Teresa finds IMF conditionality limits country’s ability to overspend and borrow post default. IMF program lengthens maturity of debt.

She is a member of Manuel Amador’s and my UMN workshop group, also working with Illenin Kondo at Minneapolis Fed @minneapolisfed.bsky.social.

New study compares economic experiences of China and Mexico after they opened to international trade and foreign investment by Xing Xu, PhD student at UMN Econ ‪
@umn-econ.bsky.social‬ and research analyst at Minneapolis Fed @minneapolisfed.bsky.social and me:
www.minneapolisfed.org/research/sta...

New study comparing economic experiences of China and Mexico after they opened to international trade and foreign investment by Xing Xu, PhD student at UMN Econ ‪@umn-econ.bsky.social‬ and research analyst at Minneapolis Fed @minneapolisfed.bsky.social and me:
www.minneapolisfed.org/research/sta...

Ariel Burstein presents the third and final plenary lecture, on Economic Efficiency with Heterogeneous Consumers, at the Annual Meeting of the Society for Economic Dynamics at the beautiful Central Campus of the University of Copenhagen.

Two photos from Annual Meeting of Society for Economic Dynamics in Copenhagen: (L) me presenting my work with Aloisio Araujo and Juan Pablo Gama; (R) Ayşegül Şahin’s last slide of her plenary address.

Per Krusell introducing Ayşegül Şahin to present her research on Labor Market Dynamics in the second plenary session at the Annual Meeting of the Society for Economic Dynamics at the beautiful Central Campus of the University of Copenhagen.

Paco Buera presenting his work on Macro-Development, the first plenary session at the Annual Meeting of the Society for Economic Dynamics on the beautiful campus of the University of Copenhagen.

“Artificial Intelligence and Learning the Macroeconomy: Workshop in Honor of Albert Marcet,” BSE Summer Forum, 19-20 June 2025.

Ph.D. Commencement at U of Minnesota: I am with Gabriel Devoto @gabriel-devoto.bsky.social and Mauricio Barbosa Alves @mbarbosaalves.bsky.social, thesis advisees and members of Manuel Amador’s and my research workshop in international economics. Gabriel goes to IMF and Mauricio to U of Kentucky.

La Calçotada d’Economistes de Barcelona al Restaurant Catalunya a Santes Creus: els meus amics Ernest, Hilda, Andreu, Esther i jo.

A beautiful day in Minneapolis, but cold: -15 F, -26 C.

Un día hermoso en Minneapolis, pero frío: -15 F, -26 C.

Since 1991, friends and I organize a calçotada for economists and friends in Santes Creus, about one hour south of Barcelona. This year on 8 March.

Des de 1991, amics i jo organitzem una calçotada per a economistes i amics a Santes Creus, a una hora al sud de Barcelona. Aquest any el 8 de març.

New article: "Risk loving and fat tails in the wealth distribution" by Aloisio Araujo, Juan Pablo Gama, and Timothy Kehoe. In a dynamic general equilibrium model risk-loving behavior by some investors generates unequal distributions of income and wealth.

rdcu.be/d7RG4

Gabriel models formal sector as having more capital-intensive technology than informal sector. Formal goods are imperfect substitutes for informal goods. Informal purchases must be with money from previous period; formal purchases can be with bank holdings that earn interest.

Mauricio and UMN grad Braulio Britos model trade across states in Brazil using micro data on temps, crop yields, food prices, wages, food consumption, and road conditions.

Mauricio is a member of Manuel Amador’s and my UMN workshop group, also working with Doireann Fitzgerald of Minneapolis Fed.

Thanksgiving Dinner: lots of people and food. La comida del Día de Acción de Gracia: mucha gente y comida.

Tables set for 40 for Thanksgiving Dinner. Las mesas puestas para 40 para la comida del Día de Acción de Gracia.

Gabriel models formal sector as having more capital-intensive technology than informal sector. Formal goods are imperfect substitutes for informal goods. Informal purchases must be with money from previous period; formal purchases can be with bank holdings that earn interest.

Mauricio and UMN grad Braulio Britos model trade across states in Brazil using micro data on temps, crop yields, food prices, wages, food consumption, and road conditions.

Mauricio is a member of Manuel Amador’s and my UMN workshop group, also working with Doireann Fitzgerald of Minneapolis Fed.