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Ben Marrow Profile picture
Ben Marrow
@benmarrow
PhD in Financial Economics @UChicago. Marjorie Deane Fellow @TheEconomist. Formerly: @AQRCapital | @Yankees | @NewYorkFed | @Yale. Personal views
Aug 7 • 5 tweets • 2 min read
In this week's @TheEconomist, I wrote about the special relationship between US airlines, their loyalty programs, and their credit card partners.

US airlines tend to be profitable, but they lose money on their passenger operations. Image Airlines instead make it up with vast sales of frequent flyer miles to banks, who then reward credit card spenders with such miles.

The transfers are significant: American Express pays around $8bn a year to Delta airlines (Delta's entire operating profit for 2024 was $6bn)
Oct 4, 2019 • 9 tweets • 3 min read
Absolutely incredible paper presented at the @StiglerCenter's Political Economy of Finance conference in Chicago this weekend, by @NicolaLimodio.

Takeaway: fluctuations in the international price of silver can predict the probability of terrorist attacks!

(1/9) How does this work? The Quran requires that muslims above a certain threshold of wealth give away 2.5% of wealth as charity ("zakat").

In Pakistan, the government automatically taxes citizens above this threshold at the 2.5% level.

(2/9)