
Tomorrow Patrick Moran will talk about our paper at the AREUEA Virtual Seminar.
The paper is joint with Peter Van Santen, and studies how debt repayment schedules shape household borrowing, based on a policy reform ending IO mortgages for LTV ratios > 50%.
Link: us06web.zoom.us/webinar/regi...
The paper is joint with Peter Van Santen, and studies how debt repayment schedules shape household borrowing, based on a policy reform ending IO mortgages for LTV ratios > 50%.
Link: us06web.zoom.us/webinar/regi...
October 8, 2024 at 9:11 PM
Tomorrow Patrick Moran will talk about our paper at the AREUEA Virtual Seminar.
The paper is joint with Peter Van Santen, and studies how debt repayment schedules shape household borrowing, based on a policy reform ending IO mortgages for LTV ratios > 50%.
Link: us06web.zoom.us/webinar/regi...
The paper is joint with Peter Van Santen, and studies how debt repayment schedules shape household borrowing, based on a policy reform ending IO mortgages for LTV ratios > 50%.
Link: us06web.zoom.us/webinar/regi...