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Created
Fri, 17/04/2026 - 22:00

I’m reaching out because, well, I’ve got this shipment of 2.1 million barrels of crude oil, and I would LOVE it if I could just squeeze on by and pass through the Strait of Hormuz? Honestly, no worries if not, though!

It’s just that the vast amount of crude oil I have aboard is the lifeblood of several regional economies. Without it reaching its destination, millions will be unable to afford to heat their homes and fuel their cars, causing those economies to become increasingly unstable, undermining, in turn, the stability of the world at large. But if it’s a no, that’s fine!

I know you’re super committed to whichever geopolitical concern has driven you to block the Strait, and listen, I totally get it. That sounds really stressful and complicated. You’re doing an amazing job, by the way! I’ve heard that, like, no one is getting through, and that must be such a pain to deal with day in and day out.

Created
Fri, 17/04/2026 - 18:14
Assorted Haiku Haiku #2511 Tourists wait in lineto enter Machu Picchu.Oh, look! A high queue. Haiku #564127 how dare you suggestI have a short attentionspanish omelette Limeraiku There once was a younglimerick from Kew who turnedinto a haiku. The Constraints of Haiku Tied up all night witha haiku dominatrixand her three-line whip. Shakespearean Haiku Shall…
Created
Fri, 17/04/2026 - 08:26
Debating econometrics and its shortcomings, yours truly often gets the response from econometricians that: “OK, maybe econometrics isn’t perfect, but you have to admit that it is a great technique for the empirical testing of economic hypotheses.” But is econometrics really such a great testing instrument? Econometrics is supposed to be able to test economic theories. But […]
Created
Thu, 16/04/2026 - 23:00
Anthony Savagar, Misa Tanaka and Jagdish Tripathy With increased availability of big data and computing power, more firms are adopting algorithmic and AI-powered pricing to adjust prices rapidly in response to changing economic conditions over time and across consumers. This post reviews the existing research, draws implications for central banks, and identifies areas for further … Continue reading What machines taking over pricing means for central banks
Created
Thu, 16/04/2026 - 19:54
There are many kinds of useless economics held in high regard within the mainstream economics establishment today. Few — if any — are less deserving than the macroeconomic theory or method — mostly connected with Nobel laureates Finn Kydland, Robert Lucas, Edward Prescott and Thomas Sargent — called calibration. In physics, it may not strain […]
Created
Thu, 16/04/2026 - 18:33
It’s publication day for ‘How to Lay an Egg with a Horse Inside’. For those of you who preordered, I hope your copy has arrived and you enjoy reading it. For those of you who, for some strange reason, didn’t preorder, it should be out there in most bookshops for perusal and purchase. But only…
Created
Thu, 16/04/2026 - 18:00
Boromeus Wanengkirtyo, Ivan Yotzov and Mishel Ghassibe Can tomorrow’s costs affect firm prices today? When a temporary tariff schedule on imported inputs was announced in March 2019, many UK firms adjusted prices in anticipation – despite the potential cost change being in the future. In a recent working paper, we use firm‑level survey data to … Continue reading Tomorrow’s costs, today’s prices: why expectations matter for inflation
Created
Thu, 16/04/2026 - 12:47
The Australian Bureau of Statistics (ABS) released the latest labour force data today (APRIL 16, 2026) – Labour Force, Australia – for March 2026 – which showed that the labour market steadied after last month’s contraction. While employment growth remained positive and was dominated by full-time work gains (as part-time employment fell), the fact that…