My latest column for the Financial Times is about a type of model that is infiltrating central banks around the world

Researchers in the Fed, the ECB and the BoE are working to incorporate inequality into models of how the economy works

Let me introduce you to HANK

on.ft.com/3VWG8Bx

750,000 people making avg of $312k/year getting the bulk of the $$ relief

Should help with the Range Rover payments.

Many people mock or overlook flyover country. I proudly embrace it as a badge of honor and sensibility.

An addiction to tax credits and an addiction to spending are two sides of the same coin. The only difference is one side is honest about their thirst for government while the other pretends to want less of it.

From a great email newsletter this morning:

'I want to be a man of defiant joy.

One who raises my fist to fight, but not with flesh and blood.
I want to fight cynicism with wonder.
Apathy with passion.
Despair with joy.'

The Atlantic is one of the dwindling number of publications that is actually interesting and unpredictable.

Personal growth is rewarding, but rarely comfortable in the moment.

Not everybody should go to college. But with the declining quality of many high schools, it’s a bit farfetched to say that the bulk of 18-year-olds are ready to successfully jump in the workforce. *Somebody* has to step up to fill in the preparation gap, colleges or otherwise.

Accelerated depreciation won WWII

Shall squatters now be known as undocumented homeowners?

Peak 'Murica. yahoo.com/finance/news/k…

It’s a distinct advantage to be a person who finds peace in their circumstances than to be one who must change their circumstances to find peace.

Die.

Seems problematic…

Right, David Andolfatto?

'The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.'
federalreserve.gov/newsevents/pre…

Wouldn’t it be nice if the government were doing things to reduce the cost of living crisis instead of exacerbate it?

Yes, I would like to confirm that Aaron will be the next James Bond.

Condolations/congratolences: the ambivalent praise one gives to a friend/colleague when they are promoted to a position with greater administrative duties and authorities.

How does regulating ride sharing out of existence possibly improve consumer or worker welfare? Nobody is holding a gun to people’s heads to make them Uber/Lyft drivers.

A reminder that the real minimum wage is $0. No law can guarantee both a pay hike and that jobs remain in existence.