Thomas Drechsel @td_econ Twitter profile

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Thomas Drechsel

@td_econ

2 months

My paper about the consequences of 𝒑𝒐𝒍𝒊𝒕𝒊𝒄𝒂𝒍 𝒑𝒓𝒆𝒔𝒔𝒖𝒓𝒆 𝒐𝒏 𝒕𝒉𝒆 𝑭𝒆𝒅 is now out as NBER working paper:

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Thomas Drechsel

@td_econ

1 year

This spring I am teaching again my PhD course on macroeconomics with financial frictions My material (lecture slides & problem sets) is available online: Perhaps interesting or useful for others #econtwitter

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Thomas Drechsel

@td_econ

3 years

This spring I am teaching again my 2nd year PhD course on macroeconomics with financial frictions. My material is available online: Perhaps helpful/interesting for others #econtwitter

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Thomas Drechsel

@td_econ

11 months

With the start of the fall semester, let me advertise the course material I make freely available for my PhD class on 𝒎𝒂𝒄𝒓𝒐𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄𝒔 𝒘𝒊𝒕𝒉 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒇𝒓𝒊𝒄𝒕𝒊𝒐𝒏𝒔 Perhaps useful or interesting for others! #EconTwitter

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Thomas Drechsel

@td_econ

3 years

This semester I am teaching 2nd year graduate course in macro. It’s a “topics” course on financial frictions. I am making the material available online (on a rolling basis): Maybe some of the lecture notes are helpful/interesting for others #econtwitter

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Thomas Drechsel

@td_econ

5 years

I am very excited: this fall I will start as Assistant Professor at the University of Maryland, College Park! I am looking forward to working with great colleagues and students, and to moving to Washington DC. Give me a shout when you are around! ☺️

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Thomas Drechsel

@td_econ

6 months

Interested in studying macroeconomic models with financial frictions? Check out the material for my PhD course, available online here: Happy spring semester start from @UofMaryland 😊

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Thomas Drechsel

@td_econ

8 months

The chart below shows how often U.S. Presidents had personal interactions with officials from the Federal Reserve I hand-collected this data for a new paper, in which I study the effects political pressure on the Fed

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Thomas Drechsel

@td_econ

2 years

End of a journey 😊

AEA Journals

@AEAjournals

2 years

Forthcoming in AEJ: Macroeconomics: "Earnings-Based Borrowing Constraints and Macroeconomic Fluctuations" by Thomas Drechsel.

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Thomas Drechsel

@td_econ

2 years

We just posted a major update of our paper “Identifying Monetary Policy Shocks: A Natural Language Approach” with Boragan Aruoba We also make the output of our analysis (time series of shocks, Fed sentiment indicators) available online #econtwitter

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Thomas Drechsel

@td_econ

3 years

I'm honored and excited to become a Research Affiliate in International Macroeconomics and Finance at the @cepr_org #econtwitter

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Thomas Drechsel

@td_econ

11 months

So happy that our paper about the macroeconomic consequences of the Brexit vote is now accepted at the 𝑹𝒆𝒗𝒊𝒆𝒘 𝒐𝒇 𝑬𝒄𝒐𝒏𝒐𝒎𝒊𝒄 𝑺𝒕𝒖𝒅𝒊𝒆𝒔 with @FedeDiPa @rHarrisonMacro Silvana Tenreyro & Ben Broadbent #EconTwitter

The Brexit Vote, Productivity Growth and Macroeconomic Adjustments in the United Kingdom - The...

The UK economy experienced significant macroeconomic adjustments following the 2016 referendum on its withdrawal from the European Union. To understand these adjustments, this paper presents empiri...

www.restud.com

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Thomas Drechsel

@td_econ

3 years

A new data base of banking-crisis interventions since the 13th century across 100+ countries! See working paper by Metrick and Schmelzing: #econtwitter

Banking-Crisis Interventions Across Time and Space

www.nber.org

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Thomas Drechsel

@td_econ

1 year

My paper "Earnings-Based Borrowing Constraints and Macroeconomic Fluctuations" is now published in 𝐀𝐄𝐉:𝐌𝐚𝐜𝐫𝐨 #EconTwitter @AEAjournals

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Thomas Drechsel

@td_econ

1 year

Looking forward to the NBER Summer Institute If you’re around, check out our paper about identifying monetary policy shocks using natural language Tuesday afternoon in the Monetary Economics program #econtwitter

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Thomas Drechsel

@td_econ

2 months

Our paper about the identification of monetary policy shocks using natural language processing is now out as NBER working paper:

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Thomas Drechsel

@td_econ

2 months

My paper with Seho Kim "Macroprudential policy with earnings-based borrowing constraints" is now in press at the 𝑱𝒐𝒖𝒓𝒏𝒂𝒍 𝒐𝒇 𝑴𝒐𝒏𝒆𝒕𝒂𝒓𝒚 𝑬𝒄𝒐𝒏𝒐𝒎𝒊𝒄𝒔 Thank you to everyone who provided helpful feedback on this work!

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Thomas Drechsel

@td_econ

10 months

The NY Fed just re-launched its #nowcasting model (it was discontinued in 2020) The framework is now a *Bayesian* dynamic factor model It draws on our research w/ @JuanAntolinDiaz & Ivan Petrella, incorporating features we proposed: - time-varying trend growth - lead-lag shifts

NY Fed Research

@NYFedResearch

11 months

Today marks the resumption of regular releases of the New York Fed Staff Nowcast. We discuss the model’s new features, estimates of current quarter GDP growth, and performance during the pandemic period on @LibertyStEcon :

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Thomas Drechsel

@td_econ

1 year

New version of our paper “Income inequality and job creation” We show that higher inequality tightens financing conditions of bank-dependent relative to other firms & this has consequences for the macroeconomy and the effects of redistributive policies

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Thomas Drechsel

@td_econ

6 months

Our paper "Advances in Nowcasting Economic Activity" with @JuanAntolinDiaz and Ivan Petrella is now out in the 𝑱𝒐𝒖𝒓𝒏𝒂𝒍 𝒐𝒇 𝑬𝒄𝒐𝒏𝒐𝒎𝒆𝒕𝒓𝒊𝒄𝒔 Thank you to everyone who has given us input into this project over the years #econtwitter

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Thomas Drechsel

@td_econ

3 years

A New Keynesian model with endogenous financial crises: #econtwitter by Boissay, Collard, Gali, Manea

Monetary Policy and Endogenous Financial Crises

www.nber.org

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Thomas Drechsel

@td_econ

2 years

Now available for other researchers: 1. Our time series of estimated monetary policy shocks 2. Our sentiment data, constructed from documents prepared by Fed staff economists for FOMC meetings (using natural language processing) #econtwitter

Thomas Drechsel

@td_econ

2 years

New VOX EU column: Summarizes our paper (with Boragan Aruoba) which identifies monetary policy shocks using natural language processing. #econtwitter

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Thomas Drechsel

@td_econ

4 years

Very happy about receiving the Economic Journal Referee Prize 2019! @EJ_RES

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Thomas Drechsel

@td_econ

12 days

Our paper "The Brexit Vote, Productivity Growth and Macroeconomic Adjustments in the United Kingdom" with Ben Broadbent @FedeDiPa @rHarrisonMacro and Silvana Tenreyro is now published in REStud! @RevEconStudies A brief thread about the paper:

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Thomas Drechsel

@td_econ

3 years

How does income inequality affect firms? New version of our paper “Income Inequality, Financial Intermediation, and Small Firms” #Econtwitter

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Thomas Drechsel

@td_econ

2 years

New version our paper “Income Inequality and Job Creation” We show empirically and theoretically how rising top income shares suppress job creation at small firms, relative to large firms. With Sebastian Doerr (BIS) & @hacomania (NY Fed) #econtwitter

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Thomas Drechsel

@td_econ

4 years

Different labor market models at work during the pandemic:

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Thomas Drechsel

@td_econ

3 months

How often did US Presidents have personal meetings with Fed Officials throughout history? See the figure below from my presentation at the Fed Board yesterday:

Thomas Drechsel

@td_econ

3 months

International Research Forum on Monetary Policy at the Fed Board today and tomorrow (Tue & Wed) Program with Youtube link below:

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Thomas Drechsel

@td_econ

5 years

First days @UofMaryland ☀️

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Thomas Drechsel

@td_econ

3 years

New version of DYNARE was just dropped! Looks really cool, tons of new built-in options for macro(econometric) modeling: #econtwitter

Dynare 5.0 Released

We are pleased to announce the release of Dynare 5.0.

www.dynare.org

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Thomas Drechsel

@td_econ

6 years

My job market paper, “Earnings-Based Borrowing Constraints and Macroeconomic Fluctuations” is available here:

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Thomas Drechsel

@td_econ

2 years

Long-term real interest rates have broadly been on a declining path since 1300! Stunning chart from Rogoff, Rossi & Schmelzing #econtwitter

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Thomas Drechsel

@td_econ

4 years

How do firms borrow and why does it matter? My paper on earnings-based borrowing constraints now includes a new part: How different forms of credit constraints interact with the cyclical behavior of markups changes conclusions drawn from NK models about policy tradeoffs!

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Thomas Drechsel

@td_econ

2 years

A growing share of income going to top earners reduces job creation at small relative to large firms Why? High income people save... more in equity -> large firms less in bank deposits -> small bank-dependent firms See our new policy brief for EfIP

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Thomas Drechsel

@td_econ

2 years

New VOX EU column: Summarizes our paper (with Boragan Aruoba) which identifies monetary policy shocks using natural language processing. #econtwitter

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Thomas Drechsel

@td_econ

2 years

New working paper: Boragan Aruoba and I propose a novel method to identify monetary policy shocks #EconTwitter

CEPR

@cepr_org

2 years

New CEPR Discussion Paper DP17133 Identifying Monetary Policy Shocks: A Natural Language Approach Thomas Drechsel @td_econ @UofMaryland , Boragan Aruoba @UofMaryland #CEPR_IMF , #CEPR_MEF

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Thomas Drechsel

@td_econ

5 years

Fascinating map: spatial distribution of endings of German city names

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Thomas Drechsel

@td_econ

8 months

My paper about the macroeconomic effects of political pressure on the Federal Reserve is now out as @cepr_org working paper:

CEPR

@cepr_org

8 months

New CEPR Discussion Paper - DP18612 Estimating the Effects of Political Pressure on the Fed: A Narrative Approach with New Data Thomas Drechsel @td_econ @UofMaryland #CEPR_IMF , #CEPR_MEF

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Thomas Drechsel

@td_econ

3 years

Very happy that my paper with Wouter Den Haan on "Agnostic Structural Disturbances (ASDs)" is now published in the January 2020 issue of the Journal of Monetary Economics: #EconTwitter

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Thomas Drechsel

@td_econ

4 years

Draft of our new paper online: Punchline: Rising top income shares among households reduce job creation by small firms, through a financial intermediation channel. Presented tomorrow @virtualmacrosem Register here: #econtwitter

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Thomas Drechsel

@td_econ

4 years

Amazing ongoing conference on monetary policy and heterogeneity at the Fed Board... Very interesting work by @FlorinBilbiie @drkaenzig & Paolo Surico — highly recommended! My slides from yesterday’s discussion here:

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Thomas Drechsel

@td_econ

3 months

International Research Forum on Monetary Policy at the Fed Board today and tomorrow (Tue & Wed) Program with Youtube link below:

International Research Forum on Monetary Policy: Monetary Policy Challenges during Uncertain Times

economic Conference - The Federal Reserve Board of Governors in Washington DC.

www.federalreserve.gov

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Thomas Drechsel

@td_econ

4 years

A new version of my paper on the macroeconomic consequences of earnings-based corporate borrowing constraints is now online. Thank you to everyone whose comments have improved the paper! #econtwitter

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Thomas Drechsel

@td_econ

19 days

𝐓𝐡𝐞 𝐋𝐨𝐧𝐠 𝐚𝐧𝐝 𝐕𝐚𝐫𝐢𝐚𝐛𝐥𝐞 𝐋𝐚𝐠𝐬 𝐨𝐟 𝐌𝐨𝐧𝐞𝐭𝐚𝐫𝐲 𝐏𝐨𝐥𝐢𝐜𝐲: 𝐄𝐯𝐢𝐝𝐞𝐧𝐜𝐞 𝐟𝐫𝐨𝐦 𝐃𝐢𝐬𝐚𝐠𝐠𝐫𝐞𝐠𝐚𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 𝐈𝐧𝐝𝐢𝐜𝐞𝐬 with Boragan Aruoba is now out as @nberpubs working paper:

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Thomas Drechsel

@td_econ

3 years

This is a fun chart on the evolution of equilibrium concepts in macro research papers:

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Thomas Drechsel

@td_econ

3 years

I’ve posted a major update of my paper “Earnings-based borrowing constraints and macroeconomic fluctuations” Thank you to everyone whose comments have improved my work! #econtwitter

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Thomas Drechsel

@td_econ

3 years

Great conference on ‘Firm Heterogeneity and the Macroeconomy’ later this week: #EconTwitter

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Thomas Drechsel

@td_econ

3 years

A new survey paper on financial crises by Amir Sufi and Alan Taylor:

Financial crises: A survey

www.nber.org

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Thomas Drechsel

@td_econ

4 years

Macro folks! Ever seen a paper that... - builds a HANK model - estimates the model - with an occasionally binding ZLB - studies how nonstandard monetary policies (QE) affect inequality? Check the JMP of my talented co-author Donggyu Lee: #EconTwitter

DONGGYU LEE

Donggyu Lee I am a research economist in the Macroeconomic and Monetary Studies Function at the Federal Reserve Bank of New York. My research interests are in macroeconomics, with a particular focus...

sites.google.com

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Thomas Drechsel

@td_econ

8 months

Interactions between Presidents and the Fed can arise in response to what’s going on in the economy - they do not always reflect political pressure So the paper also develops a strategy to identify pressure Teaser: Nixon plays a role Curious? See here:

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Thomas Drechsel

@td_econ

3 years

“The Granular Origins of Aggregate Fluctuations”

Sebastian Dullien

@SDullien

3 years

Big news: According to the details in today’s quarterly report, #Biontech alone is now set to boost German GDP this year by 0.5 % and hence German GDP *growth* 2021 by 0.5 percentage points. This is quite extraordinary for a start-up. 1/

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Thomas Drechsel

@td_econ

8 months

Thank you Financial Times @FTAlphaville for covering my research about political pressure on the Fed!

FT Alphaville

@FTAlphaville

8 months

When presidents lean on Fed chairs, everybody loses

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Thomas Drechsel

@td_econ

5 years

Check out the new VoxEU column summarizing our Jackson Hole 2019 paper on “Monetary policy for commodity booms and busts” with Silvana Tenreyro and Michael McLeay @voxeu @BoE_Research #econtwitter

Monetary policy for commodity booms and busts

Macroeconomic volatility in commodity-exporting economies is closely tied to fluctuations in international commodity prices. This column studies optimal policy for commodity exporters in a small open...

cepr.org

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Thomas Drechsel

@td_econ

9 months

Thank you for the shout-out @HannoLustig The latest draft of this project is available here: This is very much work in progress. But I think it’s (again) important to think about these questions in the US context.

Hanno Lustig

@HannoLustig

9 months

📣Powell gave me an opening to plug a new paper that uses a narrative approach to identifying the effects of political pressure shocks on the Fed. Uses archival records of meetings between Fed officials and presidents. Bottomline: political pressure shocks increase inflation.👇👇

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Thomas Drechsel

@td_econ

3 years

A reminder that asset price bubbles are theoretically consistent with rational behavior... Put together some lecture notes on Blanchard and Watson (1982) #econtwitter #dogecoin #bitcoin #NFT

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Thomas Drechsel

@td_econ

2 years

Last time the Fed hiked by 75bp was in November 1994. The transcript of that FOMC meeting is fascinating: Greenspan was concerned that they are “behind the curve”, emphasizes that while the market had priced in a hike, a “surprise would be of significant value” (1/3)

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Thomas Drechsel

@td_econ

2 months

Looking forward to the NBER conference on “Inflation in the COVID Era and Beyond” on Thursday and Friday Program and Youtube link available here:

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Thomas Drechsel

@td_econ

2 years

Our paper “Macroprudential policy with earnings-based borrowing constraints” is now out as a CEPR discussion paper @cepr_org #EconTwitter

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Thomas Drechsel

@td_econ

4 years

World Congres of the Econometric Society next week. Interesting format with pre-recorded presentations and live Q&A. Full programme here: #EconTwitter So many cool papers 😱

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Thomas Drechsel

@td_econ

3 years

This paper looks quite intriguing: “Downside and upside uncertainty shocks”

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Thomas Drechsel

@td_econ

25 days

New paper with Boragan Aruoba: 𝐓𝐡𝐞 𝐋𝐨𝐧𝐠 𝐚𝐧𝐝 𝐕𝐚𝐫𝐢𝐚𝐛𝐥𝐞 𝐋𝐚𝐠𝐬 𝐨𝐟 𝐌𝐨𝐧𝐞𝐭𝐚𝐫𝐲 𝐏𝐨𝐥𝐢𝐜𝐲: 𝐄𝐯𝐢𝐝𝐞𝐧𝐜𝐞 𝐟𝐫𝐨𝐦 𝐃𝐢𝐬𝐚𝐠𝐠𝐫𝐞𝐠𝐚𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 𝐈𝐧𝐝𝐢𝐜𝐞𝐬 Ungated version here:

CEPR

@cepr_org

25 days

New CEPR Discussion Paper - DP19175 The long and variable lags of #monetarypolicy : Evidence from disaggregated price indices Boragan Aruoba @bsosumd @UofMaryland , @td_econ @UofMaryland @bsosumd #CEPR_IMF #CEPR_MEF #economics

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Thomas Drechsel

@td_econ

4 months

Congratulations to our @UofMaryland econ job market candidates for great job placements! Placement list for this and previous years available here:

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Thomas Drechsel

@td_econ

4 years

New slides on our project “Advances in Nowcasting Economic Activity: Secular Trends, Large Shocks and New Data” with @JuanAntolinDiaz and Ivan Petrella. Draft coming soon! #EconTwitter

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Thomas Drechsel

@td_econ

3 years

Talked to the Swedish National TV (SVT) earlier this week about small business support in the US during the pandemic: (the report about the US starts around 12:00min)

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Thomas Drechsel

@td_econ

3 years

Back to school @UofMaryland

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Thomas Drechsel

@td_econ

10 months

A paper that uses firm-level data from… North Korea. Wow!

Journal of International Economics

@JIntlEcon

10 months

New: "The economic costs of trade sanctions: Evidence from North Korea" by Jihee Kim ( @thejiheekim ), Kyoochul Kim ( @nkecon ), Sangyoon Park ( @sangyoonpar ) and Chang Sun ( @chang_sun_econ ). 1/2

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Thomas Drechsel

@td_econ

3 years

A neoclassical growth model in which MPK ≠ r because firms have market power: #econtwitter

Market Power in Neoclassical Growth Models

www.nber.org

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Thomas Drechsel

@td_econ

8 months

Very happy that our work on nowcasting economic activity will be published soon!

Juan Antolin-Diaz

@JuanAntolinDiaz

8 months

Six years (and one global pandemic) after presenting the first draft at the Bank of Spain “Advances in Nowcasting Economic Activity” with Thomas Drechsel @td_econ and Ivan Petrella is conditionally accepted at the Journal of Econometrics! 🥳

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Thomas Drechsel

@td_econ

4 years

This is perhaps the coolest EconTalk episode I have ever listened to! FULL of economics: the role of money, trade, development, sustainability, tragedy of the commons, inflation, exchange rates, ... 🤯😍 Bonus: it’s not about Covid! #econtwitter

Richard Davies on Extreme Economies

Listen to this episode from EconTalk on Spotify. Economist and author Richard Davies talks about his book Extreme Economies with EconTalk host Russ Roberts. The conversation explores economic life in...

open.spotify.com

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Thomas Drechsel

@td_econ

4 years

This is better than Fortnite!

Volker Wieland

@WielandVolker

4 years

The new online version of the let's you compare the effects of monetary and fiscal policy in 151 macro models right on your smartphone!

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Thomas Drechsel

@td_econ

2 years

New draft of our work on earnings-based borrowing constraints & pecuniary externalities We study 𝑛𝑜𝑟𝑚𝑎𝑡𝑖𝑣𝑒 consequences of earnings-based constraints, which are common for US firms We show how they impact optimal regulatory policy #econtwitter

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Thomas Drechsel

@td_econ

5 years

Brand new research paper on the consequences of the #BREXIT vote for the UK macroeconomy, together with Ben Broadbent, @FedeDiPa , Richard Harrison and Silvana Tenreyro. Paper available at @BoE_Research (Thread)

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Thomas Drechsel

@td_econ

2 years

My paper on earnings-based borrowing constraints is now out as a CEPR working paper (includes major updates relative to earlier versions) #EconTwitter

CEPR

@cepr_org

2 years

New CEPR Discussion Paper - DP16975 Earnings-Based Borrowing Constraints and Macroeconomic Fluctuations Thomas Drechsel @td_econ @UofMaryland #CEPR_IMF , #CEPR_MEF

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Thomas Drechsel

@td_econ

4 years

So happy that 2020 is in the past now 😉

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Thomas Drechsel

@td_econ

1 year

The evolution of US income across its distribution is stunning every time you look at it... From the new update of Heathcote et al.: #econtwitter

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Thomas Drechsel

@td_econ

4 years

First econ job market mock interview:

Axios

@axios

4 years

. @jonathanvswan : “Oh, you’re doing death as a proportion of cases. I’m talking about death as a proportion of population. That’s where the U.S. is really bad. Much worse than South Korea, Germany, etc.” @realdonaldtrump : “You can’t do that.” Swan: “Why can’t I do that?”

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Thomas Drechsel

@td_econ

3 months

So cool that we get to host the REStud North America Tour @UofMaryland this year. Looking forward to seeing exciting papers!

The Review of Economic Studies

@RevEconStudies

3 months

📢 The 2024 REStud North America Tour will take place at Arizona State University on October 30, the University of Maryland on November 1 and and Washington University of St. Louis @WUSTLArtSci on November 4. This year’s tourists will be 👇

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Thomas Drechsel

@td_econ

5 years

Excited to be part of the CREI/Bank of Canada workshop on “Recent Developments in Macroeconomic Modelling”. Program below:

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Thomas Drechsel

@td_econ

6 months

How does political pressure on the Federal Reserve affect the U.S. economy? My new @voxeu column on the topic: It is based on this research paper:

The economic consequences of political pressure on the Federal Reserve

Politicians often interfere with central banks, but it is not clear how to measure such political pressure systematically and therefore difficult to quantify its economic consequences. This column...

cepr.org

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Thomas Drechsel

@td_econ

4 years

A macroeconomic model with banking crises and "good" vs. "bad" credit booms --> role for macroprudential policy:

Credit Booms, Financial Crises and Macroprudential Policy

www.nber.org

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Thomas Drechsel

@td_econ

6 years

Excited to present my job market paper at the ECB’s novel *PhD Candidates Workshop* today. Great initiative by DG-Research! Cool papers by @m_saintmary (UPF), K. Larkin (UCL), J. Olsson (IIES), L. Castillo-Martinez (LSE), K. Adler (Toulouse).

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Thomas Drechsel

@td_econ

2 years

Yuriy Gorodnichenko on the Ukraine tensions

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Thomas Drechsel

@td_econ

3 years

“IO - Finance” (or “Finance - IO”?) is such a cool area of research. I wish I knew more about it, but I was lucky to learn a bit from my amazing PhD class mates @c_roblesga and @m_benetton 🙏🏻

NBER

@nberpubs

3 years

A discussion of recent developments in the literature involving applications of industrial organization methods to finance, from Robert Clark, Jean-François Houde, and Jakub Kastl

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Thomas Drechsel

@td_econ

10 months

The link below provides a 15min video summarizing our ReStud paper on the Brexit vote and its macroeconomic consequences:

Faculti

@FacultiNet

10 months

The UK economy has experienced significant macroeconomic adjustments following the 2016 referendum on its withdrawal from the European Union. Thomas Drechsel @td_econ @UofMaryland discusses a small open economy model with tradable and non-tradable sectors to characterise these

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Thomas Drechsel

@td_econ

3 years

SVARs with occasionally-binding constraints:

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Thomas Drechsel

@td_econ

5 years

Honoured to contribute a paper with Silvana Tenreyro and Michael McLeay to #JacksonHole2019 @KansasCityFed Paper available here: Silvana’s presentation here:

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Thomas Drechsel

@td_econ

3 years

An interesting theory of credit booms (and busts): when credit is driven by high collateral values, then lenders start screen screen less. When a crisis hits, it then takes time to rebuild information about projects, which makes the recovery slow…

CREI

@CREIResearch

3 years

We develop a new theory of information production. During credit booms driven by high collateral values, economic activity expands but economy’s stock of information on existing projects gets depleted. As a result, collateral-driven booms end in deep crises and slow recoveries.

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Thomas Drechsel

@td_econ

4 years

How does growing household income inequality affect firm financing and job creation? Our paper with Sebastian Doerr and Donggyu Lee provides some answers. A newly updated version can be found here (it is still work in progress!): #EconTwitter

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Thomas Drechsel

@td_econ

5 years

Very excited about presenting at the NBER Summer Institute today! Program of the session below, link to our paper here:

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Thomas Drechsel

@td_econ

4 years

“21st Century Macro” = “stuff is persistently low” ...

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Thomas Drechsel

@td_econ

4 years

Now that a vaccine is coming, can we talk about whether that’s a supply or demand shock? 😉 #econtwitter

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Thomas Drechsel

@td_econ

4 years

Looking forward to presenting at the NBER Seminar on Bayesian Inference in Econometrics and Statistics today! Programme here: Link to our new paper with @JuanAntolinDiaz and Ivan Petrella: #econtwitter

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Thomas Drechsel

@td_econ

7 months

Heading to #ASSA2024 If you are interested in balance of payments crises, sanctions, FX controls and alike, check out the session below -- with great papers by @andyneumeyer @itskhoki and Martin Uribe (and hopefully interesting discussions too 🙂) See you in Texas!

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Thomas Drechsel

@td_econ

4 years

Excited about presenting @Georgetown today!

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Thomas Drechsel

@td_econ

6 years

New paper with Wouter Den Haan on misspecification of DSGE models, available as @cepr_org working paper here:

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Thomas Drechsel

@td_econ

3 years

Preliminary draft of a new paper online: Joint work with Seho Kim, who is a great student at Maryland. Comments very welcome! #econtwitter

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Thomas Drechsel

@td_econ

3 years

Your annual reminder that if you want to criticize academic economics, then the work you should try to criticize can be found here: @nberpubs

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Thomas Drechsel

@td_econ

26 days

Striking fact: In 1986, the US had 14,210 commercial banks. In 2023, the US had 4,036 commercial banks. Source: FDIC

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Thomas Drechsel

@td_econ

4 years

Very excited about being part of this! Thank you to the organizers for including my paper with Sebastian Doerr and Donggyu Lee!

Tommaso Porzio

@PorzioTommaso

4 years

📢📢 Announcing VMACS Junior💥💥 Great line-up of speakers directly on your pc: 7/2 Thomas Winberry 7/7 Victoria Gregory 7/9 Conor Walsh 7/14 Gaston Navarro 7/16 Josh Feng 7/21Martin Beraja 7/23 Elisa Rubbo 7/28 Liliana Varela 7/30 Thomas Drechsel 8/4 Daniel L. Greenwald 1/n

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Thomas Drechsel

@td_econ

3 years

What a chart! #brexit

Anne-Sylvaine Chassany

@ChassNews

3 years

Amsterdam stock exchange has surpassed London since Brexit :

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