We are accepting applications for our Dissertation Internship program at St Louis Fed. PhD students, don't miss this incredible opportunity. Can't wait to meet the next batch of brilliant economists!

🗓️ Deadline: February 28th
🔗 Details: econjobmarket.org/positions/11...

Our findings: 1. There is substantial health inequality by race, ethnicity, and gender. At age 55, Black men and women have frailty levels, which could be viewed as "biological age," comparable to those of White men and women 13 and 20 years older, respectively. 1/4 #Econsky

4. Other empirical implications? High-RTS firms:
- Grow faster,
- Pay higher wages,
- Are owned by wealthier households.
These have major implications for inequality and optimal policy! With Hubmer, Chan, Salgado, and @guangbinhong.bsky.social
Want to learn more? s3.amazonaws.com/real.stlouis...

3b. Intuitively, a high-TFP but currently poor entrepreneur can achieve profitability at a small scale, making it easier to grow despite the friction. In contrast, a high-RTS but not immediately profitable business struggles to outgrow the friction, and the entrepreneur may never enter the market.

3a. Should we care? We study the costs of financial frictions when we add RTS heterogeneity into the workhorse model of entrepreneurship. Efficiency losses from financial frictions are more than TWICE as large with RTS differences vs. the traditional calibration with only TFP differences.

2. Are these differences just transitory? Nope! Our 17-year panel shows these differences in returns to scale are super persistent - about 75% of the variation is explained by persistent firm fixed effects. These are deep technological differences.

1. Using data from 🇨🇦&🇺🇸, we find significant differences in higher returns to scale (RTS) across firms within industries.❗The largest firms don't have the highest TFP but operate technologies with much higher RTS❗The higher RTS is mainly explained by higher output elasticities of intermediate inputs.

🚀 First post on Bluesky! Excited to share our new paper 'Scalable versus Productive Technologies'❗ We study a fundamental question: Are larger firms more productive (i.e., with higher TFP), or are their technologies more scalable? Or both? 🧵 s3.amazonaws.com/real.stlouis...

Hi #EconSky, I just set up this international trade research and policy starter pack

Not sure how this works exactly, but please add/let me know of other trade research and policy people that I missed

go.bsky.app/NghAP3m

First post on Bluesky to share a first draft of “A Tale of Procyclical Inequality: Facts and Implications” joint with me and @DBergholt and Lorenzo Mori sites.google.com/view/lorenzo...
One line summary: consumption inequality is high, stable and procyclical in Norway. 1/N

Geopolitics and international technology trade | FRED Blog fredblog.stlouisfed.org/2024/11/geop...

Got the ball rolling on a Fed Economists starter pack go.bsky.app/GudXeoo

Fed economists, let me know if you’re on Bluesky and I’ll add you