Good critique of Kelly’s “virtue of complexity” piece here. conference.nber.org/conf_pap…
Smart piece by Walzer on what it means to conduct a Just war in the face of an “asymmetry trap” whereby civilian deaths are a political asset for the enemy. quillette.com/2023/12/01/gaz…
In this new paper JP Bouchaud & friends argue that even in a completely static environment agents are unable to learn collectively-optimal strategies and must do with satisficing solutions. I’m keen to see what economists think of this. arxiv.org/pdf/2312.12252.pdf
Interesting paper that tries to model and solve the unwind problem for stochastic order flow. deliverypdf.ssrn.com/deliver…
Paper argues that complexity is a virtue in SDF models, with more heavily parameterized models producing out-of-sample Sharpe ratios of roughly 4. Note that ridge penalization is doing a lot of work here. Good luck realizing these results in practice! papers.ssrn.com/sol3/papers.…
This is an interesting paper. Suggests that the wage growth we are seeing now need not presage a wage/price spiral. brookings.edu/articles/wage-…
Interesting paper examining what happens when trades are based on an incorrect price impact model, so that the portfolio either over- or under-trades its alpha signal. papers.ssrn.com/sol3/papers.…
This paper shows that inequity increases with the size of cities. Average income increases with city size but the lowest quantiles of the distribution are worse off in large cities while the highest quantiles are much better off. arxiv.org/pdf/2305.12864.pdf
This interesting paper develops a four factor Markovian path dependent volatility model. papers.ssrn.com/sol3/papers.…
Interesting paper on the ways in which LLMs like chatGPT may affect the labor market. arxiv.org/pdf/2303.10130.pdf
Glad to see this. These rankings are silly and encourage attempts to game the system. wsj.com/articles/u-s-news-co…
This is shocking and heartbreaking nytimes.com/2023/02/25/us/un…
JonFSchwartz retweeted
Child Tax Credit Payments Linked to Reduced Child Abuse and Neglect
Child tax credit not only helped to reduce childhood poverty, but the expansion of monthly payments also helped to reduce child abuse and neglect, a new study reports.
#poverty #neuroscience #science
neurosciencenews.com/child-t…
“The customs records show Chinese state-owned defense companies shipping navigation equipment, jamming technology and fighter-jet parts to sanctioned Russian government-owned defense companies.” wsj.com/articles/china-aids-…
JonFSchwartz retweeted
European criticism of the Inflation Reduction Act's narrow definition of friend-shoring isn't a surprise.
But it is strange that most of Europe now believes the IRA is a massive threat to European industry, while even more discriminatory Chinese policies are largely ignored
1/
Good piece on why thinking in terms of Putin’s “red lines” is misguided. nytimes.com/2023/01/01/opini…
JonFSchwartz retweeted
1/8. A point which is often lost in discussions of inflation and central bank policy. Inflation is fundamentally the outcome of the distributional conflict, between firms, workers, and taxpayers. It stops only when the various players are forced to accept the outcome.
$6.9 billion annually for the next 12 years to solve California’s homelessness problem. A staggering figure.
A new housing needs assessment breaks down the investments needed to eliminate homelessness in California's cities — and comes up with a considerable price tag trib.al/WSI8q73
This is quite a discovery: an algorithm that runs Panini’s grammar. phys-org.cdn.ampproject.org/…