Raj Chetty talk on “The economic impacts of COVID-19: Real-time evidence from private sector data”

I have not yet viewed it, but this talk is receiving rave reviews, here is the link.  Or here:

Via the excellent Samir Varma.

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He was interviewed yesterday by Terry Gross on Fresh Air. Very interesting. My takeaway was expanded unemployment was the best action by Congress to keep the economy paying money to businesses so businesses could pay workers.

I will save you from having to watch this hour-and-19-minute-long video: "The Wuhan virus tanked the economy."

I quit working at shoprite and now I make $65-85 per/h. How? I'm working online! My work didn't exactly make me happy so I decided to take a chance on something new… after 4 years it was so hard to quit my day job but now I couldn't be happier.

Here’s what I do….................. Bizprofit9.com

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Why not just give workers unemployment benefits including health insurance?

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Good stuff, good presentation, extensive data, sliced and analyzed the right way, shows clearly what’s going on. Just what we need ! Go Raj !

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Finally, an economist without pretensions!

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HE GETS SO MUCH DATA IT'S NOT FAIR

Yes, it is called the Matthew effect. Named by Robert K. Merton, the sociologist.
For to every one who has will more be given, and he will have abundance; but from him who has not, even what he has will be taken away. Matthew 25:29.
Good discussion in Wikipedia.

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Why do they all look the same? Not nature but nurture ? Homogeneous in their vocation !

Samira ! All we need is some summer now - Larry Summers - have you noticed him while he speaks ?

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It is all an illusion no matter how he pouts/puckers his lips while he speaks.

Emulation comes easy to a herd !

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Nice & spicy, it will make your lips curl ! Do not ask me about next morning.

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Hope you had some radish on the side.

Has turned you into a vegetable !

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Then there was someone wearing some nobel pants courtesy the frenchie ! Or was it the other way ?

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I enjoyed the talk, thanks for posting it. There were a few places where regressions were shown against already-binned data (e.g. 52:56), which is a practice I don't understand. Surely everyone who works with data is used to looking at regression lines on clouds and clouds of data points. Why bin by quartile at all before doing the regression?

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Very interesting,

tl;dr - rich person pullback impacts poor people more than rich people

rich person pull back *on services that can not be provided remotely* impacts poor people more than rich people.

What you say is true but I'm not sure you really clarified the situation.

Because the big takeaway is not that the rich shifted consumption to safe activities, it's that this rich actually reduced consumption in this pandemic.

And that reduced consumption largely fell upon small retail.

It makes sense I guess. If you're rich and you're bored you go shopping. Except not anymore.

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BTW, the slide on school progress by income quintile in lockdown .. tragic.

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Would love to get Krugman's take on this.

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I enjoyed the presentation and graphs, but I'm way to stupid to figure out how to reproduce them from http://www.thebillionpricesproject.com/datasets/ that he mentions.

It would be really cool if for each of those major graphs from the presentation he gave some guidelines about how he got them from the Billion Prices Project data.

They had access to detailed data from a variety of private companies.
Check out https://www.tracktherecovery.org/

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