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Jan Eeckhout Profile picture
Jan Eeckhout
@jan_eeckhout
Economist. Professor at UPF Barcelona. Market Power, Macro, Labor, Cities. Author of "The Profit Paradox" https://t.co/fvJdbrufLw
Mar 3, 2024 • 9 tweets • 2 min read
On 9 March, some things might change:

1. you can message from Whatsapp to Telegram

2. in the App Store you can buy directly from the provider or competing platform

3. Amazon no longer ranks own products at the top of a search

Why? The Digital Markets Act (DMA) goes live…

1/ Image This regulation of digital commerce now becomes enforceable law. The main objective: increase competition in digital markets

With network externalities and returns to scale, firms have tools to stifle competition and create dominant positions

2/
Jan 23, 2023 • 9 tweets • 3 min read
I don’t think people fully appreciate that high inflation in the US and the Euro area is over. We are back at 2%

Part of the high inflation perception today is measurement: instantaneous inflation in December is 2% instead of the conventional measure of 6.5%

1/9 Why is conventional inflation so high still?

Prices are recorded monthly, so Inflation numbers come in monthly. There are 2 issues:
1. Magnitude
2. Averaging

2/
Apr 20, 2022 • 5 tweets • 2 min read
Some time ago a WSJ journalist calls me while I am on vacation to talk about an article he is writing on Market Power. After 2 calls, and more than 3 hours of conversation, he says: “I don’t believe your numbers for markups”

1/5 I say: “I can give you the data and the code. I can translate it to Excel. Want to talk about production function estimation? Omitted price bias? The instrument? The control function approach?…”

2/
Apr 18, 2022 • 16 tweets • 3 min read
Are we as the academic community of economists ready to take responsibility for the miserable economic state Russia is in today?

1/16 With the collapse of communism, in the early 1990s prominent economists from top institutions packed their bags and moved into apartments near the Kremlin

2/
Jan 11, 2022 • 5 tweets • 2 min read
Delightful article on the brilliant @DrDaronAcemoglu

Technological change is behind wage stagnation

If Output=AK^aL^b

then in the Robots papers, investment in robots lower b => workers become less productive => wage stagnation/labor share falls

1/5
nytimes.com/2022/01/11/tec… Yet, when we estimate b (and a), both do not fall and instead we see rising Returns To Scale (mainly due to intangibles, ie technological change). Rather than lowering b, intangibles increase it

2/5