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Assistant Professor of Finance, @Wharton. I study safe assets, banking , central bank policy- tools to prevent 2008. Trying to understand 2020 too now.

444 Following   587 Followers   616 Tweets

Joined Twitter 6/26/13


@prchovanec L’etat, c’est moi. @NathanTankus As someone who followed the “jump all the institutional hoops in the ivory tower” path, it’s incredib… https://t.co/uygW4WCkwd @AletheiaCui PhD= permanent head damage
11/27
2020
@arpitrage @OxfordFrom This is one of the few theories that doesn’t break down when trying to explain the existence… https://t.co/QNVGIqRq1c @eliowa I’m afraid this maybe means people who know they get a vaccine will stop distancing and cancel out much of… https://t.co/lJ2sj7Fes5 @arpitrage @OxfordFrom I guess the awkward point for theory is we tend to interpret PE as designed to solve agency/… https://t.co/G00H1AXOLo @OxfordFrom @arpitrage With CLO’s the “issuer” (lead bank in loan syndicate ) allows single loans to trade and the… https://t.co/lMR9bXkiDS @alexvardoulakis What I find interesting is banks are the main buyers of the AAA tranche, but they are safe asset c… https://t.co/NMoM6XXtLm @JSEllenberg It seems like we’ve converged on a conversation where whatever your ideology, the truth itself isn’t s… https://t.co/0U4KF5GSmV
11/26
2020
But in the most common securitization (CLOs) , the CLO buys assets that trade in a semi liquid market, suggesting t… https://t.co/vP9YocNtKoFinance theory has a very specific approach to understanding securitization: asymmetric information. We imagine an… https://t.co/AAdN8eHgaE @wwwojtekk @phl43 @RCAFDM @calebwatney @stucchio Just be glad they didn’t have to send their vaccine to econometrica for review!Outstanding news for international and macro-finance! https://t.co/FVn6CZSrO6 @ModeledBehavior Star Trek TNG is the ideology/culture of a society that is capable of making massive progress. Wis… https://t.co/XDjIfw6FWn @jbarro For covid and financial crises, this show up early mentality is exactly how to solve the problem . @NathanTankus As usual we got the joke Monty Python version of the Spanish Inquisition trying to torture us with a… https://t.co/rTMjw6j7hZ @JacobAShell https://t.co/5o2g8UfquZ Something they had that we are sorely lacking. @Crystal_cv512hg @mpp75214 @clairlemon Your subtweeting is subtle when people think it’s unintentional. :) @mpp75214 @clairlemon (For individual small groups this doesn’t hold. But there is a strong positive correlation… https://t.co/hJjrIhPTuf @mpp75214 @clairlemon Absolutely not- my argument is you can tell pretty well this procedure was followed when the… https://t.co/43KfFnMwr0 @damienmgrant Yeah I still haven’t decided what I think of the new super interventionist central bank. It’s as if p… https://t.co/abQPjioK2T @damienmgrant Although she’s a professor too now, my sister was once a terrifyingly strong rugby player. The first… https://t.co/bTVA8Ykgzr @damienmgrant My favorite (not American ) example of this is how Mongolians have completely dominated Japanese Sumo… https://t.co/X84BLmHj5n @mpp75214 @clairlemon Yes- not because Americans are dumb, but because there is talent everywhere. A profession wit… https://t.co/p2eO1ptEPn @DougHenwood If I look at who writes the most influential papers in my field and who gets the best grades in my cla… https://t.co/zEbZQYf84N @MacroPru @prchovanec I really miss being able to say “South Korea was well prepared so they had a head start, but… https://t.co/oJ3XVolLmO @clairlemon You can tell how serious a profession or field of inquiry is by how few Americans are in it.
11/25
2020
@besttrousers Synthesis- very little government debt, but it’s all held by the fed so overnight reserves issued to… https://t.co/gf395fGdKs @Vermeullarmine How long until we can expect a weekly Mencius Moldbug column at the Wall Street Journal? (Online o… https://t.co/3P5dKiEKIh @benlandautaylor @SamoBurja The reliance on that social science research program may in fact be one of the things t… https://t.co/DeCNLDhiLg
11/24
2020
@prchovanec America's problems are more 1980s soviet union than 1920s soviet union (old system, extremely hard to r… https://t.co/ylSwtZ2wzY @causalinf Just don’t do these calculations about marriage vows right after a wedding! @michaelmina_lab Everything liberals say about why abstinence only sex Ed is a bad idea applies almost exactly.
11/23
2020
@EmanuelDerman @ejenk @quantian1 The role of us academics is to tell you why you can’t do it the poor man’s way in… https://t.co/nHm8glAawI @Vermeullarmine The Abbasid Caliph not paying tribute to the Mongols probably gets the number one spot in all of history. @BaldingsWorld The governor felt bad being the only hypocrite so he made it mandatory for everyone else too.
11/21
2020
@dougludlow https://t.co/WUPQ5zWyxw @kittypurrzog Jesse needs a safe space away from you much more than the other way around!! @jeanqasaur @lilmissbuckets I’d guess a broad cross section of bored internet trolls to people at the very top of t… https://t.co/SZJRquNP84 @lilmissbuckets @jeanqasaur In Econ/finance we have https://t.co/bsXYnxep2j where people gossip about precisely the… https://t.co/Gr09LqchNJ @Austen 1/(price earnings ratio) . PE of 20 —> 5 percent (real) return .
11/20
2020
@NathanTankus If shell games could keep our troops at war, don't see why Powell can't pull something like https://t.co/HBiyk2BKtc @rivatez Let them quarantine in the French Laundry!
11/19
2020
@SeanGailmard Thanks! Will give a careful read. @Trinhnomics This is very much “the people’s flag is palest pink, it’s not as red as you might think” as a playlist. @Trinhnomics Now that he’s out of office I wish he would mess with people’s neuroses about him by listing the inte… https://t.co/2sTakQKcJI
11/17
2020
@Vermeullarmine To me the shocking part is she’s an associate prof at the Berkeley English dept! This is not some random nobody. @CardiffGarcia I would LOVE to see the four hour long Obama Joe Rogan experience. @ModeledBehavior I guess the plan is to persuade Mitch McConnell with something Augustus Caesar style?… https://t.co/aVQlZCSlFG
11/16
2020
@ModeledBehavior If it’s rigged or if Putin propagandized the “deplorable” to vote against me, don’t have to take t… https://t.co/jC8xGqtAAu @BaldingsWorld Her line “Anything would be better than Mobutu” followed by the bloodiest post WWII war and still a… https://t.co/evo2oxVKP1 @SamoBurja 1980s Soviet Union still acceptable? I’ve compared our gerontocracy to the Brezhnev era. @Nicolas29502027 Suppose your utility is a CES aggregate of a continuum of goods and add a constraint that a subset… https://t.co/FbZV4e2Lpm @Peter_Turchin And the top two Sumo wrestlers of all time both Mongol: https://t.co/Tgdov3s4rH @LHerrenbrueck @_Semih_Uslu_ @momin_rayhan https://t.co/QUtWRt6D8v . Perhaps some useful moments for calibration purposes also . @LHerrenbrueck @_Semih_Uslu_ @momin_rayhan Koijen and Gormsen’s evidence on dividend strip prices is consistent wit… https://t.co/hhItkPHuNT @causalinf Something something qualifying exams Ricardian equivalence. @HannoLustig @chrisedmond @mlanetrain @SHamiltonian If we were a liberal democracy in the Korean War or when the na… https://t.co/ZvmUR9SOx4 @HannoLustig @chrisedmond @mlanetrain @SHamiltonian Some of Asia is democratic some of it is not. Both categories b… https://t.co/X3SrlqsX46 @HannoLustig @chrisedmond @mlanetrain @SHamiltonian Vietnamese methods have a lot to say for them (and no easy geog… https://t.co/yEPVhwMqnW
11/15
2020
@dandolfa @mariaelenaguer A few more years of divided government and that name may become a less obscure reference! @mariaelenaguer Peruvian-Japanese food is the best argument ever for open societies.How to lose your central bank independence in 3 easy steps. https://t.co/TIPmz3uxRl @SHamiltonian @causalinf In America we never give up- we just declare victory! @arpitrage The private market solution to climate change - just make sure your agricultural yields are hedged against it . @wwwojtekk Seems the IRA won decisively using the long march through the institutions tactic. @momin_rayhan If it’s anticipated then yes (asset prices rise when we learn the lockdown will end and fall on impac… https://t.co/7EhZufv7OODispatch from the civilized world... https://t.co/eknUaKZXwsCounterintuitive prediction of consumption based asset pricing: When we finally open back up and the available cons… https://t.co/MBuDEz7L8M @ModeledBehavior @JacksonHBrown @arpitrage I always take this and flip it on its head to say: any academic field th… https://t.co/rcPVH9wk7z @spydar71 @Peter_Turchin We seem to be drastically short of Cicero and Cæsar quality politicians
11/14
2020
@teasri I’m sure some member of the state department got promoted for “real world impact” when they suggested we ar… https://t.co/Reb4juxSZK @Max_Fisher Yes, Minister! :) @M_C_Klein The Trichet Ireland letter is perhaps the most evil thing ever done by a central banker- “implement my p… https://t.co/964p75F1dD @prchovanec We finally see the real world consequences of listening to doctors who are trained primarily to memoriz… https://t.co/IClfoISQ4x
11/13
2020
@arpitrage @dthesmar ... And then we are on to Marx's big think the "tendency of the rate of profit to decline." wh… https://t.co/VuAjloarOB @arpitrage @dthesmar One of the best inaccurate marketing campaigns of all time. Buy the book for the American ex… https://t.co/glC2V2j1M5 @DandiaAsad The EU will have a law requiring everyone to pray multiple times a day while facing Brussels soon enough I’m sure. :) @jessesingal This strange penchant you have of recognizing problems without always going apeshit about them is why… https://t.co/2FileShw0LAwesome looking paper. The modern printing press breaking faith in institutions just like Martin Luther and company… https://t.co/9jgcbhjEkT @MarketPowerYT @causalinf When rainfall isn’t powerful enough, upgrade to the full thunderstorm for shocking identification!! @dandolfa Looks great! Will give this a read soon. @dandolfa I guess to me “monetary transmission” means rates set by the fed impact rates people pay in the broader e… https://t.co/FoIt88M9wp @dandolfa Interest bearing electronic money (perhaps partially in crypto form) would be incredible for strengthenin… https://t.co/vCuhwMPoYr @AlexBartik @arpitrage If there was time to develop new business models, feels like this bundle could even be priva… https://t.co/GHdaDEg3Ge @arpitrage I'd add poor attempts to maintain credibility from public health experts (lieing about masks, sharply di… https://t.co/tkGEmHZZ9n @arpitrage Apparently no American politician knows what centralized quarantine is yet. "Free hotel room to keep yo… https://t.co/PmkmFYV1ju
11/12
2020
@SeanGailmard This was a big part of the idea of the concert of Europe? Prevent both war and domestic regime change... @LeoAparisidL I guess I reacted strongly though mostly to see the nyt openly being in favor of throwing out the lef… https://t.co/wzcldAiilf @LeoAparisidL I do think there is a lot to the commodity prices story. Evo I think built up massive forex reserves… https://t.co/EhMJCX4HI0Stated a bit more sharply than me , but as far as I can tell not inaccurate. https://t.co/5fRqlvCo6iShort run down: Evo changed the constitution to run for a third term (illiberal, sure). After claims of voter fraud… https://t.co/QjbInXaBwvThis is just as or more offensively anti-democratic than anything being said in US domestic politics. Evo both won… https://t.co/5hQWDMJEI1
11/11
2020
@toniwhited An excellent (simulated) moment for our profession! @florianederer Someone who becomes a top 5 editor and bans second round R&R's will get all the market share.Excited to see this in print! https://t.co/Y3zOLzcY99
Retweeted by Will Diamond @BrankoMilan I have a hard time seeing the dismantling of the multi-ethnic Austro-Hungarian and Ottoman empires bei… https://t.co/NnzvwtiCr4 @GeorgeSelgin The fed could just make a statement they given how much de jure power it has, it will start implement… https://t.co/xJ4UVdRbf3
11/10
2020
@MacroPru 2035: “Mom, what’s a safe asset?” @arpitrage If anybody who really means business about subverting up our institutions comes along, its going to be "the boy who cried wolf".
11/9
2020

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