Best of #econtwitter - Week of July 4, 2021 [2/2]
Welcome readers old and new to this week’s edition of Best of Econtwitter. Thanks to those sharing suggestions, over email or on Twitter @just_economics.
This is part two of two, this week — part one is here.
Paper summary threads
![Twitter avatar for @nunopgpalma](https://substackcdn.com/image/twitter_name/w_96/nunopgpalma.jpg)
I explore the discovery of rich deposits of precious metals in America in the early modern period as a natural experiment for random variation in changes in money supply in Europe. The open access version of the paper is in this post:
![](https://substackcdn.com/image/fetch/w_600,h_314,c_fill,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fbcf4d530-4a46-44d9-a326-95bbebc140fd_606x757.png)
![Twitter avatar for @nunopgpalma](https://substackcdn.com/image/twitter_name/w_96/nunopgpalma.jpg)
A 10% increase in production of precious metals led to a hump-shaped response of real GDP, with a cumulative increase up to 0.9% six to nine years later. The evidence suggests that this is because prices responded to monetary injections with considerable lags.
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FE5IckyUXMAM3TX4.jpg)
![Twitter avatar for @SethDZimmerman](https://substackcdn.com/image/twitter_name/w_96/SethDZimmerman.jpg)
New NBER WP out today! "Smart Matching Platforms and Heterogeneous Beliefs in Centralized School Choice," with Felipe Arteaga, @adamkapor, @ChrisANeilson. nber.org/papers/w28946 1/N
![](https://substackcdn.com/image/fetch/w_600,h_314,c_fill,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F0755b67a-47f0-405f-83e2-6078c31be04b_800x450.jpeg)
![Twitter avatar for @anup_malani](https://substackcdn.com/image/twitter_name/w_96/anup_malani.jpg)
See @arpitrage’s summary of our new @nberpubs working paper on the economic impacts of COVID in India. His description focuses on how households adapt. We have a number of other findings on inequality and people’s perceptions about COVID, which we’ll try to tweet about as well.
![Twitter avatar for @arpitrage](https://substackcdn.com/image/twitter_name/w_40/arpitrage.jpg)
Arpit Gupta @arpitrage
^newsletter avoids most Covid content, but some general results on risk sharing here
![Twitter avatar for @TedLoch](https://substackcdn.com/image/twitter_name/w_96/TedLoch.jpg)
1/4 Biologists often interpret resource exchanges among organisms as symbiotic mutualisms. My latest in @PNASNews shows these can be modeled as Walrasian equilibria.
![](https://substackcdn.com/image/fetch/w_600,h_314,c_fill,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F5659a746-648d-43ba-9603-4c84c55378ee_1280x1047.jpeg)
![Twitter avatar for @ChloeEast2](https://substackcdn.com/image/twitter_name/w_96/ChloeEast2.jpg)
Health inequalities persist across generations. What can public policy do about it?
@smilleralert Marianne Page @LaurawherryR & I show expanding Medicaid to disadvantaged pregnant women improved the health of their kids *AND* their grandkids
link: nber.org/papers/w23810
1/N
![](https://substackcdn.com/image/fetch/w_600,h_314,c_fill,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F75351cee-8606-4303-9dc2-87226ad6eb63_800x450.jpeg)
![Twitter avatar for @raffasadun](https://substackcdn.com/image/twitter_name/w_96/raffasadun.jpg)
What type of skills are requested in C-suite positions? We explore this question in a new paper linked below. Quick answer: social skills—e.g. being able to truly understand and empathize, persuade others—are increasingly in high demand.
![Twitter avatar for @nberpubs](https://substackcdn.com/image/twitter_name/w_40/nberpubs.jpg)
NBER @nberpubs
^see also: survey on CEO compensation design
![Twitter avatar for @mrgunalan](https://substackcdn.com/image/twitter_name/w_96/mrgunalan.jpg)
New Working Paper!
"How much is a government job in India worth?"
cse.azimpremjiuniversity.edu.in/publications/h…
How much are government employees in India compensated? A simple question, but turns out we have no idea! This paper is my attempt at getting an order-of-magnitude estimate.
1/n
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FE5RY8PKVkAMdLpn.png)
![Twitter avatar for @radhi_jain](https://substackcdn.com/image/twitter_name/w_96/radhi_jain.jpg)
Thanks @khoslasaksham! Our WP shows large gender disparities in utilization of hospital care despite massive govt subsidies (within PMJAY-like insurance prog). Increasing gender-neutral subsidies/access to social services may not close gender gaps bc males benefit as much/more
![Twitter avatar for @khoslasaksham](https://substackcdn.com/image/twitter_name/w_40/khoslasaksham.jpg)
Saksham Khosla @khoslasaksham
![Twitter avatar for @arpitrage](https://substackcdn.com/image/twitter_name/w_96/arpitrage.jpg)
Is looking like a really interesting presentation by @thesamasher
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FE5IlWn_WUAQ2FgQ.jpg)
![Twitter avatar for @BahujanEcon](https://substackcdn.com/image/twitter_name/w_40/BahujanEcon.jpg)
Bahujan Economists @BahujanEcon
![Twitter avatar for @DurRobert](https://substackcdn.com/image/twitter_name/w_96/DurRobert.jpg)
What teachers really want?
A principal who supports them with disruptive students.
This is valued equal to a 17% salary increase.
It also nearly eliminates aversion to teaching in disadvantaged settings.
Important paper: edworkingpapers.com/sites/default/… by Andrew C. Johnston @datacrat
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FE4-I8JZX0AIvnF-.png)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FE4-KjYeWEAAvuxs.png)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FE4-KjYcWQAI-xOA.png)
![Twitter avatar for @jvkramer1](https://substackcdn.com/image/twitter_name/w_96/jvkramer1.jpg)
Large share of people in Europe spend all of their income and have very little savings. In our paper, we investigate whether the size of this fraction matters for how monetary policy affects the real economy in different countries. 2/5
![Twitter avatar for @NateHMiller](https://substackcdn.com/image/twitter_name/w_96/NateHMiller.jpg)
This might be a good time for a thread on my research with @GloriaSheu and Matt Weinberg about price leadership in the beer industry, now forthcoming at AER.
![Twitter avatar for @AEAjournals](https://substackcdn.com/image/twitter_name/w_40/AEAjournals.jpg)
AEA Journals @AEAjournals
![Twitter avatar for @SBenzell](https://substackcdn.com/image/twitter_name/w_96/SBenzell.jpg)
@LuedtkeAllison @BryanAStuart Thanks for the kind words. You can read my tweet thread about the paper here:
![Twitter avatar for @SBenzell](https://substackcdn.com/image/twitter_name/w_40/SBenzell.jpg)
Seth Benzell @SBenzell
Interesting discussions
![Twitter avatar for @sdellavi](https://substackcdn.com/image/twitter_name/w_96/sdellavi.jpg)
List of psych phenomena that do not replicate. Includes a lot of classics... In some case (e.g., Milgram) phenomenon stands, just not the original experiments. My work with @elinos shows up in nudges, where we do replicate effectiveness, just 5x smaller effect than pub papers
![Twitter avatar for @jamesheathers](https://substackcdn.com/image/twitter_name/w_40/jamesheathers.jpg)
James Heathers @jamesheathers
^Thaler pushback in the replies
![Twitter avatar for @ClaudiaTroccol1](https://substackcdn.com/image/twitter_name/w_96/ClaudiaTroccol1.jpg)
Econ needs better mechanisms to encourage replication and correction of errors in published papers. My recent experience with Economic Journal (EJ) provides a blatant example of this problem. (1/n) @EJ_RES #EconTwitter
![Twitter avatar for @ben_moll](https://substackcdn.com/image/twitter_name/w_96/ben_moll.jpg)
OK I'll bite :-)
Off the top of my head, here are 6 reasons (in somewhat random order) why a heterogeneous agent model allows you do more than "just starting from the MPC>>0 and then going forward from there":
(I'm sure there are many others -- what else?)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FE5XaY0pXMAYPi-o.jpg)
![Twitter avatar for @JWMason1](https://substackcdn.com/image/twitter_name/w_40/JWMason1.jpg)
JW Mason @JWMason1