Carlos Garriga

​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.

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

We invite you to forward this information to your students

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 ra.recruiting@stls.frb.org

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.

We are hiring Students for RA Positions Summer 2025. The Research Division at the Federal Reserve Bank of St. Louis is hiring full-time Research Associates. This is an excellent opportunity to work with, learn, and engage with our reputable economist staff, visiting fellows and scholars.

YouTube video by Pjeter Studios Beckett's Death Scene - Pirates of the Caribbean: At World's End | 4K HDR Clip

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

youtu.be/jKsBlyh-cqw?...

Stanford Financial Education Symposium

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...

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...

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

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

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

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

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.

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.

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.

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...

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

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...

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

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

This is the non-technical summary.

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/...

YouTube video by Reagan Library President Reagan's Radio Address on Free and Fair Trade on April 25, 1987

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?...

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

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...

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

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...

YouTube video by More Perfect Union How Vail Destroyed Skiing

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...

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

fedinprint.org

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

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

Economic Policy Uncertainty Index: Categorical Index: Monetary policy Economic Policy Uncertainty Index: Categorical Index: Monetary policy

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...

FRED has a great collection of uncertainty indices.
#EconSky #FinSky

fred.stlouisfed.org/graph/?g=1EfVX