5/ Since 2006, APP in U.S. manufacturing has risen as the cost of capital has fallen. Our regression results suggest that about 19% of this increase is due to cheaper borrowing costs.

4/ Across industries and countries, APP is remarkably stable. Industries with complex production processes (e.g., pharmaceuticals, distilleries) have longer APPs, while perishable and commodity producers have shorter APPs.

1/ 📢 New paper alert! 📄 Together with Vitalii Tubdenov, we propose a measure of the "Average Period of Production" (APP) to capture the temporal dimension of production processes. It is inspired by Böhm-Bawerk’s capital theory.

The great
Daniel Ramos-Menchelli will present a preliminary version of our new joint paper with Edu Morales on "Trade and Welfare under Oligopolistic Competition." We hope to post a draft soon, but here is a link to our slides: t.co/XcFgV3KszJ

And here's the abstract:

If you are still around San Francisco for the #ASSA2025 meeting, please come check out this session on oligopoly and international trade.

I'm in San Francisco for the #ASSA2025 meetings. If you around and up early, come check out this session on inventories and international trade.

🫡

Alejandro Cuñat, Harald Fadinger, Kalina Manova and I are organizing the 8th Workshop on International Economic Networks (WIEN) to take place in beautiful Vienna on June 26-7, 2024. Send us a paper for consideration! We're particularly keen on receiving submissions from young scholars.