Tuesday, November 21, 2017

Assorted links

1. On rumors of a Disney theme park land devoted to the villains.

2. Keynesian economic stimulus - white collar edition.

3. Some Germany humor.

4. The make-or-buy decision for restaurants.

Hat tip on #2 to Scott Wood and on #4 to BK

Tuesday, November 7, 2017

HCEO video interview with yours truly

This video interview is from last summer, when I was in Hyde Park for the Chicago version of the HCEO summer course. I am pleased with their editing job.

Sunday, November 5, 2017

Rating college football stadia

From the Thrillist website comes this "top 25" list of college football stadia (or stadiums if we must).

I have been to four of them:

No. 1. Rose Bowl - for actual Rose Bowls as opposed to UCLA home games. I am fine with its position on top of the list.

No. 3. Husky Stadium - that's where I have season tickets. I might have put it at #2 though I will confess that it I was surprised that it was higher on the list than Notre Dame stadium. I suppose it depends a lot on the relative weights on scenery versus history. They could have found a nicer picture so that you could see the mountains in the distance through the open end.

No. 6 Michigan Stadium a.k.a. the Big House. It is cool to be in a stadium with so many people - the Rose Bowl provides a similar experience in that regard. But damn the seats are uncomfortable: too narrow and no backs.

No. 7 Notre Dame Stadium. I've only been to one game here - thanks Bill! - but it is pretty amazing in terms of the history and football culture. Plus the other fans were remarkably friendly despite their team losing to Michigan at home.

I am sure that multiple visits to No. 12, Camp Randall at Wisconsin, are in my future.

Tuesday, October 31, 2017

Angus Deaton on John DiNardo

From a recent "Letter from America" column:
Another friend who cared about the underdogs, and sometimes felt himself to be one, was the labor economist John DiNardo, who taught at Michigan and died this summer at the absurdly early age of 56. John had an (occasionally) overwhelming sense of humor, with a deep streak of irreverence that he loved to use to deflate the pomposity and pretensions of sophisticated econometrics. He wrote a memorable paper with Steve Pischke that poked fun at the interpretation of the wage premium for those who worked with computers; they showed that workers who carried pencils, or who worked sitting down, also received the premium. He was also famous for writing three (sometimes apoplectic) reviews of Freakonomics. He worked with Jack Johnston on late editions of the econometrics text that was standard for my generation of British students. When he finished his PhD at Princeton, he taught me that the class prejudice that I thought I had left behind in Britain, was as bad in the US. His affect as an Italian-American working-class guy, smoking when he could, not caring much about niceties of dress, and giving respect only when he thought it was due, told against him on the job market, though he quickly moved up as his work was appreciated.
Hat tip: Steve Hamilton

Sunday, October 29, 2017

John Cochrane on tax reform

A brilliant (and grumpy) column from John.

I particularly like this bit:
Economists serve best when they offer thoughts outside the standard left-right partisan divide. Our first function should be always to remind people that marginal tax rates matter to the economy not taxes. 
Our second insight is always to analyze things comprehensively. The Federal income tax is not what counts, the entire wedge between work and consumption matters. Whether the corporate tax is progressive or not does not matter, whether the overall tax code is progressive (plus the overall spending code, and forced cross-subsidy code!) matters.   Don't tax wine over beer to redistribute; tax goods evenly and achieve progressivity through a progressive income (or better, consumption) tax, or spend money on programs to help people whose distress is correlated (imperfectly) with beer drinking.
Economists may feel their moral sentiments about redistribution are really important. But we have little professional reason to argue our feelings are better than anyone else's. What we can argue is, if you'r going to do more or less redistribution, do it efficiently and comprehensively.
And I particularly like the way John keeps his eye on the prize of making the pie bigger.

Thanks to Steve Hamilton for nagging me to read it.

Saturday, October 28, 2017

Buy my house

My beautiful house in Ann Arbor is now officially on the market, complete with new carpet, new interior paint job and new deck. Within the past couple of years, it has also gotten a new roof and a complete remodel of the master suite.

Here is the listing on the website of our realtor, Nancy Bishop who, as it turns out, sold us the house back in 2005. We were only the third set of owners.

There were a few years when I was growing up when I thought I would pursue a career in architecture. Even after I abandoned that idea, mainly because I did not think I would be a good enough architect to get to do really fun work, I retained an interest in it and a love of it. For me, living in this house was like living in art. I will miss it.

You can learn more about the architect, David Osler, here. Osler was the son-in-law of Emil Lorch, the first dean of architecture at Michigan. Lorch Hall, the current home of the Michigan economics department, was the original architecture building and is named after Mr. Lorch. We hired David Osler's daughter, Molly Osler, to help us with the remodel of the master suite and with the design of the home we will build next year in Wisconsin. Her website is here.

Monday, October 23, 2017

Some new research on the importance of caseworkers for the unemployed

Amelie Schiprowski:

The Role of Caseworkers in Unemployment Insurance: Evidence from Unplanned Absences

Caseworkers are the main human resource used to provide social services. This paper asks if, and how much, caseworkers matter for the outcomes of unemployed individuals. Using large-scale administrative data, I exploit exogenous variation in unplanned absences among Swiss UI caseworkers. I find that individuals who lose an early meeting with their caseworker stay on average 10 days longer in unemployment (5% relative to the mean). Results show large heterogeneity in the economic value of caseworkers: the effect of a foregone meeting doubles for caseworkers in the highest productivity tercile, while it is zero for caseworkers in the lowest tercile. Finally, absences induce negative spillover effects on the performance of present colleagues, who have to cover additional workload.

You can find the paper here.

I have seen this presented a couple of times at conferences and quite like it.