I will do what everybody knows is very dangerous on twitter: comment on Sweden...

Cases have accelerated sharply over the last few weeks, from 200/day to 700/day (could have broader implications, with weather possibly a key variable = THREAD).
I am not trying to be alarmist, very few people seem to be getting seriously ill, as evidenced by low ICU admissions (although there is a slight uptick, and obviously lags at play)
But it raises the question. WHY? (are cases spiking)

Sweden has been 'open' for a while (that is the reason everybody is so focused on Sweden's alternative model)

Relatedly, mobility indicators have been pretty stable over the last few months.
Could it be the weather?
In the US the virus is moving to the North (as indicated by the hotspot map, which have few clusters in the warmer south)

There are other possibilities (social distancing fatigue, return to work/school after summer, hang-over from August tourism travel). But the weather is a factor too, and it is worth thinking pretty hard about how Rt (all else equal) will be impacted by temperature.
I have seen very little academic/epidemiology commenting on weather effects, except in a generic modelling sense. Perhaps it is under-researched still, and could entail a surprise element as weather gets colder and colder in the Northern Hemisphere.

I will leave it at that. END

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More from @jnordvig

10 Oct
I started using twitter in earnest this year, and today I reached 10K followers. I do not know all of you personally, but I do know many of you professionally, and I really respect your views/input/content etc. Some observations on twitter in general (=THREAD)
I used to be skeptical of twitter. In part because I wanted to keep research content for my clients only, and because some of the stuff I look at is very niche. But then came the COVID shock, and suddenly everybody was interested & there was a lot of new/important data to crunch
The COVID shock showed the power of data, to a huge audience. I had to express my views in public, especially back in Q1, when there were so many basic misunderstandings.
Read 12 tweets
5 Oct
Lots of focus on Nov 3, and how the world may change after that day. But what we do know is that WFH, or at least a hybrid model, will be with us well beyond the election day. So we do need to plan… (= THREAD)
As I mentioned in previous thread, the initial excitement about wfh being possible, and in some narrow areas even an advantage, is giving way to a form of fatigue, reduced motivation, and a test to social networking / teamwork structures, over time.

Hence, we have been thinking hard about what can be done (in the context of managing @ExanteData) to ‘stay sane’ and avoid the most obvious pitfalls of working from home in the longer-run. Three main points on this....
Read 16 tweets
1 Oct
The most important chart of 2020 continues to evolve. We had the incredible situation that incomes spiked in a depression, because government transfers were so big. Now that transfers are declining, incomes are coming down, but spending is still on an uptrend via past savings. Image
This is why the fiscal stimulus debate remains the hottest issue of the day, as well as more strategically. The cut in Federal unemployment subsidies are feeding directly into this. So that piece is key, although maybe the aid for states is what the negotiation is more focused on
2020 is not like any other year. The aggressiveness of fiscal policy, in the US and globally, is different. And the interplay between fiscal policy & QE is also different. "FisQEl Policy", if you will... (as opposed to the pure asset swap QE of the 2008-2014 period).@TheStalwart
Read 4 tweets
10 Sep
Just did @BloombergTV with @CarolineHydeTV, @romainebostick and @TheStalwart. Main discussion was about the recovery, and whether it is in question

My main point...watch two engines of recovery...
The recovery, since April-May, has had two engines:
First, the gradual reopening, in the US (with some setbacks along the way) and globally.
Second, the roll-out of big fiscal stimulus (in the US, and more broadly)
We have to watch these two engines. The low fatality rates and the greater appreciation for the importance of superspreading events and mask use (and aversion to big 2nd round lockdowns), means that big 2nd round lockdowns are unlikely, unless hospitalizations/death really move.
Read 6 tweets
6 Sep
It used to be 'I am not an epidemiologist'; and now we can flip to 'I am not a criminologist'. In any case, there is huge interest in the topic of the rise in crime in 2020 in US cities, for basic reasons of safety, and well as for political reasons.

Below, some basic charts...
Here, we project full year crime counts in major categories in NYC using the growth observed in the first eight months of the year, to allow comparison with previous (full) years. Image
There are major spikes in key categories (auto larceny: 59.6%, burglary: 42.9%, murders: 34.6%, as has been widely reported. But some other categories are falling (rape: -24.6%, felony assault: -3.7%) Image
Read 9 tweets
26 Aug
As Jackson Hole nears, it’s useful to recall how the Fed’s balance sheet has changed since end-2019 as well as contemplate how it might evolve in coming months including due to Powell’s review of the monetary policy framework = THREAD with charts from ChrisMarsh/@GeneralTheorist.
As is well known, Fed assets are now around USD7TN—up about USD2.8TN since year-end. This is due to (i) UST purchases (USD2TN); (ii) other securities (USD0.9TN); as well as (iii) central bank swaps which peaked at USD450BN (but are now below USD100BN).
On the liabilities side, bank reserves at the Fed (+USD1.3TN) have increased a similar amount to the Treasury General Account (+USD1.2TN) since year-end, while cash has increased USD0.2TN. Or, of dollar liquidity created, less than 50% has yet reached US bank reserves.
Read 11 tweets

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