Luis Perez

📢 Happy to share my #JMP: The Micro-Aggregated Profit Share (joint w/ @ThomasHasenzagl) ❓How much has market power in the United States increased in the last 50 years? And aggregate profits? 🔗: bit.ly/JMP_LuisPerez 🧵A thread:

We’re hiring at the senior level. Fantastic department, great colleagues, and an exciting place to be. Please apply if interested!

What is the value of new and improved goods? The question is central for our theories of trade and economic growth, in which the value of new and better goods provides the motive for trade, and is the source of long-run growth. 1/6

🚨 JOB ALERT 🚨 @CUNEF Univ. is hiring Assistant Professor in Economics and related fields. Application deadline: November 15 ⏰ More info: econjobmarket.org/positions/11857 Apply to join one of Europe’s most dynamic economics departments! #econtwitter

Very excited to release this paper. It extends all my previous work on productivity to heterogeneous agents: a measure of aggregate efficiency with interpretable units—resources left after compensating everyone— that is tractable, identified from observables (no interpersonal utility comparisons). Ports all rep agent results to HA. Joint with @arielburst

We are thrilled to share that our paper "Self‑Employment Promotion as Active Labor Market Policy: Design and Trade‑Offs in Rigid Labor Markets", joint with Joaquín García-Cabo and @zoe_xie1, has been accepted for publication in Economics Letters 🎉.

The paper is out‼️ Exploring the interaction between imperfect info and financial frictions, and how this matters for the macro joseeliasgallegos.com/uploads/7/5/1/… I’m glad it found a cozy home. Comments from the editor, JFV, and two referees greatly improved the paper

Two of our greatest legends leave the club today. The entire @realmadrid family is in tears. What a journey it’s been—thank you for everything, Carlo and Luka.

After a great first day of our conference yesterday, we are looking forward to an exciting second day!

New paper on recent US tariffs with Matt Rognlie and @a_auclert Our focus: effects of temporary increases in tariffs (“tariff shocks") Three Qs: 1 Will tariffs lead to a recession? 2 Will they reduce the trade deficit? 3 Why are they not appreciating USD? (as in std theory) 🧵

Flexport's team was able to reverse engineer the formula the Administration used to generate the "reciprocal tariffs." It's quite simple, they took the trade deficit the US has with each country and divided it by our imports from that country. The chart below shows the predictions of this formula plotted against the actual new tariff rates.

Thanks a lot for the invitation. A pleasure, as always!!

Finally out in AEJ:Macro👉 The Evolution of US Retail Concentration w/@dominic_a_smith Census data👉*National and local* concentration increased 1982-2012 Trends hold for product and industry markets 🔗aeaweb.org/articles?id=10… @AEAjournals

🐎PhD APPLICATION DEADLINE👩‍🏫 Time is running out to apply to the economics PhD program at SMU! Join an exciting and international (🇺🇸🇧🇩🇧🇷🇨🇱🇨🇳🇨🇴🇪🇹🇮🇳🇪🇸🇰🇷) group of students in Dallas, one of the most dynamic cities in the US. Apply until January 15! smu.edu/dedman/academi…

"Inflation and the Macroeconomy." Grumpy economist post: grumpy-economist.com/p/inflation-an… Video of the panel at the AEA aeaweb.org/webcasts/2025/…

Why does Latin America suffer from high inflation, high informality, and low financial intermediation? @UMN_Econ JMC Gabriel Devoto's @gaboto94 hypothesis: Government’s use of inflation as fiscal tool causes informality and low financial intermediation. gabrieldevoto.com

How will climate impact poor households in developing countries? @UMN_Econ JMC Maurico Barbosa-Alves @ba_mauz constructs a model of Brazil in which high temps lower crop yields and agricultural incomes but poor road networks also increase food prices. mbarbosaalves.github.io

@socampdi @FlorinBilbiie @jan_eeckhout @Simon_Mongey @Basile_G @DBaqaee @arielburst @ThomasHasenzagl Thanks @socampdi. @FlorinBilbiie, if you are interested in using our aggregate markup series, we’re happy to share!

@FlorinBilbiie @jan_eeckhout @Simon_Mongey @Basile_G @DBaqaee @arielburst There is no consensus but the work of @luiscanyamel and @ThomasHasenzagl on reconciling micro and macro profit shares and markups is the best reference I have. They have series like what you want that are internally consistent with firm optimization and national accounts

#econtwitter if you still exist: Is there a consensus, state-of-the-art time series measure for average “markup”? (an economy-wide aggregate(d) measure, over time.) Paging the experts @jan_eeckhout @Simon_Mongey @Basile_G @DBaqaee @arielburst Asking for a friend (and myself).

We were so happy to gather for pizza to welcome the new members of the SMU economics department. We have an exciting new cohort of Masters and Ph.D. students from 🇧🇷🇨🇳🇨🇴🇪🇹🇮🇳🇺🇲, plus four new faculty members! Welcome to all! 🐎🐎🐎

Useful summary of the market power literature from Chad Syverson, especially helpful at the conceptual level. - Why can we not usually identify just markups? - Why do we need physical quantities, not just prices? - Does any of this relate to inflation? nber.org/papers/w32871

Praise for Price Gouging grumpy-economist.com/p/praise-for-p…