Miguel Faria e Castro
@mfariacastro.bsky.social
Research Economist at the St. Louis Fed & Lecturer at Washington University in St. Louis. PhD in Economics from NYU. Açoriano 🇵🇹🇺🇸.
Views are my own, not those of the Federal Reserve.
https://www.fariaecastro.net
Views are my own, not those of the Federal Reserve.
https://www.fariaecastro.net
We conclude by applying a back-of-the-envelope version of our method to summary stats reported in other papers in the literature that study capital allocation efficiency using data on credit. Doing it properly requires micro data, but we show our results are not crazy 10/n
June 16, 2025 at 8:31 PM
We conclude by applying a back-of-the-envelope version of our method to summary stats reported in other papers in the literature that study capital allocation efficiency using data on credit. Doing it properly requires micro data, but we show our results are not crazy 10/n
We find that, unexpectedly, capital misallocation is generally low in the US throughout our sample. Losses are around 0.5% of GDP. There is a large spike in 2020-21 (average of 1.1%) and then a return to normal levels 6/n
June 16, 2025 at 8:31 PM
We find that, unexpectedly, capital misallocation is generally low in the US throughout our sample. Losses are around 0.5% of GDP. There is a large spike in 2020-21 (average of 1.1%) and then a return to normal levels 6/n
Knowledge of the social planner's marginal value of capital (r^social) allows us to estimate the extent of "static" capital misallocation using a sufficient statistics approach that relies on the first and second moments of r^social 5/n
June 16, 2025 at 8:31 PM
Knowledge of the social planner's marginal value of capital (r^social) allows us to estimate the extent of "static" capital misallocation using a sufficient statistics approach that relies on the first and second moments of r^social 5/n
New WP: "The Cost of Capital and Misallocation in the United States", with Julian Kozlowski and Jeremy Majerovitz 1/n
June 16, 2025 at 8:31 PM
New WP: "The Cost of Capital and Misallocation in the United States", with Julian Kozlowski and Jeremy Majerovitz 1/n
This is the dumbest thing I read this week and trust me I read a lot of dumb things this week
nationalpost.com/news/mark-ca...
nationalpost.com/news/mark-ca...
March 29, 2025 at 3:12 PM
This is the dumbest thing I read this week and trust me I read a lot of dumb things this week
nationalpost.com/news/mark-ca...
nationalpost.com/news/mark-ca...
Sostiene Pereira
March 16, 2025 at 12:42 AM
Sostiene Pereira
Beautiful edition of the spiritual sequel, got it second-hand from The Strand in NYC
March 11, 2025 at 1:09 AM
Beautiful edition of the spiritual sequel, got it second-hand from The Strand in NYC
Good thing I didn't read this during my Ph.D.
March 9, 2025 at 2:41 PM
Good thing I didn't read this during my Ph.D.
The US consulate in Ponta Delgada (my hometown), which is slated to be closed, is the oldest continuously operating US consulate, having been opened in 1795.
March 6, 2025 at 9:07 PM
The US consulate in Ponta Delgada (my hometown), which is slated to be closed, is the oldest continuously operating US consulate, having been opened in 1795.
"Governor Trudeau, of Canada"
March 4, 2025 at 6:17 PM
"Governor Trudeau, of Canada"
The US Government is one of the world's largest owners of BTC, owning around 207,000 bitcoins worth almost $20 billion. These were mostly acquired through law enforcement seizures
March 3, 2025 at 3:16 PM
The US Government is one of the world's largest owners of BTC, owning around 207,000 bitcoins worth almost $20 billion. These were mostly acquired through law enforcement seizures
There are absolutely basic things that the EU could do to support Ukraine (since 2022!) without investing a single cent in the military or sending a single soldier to the frontlines. Lots of "we stand with you" tweets, lots of summits, but not a lot of willingness to actually do anything.
March 2, 2025 at 2:52 AM
There are absolutely basic things that the EU could do to support Ukraine (since 2022!) without investing a single cent in the military or sending a single soldier to the frontlines. Lots of "we stand with you" tweets, lots of summits, but not a lot of willingness to actually do anything.
Beef Wellington!
March 2, 2025 at 2:10 AM
Beef Wellington!
Against American Putinism
February 20, 2025 at 2:42 PM
Against American Putinism
Ficou assunto resolvido com esta palhacada de resposta. Para contexto vivo a 1300km da Embaixada.
February 14, 2025 at 8:39 PM
Ficou assunto resolvido com esta palhacada de resposta. Para contexto vivo a 1300km da Embaixada.
You do what you gotta do!
February 7, 2025 at 10:24 PM
You do what you gotta do!
After 14 years, 4 visas, 2 green cards, and 2 babies, I finally abjured allegiance to foreign princes and rejected any foreign titles of nobility 🇺🇸🇺🇸🇺🇸
February 7, 2025 at 5:33 PM
After 14 years, 4 visas, 2 green cards, and 2 babies, I finally abjured allegiance to foreign princes and rejected any foreign titles of nobility 🇺🇸🇺🇸🇺🇸
Performance das economias espanhola e portuguesa face a Alemanha. Penso que isto tem pouco a ver com politicas especificas e tem principalmente a ver com factores estruturais de longo prazo: declinio da manufactura, adiado desde fim do sec XX, e supremacia do turismo como base da economia europeia
January 30, 2025 at 4:30 PM
Performance das economias espanhola e portuguesa face a Alemanha. Penso que isto tem pouco a ver com politicas especificas e tem principalmente a ver com factores estruturais de longo prazo: declinio da manufactura, adiado desde fim do sec XX, e supremacia do turismo como base da economia europeia
Reminder from my fridge:
January 26, 2025 at 10:16 PM
Reminder from my fridge:
Syldavia in January
January 4, 2025 at 4:46 PM
Syldavia in January
1891 Madeira
December 24, 2024 at 2:32 PM
1891 Madeira
And today a great workshop on monetary policy and inequality at Nova SBE, organized by João B. Duarte
December 20, 2024 at 9:15 AM
And today a great workshop on monetary policy and inequality at Nova SBE, organized by João B. Duarte
Keynote: the vice-governor introduces the former governor
December 19, 2024 at 5:40 PM
Keynote: the vice-governor introduces the former governor