From 68111b699df8debf820d151787a4740ec6c7d064 Mon Sep 17 00:00:00 2001 From: Pascal Michaillat <85443660+pmichaillat@users.noreply.github.com> Date: Mon, 25 Nov 2024 14:20:48 -0800 Subject: [PATCH] Fix bug when rendering HTML links --- layouts/_default/_markup/render-link.html | 2 +- public/1/index.html | 25 +- public/10/index.html | 19 +- public/11/index.html | 19 +- public/12/index.html | 16 +- public/13/index.html | 18 +- public/14/index.html | 16 +- public/15/index.html | 10 +- public/16/index.html | 19 +- public/2/index.html | 16 +- public/3/index.html | 22 +- public/4/index.html | 16 +- public/5/index.html | 22 +- public/6/index.html | 22 +- public/7/index.html | 19 +- public/8/index.html | 22 +- public/9/index.html | 22 +- public/c1/index.html | 591 ++++++----------- public/c2/index.html | 733 ++++++---------------- public/c3/index.html | 36 +- public/c4/index.html | 159 ++--- public/c5/index.html | 36 +- public/d1/index.html | 58 +- public/d2/index.html | 74 +-- public/d3/index.html | 13 +- public/d4/index.html | 37 +- public/d5/index.html | 95 +-- public/officehours/index.html | 8 +- 28 files changed, 679 insertions(+), 1466 deletions(-) diff --git a/layouts/_default/_markup/render-link.html b/layouts/_default/_markup/render-link.html index d20f5a96e..a966c3810 100644 --- a/layouts/_default/_markup/render-link.html +++ b/layouts/_default/_markup/render-link.html @@ -1 +1 @@ -{{- .Text | safeHTML -}} +{{- .Text | safeHTML -}} \ No newline at end of file diff --git a/public/1/index.html b/public/1/index.html index 17628e8fd..015f76c86 100644 --- a/public/1/index.html +++ b/public/1/index.html @@ -62,8 +62,8 @@ "keywords": [ "business cycles", "DMP model", "frictional unemployment", "job rationing", "job vacancies", "matching model", "recessions", "rationing unemployment", "unemployment", "wage rigidity" ], - "articleBody": " Paper Online appendix Code and data Abstract This paper proposes a search-and-matching model of unemployment in which jobs are rationed: the labor market does not clear in the absence of matching frictions. This job shortage arises in an economic equilibrium from the combination of some wage rigidity and diminishing marginal returns to labor. In recessions, job rationing is acute, driving the rise in unemployment, whereas matching frictions contribute little to unemployment. Intuitively in recessions, jobs are lacking, the labor market is slack, and recruiting is easy and inexpensive, so matching frictions do not matter much. In a calibrated model, cyclical fluctuations in the composition of unemployment are large.\nFigure 5: Rationing and frictional unemployment in the United States, 1964–2009 Citation Michaillat, Pascal. 2012. “Do Matching Frictions Explain Unemployment? Not in Bad Times.” American Economic Review 102 (4): 1721–1750. https://doi.org/10.1257/aer.102.4.1721 .\n@article{M12, author = {Pascal Michaillat}, year = {2012}, title = {Do Matching Frictions Explain Unemployment? Not in Bad Times}, journal = {American Economic Review}, volume = {102}, number = {4}, pages = {1721--1750}, url = {https://doi.org/10.1257/aer.102.4.1721}} Related material Presentation slides Nontechnical summary for CentrePiece PhD dissertation (2010) – My PhD dissertation at UC Berkeley is the basis for this paper. Chapter 2 in particular provides intuition for the main results of the paper based on an elementary, urn-ball model of the labor market. ", - "wordCount" : "223", + "articleBody": " Paper Online appendix Code and data Abstract This paper proposes a search-and-matching model of unemployment in which jobs are rationed: the labor market does not clear in the absence of matching frictions. This job shortage arises in an economic equilibrium from the combination of some wage rigidity and diminishing marginal returns to labor. In recessions, job rationing is acute, driving the rise in unemployment, whereas matching frictions contribute little to unemployment. Intuitively in recessions, jobs are lacking, the labor market is slack, and recruiting is easy and inexpensive, so matching frictions do not matter much. In a calibrated model, cyclical fluctuations in the composition of unemployment are large.\nFigure 5: Rationing and frictional unemployment in the United States, 1964–2009 Citation Michaillat, Pascal. 2012. “Do Matching Frictions Explain Unemployment? Not in Bad Times.” American Economic Review 102 (4): 1721–1750. https://doi.org/10.1257/aer.102.4.1721.\n@article{M12, author = {Pascal Michaillat}, year = {2012}, title = {Do Matching Frictions Explain Unemployment? Not in Bad Times}, journal = {American Economic Review}, volume = {102}, number = {4}, pages = {1721--1750}, url = {https://doi.org/10.1257/aer.102.4.1721}} Related material Presentation slides Nontechnical summary for CentrePiece PhD dissertation (2010) – My PhD dissertation at UC Berkeley is the basis for this paper. Chapter 2 in particular provides intuition for the main results of the paper based on an elementary, urn-ball model of the labor market. ", + "wordCount" : "222", "inLanguage": "en", "image":"https://pascalmichaillat.org/1s.png","datePublished": "2012-06-01T00:00:00Z", "dateModified": "2024-10-01T00:00:00Z", @@ -181,12 +181,9 @@



Abstract
@@ -197,8 +194,7 @@
Citation
-

Michaillat, Pascal. 2012. “Do Matching Frictions Explain Unemployment? Not in Bad Times.” American Economic Review 102 (4): 1721–1750. https://doi.org/10.1257/aer.102.4.1721 -.

+

Michaillat, Pascal. 2012. “Do Matching Frictions Explain Unemployment? Not in Bad Times.” American Economic Review 102 (4): 1721–1750. https://doi.org/10.1257/aer.102.4.1721.

@article{M12,
 author = {Pascal Michaillat},
 year = {2012},
@@ -211,12 +207,9 @@ 
Citation

diff --git a/public/10/index.html b/public/10/index.html index 08d825fbd..8a8657a69 100644 --- a/public/10/index.html +++ b/public/10/index.html @@ -62,8 +62,8 @@ "keywords": [ "beetles", "homophily", "Kuhnian model", "metascience", "phase diagrams", "paradigms", "scientific progress", "scientific revolutions", "tenure", "Youden index" ], - "articleBody": " Paper Online appendix Significance It is believed that a lack of experimental evidence (typical in the social sciences) slows but does not prevent the adoption of true theories. We evaluate this belief using a model of scientific research and promotion in which tenured scientists are slightly biased toward tenure candidates with similar beliefs. We find that when a science lacks evidence to discriminate between theories, or when tenure decisions do not rely on available evidence, true theories may not be adopted. The nonadoption of heliocentric theory in the 16th century, the persistence of bloodletting in the 19th century, the nonadoption of underconsumption theory in the early 20th century, and the persistence of radical mastectomy in the 20th century illustrate such risk.\nAbstract We develop a model describing how false paradigms may persist, hindering scientific progress. The model features two paradigms, one describing reality better than the other. Tenured scientists display homophily: they favor tenure candidates who adhere to their paradigm. As in statistics, power is the probability (absent any bias) of denying tenure to scientists adhering to the false paradigm. The model shows that because of homophily, when power is low, the false paradigm may prevail. Then only an increase in power can ignite convergence to the true paradigm. Historical case studies suggest that low power comes either from lack of empirical evidence, or from reluctance to base tenure decisions on available evidence.\nFigure 1A: Dynamics of the share of Better scientists in the tenured population in a scientific field with high power Figure 1B: Dynamics of the share of Better scientists in the tenured population in a scientific field with low power Citation Akerlof, George A., and Pascal Michaillat. 2018. “Persistence of False Paradigms in Low-Power Sciences.” Proceedings of the National Academy of Sciences 115 (52): 13228–13233. https://doi.org/10.1073/pnas.1816454115 .\n@article{AM18, author = {George A. Akerlof and Pascal Michaillat}, year = {2018}, title = {Persistence of False Paradigms in Low-Power Sciences}, journal = {Proceedings of the National Academy of Sciences}, volume = {115}, number = {52}, pages = {13228--13233}, url = {https://doi.org/10.1073/pnas.1816454115}} Related material Nontechnical summary for the Berkeley Initiative for Transparency in the Social Sciences Previous version of the paper (2017) – This version of the paper develops a heory of promotion based on evaluations by the already promoted. The already promoted show some favoritism toward candidates for promotion with similar beliefs, just as beetles are more prone to eat the eggs of other species. With such egg-eating bias, false beliefs may not be eliminated by the promotion system. An application is to the scientific process; another application is to hierarchical organizations. In organizations, egg-eating bias can result in the capture of the top of organizations by the wrong-minded. ", - "wordCount" : "450", + "articleBody": " Paper Online appendix Significance It is believed that a lack of experimental evidence (typical in the social sciences) slows but does not prevent the adoption of true theories. We evaluate this belief using a model of scientific research and promotion in which tenured scientists are slightly biased toward tenure candidates with similar beliefs. We find that when a science lacks evidence to discriminate between theories, or when tenure decisions do not rely on available evidence, true theories may not be adopted. The nonadoption of heliocentric theory in the 16th century, the persistence of bloodletting in the 19th century, the nonadoption of underconsumption theory in the early 20th century, and the persistence of radical mastectomy in the 20th century illustrate such risk.\nAbstract We develop a model describing how false paradigms may persist, hindering scientific progress. The model features two paradigms, one describing reality better than the other. Tenured scientists display homophily: they favor tenure candidates who adhere to their paradigm. As in statistics, power is the probability (absent any bias) of denying tenure to scientists adhering to the false paradigm. The model shows that because of homophily, when power is low, the false paradigm may prevail. Then only an increase in power can ignite convergence to the true paradigm. Historical case studies suggest that low power comes either from lack of empirical evidence, or from reluctance to base tenure decisions on available evidence.\nFigure 1A: Dynamics of the share of Better scientists in the tenured population in a scientific field with high power Figure 1B: Dynamics of the share of Better scientists in the tenured population in a scientific field with low power Citation Akerlof, George A., and Pascal Michaillat. 2018. “Persistence of False Paradigms in Low-Power Sciences.” Proceedings of the National Academy of Sciences 115 (52): 13228–13233. https://doi.org/10.1073/pnas.1816454115.\n@article{AM18, author = {George A. Akerlof and Pascal Michaillat}, year = {2018}, title = {Persistence of False Paradigms in Low-Power Sciences}, journal = {Proceedings of the National Academy of Sciences}, volume = {115}, number = {52}, pages = {13228--13233}, url = {https://doi.org/10.1073/pnas.1816454115}} Related material Nontechnical summary for the Berkeley Initiative for Transparency in the Social Sciences Previous version of the paper (2017) – This version of the paper develops a heory of promotion based on evaluations by the already promoted. The already promoted show some favoritism toward candidates for promotion with similar beliefs, just as beetles are more prone to eat the eggs of other species. With such egg-eating bias, false beliefs may not be eliminated by the promotion system. An application is to the scientific process; another application is to hierarchical organizations. In organizations, egg-eating bias can result in the capture of the top of organizations by the wrong-minded. ", + "wordCount" : "449", "inLanguage": "en", "image":"https://pascalmichaillat.org/10s.png","datePublished": "2018-12-26T00:00:00Z", "dateModified": "2024-08-21T00:00:00Z", @@ -184,10 +184,8 @@



Significance

@@ -204,8 +202,7 @@
Citation
-

Akerlof, George A., and Pascal Michaillat. 2018. “Persistence of False Paradigms in Low-Power Sciences.” Proceedings of the National Academy of Sciences 115 (52): 13228–13233. https://doi.org/10.1073/pnas.1816454115 -.

+

Akerlof, George A., and Pascal Michaillat. 2018. “Persistence of False Paradigms in Low-Power Sciences.” Proceedings of the National Academy of Sciences 115 (52): 13228–13233. https://doi.org/10.1073/pnas.1816454115.

@article{AM18,
 author = {George A. Akerlof and Pascal Michaillat},
 year = {2018},
@@ -218,10 +215,8 @@ 
Citation

diff --git a/public/11/index.html b/public/11/index.html index 09ff9ce77..941af9710 100644 --- a/public/11/index.html +++ b/public/11/index.html @@ -62,8 +62,8 @@ "keywords": [ "Euler equation", "fiscal multiplier", "fiscal policy", "forward guidance", "monetary policy", "New Keynesian model", "phase diagrams", "social status", "wealth in the utility", "zero lower bound" ], - "articleBody": " Paper Online appendix Phase diagrams Abstract At the zero lower bound, the New Keynesian model predicts that output and inflation collapse to implausibly low levels and that government spending and forward guidance have implausibly large effects. To resolve these anomalies, we introduce wealth into the utility function; the justification is that wealth is a marker of social status, and people value status. Since people partly save to accrue social status, the Euler equation is modified. As a result, when the marginal utility of wealth is sufficiently large, the dynamical system representing the zero-lower-bound equilibrium transforms from a saddle to a source, which resolves all the anomalies.\nFigure 1A: New Keynesian model is a source in normal times with active monetary policy Figure 1B: Wealth-in-the-utility New Keynesian model is a source in normal times with active monetary policy Figure 1C: New Keynesian model is a saddle at the zero lower bound Figure 1D: Wealth-in-the-utility New Keynesian model is a source at the zero lower bound Citation Michaillat, Pascal, and Emmanuel Saez. 2021. “Resolving New Keynesian Anomalies with Wealth in the Utility Function.” Review of Economics and Statistics 103 (2): 197–215. https://doi.org/10.1162/rest_a_00893 .\n@article{MS21, author = {Pascal Michaillat and Emmanuel Saez}, year = {2021}, title ={Resolving {N}ew {K}eynesian Anomalies with Wealth in the Utility Function}, journal = {Review of Economics and Statistics}, volume = {103}, number = {2}, pages = {197--215}, url = {https://doi.org/10.1162/rest_a_00893}} Related material Presentation slides ", - "wordCount" : "236", + "articleBody": " Paper Online appendix Phase diagrams Abstract At the zero lower bound, the New Keynesian model predicts that output and inflation collapse to implausibly low levels and that government spending and forward guidance have implausibly large effects. To resolve these anomalies, we introduce wealth into the utility function; the justification is that wealth is a marker of social status, and people value status. Since people partly save to accrue social status, the Euler equation is modified. As a result, when the marginal utility of wealth is sufficiently large, the dynamical system representing the zero-lower-bound equilibrium transforms from a saddle to a source, which resolves all the anomalies.\nFigure 1A: New Keynesian model is a source in normal times with active monetary policy Figure 1B: Wealth-in-the-utility New Keynesian model is a source in normal times with active monetary policy Figure 1C: New Keynesian model is a saddle at the zero lower bound Figure 1D: Wealth-in-the-utility New Keynesian model is a source at the zero lower bound Citation Michaillat, Pascal, and Emmanuel Saez. 2021. “Resolving New Keynesian Anomalies with Wealth in the Utility Function.” Review of Economics and Statistics 103 (2): 197–215. https://doi.org/10.1162/rest_a_00893.\n@article{MS21, author = {Pascal Michaillat and Emmanuel Saez}, year = {2021}, title ={Resolving {N}ew {K}eynesian Anomalies with Wealth in the Utility Function}, journal = {Review of Economics and Statistics}, volume = {103}, number = {2}, pages = {197--215}, url = {https://doi.org/10.1162/rest_a_00893}} Related material Presentation slides ", + "wordCount" : "235", "inLanguage": "en", "image":"https://pascalmichaillat.org/11s.png","datePublished": "2021-05-10T00:00:00Z", "dateModified": "2024-08-21T00:00:00Z", @@ -184,12 +184,9 @@



Abstract
@@ -209,8 +206,7 @@
Citation
-

Michaillat, Pascal, and Emmanuel Saez. 2021. “Resolving New Keynesian Anomalies with Wealth in the Utility Function.” Review of Economics and Statistics 103 (2): 197–215. https://doi.org/10.1162/rest_a_00893 -.

+

Michaillat, Pascal, and Emmanuel Saez. 2021. “Resolving New Keynesian Anomalies with Wealth in the Utility Function.” Review of Economics and Statistics 103 (2): 197–215. https://doi.org/10.1162/rest_a_00893.

@article{MS21,
 author = {Pascal Michaillat and Emmanuel Saez},
 year = {2021},
@@ -223,8 +219,7 @@ 
Citation

diff --git a/public/12/index.html b/public/12/index.html index e059f1d78..598c098ca 100644 --- a/public/12/index.html +++ b/public/12/index.html @@ -62,8 +62,8 @@ "keywords": [ "Bonferroni correction", "critical values", "hypothesis testing", "incentives", "metascience", "optimal stopping", "p-hacking", "publication bias", "statistical significance", "type 1 error" ], - "articleBody": " Paper Online appendix Code and data Abstract P-hacking is prevalent in reality but absent from classical hypothesis-testing theory. We therefore build a model of hypothesis testing that accounts for p-hacking. From the model, we derive critical values such that, if they are used to determine significance, and if p-hacking adjusts to the new significance standards, spurious significant results do not occur more often than intended. Because of p-hacking, such robust critical values are larger than classical critical values. In the model calibrated to medical science, the robust critical value is the classical critical value for the same test statistic but with one fifth of the significance level.\nFigure 3A: Critical values robust to p-hacking for one-sided z-test with significance level of 5% Figure 3B: Critical values robust to p-hacking for two-sided z-test with significance level of 5% Citation McCloskey, Adam, and Pascal Michaillat. 2024. “Critical Values Robust to P-hacking.” Review of Economics and Statistics. https://doi.org/10.1162/rest_a_01456 .\n@article{MM24, author = {Adam McCloskey and Pascal Michaillat}, year = {2024}, title = {Critical Values Robust to P-hacking}, journal = {Review of Economics and Statistics}, url = {https://doi.org/10.1162/rest_a_01456}} ", - "wordCount" : "184", + "articleBody": " Paper Online appendix Code and data Abstract P-hacking is prevalent in reality but absent from classical hypothesis-testing theory. We therefore build a model of hypothesis testing that accounts for p-hacking. From the model, we derive critical values such that, if they are used to determine significance, and if p-hacking adjusts to the new significance standards, spurious significant results do not occur more often than intended. Because of p-hacking, such robust critical values are larger than classical critical values. In the model calibrated to medical science, the robust critical value is the classical critical value for the same test statistic but with one fifth of the significance level.\nFigure 3A: Critical values robust to p-hacking for one-sided z-test with significance level of 5% Figure 3B: Critical values robust to p-hacking for two-sided z-test with significance level of 5% Citation McCloskey, Adam, and Pascal Michaillat. 2024. “Critical Values Robust to P-hacking.” Review of Economics and Statistics. https://doi.org/10.1162/rest_a_01456.\n@article{MM24, author = {Adam McCloskey and Pascal Michaillat}, year = {2024}, title = {Critical Values Robust to P-hacking}, journal = {Review of Economics and Statistics}, url = {https://doi.org/10.1162/rest_a_01456}} ", + "wordCount" : "183", "inLanguage": "en", "image":"https://pascalmichaillat.org/12s.png","datePublished": "2024-04-30T00:00:00Z", "dateModified": "2024-10-01T00:00:00Z", @@ -184,12 +184,9 @@



Abstract
@@ -203,8 +200,7 @@
Citation
-

McCloskey, Adam, and Pascal Michaillat. 2024. “Critical Values Robust to P-hacking.” Review of Economics and Statistics. https://doi.org/10.1162/rest_a_01456 -.

+

McCloskey, Adam, and Pascal Michaillat. 2024. “Critical Values Robust to P-hacking.” Review of Economics and Statistics. https://doi.org/10.1162/rest_a_01456.

@article{MM24,
 author = {Adam McCloskey and Pascal Michaillat},
 year = {2024},
diff --git a/public/13/index.html b/public/13/index.html
index 2adc373ba..f243a7f88 100644
--- a/public/13/index.html
+++ b/public/13/index.html
@@ -184,10 +184,8 @@ 



Abstract
@@ -211,14 +209,10 @@
Citation


diff --git a/public/14/index.html b/public/14/index.html index 9aa758708..f8b896a9c 100644 --- a/public/14/index.html +++ b/public/14/index.html @@ -62,8 +62,8 @@ "keywords": [ "Borjas-Card controversy", "business cycles", "immigration policy", "job rationing", "job stealing", "matching model", "politics", "state dependence", "unemployment", "wage rigidity" ], - "articleBody": " Paper Abstract Immigration is often blamed for increasing unemployment among local workers. However, standard models, such as the neoclassical model and the Diamond-Mortensen-Pissarides matching model, inherently assume that immigrants are absorbed into the labor market without affecting local unemployment. This paper presents a more general model of migration that allows for the possibility that not only the wages but also the unemployment rate of local workers may be affected by the arrival of newcomers. This extension is essential to capture the full range of potential impacts of labor migration on labor markets. The model blends a matching framework with job rationing. In it, the arrival of new workers can raise the unemployment rate among local workers, particularly in a depressed labor market where job opportunities are limited. On the positive side, in-migration helps firms fill vacancies more easily, boosting their profits. The overall impact of in-migration on local welfare varies with labor market conditions: in-migration reduces welfare when the labor market is inefficiently slack, but it enhances welfare when the labor market is inefficiently tight.\nFigure 8A: Small reduction in local employment after in-migration in good times Figure 8B: Larger reduction in local employment after in-migration in bad times Citation Michaillat, Pascal. 2024. “Modeling Migration-Induced Unemployment.” arXiv:2303.13319v4. https://doi.org/10.48550/arXiv.2303.13319 .\n@techreport{M24, author = {Pascal Michaillat}, year = {2024}, title = {Modeling Migration-Induced Unemployment}, number = {arXiv:2303.13319v4}, url = {https://doi.org/10.48550/arXiv.2303.13319}} Related material Presentation slides Nontechnical summary for the Hoover Institution ", - "wordCount" : "238", + "articleBody": " Paper Abstract Immigration is often blamed for increasing unemployment among local workers. However, standard models, such as the neoclassical model and the Diamond-Mortensen-Pissarides matching model, inherently assume that immigrants are absorbed into the labor market without affecting local unemployment. This paper presents a more general model of migration that allows for the possibility that not only the wages but also the unemployment rate of local workers may be affected by the arrival of newcomers. This extension is essential to capture the full range of potential impacts of labor migration on labor markets. The model blends a matching framework with job rationing. In it, the arrival of new workers can raise the unemployment rate among local workers, particularly in a depressed labor market where job opportunities are limited. On the positive side, in-migration helps firms fill vacancies more easily, boosting their profits. The overall impact of in-migration on local welfare varies with labor market conditions: in-migration reduces welfare when the labor market is inefficiently slack, but it enhances welfare when the labor market is inefficiently tight.\nFigure 8A: Small reduction in local employment after in-migration in good times Figure 8B: Larger reduction in local employment after in-migration in bad times Citation Michaillat, Pascal. 2024. “Modeling Migration-Induced Unemployment.” arXiv:2303.13319v4. https://doi.org/10.48550/arXiv.2303.13319.\n@techreport{M24, author = {Pascal Michaillat}, year = {2024}, title = {Modeling Migration-Induced Unemployment}, number = {arXiv:2303.13319v4}, url = {https://doi.org/10.48550/arXiv.2303.13319}} Related material Presentation slides Nontechnical summary for the Hoover Institution ", + "wordCount" : "237", "inLanguage": "en", "image":"https://pascalmichaillat.org/14s.png","datePublished": "2024-10-03T00:00:00Z", "dateModified": "2024-11-19T00:00:00Z", @@ -181,8 +181,7 @@



Abstract
@@ -196,8 +195,7 @@
Citation
-

Michaillat, Pascal. 2024. “Modeling Migration-Induced Unemployment.” arXiv:2303.13319v4. https://doi.org/10.48550/arXiv.2303.13319 -.

+

Michaillat, Pascal. 2024. “Modeling Migration-Induced Unemployment.” arXiv:2303.13319v4. https://doi.org/10.48550/arXiv.2303.13319.

@techreport{M24,
 author = {Pascal Michaillat},
 year = {2024},
@@ -207,10 +205,8 @@ 
Citation

diff --git a/public/15/index.html b/public/15/index.html index 83326a4b9..aa23ca06c 100644 --- a/public/15/index.html +++ b/public/15/index.html @@ -62,8 +62,8 @@ "keywords": [ "Beveridge curve", "directed search", "divine coincidence", "economic slack", "kinked Phillips curve", "matching model", "monetary policy", "Phillips curve", "tightness gap", "unemployment gap", "wealth in the utility" ], - "articleBody": " Paper Abstract This paper proposes a new, Beveridgean model of the Phillips curve. While the New Keynesian Phillips Curve is based on monopolistic pricing under price-adjustment costs, the Beveridgean Phillips curve is based on directed-search pricing under price-adjustment costs. Under directed-search pricing, prices respond to slack instead of marginal costs. The Beveridgean Phillips curve links the inflation gap to the unemployment gap, with the following properties. First, it produces the divine coincidence: it guarantees that the rate of inflation is on target whenever the rate of unemployment is efficient. Second, whenever the Beveridge curve shifts, the Phillips curve shifts if it is formulated with inflation and unemployment, but it remains unaffected if it is formulated with inflation and labor-market tightness. Third, the Phillips curve displays a kink at the point of divine coincidence if we assume that wage decreases—which reduce workers’ morale—are more costly to producers than price increases—which upset customers. These three properties describe recent US data well.\nFigure 1: Phillips curve in the United States, 2020–2024 Figure 9A: Response to a negative aggregate-demand shock with a kinked Phillips curve Figure 9B: Response to a negative aggregate-supply shock with a kinked Phillips curve Citation Michaillat, Pascal, and Emmanuel Saez. 2024. “Beveridgean Phillips Curve.” arXiv:2401.12475v2. https://doi.org/10.48550/arXiv.2401.12475 .\n@techreport{MS24, author = {Pascal Michaillat and Emmanuel Saez}, year = {2024}, title = {Beveridgean Phillips Curve}, number = {arXiv:2401.12475v2}, url = {https://doi.org/10.48550/arXiv.2401.12475}} ", - "wordCount" : "229", + "articleBody": " Paper Abstract This paper proposes a new, Beveridgean model of the Phillips curve. While the New Keynesian Phillips Curve is based on monopolistic pricing under price-adjustment costs, the Beveridgean Phillips curve is based on directed-search pricing under price-adjustment costs. Under directed-search pricing, prices respond to slack instead of marginal costs. The Beveridgean Phillips curve links the inflation gap to the unemployment gap, with the following properties. First, it produces the divine coincidence: it guarantees that the rate of inflation is on target whenever the rate of unemployment is efficient. Second, whenever the Beveridge curve shifts, the Phillips curve shifts if it is formulated with inflation and unemployment, but it remains unaffected if it is formulated with inflation and labor-market tightness. Third, the Phillips curve displays a kink at the point of divine coincidence if we assume that wage decreases—which reduce workers’ morale—are more costly to producers than price increases—which upset customers. These three properties describe recent US data well.\nFigure 1: Phillips curve in the United States, 2020–2024 Figure 9A: Response to a negative aggregate-demand shock with a kinked Phillips curve Figure 9B: Response to a negative aggregate-supply shock with a kinked Phillips curve Citation Michaillat, Pascal, and Emmanuel Saez. 2024. “Beveridgean Phillips Curve.” arXiv:2401.12475v2. https://doi.org/10.48550/arXiv.2401.12475.\n@techreport{MS24, author = {Pascal Michaillat and Emmanuel Saez}, year = {2024}, title = {Beveridgean Phillips Curve}, number = {arXiv:2401.12475v2}, url = {https://doi.org/10.48550/arXiv.2401.12475}} ", + "wordCount" : "228", "inLanguage": "en", "image":"https://pascalmichaillat.org/15s.png","datePublished": "2024-10-25T00:00:00Z", "dateModified": "2024-10-25T00:00:00Z", @@ -184,8 +184,7 @@



Abstract
@@ -202,8 +201,7 @@
Citation
-

Michaillat, Pascal, and Emmanuel Saez. 2024. “Beveridgean Phillips Curve.” arXiv:2401.12475v2. https://doi.org/10.48550/arXiv.2401.12475 -.

+

Michaillat, Pascal, and Emmanuel Saez. 2024. “Beveridgean Phillips Curve.” arXiv:2401.12475v2. https://doi.org/10.48550/arXiv.2401.12475.

@techreport{MS24,
 author = {Pascal Michaillat and Emmanuel Saez},
 year = {2024},
diff --git a/public/16/index.html b/public/16/index.html
index 726f82023..e57e61a6d 100644
--- a/public/16/index.html
+++ b/public/16/index.html
@@ -62,8 +62,8 @@
   "keywords": [
     "false positives", "job vacancies", "Michez rule", "nowcasting", "recession indicator", "recession probability", "recession threshold", "recessions", "Sahm rule", "unemployment"
   ],
-  "articleBody": " Paper Code and data Abstract To answer this question, we develop a new Sahm-type recession indicator that combines vacancy and unemployment data. The indicator is the minimum of the Sahm indicator—the difference between the 3-month trailing average of the unemployment rate and its minimum over the past 12 months—and a similar indicator constructed with the vacancy rate—the difference between the 3-month trailing average of the vacancy rate and its maximum over the past 12 months. We then propose a two-sided recession rule: When our indicator reaches 0.3pp, a recession may have started; when the indicator reaches 0.8pp, a recession has started for sure. This new rule is triggered earlier than the Sahm rule: on average it detects recessions 0.8 month after they have started, while the Sahm rule detects them 2.1 months after their start. The new rule also has a better historical track record: it perfectly identifies all recessions since 1929, while the Sahm rule breaks down before 1960. With August 2024 data, our indicator is at 0.54pp, so the probability that the US economy is now in recession is 48%. In fact, the recession may have started as early as March 2024.\nFigure 2B: Construction of the recession indicator in the United States, 1960–2024 Figure 4: Recession indicator with two-sided recession rule in the United States, 1960–2024 Citation Michaillat, Pascal, and Emmanuel Saez. 2024. “Has the Recession Started?” arXiv:2408.05856v2. https://doi.org/10.48550/arXiv.2408.05856 .\n@techreport{MS24, author = {Pascal Michaillat and Emmanuel Saez}, year = {2024}, title = {Has the Recession Started?}, number = {arXiv:2408.05856v2}, url = {https://doi.org/10.48550/arXiv.2408.05856}} Related material Update of the recession indicator with October 2024 data Update of the recession indicator with September 2024 data ",
-  "wordCount" : "276",
+  "articleBody": " Paper Code and data Abstract To answer this question, we develop a new Sahm-type recession indicator that combines vacancy and unemployment data. The indicator is the minimum of the Sahm indicator—the difference between the 3-month trailing average of the unemployment rate and its minimum over the past 12 months—and a similar indicator constructed with the vacancy rate—the difference between the 3-month trailing average of the vacancy rate and its maximum over the past 12 months. We then propose a two-sided recession rule: When our indicator reaches 0.3pp, a recession may have started; when the indicator reaches 0.8pp, a recession has started for sure. This new rule is triggered earlier than the Sahm rule: on average it detects recessions 0.8 month after they have started, while the Sahm rule detects them 2.1 months after their start. The new rule also has a better historical track record: it perfectly identifies all recessions since 1929, while the Sahm rule breaks down before 1960. With August 2024 data, our indicator is at 0.54pp, so the probability that the US economy is now in recession is 48%. In fact, the recession may have started as early as March 2024.\nFigure 2B: Construction of the recession indicator in the United States, 1960–2024 Figure 4: Recession indicator with two-sided recession rule in the United States, 1960–2024 Citation Michaillat, Pascal, and Emmanuel Saez. 2024. “Has the Recession Started?” arXiv:2408.05856v2. https://doi.org/10.48550/arXiv.2408.05856.\n@techreport{MS24, author = {Pascal Michaillat and Emmanuel Saez}, year = {2024}, title = {Has the Recession Started?}, number = {arXiv:2408.05856v2}, url = {https://doi.org/10.48550/arXiv.2408.05856}} Related material Update of the recession indicator with October 2024 data Update of the recession indicator with September 2024 data ",
+  "wordCount" : "275",
   "inLanguage": "en",
   "image":"https://pascalmichaillat.org/16s.png","datePublished": "2024-09-09T00:00:00Z",
   "dateModified": "2024-10-08T00:00:00Z",
@@ -184,10 +184,8 @@ 



Abstract
@@ -201,8 +199,7 @@
Citation
-

Michaillat, Pascal, and Emmanuel Saez. 2024. “Has the Recession Started?” arXiv:2408.05856v2. https://doi.org/10.48550/arXiv.2408.05856 -.

+

Michaillat, Pascal, and Emmanuel Saez. 2024. “Has the Recession Started?” arXiv:2408.05856v2. https://doi.org/10.48550/arXiv.2408.05856.

@techreport{MS24,
 author = {Pascal Michaillat and Emmanuel Saez},
 year = {2024},
@@ -212,10 +209,8 @@ 
Citation

diff --git a/public/2/index.html b/public/2/index.html index bed2b0996..cc7b9bd95 100644 --- a/public/2/index.html +++ b/public/2/index.html @@ -62,8 +62,8 @@ "keywords": [ "business cycles", "crowding out", "fiscal multiplier", "fiscal policy", "job rationing", "matching model", "New Keynesian model", "public employment", "state dependence", "unemployment" ], - "articleBody": " Paper Code and data Abstract I develop a New Keynesian model in which a type of government multiplier doubles when unemployment rises from 5 percent to 8 percent. This multiplier indicates the additional number of workers employed when one worker is hired in the public sector. Graphically, in equilibrium, an upward-sloping quasi-labor supply intersects a downward-sloping labor demand in a (employment, labor market tightness) plane. Increasing public employment stimulates labor demand, which increases tightness and therefore crowds out private employment. Critically, the quasi-labor supply is convex. Hence, when labor demand is depressed and unemployment is high, the increase in tightness and resulting crowding-out are small.\nFigure 1C: Low government multiplier in good times Figure 1D: High government multiplier bad times Citation Michaillat, Pascal. 2014. “A Theory of Countercyclical Government Multiplier.” American Economic Journal: Macroeconomics 6 (1): 190–217. https://doi.org/10.1257/mac.6.1.190 .\n@article{M14, author = {Pascal Michaillat}, year = {2014}, title = {A Theory of Countercyclical Government Multiplier}, journal = {American Economic Journal: Macroeconomics}, volume = {6}, number = {1}, pages = {190--217}, url = {https://doi.org/10.1257/mac.6.1.190}} Related material Presentation slides ", - "wordCount" : "177", + "articleBody": " Paper Code and data Abstract I develop a New Keynesian model in which a type of government multiplier doubles when unemployment rises from 5 percent to 8 percent. This multiplier indicates the additional number of workers employed when one worker is hired in the public sector. Graphically, in equilibrium, an upward-sloping quasi-labor supply intersects a downward-sloping labor demand in a (employment, labor market tightness) plane. Increasing public employment stimulates labor demand, which increases tightness and therefore crowds out private employment. Critically, the quasi-labor supply is convex. Hence, when labor demand is depressed and unemployment is high, the increase in tightness and resulting crowding-out are small.\nFigure 1C: Low government multiplier in good times Figure 1D: High government multiplier bad times Citation Michaillat, Pascal. 2014. “A Theory of Countercyclical Government Multiplier.” American Economic Journal: Macroeconomics 6 (1): 190–217. https://doi.org/10.1257/mac.6.1.190.\n@article{M14, author = {Pascal Michaillat}, year = {2014}, title = {A Theory of Countercyclical Government Multiplier}, journal = {American Economic Journal: Macroeconomics}, volume = {6}, number = {1}, pages = {190--217}, url = {https://doi.org/10.1257/mac.6.1.190}} Related material Presentation slides ", + "wordCount" : "176", "inLanguage": "en", "image":"https://pascalmichaillat.org/2s.png","datePublished": "2014-01-01T00:00:00Z", "dateModified": "2024-10-01T00:00:00Z", @@ -181,10 +181,8 @@



Abstract
@@ -198,8 +196,7 @@
Figure 1D: High govern


Citation
-

Michaillat, Pascal. 2014. “A Theory of Countercyclical Government Multiplier.” American Economic Journal: Macroeconomics 6 (1): 190–217. https://doi.org/10.1257/mac.6.1.190 -.

+

Michaillat, Pascal. 2014. “A Theory of Countercyclical Government Multiplier.” American Economic Journal: Macroeconomics 6 (1): 190–217. https://doi.org/10.1257/mac.6.1.190.

@article{M14,
 author = {Pascal Michaillat},
 year = {2014},
@@ -212,8 +209,7 @@ 
Citation

diff --git a/public/3/index.html b/public/3/index.html index f9de1c10f..86e84f7ac 100644 --- a/public/3/index.html +++ b/public/3/index.html @@ -62,8 +62,8 @@ "keywords": [ "Barro-Grossman model", "business cycles", "economic slack", "idle capacity", "Keynesian unemployment", "labor-market tightness", "matching model", "price rigidity", "product-market tightness", "wage rigidity" ], - "articleBody": " Paper Online appendix Code and data Abstract This article develops a model of unemployment fluctuations. The model keeps the architecture of the general-disequilibrium model of Barro and Grossman (1971) but takes a matching approach to the labor and product markets instead of a disequilibrium approach. On the product and labor markets, both price and tightness adjust to equalize supply and demand. Since there are two equilibrium variables but only one equilibrium condition on each market, a price mechanism is needed to select an equilibrium. We focus on two polar mechanisms: fixed prices and competitive prices. When prices are fixed, aggregate demand affects unemployment as follows. An increase in aggregate demand leads firms to find more customers. This reduces the idle time of their employees and thus increases their labor demand. This in turn reduces unemployment. We combine the predictions of the model and empirical measures of product market tightness, labor market tightness, output, and employment to assess the sources of labor market fluctuations in the United States. First, we find that product market tightness and labor market tightness fluctuate a lot, which implies that the fixed-price equilibrium describes the data better than the competitive-price equilibrium. Next, we find that labor market tightness and employment are positively correlated, which suggests that the labor market fluctuations are mostly due to labor demand shocks and not to labor supply or mismatch shocks. Last, we find that product market tightness and output are positively correlated, which suggests that the labor demand shocks mostly reflect aggregate demand shocks and not technology shocks.\nFigure 1: Matching process on the product market Figure 3A: Equilibrium on the product market Citation Michaillat, Pascal, and Emmanuel Saez. 2015. “Aggregate Demand, Idle Time, and Unemployment.” Quarterly Journal of Economics 130 (2): 507–569. https://doi.org/10.1093/qje/qjv006 .\n@article{MS15, author = {Pascal Michaillat and Emmanuel Saez}, year = {2015}, title = {Aggregate Demand, Idle Time, and Unemployment}, journal = {Quarterly Journal of Economics}, volume = {130}, number = {2}, pages = {507--569}, url = {https://doi.org/10.1093/qje/qjv006}} Related material Presentation slides Nontechnical summary for VoxEU ", - "wordCount" : "339", + "articleBody": " Paper Online appendix Code and data Abstract This article develops a model of unemployment fluctuations. The model keeps the architecture of the general-disequilibrium model of Barro and Grossman (1971) but takes a matching approach to the labor and product markets instead of a disequilibrium approach. On the product and labor markets, both price and tightness adjust to equalize supply and demand. Since there are two equilibrium variables but only one equilibrium condition on each market, a price mechanism is needed to select an equilibrium. We focus on two polar mechanisms: fixed prices and competitive prices. When prices are fixed, aggregate demand affects unemployment as follows. An increase in aggregate demand leads firms to find more customers. This reduces the idle time of their employees and thus increases their labor demand. This in turn reduces unemployment. We combine the predictions of the model and empirical measures of product market tightness, labor market tightness, output, and employment to assess the sources of labor market fluctuations in the United States. First, we find that product market tightness and labor market tightness fluctuate a lot, which implies that the fixed-price equilibrium describes the data better than the competitive-price equilibrium. Next, we find that labor market tightness and employment are positively correlated, which suggests that the labor market fluctuations are mostly due to labor demand shocks and not to labor supply or mismatch shocks. Last, we find that product market tightness and output are positively correlated, which suggests that the labor demand shocks mostly reflect aggregate demand shocks and not technology shocks.\nFigure 1: Matching process on the product market Figure 3A: Equilibrium on the product market Citation Michaillat, Pascal, and Emmanuel Saez. 2015. “Aggregate Demand, Idle Time, and Unemployment.” Quarterly Journal of Economics 130 (2): 507–569. https://doi.org/10.1093/qje/qjv006.\n@article{MS15, author = {Pascal Michaillat and Emmanuel Saez}, year = {2015}, title = {Aggregate Demand, Idle Time, and Unemployment}, journal = {Quarterly Journal of Economics}, volume = {130}, number = {2}, pages = {507--569}, url = {https://doi.org/10.1093/qje/qjv006}} Related material Presentation slides Nontechnical summary for VoxEU ", + "wordCount" : "338", "inLanguage": "en", "image":"https://pascalmichaillat.org/3s.png","datePublished": "2015-05-01T00:00:00Z", "dateModified": "2024-10-01T00:00:00Z", @@ -184,12 +184,9 @@



Abstract
@@ -203,8 +200,7 @@
Figure 3A: Equilibrium on


Citation
-

Michaillat, Pascal, and Emmanuel Saez. 2015. “Aggregate Demand, Idle Time, and Unemployment.” Quarterly Journal of Economics 130 (2): 507–569. https://doi.org/10.1093/qje/qjv006 -.

+

Michaillat, Pascal, and Emmanuel Saez. 2015. “Aggregate Demand, Idle Time, and Unemployment.” Quarterly Journal of Economics 130 (2): 507–569. https://doi.org/10.1093/qje/qjv006.

@article{MS15,
 author = {Pascal Michaillat and Emmanuel Saez},
 year = {2015},
@@ -217,10 +213,8 @@ 
Citation

diff --git a/public/4/index.html b/public/4/index.html index 1d886ab59..132393603 100644 --- a/public/4/index.html +++ b/public/4/index.html @@ -62,8 +62,8 @@ "keywords": [ "Baily-Chetty formula", "job creation", "job rationing", "job search", "matching model", "moral hazard", "rat race", "sufficient statistics", "unemployment", "unemployment insurance" ], - "articleBody": " Paper Companion paper Abstract This paper develops a theory of optimal unemployment insurance (UI) in matching models. The optimal UI replacement rate is the conventional Baily-Chetty replacement rate, which solves the tradeoff between insurance and job-search incentives, plus a correction term, which is positive when an increase in UI pushes the labor market tightness toward its efficient level. In matching models, most wage mechanisms do not ensure efficiency, so tightness is generally inefficient. The effect of UI on tightness depends on the model: increasing UI may raise tightness by alleviating the rat race for jobs or lower tightness by increasing wages through bargaining.\nFigure 4A: An increase in UI lowers labor market tightness in standard matching model Figure 4B: An increase in UI has no effect on labor market tightness in fixed-wage model Figure 4C: An increase in UI raises labor market tightness in job-rationing model Citation Landais, Camille, Pascal Michaillat, and Emmanuel Saez. 2018. “A Macroeconomic Approach to Optimal Unemployment Insurance: Theory.” American Economic Journal: Economic Policy 10 (2): 152–181. https://doi.org/10.1257/pol.20150088 .\n@article{LMS18, author = {Camille Landais and Pascal Michaillat and Emmanuel Saez}, year = {2018}, title = {A Macroeconomic Approach to Optimal Unemployment Insurance: Theory}, journal = {American Economic Journal: Economic Policy}, volume = {10}, number = {2}, pages = {152--181}, url = {https://doi.org/10.1257/pol.20150088}} Related material Presentation slides ", - "wordCount" : "220", + "articleBody": " Paper Companion paper Abstract This paper develops a theory of optimal unemployment insurance (UI) in matching models. The optimal UI replacement rate is the conventional Baily-Chetty replacement rate, which solves the tradeoff between insurance and job-search incentives, plus a correction term, which is positive when an increase in UI pushes the labor market tightness toward its efficient level. In matching models, most wage mechanisms do not ensure efficiency, so tightness is generally inefficient. The effect of UI on tightness depends on the model: increasing UI may raise tightness by alleviating the rat race for jobs or lower tightness by increasing wages through bargaining.\nFigure 4A: An increase in UI lowers labor market tightness in standard matching model Figure 4B: An increase in UI has no effect on labor market tightness in fixed-wage model Figure 4C: An increase in UI raises labor market tightness in job-rationing model Citation Landais, Camille, Pascal Michaillat, and Emmanuel Saez. 2018. “A Macroeconomic Approach to Optimal Unemployment Insurance: Theory.” American Economic Journal: Economic Policy 10 (2): 152–181. https://doi.org/10.1257/pol.20150088.\n@article{LMS18, author = {Camille Landais and Pascal Michaillat and Emmanuel Saez}, year = {2018}, title = {A Macroeconomic Approach to Optimal Unemployment Insurance: Theory}, journal = {American Economic Journal: Economic Policy}, volume = {10}, number = {2}, pages = {152--181}, url = {https://doi.org/10.1257/pol.20150088}} Related material Presentation slides ", + "wordCount" : "219", "inLanguage": "en", "image":"https://pascalmichaillat.org/4s.png","datePublished": "2018-05-01T00:00:00Z", "dateModified": "2024-10-01T00:00:00Z", @@ -187,10 +187,8 @@



Abstract
@@ -207,8 +205,7 @@
Citation
-

Landais, Camille, Pascal Michaillat, and Emmanuel Saez. 2018. “A Macroeconomic Approach to Optimal Unemployment Insurance: Theory.” American Economic Journal: Economic Policy 10 (2): 152–181. https://doi.org/10.1257/pol.20150088 -.

+

Landais, Camille, Pascal Michaillat, and Emmanuel Saez. 2018. “A Macroeconomic Approach to Optimal Unemployment Insurance: Theory.” American Economic Journal: Economic Policy 10 (2): 152–181. https://doi.org/10.1257/pol.20150088.

@article{LMS18,
 author = {Camille Landais and Pascal Michaillat and Emmanuel Saez},
 year = {2018},
@@ -221,8 +218,7 @@ 
Citation

diff --git a/public/5/index.html b/public/5/index.html index 2857b009f..8a3fbbc15 100644 --- a/public/5/index.html +++ b/public/5/index.html @@ -62,8 +62,8 @@ "keywords": [ "Baily-Chetty formula", "job rationing", "labor-market tightness", "matching model", "recessions", "state dependence", "sufficient statistics", "unemployment benefits", "unemployment", "unemployment insurance" ], - "articleBody": " Paper Online appendix Code and data Companion paper Abstract In the United States, unemployment insurance (UI) is more generous when unemployment is high. This paper examines whether this policy is desirable. The optimal UI replacement rate is the Baily-Chetty replacement rate plus a correction term measuring the effect of UI on welfare through labor market tightness. Empirical evidence suggests that tightness is inefficiently low in slumps and inefficiently high in booms, and that an increase in UI raises tightness. Hence, the correction term is positive in slumps but negative in booms, and optimal UI is indeed countercyclical. Since there remains some uncertainty about the empirical evidence, the paper provides a thorough sensitivity analysis.\nFigure 7: Optimal UI replacement rate in the United States, 1990–2014 Citation Landais, Camille, Pascal Michaillat, and Emmanuel Saez. 2018. “A Macroeconomic Approach to Optimal Unemployment Insurance: Applications.” American Economic Journal: Economic Policy 10 (2): 182–216. https://doi.org/10.1257/pol.20160462 .\n@article{LMS18, author = {Camille Landais and Pascal Michaillat and Emmanuel Saez}, year = {2018}, title = {A Macroeconomic Approach to Optimal Unemployment Insurance: Applications}, journal = {American Economic Journal: Economic Policy}, volume = {10}, number = {2}, pages = {182--216}, url = {https://doi.org/10.1257/pol.20160462}} Related material Presentation slides ", - "wordCount" : "198", + "articleBody": " Paper Online appendix Code and data Companion paper Abstract In the United States, unemployment insurance (UI) is more generous when unemployment is high. This paper examines whether this policy is desirable. The optimal UI replacement rate is the Baily-Chetty replacement rate plus a correction term measuring the effect of UI on welfare through labor market tightness. Empirical evidence suggests that tightness is inefficiently low in slumps and inefficiently high in booms, and that an increase in UI raises tightness. Hence, the correction term is positive in slumps but negative in booms, and optimal UI is indeed countercyclical. Since there remains some uncertainty about the empirical evidence, the paper provides a thorough sensitivity analysis.\nFigure 7: Optimal UI replacement rate in the United States, 1990–2014 Citation Landais, Camille, Pascal Michaillat, and Emmanuel Saez. 2018. “A Macroeconomic Approach to Optimal Unemployment Insurance: Applications.” American Economic Journal: Economic Policy 10 (2): 182–216. https://doi.org/10.1257/pol.20160462.\n@article{LMS18, author = {Camille Landais and Pascal Michaillat and Emmanuel Saez}, year = {2018}, title = {A Macroeconomic Approach to Optimal Unemployment Insurance: Applications}, journal = {American Economic Journal: Economic Policy}, volume = {10}, number = {2}, pages = {182--216}, url = {https://doi.org/10.1257/pol.20160462}} Related material Presentation slides ", + "wordCount" : "197", "inLanguage": "en", "image":"https://pascalmichaillat.org/5s.png","datePublished": "2018-05-02T00:00:00Z", "dateModified": "2024-10-01T00:00:00Z", @@ -187,14 +187,10 @@



Abstract
@@ -205,8 +201,7 @@
F


Citation
-

Landais, Camille, Pascal Michaillat, and Emmanuel Saez. 2018. “A Macroeconomic Approach to Optimal Unemployment Insurance: Applications.” American Economic Journal: Economic Policy 10 (2): 182–216. https://doi.org/10.1257/pol.20160462 -.

+

Landais, Camille, Pascal Michaillat, and Emmanuel Saez. 2018. “A Macroeconomic Approach to Optimal Unemployment Insurance: Applications.” American Economic Journal: Economic Policy 10 (2): 182–216. https://doi.org/10.1257/pol.20160462.

@article{LMS18,
 author = {Camille Landais and Pascal Michaillat and Emmanuel Saez},
 year = {2018},
@@ -219,8 +214,7 @@ 
Citation

diff --git a/public/6/index.html b/public/6/index.html index d3d02cfc7..7e46e21d6 100644 --- a/public/6/index.html +++ b/public/6/index.html @@ -62,8 +62,8 @@ "keywords": [ "fiscal multiplier", "fiscal policy", "government spending", "matching model", "recessions", "Samuelson rule", "state dependence", "stimulus package", "sufficient statistics", "unemployment gap" ], - "articleBody": " Paper Online appendix Code and data Abstract This article proposes a theory of optimal public expenditure when unemployment is inefficient. The theory is based on a matching model. Optimal public expenditure deviates from the Samuelson rule to reduce the unemployment gap (the difference between current and efficient unemployment rates). Such optimal “stimulus spending” is described by a formula expressed with three sufficient statistics: the unemployment gap, the unemployment multiplier (the decrease in unemployment achieved by increasing public expenditure), and the elasticity of substitution between public and private consumption. When unemployment is inefficiently high and the multiplier is positive, the formula yields the following results. (1) Optimal stimulus spending is positive and increasing in the unemployment gap. (2) Optimal stimulus spending is zero for a zero multiplier, increasing in the multiplier for small multipliers, largest for a moderate multiplier, and decreasing in the multiplier beyond that. (3) Optimal stimulus spending is zero if extra public goods have no value, it becomes larger as the elasticity of substitution increases, and it completely fills the unemployment gap if extra public goods are as valuable as extra private goods.\nFigure 3: Optimal stimulus spending during the Great Recession in the United States Citation Michaillat, Pascal, and Emmanuel Saez. 2019. “Optimal Public Expenditure with Inefficient Unemployment.” Review of Economic Studies 86 (3): 1301–1331. https://doi.org/10.1093/restud/rdy030 .\n@article{MS19, author = {Pascal Michaillat and Emmanuel Saez}, year = {2019}, title = {Optimal Public Expenditure with Inefficient Unemployment}, journal = {Review of Economic Studies}, volume = {86}, number = {3}, pages = {1301--1331}, url = {https://doi.org/10.1093/restud/rdy030}} Related material Presentation slides Nontechnical summary for VoxEU ", - "wordCount" : "265", + "articleBody": " Paper Online appendix Code and data Abstract This article proposes a theory of optimal public expenditure when unemployment is inefficient. The theory is based on a matching model. Optimal public expenditure deviates from the Samuelson rule to reduce the unemployment gap (the difference between current and efficient unemployment rates). Such optimal “stimulus spending” is described by a formula expressed with three sufficient statistics: the unemployment gap, the unemployment multiplier (the decrease in unemployment achieved by increasing public expenditure), and the elasticity of substitution between public and private consumption. When unemployment is inefficiently high and the multiplier is positive, the formula yields the following results. (1) Optimal stimulus spending is positive and increasing in the unemployment gap. (2) Optimal stimulus spending is zero for a zero multiplier, increasing in the multiplier for small multipliers, largest for a moderate multiplier, and decreasing in the multiplier beyond that. (3) Optimal stimulus spending is zero if extra public goods have no value, it becomes larger as the elasticity of substitution increases, and it completely fills the unemployment gap if extra public goods are as valuable as extra private goods.\nFigure 3: Optimal stimulus spending during the Great Recession in the United States Citation Michaillat, Pascal, and Emmanuel Saez. 2019. “Optimal Public Expenditure with Inefficient Unemployment.” Review of Economic Studies 86 (3): 1301–1331. https://doi.org/10.1093/restud/rdy030.\n@article{MS19, author = {Pascal Michaillat and Emmanuel Saez}, year = {2019}, title = {Optimal Public Expenditure with Inefficient Unemployment}, journal = {Review of Economic Studies}, volume = {86}, number = {3}, pages = {1301--1331}, url = {https://doi.org/10.1093/restud/rdy030}} Related material Presentation slides Nontechnical summary for VoxEU ", + "wordCount" : "264", "inLanguage": "en", "image":"https://pascalmichaillat.org/6s.png","datePublished": "2019-05-01T00:00:00Z", "dateModified": "2024-10-01T00:00:00Z", @@ -184,12 +184,9 @@



Abstract
@@ -200,8 +197,7 @@
Citation
-

Michaillat, Pascal, and Emmanuel Saez. 2019. “Optimal Public Expenditure with Inefficient Unemployment.” Review of Economic Studies 86 (3): 1301–1331. https://doi.org/10.1093/restud/rdy030 -.

+

Michaillat, Pascal, and Emmanuel Saez. 2019. “Optimal Public Expenditure with Inefficient Unemployment.” Review of Economic Studies 86 (3): 1301–1331. https://doi.org/10.1093/restud/rdy030.

@article{MS19,
 author = {Pascal Michaillat and Emmanuel Saez},
 year = {2019},
@@ -214,10 +210,8 @@ 
Citation

diff --git a/public/7/index.html b/public/7/index.html index e915794b3..643625762 100644 --- a/public/7/index.html +++ b/public/7/index.html @@ -62,8 +62,8 @@ "keywords": [ "business cycles", "economic slack", "Keynesian unemployment", "matching model", "monetary policy", "sufficient statistics", "unemployment gap", "wealth in the utility", "wealth tax", "zero lower bound" ], - "articleBody": " Paper AD-AS diagrams Abstract This article develops a new model of business cycles. The model is economical in that it is solved with an aggregate demand–aggregate supply diagram, and the effects of shocks and policies are obtained by comparative statics. The model builds on two unconventional assumptions. First, producers and consumers meet through a matching function. Thus, the model features unemployment, which fluctuates in response to aggregate demand and supply shocks. Secondly, wealth enters the utility function, so the model allows for permanent zero-lower-bound episodes. In the model, the optimal monetary policy is to set the interest rate at the level that eliminates the unemployment gap. This optimal interest rate is computed from the prevailing unemployment gap and monetary multiplier (the effect of the nominal interest rate on the unemployment rate). If the unemployment gap is exceedingly large, monetary policy cannot eliminate it before reaching the zero lower bound, but a wealth tax can.\nFigure 7: Optimal monetary policy under small unemployment gap Figure 8: Optimal monetary policy under large unemployment gap Citation Michaillat, Pascal, and Emmanuel Saez. 2022. “An Economical Business-Cycle Model.” Oxford Economic Papers 74 (2): 382–411. https://doi.org/10.1093/oep/gpab021 .\n@article{MS22, author = {Pascal Michaillat and Emmanuel Saez}, year = {2022}, title = {An Economical Business-Cycle Model}, journal = {Oxford Economic Papers}, volume = {74}, number = {2}, pages = {382--411}, url = {https://doi.org/10.1093/oep/gpab021}} Related material Presentation slides Previous version of the paper (2014) – This version of the model assumes that the government issues not only bonds but also money. The model provides a microfoundation for the IS-LM model. It can be used to analyze open-market operations and helicopter drops of money. ", - "wordCount" : "274", + "articleBody": " Paper AD-AS diagrams Abstract This article develops a new model of business cycles. The model is economical in that it is solved with an aggregate demand–aggregate supply diagram, and the effects of shocks and policies are obtained by comparative statics. The model builds on two unconventional assumptions. First, producers and consumers meet through a matching function. Thus, the model features unemployment, which fluctuates in response to aggregate demand and supply shocks. Secondly, wealth enters the utility function, so the model allows for permanent zero-lower-bound episodes. In the model, the optimal monetary policy is to set the interest rate at the level that eliminates the unemployment gap. This optimal interest rate is computed from the prevailing unemployment gap and monetary multiplier (the effect of the nominal interest rate on the unemployment rate). If the unemployment gap is exceedingly large, monetary policy cannot eliminate it before reaching the zero lower bound, but a wealth tax can.\nFigure 7: Optimal monetary policy under small unemployment gap Figure 8: Optimal monetary policy under large unemployment gap Citation Michaillat, Pascal, and Emmanuel Saez. 2022. “An Economical Business-Cycle Model.” Oxford Economic Papers 74 (2): 382–411. https://doi.org/10.1093/oep/gpab021.\n@article{MS22, author = {Pascal Michaillat and Emmanuel Saez}, year = {2022}, title = {An Economical Business-Cycle Model}, journal = {Oxford Economic Papers}, volume = {74}, number = {2}, pages = {382--411}, url = {https://doi.org/10.1093/oep/gpab021}} Related material Presentation slides Previous version of the paper (2014) – This version of the model assumes that the government issues not only bonds but also money. The model provides a microfoundation for the IS-LM model. It can be used to analyze open-market operations and helicopter drops of money. ", + "wordCount" : "273", "inLanguage": "en", "image":"https://pascalmichaillat.org/7s.png","datePublished": "2022-04-01T00:00:00Z", "dateModified": "2024-10-01T00:00:00Z", @@ -184,10 +184,8 @@



Abstract
@@ -201,8 +199,7 @@
Figure 8


Citation
-

Michaillat, Pascal, and Emmanuel Saez. 2022. “An Economical Business-Cycle Model.” Oxford Economic Papers 74 (2): 382–411. https://doi.org/10.1093/oep/gpab021 -.

+

Michaillat, Pascal, and Emmanuel Saez. 2022. “An Economical Business-Cycle Model.” Oxford Economic Papers 74 (2): 382–411. https://doi.org/10.1093/oep/gpab021.

@article{MS22,
 author = {Pascal Michaillat and Emmanuel Saez},
 year = {2022},
@@ -215,10 +212,8 @@ 
Citation

    -
  • Presentation slides -
  • -
  • Previous version of the paper (2014) - – This version of the model assumes that the government issues not only bonds but also money. The model provides a microfoundation for the IS-LM model. It can be used to analyze open-market operations and helicopter drops of money.
  • +
  • Presentation slides
  • +
  • Previous version of the paper (2014) – This version of the model assumes that the government issues not only bonds but also money. The model provides a microfoundation for the IS-LM model. It can be used to analyze open-market operations and helicopter drops of money.
diff --git a/public/8/index.html b/public/8/index.html index 8c4e3bdb2..aa992850c 100644 --- a/public/8/index.html +++ b/public/8/index.html @@ -62,8 +62,8 @@ "keywords": [ "corporate greed", "fair markups", "fair prices", "inflation aversion", "monetary policy", "monopoly pricing", "misinference", "New Keynesian model", "Phillips curve", "price rigidity" ], - "articleBody": " Paper Online appendix Code and data Abstract This paper proposes a theory of pricing premised upon the assumptions that customers dislike unfair prices—those marked up steeply over cost—and that firms take these concerns into account when setting prices. Because they do not observe firms’ costs, customers must extract costs from prices. The theory assumes that customers infer less than rationally: When a price rises due to a cost increase, customers partially misattribute the higher price to a higher markup—which they find unfair. Firms anticipate this response and trim their price increases, which drives the passthrough of costs into prices below one: Prices are somewhat rigid. Embedded in a New Keynesian model as a replacement for the usual pricing frictions, our theory produces monetary nonneutrality: When monetary policy loosens and inflation rises, customers misperceive markups as higher and feel unfairly treated; firms mitigate this perceived unfairness by reducing their markups; in general equilibrium, employment rises. The theory also features a hybrid short-run Phillips curve, realistic impulse responses of output and employment to monetary and technology shocks, and an upward-sloping long-run Phillips curve.\nFigure 1: Impulse responses to an expansionary monetary shock in the New Keynesian model with fairness Citation Eyster, Erik, Kristof Madarasz, and Pascal Michaillat. 2021. “Pricing under Fairness Concerns.” Journal of the European Economic Association 19 (3): 1853–1898. https://doi.org/10.1093/jeea/jvaa041 .\n@article{EMM21, author = {Erik Eyster and Kristof Madarasz and Pascal Michaillat}, year = {2021}, title = {Pricing under Fairness Concerns}, journal = {Journal of the European Economic Association}, volume = {19}, number = {3}, pages = {1853--1898}, url = {https://doi.org/10.1093/jeea/jvaa041}} Related material Presentation slides Previous version of the paper (2019) – This version extends the pricing model to study disclosure of costs by firms. With disclosure, the passthrough of costs into prices is asymmetric. Firms choose to disclose cost increases but refuse to disclose cost decreases. As a result, firms pass through cost increases completely into prices but only pass through cost decreases incompletely into prices. The paper also provides photographic evidence of such behavior: firms commonly post signs alerting customers that costs increased so prices must go up too. ", - "wordCount" : "351", + "articleBody": " Paper Online appendix Code and data Abstract This paper proposes a theory of pricing premised upon the assumptions that customers dislike unfair prices—those marked up steeply over cost—and that firms take these concerns into account when setting prices. Because they do not observe firms’ costs, customers must extract costs from prices. The theory assumes that customers infer less than rationally: When a price rises due to a cost increase, customers partially misattribute the higher price to a higher markup—which they find unfair. Firms anticipate this response and trim their price increases, which drives the passthrough of costs into prices below one: Prices are somewhat rigid. Embedded in a New Keynesian model as a replacement for the usual pricing frictions, our theory produces monetary nonneutrality: When monetary policy loosens and inflation rises, customers misperceive markups as higher and feel unfairly treated; firms mitigate this perceived unfairness by reducing their markups; in general equilibrium, employment rises. The theory also features a hybrid short-run Phillips curve, realistic impulse responses of output and employment to monetary and technology shocks, and an upward-sloping long-run Phillips curve.\nFigure 1: Impulse responses to an expansionary monetary shock in the New Keynesian model with fairness Citation Eyster, Erik, Kristof Madarasz, and Pascal Michaillat. 2021. “Pricing under Fairness Concerns.” Journal of the European Economic Association 19 (3): 1853–1898. https://doi.org/10.1093/jeea/jvaa041.\n@article{EMM21, author = {Erik Eyster and Kristof Madarasz and Pascal Michaillat}, year = {2021}, title = {Pricing under Fairness Concerns}, journal = {Journal of the European Economic Association}, volume = {19}, number = {3}, pages = {1853--1898}, url = {https://doi.org/10.1093/jeea/jvaa041}} Related material Presentation slides Previous version of the paper (2019) – This version extends the pricing model to study disclosure of costs by firms. With disclosure, the passthrough of costs into prices is asymmetric. Firms choose to disclose cost increases but refuse to disclose cost decreases. As a result, firms pass through cost increases completely into prices but only pass through cost decreases incompletely into prices. The paper also provides photographic evidence of such behavior: firms commonly post signs alerting customers that costs increased so prices must go up too. ", + "wordCount" : "350", "inLanguage": "en", "image":"https://pascalmichaillat.org/8s.png","datePublished": "2021-06-01T00:00:00Z", "dateModified": "2024-09-17T00:00:00Z", @@ -187,12 +187,9 @@



Abstract
@@ -203,8 +200,7 @@
Citation
-

Eyster, Erik, Kristof Madarasz, and Pascal Michaillat. 2021. “Pricing under Fairness Concerns.” Journal of the European Economic Association 19 (3): 1853–1898. https://doi.org/10.1093/jeea/jvaa041 -.

+

Eyster, Erik, Kristof Madarasz, and Pascal Michaillat. 2021. “Pricing under Fairness Concerns.” Journal of the European Economic Association 19 (3): 1853–1898. https://doi.org/10.1093/jeea/jvaa041.

@article{EMM21,
 author = {Erik Eyster and Kristof Madarasz and Pascal Michaillat},
 year = {2021},
@@ -217,10 +213,8 @@ 
Citation

    -
  • Presentation slides -
  • -
  • Previous version of the paper (2019) - – This version extends the pricing model to study disclosure of costs by firms. With disclosure, the passthrough of costs into prices is asymmetric. Firms choose to disclose cost increases but refuse to disclose cost decreases. As a result, firms pass through cost increases completely into prices but only pass through cost decreases incompletely into prices. The paper also provides photographic evidence of such behavior: firms commonly post signs alerting customers that costs increased so prices must go up too.
  • +
  • Presentation slides
  • +
  • Previous version of the paper (2019) – This version extends the pricing model to study disclosure of costs by firms. With disclosure, the passthrough of costs into prices is asymmetric. Firms choose to disclose cost increases but refuse to disclose cost decreases. As a result, firms pass through cost increases completely into prices but only pass through cost decreases incompletely into prices. The paper also provides photographic evidence of such behavior: firms commonly post signs alerting customers that costs increased so prices must go up too.
diff --git a/public/9/index.html b/public/9/index.html index ad8d13804..f217e96da 100644 --- a/public/9/index.html +++ b/public/9/index.html @@ -62,8 +62,8 @@ "keywords": [ "Beveridge curve", "business cycles", "DMP model", "efficient tightness", "efficient unemployment rate", "Hosios condition", "Hagedorn-Manovskii calibration", "sufficient statistics", "tightness gap", "unemployment gap" ], - "articleBody": " Paper Online appendix Code and data Abstract This paper develops a sufficient-statistic formula for the unemployment gap—the difference between the actual unemployment rate and the efficient unemployment rate. While lowering unemployment puts more people into work, it forces firms to post more vacancies and to devote more resources to recruiting. This unemployment-vacancy tradeoff, governed by the Beveridge curve, determines the efficient unemployment rate. Accordingly, the unemployment gap can be measured from three sufficient statistics: elasticity of the Beveridge curve, social cost of unemployment, and cost of recruiting. Applying this formula to the United States, 1951–2019, we find that the efficient unemployment rate averages 4.3%, always remains between 3.0% and 5.4%, and has been stable between 3.8% and 4.6% since 1990. As a result, the unemployment gap is countercyclical, reaching 6 percentage points in slumps. The US labor market is therefore generally inefficient and especially inefficiently slack in slumps. In turn, the unemployment gap is a crucial statistic to design labor-market and macroeconomic policies.\nFigure 7A: Tightness gap in the United States, 1951–2019 Figure 7B: Unemployment gap in the United States, 1951–2019 Citation Michaillat, Pascal, and Emmanuel Saez. 2021. “Beveridgean Unemployment Gap.” Journal of Public Economics Plus 2: 100009. https://doi.org/10.1016/j.pubecp.2021.100009 .\n@article{MS21, author = {Pascal Michaillat and Emmanuel Saez}, year = {2021}, title = {Beveridgean Unemployment Gap}, journal = {Journal of Public Economics Plus}, volume = {2}, pages = {100009}, url = {https://doi.org/10.1016/j.pubecp.2021.100009}} Related material Presentation slides Nontechnical summary for VoxEU ", - "wordCount" : "240", + "articleBody": " Paper Online appendix Code and data Abstract This paper develops a sufficient-statistic formula for the unemployment gap—the difference between the actual unemployment rate and the efficient unemployment rate. While lowering unemployment puts more people into work, it forces firms to post more vacancies and to devote more resources to recruiting. This unemployment-vacancy tradeoff, governed by the Beveridge curve, determines the efficient unemployment rate. Accordingly, the unemployment gap can be measured from three sufficient statistics: elasticity of the Beveridge curve, social cost of unemployment, and cost of recruiting. Applying this formula to the United States, 1951–2019, we find that the efficient unemployment rate averages 4.3%, always remains between 3.0% and 5.4%, and has been stable between 3.8% and 4.6% since 1990. As a result, the unemployment gap is countercyclical, reaching 6 percentage points in slumps. The US labor market is therefore generally inefficient and especially inefficiently slack in slumps. In turn, the unemployment gap is a crucial statistic to design labor-market and macroeconomic policies.\nFigure 7A: Tightness gap in the United States, 1951–2019 Figure 7B: Unemployment gap in the United States, 1951–2019 Citation Michaillat, Pascal, and Emmanuel Saez. 2021. “Beveridgean Unemployment Gap.” Journal of Public Economics Plus 2: 100009. https://doi.org/10.1016/j.pubecp.2021.100009.\n@article{MS21, author = {Pascal Michaillat and Emmanuel Saez}, year = {2021}, title = {Beveridgean Unemployment Gap}, journal = {Journal of Public Economics Plus}, volume = {2}, pages = {100009}, url = {https://doi.org/10.1016/j.pubecp.2021.100009}} Related material Presentation slides Nontechnical summary for VoxEU ", + "wordCount" : "239", "inLanguage": "en", "image":"https://pascalmichaillat.org/9s.png","datePublished": "2021-12-01T00:00:00Z", "dateModified": "2024-08-21T00:00:00Z", @@ -184,12 +184,9 @@



Abstract
@@ -203,8 +200,7 @@
Figure 7B: U


Citation
-

Michaillat, Pascal, and Emmanuel Saez. 2021. “Beveridgean Unemployment Gap.” Journal of Public Economics Plus 2: 100009. https://doi.org/10.1016/j.pubecp.2021.100009 -.

+

Michaillat, Pascal, and Emmanuel Saez. 2021. “Beveridgean Unemployment Gap.” Journal of Public Economics Plus 2: 100009. https://doi.org/10.1016/j.pubecp.2021.100009.

@article{MS21,
 author = {Pascal Michaillat and Emmanuel Saez},
 year = {2021},
@@ -216,10 +212,8 @@ 
Citation

diff --git a/public/c1/index.html b/public/c1/index.html index c3cf351d7..b61b813a1 100644 --- a/public/c1/index.html +++ b/public/c1/index.html @@ -208,270 +208,177 @@

These models are extremely helpful to design effective policies to tackle unemployment. First, the models are useful to determine what is the socially desirable level of unemployment. This socially desirable level of unemployment is a key ingredient to good labor-market policies. Second, the models explain how various labor market policies should respond to fluctuations in unemployment.

Lecture videos
    -
  1. Why do we care about unemployment? -
  2. -
  3. Absence of unemployment in the competitive model -
  4. +
  5. Why do we care about unemployment?
  6. +
  7. Absence of unemployment in the competitive model
Main readings
    -
  • Darity and Goldsmith (1996) - – This survey reviews the social-psychological consequences of unemployment. It finds that exposure to unemployment severely damages psychological health.
  • -
  • Frey and Stutzer (2002) - – This survey provides evidence that personal unemployment and aggregate unemployment significantly reduce happiness. The evidence refers to the pure effect of unemployment, which controls for the income loss from unemployment.
  • +
  • Darity and Goldsmith (1996) – This survey reviews the social-psychological consequences of unemployment. It finds that exposure to unemployment severely damages psychological health.
  • +
  • Frey and Stutzer (2002) – This survey provides evidence that personal unemployment and aggregate unemployment significantly reduce happiness. The evidence refers to the pure effect of unemployment, which controls for the income loss from unemployment.
Additional readings
    -
  • Di Tella, MacCulloch, and Oswald (2003) - – This paper finds in well-being surveys that unemployment make people unhappy. Being unemployed makes you unhappy, and having unemployment in your country makes you unhappy. In fact, after controlling for income and other personal characteristics, becoming unemployed appears as painful as divorcing.
  • -
  • Winkelmann and Winkelmann (1998) - – This paper uses panel data to show that unemployment causes unhappiness (and not the other way around). It finds that unemployment significantly reduces life satisfaction, and that the non-pecuniary cost of unemployment is much larger than the pecuniary cost.
  • -
  • Borgschulte and Martorell (2018) - – This paper provides revealed-preference estimates of the cost of unemployment. It finds that unemployment is indeed very costly.
  • +
  • Di Tella, MacCulloch, and Oswald (2003) – This paper finds in well-being surveys that unemployment make people unhappy. Being unemployed makes you unhappy, and having unemployment in your country makes you unhappy. In fact, after controlling for income and other personal characteristics, becoming unemployed appears as painful as divorcing.
  • +
  • Winkelmann and Winkelmann (1998) – This paper uses panel data to show that unemployment causes unhappiness (and not the other way around). It finds that unemployment significantly reduces life satisfaction, and that the non-pecuniary cost of unemployment is much larger than the pecuniary cost.
  • +
  • Borgschulte and Martorell (2018) – This paper provides revealed-preference estimates of the cost of unemployment. It finds that unemployment is indeed very costly.

Labor market facts and matching function

This section reviews basic facts about the labor market and unemployment in the United States. It then introduces the matching function—the main tool that we will use to model the labor market and unemployment. The matching function summarizes the complex process through which workers searching for jobs and firms searching for employees meet each other.

Lecture videos
    -
  1. Organization of the labor market -
  2. -
  3. Unemployment rate -
  4. -
  5. Vacancy rate -
  6. -
  7. Beveridge curve -
  8. -
  9. Job-finding rate -
  10. -
  11. Vacancy-filling rate -
  12. -
  13. Job-separation rate -
  14. -
  15. Matching function -
  16. -
  17. Labor market tightness -
  18. +
  19. Organization of the labor market
  20. +
  21. Unemployment rate
  22. +
  23. Vacancy rate
  24. +
  25. Beveridge curve
  26. +
  27. Job-finding rate
  28. +
  29. Vacancy-filling rate
  30. +
  31. Job-separation rate
  32. +
  33. Matching function
  34. +
  35. Labor market tightness
Lecture notes
Main readings
Additional readings
    -
  • Petrosky-Nadeau and Zhang (2021) - – This paper measures the unemployment and vacancy rates in the United States going back to the Great Depression (1930).
  • -
  • Shimer (2012) - – This paper shows that in the United States, unemployment fluctuations are caused by fluctuations in the job-finding rate and not fluctuations in the job-separation rate.
  • -
  • Stevens (2007) - – This paper generates a Cobb-Douglas matching function from a Poisson queuing process.
  • +
  • Petrosky-Nadeau and Zhang (2021) – This paper measures the unemployment and vacancy rates in the United States going back to the Great Depression (1930).
  • +
  • Shimer (2012) – This paper shows that in the United States, unemployment fluctuations are caused by fluctuations in the job-finding rate and not fluctuations in the job-separation rate.
  • +
  • Stevens (2007) – This paper generates a Cobb-Douglas matching function from a Poisson queuing process.
Practice material

Matching model of the labor market

This section introduces the matching model of the labor market. This is the model that we will use to study unemployment and labor market policies in this course. The model was developed by Peter Diamond, Dale Mortensen, and Christopher Pissarides in the 1980s—for this they received a Nobel Prize in 2010. In the matching model, unlike in the neoclassical model, all trades are mediated by a matching function. Nevertheless, we can construct labor supply and labor demand curves, and use them to solve the model.

Lecture videos
    -
  1. Properties of a good model according to Kuhn -
  2. -
  3. Notations -
  4. -
  5. Labor market flows -
  6. -
  7. Assumption of balanced flows -
  8. -
  9. Computing labor supply -
  10. -
  11. Properties of labor supply -
  12. -
  13. Organization of the firm -
  14. -
  15. Computing the recruiter-producer ratio -
  16. -
  17. Properties of the recruiter-producer ratio -
  18. -
  19. Profits of the firm -
  20. -
  21. Problem of the firm -
  22. -
  23. Computing labor demand -
  24. -
  25. Properties of labor demand -
  26. -
  27. Review of labor supply and demand -
  28. -
  29. Irrelevance of unemployment dynamics -
  30. -
  31. Finding the wage in a competitive model -
  32. -
  33. Finding labor market tightness in a matching model -
  34. -
  35. Graphical representation of the solution -
  36. -
  37. Complete description of the solution -
  38. +
  39. Properties of a good model according to Kuhn
  40. +
  41. Notations
  42. +
  43. Labor market flows
  44. +
  45. Assumption of balanced flows
  46. +
  47. Computing labor supply
  48. +
  49. Properties of labor supply
  50. +
  51. Organization of the firm
  52. +
  53. Computing the recruiter-producer ratio
  54. +
  55. Properties of the recruiter-producer ratio
  56. +
  57. Profits of the firm
  58. +
  59. Problem of the firm
  60. +
  61. Computing labor demand
  62. +
  63. Properties of labor demand
  64. +
  65. Review of labor supply and demand
  66. +
  67. Irrelevance of unemployment dynamics
  68. +
  69. Finding the wage in a competitive model
  70. +
  71. Finding labor market tightness in a matching model
  72. +
  73. Graphical representation of the solution
  74. +
  75. Complete description of the solution
Lecture notes
Main readings
    -
  • Kuhn (1957, chapters 1 and 5) - – This book studies the Copernican Revolution in astronomy and in the process isolates the three properties of a good model: economy, accuracy, and fruitfulness.
  • -
  • Pissarides (2001, chapter 1) - – This chapter introduces the standard version of the matching model of the labor market.
  • +
  • Kuhn (1957, chapters 1 and 5) – This book studies the Copernican Revolution in astronomy and in the process isolates the three properties of a good model: economy, accuracy, and fruitfulness.
  • +
  • Pissarides (2001, chapter 1) – This chapter introduces the standard version of the matching model of the labor market.
Additional readings
    -
  • Kuhn (1962, chapters 2–9) - – This book describes how science progresses by cycling through paradigms. Each cycle starts with a period of normal science, during which the dominant paradigm is used and refined. This is followed by a period of revolutionary science, during which the anomalies of the dominant paradigm are too numerous to ignore, and new paradigms are invented and compete to replace to old paradigm.
  • -
  • Rogerson, Shimer, and Wright (2005) - – This survey reviews a range of matching models and search models.
  • +
  • Kuhn (1962, chapters 2–9) – This book describes how science progresses by cycling through paradigms. Each cycle starts with a period of normal science, during which the dominant paradigm is used and refined. This is followed by a period of revolutionary science, during which the anomalies of the dominant paradigm are too numerous to ignore, and new paradigms are invented and compete to replace to old paradigm.
  • +
  • Rogerson, Shimer, and Wright (2005) – This survey reviews a range of matching models and search models.
Practice material

Wage functions

This section discusses the labor market institutions that determine wages, such as unions, minimum wages, and corporate policies. It then discusses various wage functions that can be used in the matching model, such as fixed wages, rigid wages, and bargained wages.

Lecture videos
    -
  1. Unemployment over the business cycle -
  2. -
  3. Unemployment in the matching model -
  4. -
  5. Sources of business cycles -
  6. -
  7. Wages over the business cycle -
  8. -
  9. Wages in the matching model -
  10. -
  11. Unions -
  12. -
  13. Minimum wage -
  14. -
  15. Efficiency wages -
  16. -
  17. Fixed wages -
  18. -
  19. Rigid wages -
  20. -
  21. Bargained wages -
  22. -
  23. Surplus of the firm -
  24. -
  25. Surplus of the worker -
  26. -
  27. Surplus sharing -
  28. -
  29. Properties of bargained wages -
  30. +
  31. Unemployment over the business cycle
  32. +
  33. Unemployment in the matching model
  34. +
  35. Sources of business cycles
  36. +
  37. Wages over the business cycle
  38. +
  39. Wages in the matching model
  40. +
  41. Unions
  42. +
  43. Minimum wage
  44. +
  45. Efficiency wages
  46. +
  47. Fixed wages
  48. +
  49. Rigid wages
  50. +
  51. Bargained wages
  52. +
  53. Surplus of the firm
  54. +
  55. Surplus of the worker
  56. +
  57. Surplus sharing
  58. +
  59. Properties of bargained wages
Lecture notes
Main readings
    -
  • Bewley (2004) - – This survey explains how wages are set, why wages are rigid, and in particular why wages do not fall in recessions. It finds that firms avoid pay cuts because cuts damage morale and therefore reduce productivity, increase turnover, and complicate recruiting.
  • -
  • Haefke, Sonntag, and Van Rens (2013) - – This paper estimates that the real wages of new hires are somewhat rigid. The elasticity of real wages with respect to productivity is between 0.7 and 0.8, so less than 1.
  • +
  • Bewley (2004) – This survey explains how wages are set, why wages are rigid, and in particular why wages do not fall in recessions. It finds that firms avoid pay cuts because cuts damage morale and therefore reduce productivity, increase turnover, and complicate recruiting.
  • +
  • Haefke, Sonntag, and Van Rens (2013) – This paper estimates that the real wages of new hires are somewhat rigid. The elasticity of real wages with respect to productivity is between 0.7 and 0.8, so less than 1.
Additional readings
    -
  • Akerlof (1984) - – This survey reviews various theories of efficiency wages. These theories try to explain how firms set wages in practice. They consider the effect of wages on productivity, attachment to the firm, retention, hiring, and so on.
  • -
  • Dickens et al (2007) - – This paper provides international evidence of wage rigidity.
  • +
  • Akerlof (1984) – This survey reviews various theories of efficiency wages. These theories try to explain how firms set wages in practice. They consider the effect of wages on productivity, attachment to the firm, retention, hiring, and so on.
  • +
  • Dickens et al (2007) – This paper provides international evidence of wage rigidity.
Practice material

Unemployment fluctuations

This section discusses unemployment fluctuations in the matching model. We first show that the model with rigid wages generates realistic fluctuations in unemployment. We then show that the model with bargained wages is unable to generate such fluctuations. The reason is that bargained wages are too flexible.

Lecture videos
    -
  1. Matching model with rigid wages -
  2. -
  3. Business-cycle shocks -
  4. -
  5. Labor supply shocks with rigid wages -
  6. -
  7. Labor demand shocks with rigid wages -
  8. -
  9. Elasticities -
  10. -
  11. Fluctuations in labor market tightness with rigid wages -
  12. -
  13. Elasticity of labor supply -
  14. -
  15. Elasticity of the recruiter-producer ratio -
  16. -
  17. Elasticity of labor market tightness -
  18. -
  19. Wage rigidity required to generate realistic fluctuations -
  20. -
  21. Matching model with bargained wages -
  22. -
  23. Labor supply shocks with bargained wages -
  24. -
  25. Labor demand shocks with bargained wages -
  26. -
  27. Fluctuations in labor market tightness with bargained wages -
  28. -
  29. Value from unemployment -
  30. -
  31. Bargained wages cannot generate realistic fluctuations -
  32. +
  33. Matching model with rigid wages
  34. +
  35. Business-cycle shocks
  36. +
  37. Labor supply shocks with rigid wages
  38. +
  39. Labor demand shocks with rigid wages
  40. +
  41. Elasticities
  42. +
  43. Fluctuations in labor market tightness with rigid wages
  44. +
  45. Elasticity of labor supply
  46. +
  47. Elasticity of the recruiter-producer ratio
  48. +
  49. Elasticity of labor market tightness
  50. +
  51. Wage rigidity required to generate realistic fluctuations
  52. +
  53. Matching model with bargained wages
  54. +
  55. Labor supply shocks with bargained wages
  56. +
  57. Labor demand shocks with bargained wages
  58. +
  59. Fluctuations in labor market tightness with bargained wages
  60. +
  61. Value from unemployment
  62. +
  63. Bargained wages cannot generate realistic fluctuations
Lecture notes
Main readings
    -
  • Shimer (2005) - – This paper shows that the textbook matching model of the labor market cannot generate realistic fluctuations in unemployment and vacancies because bargained wages are too flexible.
  • -
  • Hall (2005) - – This paper shows that a matching model with fixed wages can generate large fluctuations in unemployment and vacancies—larger in fact that the fluctuations observed in the United States.
  • +
  • Shimer (2005) – This paper shows that the textbook matching model of the labor market cannot generate realistic fluctuations in unemployment and vacancies because bargained wages are too flexible.
  • +
  • Hall (2005) – This paper shows that a matching model with fixed wages can generate large fluctuations in unemployment and vacancies—larger in fact that the fluctuations observed in the United States.
Additional readings
    -
  • Hall and Milgrom (2008) - – This paper proposes a form of wage bargaining that produces somewhat-rigid wages. With such bargaining protocol, the matching model generates realistic fluctuations in unemployment and vacancies.
  • +
  • Hall and Milgrom (2008) – This paper proposes a form of wage bargaining that produces somewhat-rigid wages. With such bargaining protocol, the matching model generates realistic fluctuations in unemployment and vacancies.
Practice material

Frictional and rationing unemployment

@@ -480,66 +387,42 @@

Frictional and rationing unemploy

Technically, typical matching models do not feature job rationing because their labor demand is perfectly elastic with respect to wages and labor market tightness. Once we introduce a labor demand that is downward sloping with respect to wages and tightness, job rationing appears and not all unemployment is frictional. The easiest way to generate a downward-sloping labor demand is by assuming that the production function has diminishing marginal returns to labor.

Lecture videos
    -
  1. Introduction to job rationing -
  2. -
  3. Evolution of matching models: standard model -
  4. -
  5. Evolution of matching models: rigid-wage model -
  6. -
  7. Evolution of matching models: job-rationing model -
  8. -
  9. All unemployment is frictional in standard and rigid-wage models -
  10. -
  11. Standard model with zero recruiting cost -
  12. -
  13. Rigid-wage model with zero recruiting cost -
  14. -
  15. The case of infinite job-search effort -
  16. -
  17. Standard model with infinite job-search effort -
  18. -
  19. Rigid-wage model with infinite job-search effort -
  20. -
  21. Generating job rationing -
  22. -
  23. Unemployment with zero recruiting cost -
  24. -
  25. Defining rationing unemployment -
  26. -
  27. When is rationing unemployment positive? -
  28. -
  29. Unemployment with infinite job-search effort -
  30. -
  31. Measuring frictional and rationing unemployment -
  32. -
  33. Frictional and rationing unemployment over the business cycle -
  34. -
  35. Frictional and rationing unemployment in a calibrated model -
  36. +
  37. Introduction to job rationing
  38. +
  39. Evolution of matching models: standard model
  40. +
  41. Evolution of matching models: rigid-wage model
  42. +
  43. Evolution of matching models: job-rationing model
  44. +
  45. All unemployment is frictional in standard and rigid-wage models
  46. +
  47. Standard model with zero recruiting cost
  48. +
  49. Rigid-wage model with zero recruiting cost
  50. +
  51. The case of infinite job-search effort
  52. +
  53. Standard model with infinite job-search effort
  54. +
  55. Rigid-wage model with infinite job-search effort
  56. +
  57. Generating job rationing
  58. +
  59. Unemployment with zero recruiting cost
  60. +
  61. Defining rationing unemployment
  62. +
  63. When is rationing unemployment positive?
  64. +
  65. Unemployment with infinite job-search effort
  66. +
  67. Measuring frictional and rationing unemployment
  68. +
  69. Frictional and rationing unemployment over the business cycle
  70. +
  71. Frictional and rationing unemployment in a calibrated model
Lecture notes
Main readings
    -
  • Michaillat (2012) - – This paper establishes that usual matching models do not have job rationing and develops a matching model with job rationing. In that model unemployment can be decomposed into rationing and frictional components. In recessions, the rationing component is large while the frictional component is small.
  • -
  • Michaillat and Saez (2015) - – This paper adds aggregate demand to the model in Michaillat (2012). This is done by adding a product market to the labor market with a similar matching structure. Aggregate demand shocks generate fluctuations in unemployment and vacancies along the Beveridge curve.
  • +
  • Michaillat (2012) – This paper establishes that usual matching models do not have job rationing and develops a matching model with job rationing. In that model unemployment can be decomposed into rationing and frictional components. In recessions, the rationing component is large while the frictional component is small.
  • +
  • Michaillat and Saez (2015) – This paper adds aggregate demand to the model in Michaillat (2012). This is done by adding a product market to the labor market with a similar matching structure. Aggregate demand shocks generate fluctuations in unemployment and vacancies along the Beveridge curve.
Additional readings
    -
  • Michaillat and Saez (2022) - – This paper builds a dynamic version of the model in Michaillat and Saez (2015), which is static. In this model the central bank can influence aggregate demand and unemployment through interest rates.
  • -
  • Michaillat and Saez (2024) - – This paper develops a business-cycle model with divine coincidence: inflation is on target when unemployment is efficient. The model uses the structure of the dynamic model by Michaillat and Saez (2022) and generates a Phillips curve by introducing price competition through directed search. To ensure that unemployment fluctuates, the model uses price rigidity through quadratic price-adjustment costs.
  • +
  • Michaillat and Saez (2022) – This paper builds a dynamic version of the model in Michaillat and Saez (2015), which is static. In this model the central bank can influence aggregate demand and unemployment through interest rates.
  • +
  • Michaillat and Saez (2024) – This paper develops a business-cycle model with divine coincidence: inflation is on target when unemployment is efficient. The model uses the structure of the dynamic model by Michaillat and Saez (2022) and generates a Phillips curve by introducing price competition through directed search. To ensure that unemployment fluctuates, the model uses price rigidity through quadratic price-adjustment costs.
Practice material

Efficient unemployment and unemployment gap

@@ -548,140 +431,88 @@

Efficient unemployment and

The section finally shows that in the United States, the unemployment gap is generally positive and is sharply countercyclical. This means that the US labor market is generally inefficiently slack and especially inefficiently slack in slumps. For instance, the unemployment gap reached 6 percentage points during the Volcker Recession and the Great Recession.

Lecture videos
    -
  1. Why do we need to know the efficient unemployment rate? -
  2. -
  3. Natural rate of unemployment and NAIRU -
  4. -
  5. Defining the efficient unemployment rate -
  6. -
  7. Problem of the social planner -
  8. -
  9. Solution to the planner’s problem -
  10. -
  11. Computing efficient labor market tightness -
  12. -
  13. Graphical representation of matching efficiency -
  14. -
  15. Why is the labor market generally inefficient? -
  16. -
  17. Description of Beveridgean models -
  18. -
  19. Social welfare in Beveridgean models -
  20. -
  21. Efficiency in Beveridgean models -
  22. -
  23. Graphical representation of Beveridgean efficiency -
  24. -
  25. Comparative statics for the efficient unemployment rate -
  26. -
  27. Graphical representation of the unemployment gap -
  28. -
  29. Sufficient-statistic formula for efficient labor market tightness -
  30. -
  31. Implementing the sufficient-statistic formula -
  32. -
  33. Unemployment gap in the United States -
  34. +
  35. Why do we need to know the efficient unemployment rate?
  36. +
  37. Natural rate of unemployment and NAIRU
  38. +
  39. Defining the efficient unemployment rate
  40. +
  41. Problem of the social planner
  42. +
  43. Solution to the planner’s problem
  44. +
  45. Computing efficient labor market tightness
  46. +
  47. Graphical representation of matching efficiency
  48. +
  49. Why is the labor market generally inefficient?
  50. +
  51. Description of Beveridgean models
  52. +
  53. Social welfare in Beveridgean models
  54. +
  55. Efficiency in Beveridgean models
  56. +
  57. Graphical representation of Beveridgean efficiency
  58. +
  59. Comparative statics for the efficient unemployment rate
  60. +
  61. Graphical representation of the unemployment gap
  62. +
  63. Sufficient-statistic formula for efficient labor market tightness
  64. +
  65. Implementing the sufficient-statistic formula
  66. +
  67. Unemployment gap in the United States
Lecture notes
Main readings
    -
  • Michaillat and Saez (2021) - – This paper derives sufficient-statistic formulas for efficient labor market tightness and efficient unemployment rate. It also applies the formulas to the United States.
  • -
  • Michaillat and Saez (2024) - – This paper shows that under simple but realistic assumptions, the sufficient-statistic formula for the efficient unemployment rate from Michaillat and Saez (2021) reduces to $u^\ast = \sqrt{uv}$. This unemployment rate marks not only social efficiency but also full employment.
  • +
  • Michaillat and Saez (2021) – This paper derives sufficient-statistic formulas for efficient labor market tightness and efficient unemployment rate. It also applies the formulas to the United States.
  • +
  • Michaillat and Saez (2024) – This paper shows that under simple but realistic assumptions, the sufficient-statistic formula for the efficient unemployment rate from Michaillat and Saez (2021) reduces to $u^\ast = \sqrt{uv}$. This unemployment rate marks not only social efficiency but also full employment.
Additional readings
    -
  • Chetty (2009) - – This survey describes the sufficient-statistic method for welfare and policy analysis.
  • -
  • Hosios (1990) - – This paper shows that in a textbook matching model, unemployment is efficient when workers’ bargaining power equals the elasticity of the matching function with respect to unemployment.
  • +
  • Chetty (2009) – This survey describes the sufficient-statistic method for welfare and policy analysis.
  • +
  • Hosios (1990) – This paper shows that in a textbook matching model, unemployment is efficient when workers’ bargaining power equals the elasticity of the matching function with respect to unemployment.
Practice material

Labor-demand policies

Over the business cycle, fluctuations in labor demand generate fluctuations in unemployment that are inefficient. Labor market policies that can influence labor demand should therefore counterbalance these fluctuations and bring the unemployment rate closer to its efficient level. This section discusses how minimum wage, payroll tax, and public employment—all policies that directly influence labor demand—should respond to unemployment fluctuations over the business cycle.

Lecture videos
    -
  1. Active and passive labor market policies -
  2. -
  3. Modeling a minimum wage -
  4. -
  5. Labor supply and demand with a minimum wage -
  6. -
  7. Designing an optimal policy -
  8. -
  9. Optimal minimum wage -
  10. -
  11. Evidence on the minimum wage -
  12. -
  13. Other possible effects of the minimum wage -
  14. -
  15. Modeling a payroll tax -
  16. -
  17. Labor supply and demand with a payroll tax -
  18. -
  19. Optimal payroll tax -
  20. -
  21. Public employment in the United States -
  22. -
  23. Matching process with public employment -
  24. -
  25. Labor supply and demand with public employment -
  26. -
  27. Graphical representation of public employment -
  28. -
  29. Computing the public-employment multiplier -
  30. -
  31. Slopes of the labor supply and demand curves -
  32. -
  33. Expression for the multiplier -
  34. -
  35. Multiplier is positive but less than one -
  36. -
  37. Multiplier is countercyclical -
  38. -
  39. Multiplier in slumps -
  40. -
  41. Multiplier in booms -
  42. -
  43. Optimal public employment -
  44. +
  45. Active and passive labor market policies
  46. +
  47. Modeling a minimum wage
  48. +
  49. Labor supply and demand with a minimum wage
  50. +
  51. Designing an optimal policy
  52. +
  53. Optimal minimum wage
  54. +
  55. Evidence on the minimum wage
  56. +
  57. Other possible effects of the minimum wage
  58. +
  59. Modeling a payroll tax
  60. +
  61. Labor supply and demand with a payroll tax
  62. +
  63. Optimal payroll tax
  64. +
  65. Public employment in the United States
  66. +
  67. Matching process with public employment
  68. +
  69. Labor supply and demand with public employment
  70. +
  71. Graphical representation of public employment
  72. +
  73. Computing the public-employment multiplier
  74. +
  75. Slopes of the labor supply and demand curves
  76. +
  77. Expression for the multiplier
  78. +
  79. Multiplier is positive but less than one
  80. +
  81. Multiplier is countercyclical
  82. +
  83. Multiplier in slumps
  84. +
  85. Multiplier in booms
  86. +
  87. Optimal public employment
Lecture notes
Main readings
    -
  • Michaillat (2014) - – This paper establishes that in a matching model with job rationing, the public-employment multiplier is positive but less than one, and the multiplier is larger when the unemployment rate is higher. These predictions are consistent with a growing body of evidence from the United States and abroad.
  • -
  • Auerbach and Gorodnichenko (2012) - – This paper finds that in the United States, government multipliers are larger when the unemployment rate is higher.
  • +
  • Michaillat (2014) – This paper establishes that in a matching model with job rationing, the public-employment multiplier is positive but less than one, and the multiplier is larger when the unemployment rate is higher. These predictions are consistent with a growing body of evidence from the United States and abroad.
  • +
  • Auerbach and Gorodnichenko (2012) – This paper finds that in the United States, government multipliers are larger when the unemployment rate is higher.
Additional readings
    -
  • Neumark and Shirley (2022) - – This survey reviews evidence on the effect of the minimum wage on employment in the United States.
  • -
  • Neumann, Fishback, and Kantor (2010) - – This paper describes public employment in the United States during the First New Deal and Second New Deal. It then documents the effect of public employment on the private labor market—unearthing evidence of crowding out of private employment by public employment.
  • +
  • Neumark and Shirley (2022) – This survey reviews evidence on the effect of the minimum wage on employment in the United States.
  • +
  • Neumann, Fishback, and Kantor (2010) – This paper describes public employment in the United States during the First New Deal and Second New Deal. It then documents the effect of public employment on the private labor market—unearthing evidence of crowding out of private employment by public employment.
Practice material

Unemployment insurance

@@ -690,74 +521,46 @@

Unemployment insurance
    -
  1. Unemployment insurance in the United States -
  2. -
  3. Matching process with unemployment insurance -
  4. -
  5. Labor demand with unemployment insurance -
  6. -
  7. Social welfare with unemployment insurance -
  8. -
  9. Effort supply with unemployment insurance -
  10. -
  11. Labor supply with unemployment insurance -
  12. -
  13. Graphical representation of unemployment insurance -
  14. -
  15. Unemployment insurance in the job-rationing model -
  16. -
  17. Moral-hazard channel of unemployment insurance -
  18. -
  19. Microelasticity and macroelasticity of unemployment -
  20. -
  21. Rat-race channel of unemployment insurance -
  22. -
  23. Unemployment insurance in the rigid-wage model -
  24. -
  25. Unemployment insurance in the standard model -
  26. -
  27. Job-creation channel of unemployment insurance -
  28. -
  29. Optimal unemployment insurance -
  30. -
  31. Formula for optimal unemployment insurance -
  32. -
  33. Baily-Chetty term -
  34. -
  35. Effect of labor market tightness on welfare -
  36. -
  37. Effect of unemployment insurance on labor market tightness -
  38. -
  39. Cyclicality of optimal unemployment insurance -
  40. +
  41. Unemployment insurance in the United States
  42. +
  43. Matching process with unemployment insurance
  44. +
  45. Labor demand with unemployment insurance
  46. +
  47. Social welfare with unemployment insurance
  48. +
  49. Effort supply with unemployment insurance
  50. +
  51. Labor supply with unemployment insurance
  52. +
  53. Graphical representation of unemployment insurance
  54. +
  55. Unemployment insurance in the job-rationing model
  56. +
  57. Moral-hazard channel of unemployment insurance
  58. +
  59. Microelasticity and macroelasticity of unemployment
  60. +
  61. Rat-race channel of unemployment insurance
  62. +
  63. Unemployment insurance in the rigid-wage model
  64. +
  65. Unemployment insurance in the standard model
  66. +
  67. Job-creation channel of unemployment insurance
  68. +
  69. Optimal unemployment insurance
  70. +
  71. Formula for optimal unemployment insurance
  72. +
  73. Baily-Chetty term
  74. +
  75. Effect of labor market tightness on welfare
  76. +
  77. Effect of unemployment insurance on labor market tightness
  78. +
  79. Cyclicality of optimal unemployment insurance

Lecture notes
Main readings
    -
  • Landais, Michaillat, and Saez (2018a) - – This paper studies optimal unemployment insurance in a matching model and obtains a sufficient-statistic formula for optimal unemployment insurance.
  • -
  • Landais, Michaillat, and Saez (2018b) - – This paper applies the sufficient-statistic formula from Landais, Michaillat, and Saez (2018a) to the United States and finds that optimal unemployment insurance is countercyclical—more generous in bad times than in good times.
  • +
  • Landais, Michaillat, and Saez (2018a) – This paper studies optimal unemployment insurance in a matching model and obtains a sufficient-statistic formula for optimal unemployment insurance.
  • +
  • Landais, Michaillat, and Saez (2018b) – This paper applies the sufficient-statistic formula from Landais, Michaillat, and Saez (2018a) to the United States and finds that optimal unemployment insurance is countercyclical—more generous in bad times than in good times.
Additional readings
    -
  • Chetty (2006) - – This paper studies optimal unemployment insurance in a model with fixed tightness and derives the Baily-Chetty formula.
  • -
  • Marinescu (2017) - – This paper examines how the tripling of the duration of unemployment benefits during the Great Recession impacted the US labor market. It finds that the number of job applications fell while the number of job openings remained that same. Therefore, labor market tightness (the ratio of job openings to job applications) increased when unemployment insurance became more generous.
  • -
  • Lalive, Landais, and Zweimueller (2015) - – This paper uses a natural experiment in Austria to measure the response of labor market tightness to unemployment insurance. The experiment consists of an increase in benefit duration from 52 to 209 weeks for eligible unemployed workers in a subset of regions. Ineligible unemployed workers in treated labor markets experienced significantly lower unemployment duration, which implies that labor market tightness rose in treated labor markets.
  • +
  • Chetty (2006) – This paper studies optimal unemployment insurance in a model with fixed tightness and derives the Baily-Chetty formula.
  • +
  • Marinescu (2017) – This paper examines how the tripling of the duration of unemployment benefits during the Great Recession impacted the US labor market. It finds that the number of job applications fell while the number of job openings remained that same. Therefore, labor market tightness (the ratio of job openings to job applications) increased when unemployment insurance became more generous.
  • +
  • Lalive, Landais, and Zweimueller (2015) – This paper uses a natural experiment in Austria to measure the response of labor market tightness to unemployment insurance. The experiment consists of an increase in benefit duration from 52 to 209 weeks for eligible unemployed workers in a subset of regions. Ineligible unemployed workers in treated labor markets experienced significantly lower unemployment duration, which implies that labor market tightness rose in treated labor markets.
Practice material
diff --git a/public/c2/index.html b/public/c2/index.html index 2a09cccc9..addd94c59 100644 --- a/public/c2/index.html +++ b/public/c2/index.html @@ -62,8 +62,8 @@ "keywords": [ "Beveridge curve", "business cycles", "economic slack", "fiscal policy", "inequality", "Keynesian unemployment", "Kuhnian model", "matching function", "matching model", "monetary policy" ], - "articleBody": "Introduction This course covers research topics related to economic slack. So what is economic slack? Economic slack describes the amount of productive resources in the economy that are unused. There are many different forms of slack: people who cannot find a job and remain unemployed; machines left idle in a factory; employed workers left idle on the job; hotel rooms, restaurants table, airplane seats that remain vacant; durable goods that cannot be sold and depreciate; perishable goods that cannot be sold and perish.\nEconomic slack represents a waste of productive resources, and it therefore is something that should be limited. In addition to its wastefulness, unemployment generates other, large costs to society. People who are unemployed suffer from lower mental and physical health than employed workers. Even employed people in areas with high unemployment report lower well-being. Accordingly, good economic policy should stabilize economic slack at a desirable level and avoid periods of elevated slack.\nThe course is centered around formal modeling, but it also presents evidence supporting the assumptions introduced in the models. In the course we cover several models of economic slack and use them to answer a range of questions:\nWhy does slack exist? How does slack affect economic life? Why does slack vary over time? How are slack fluctuations related to price and wage rigidities? What is the socially optimal amount of slack? How should monetary policy respond to cyclical fluctuations in slack? How should fiscal policy respond to fluctuations in cyclical slack? What happens at the zero lower bound? Lecture video What is slack and why do we care about it? Main readings Krugman (2000) – This paper argues that uncomplicated models can be helpful. In this course we will develop models that are as uncomplicated as possible—and that are much simpler than models typically studied in graduate macroeconomic courses. Darity, Goldsmith (1996) – This survey reviews the social-psychological consequences of unemployment. It finds that exposure to unemployment severely damages psychological health. Frey, Stutzer (2002) – This survey provides evidence that personal unemployment and aggregate unemployment significantly reduce happiness. The evidence refers to the pure effect of unemployment, which controls for the income loss from unemployment. Additional readings Di Tella, MacCulloch, Oswald (2003) – This paper finds in well-being surveys that unemployment make people unhappy. Being unemployed makes you unhappy, and having unemployment in your country makes you unhappy. In fact, after controlling for income and other personal characteristics, becoming unemployed appears as painful as divorcing. Winkelmann, Winkelmann (1998) – This paper uses panel data to show that unemployment causes unhappiness (and not the other way around). It finds that unemployment significantly reduces life satisfaction, and that the non-pecuniary cost of unemployment is much larger than the pecuniary cost. Borgschulte, Martorell (2018) – This paper provides revealed-preference estimates of the cost of unemployment. It finds that unemployment is indeed very costly. Overview of business-cycle models This section first reviews the Kuhnian model of science. It then uses the Kuhnian perspective to understand how, over the past century, business-cycle macroeconomics evolved from the IS-LM model (inspired by Keynes’s General Theory) to the General Disequilibrium model (with nonclearing markets) to the Real Business-Cycle model (with perfectly competitive markets) and finally to the New Keynesian model (with monopolistically competitive markets).\nModern business-cycle models—both Real Business-Cycle model New Keynesian model—focus on fluctuations in prices and quantities. By contrast, the business-cycle model developed in this course accounts for fluctuations in prices, quantities, and slack. Introducing slack is especially important to study business cycles because slack varies far more than prices over the business cycle. Introducing slack is necessary to study business-cycle stabilization policies because fluctuations in slack have large consequences for welfare.\nLecture videos Organization of scientific knowledge in paradigms (notes ) Cycling through paradigms (notes ) Qualities of a good paradigm (notes ) Structure of business-cycle models (notes ) Paradigms of business-cycle research (notes ) From the Keynesians to the New Keynesians (notes ) Absence of slack in modern business-cycle models (notes ) Main readings Kuhn (1957, chapters 1 and 5) – This book studies the Copernican Revolution in astronomy and in the process isolates the three properties of a good model: economy, accuracy, and fruitfulness. Summers (1986) – This paper discusses the origins and limitations of the Real Business-Cycle model. Benassy (1993) – This survey reviews the General Disequilibrium literature. Additional readings Kuhn (1962) – This book describes how science progresses by cycling through paradigms. Each cycle starts with a period of normal science, during which the dominant paradigm is used and refined. This is followed by a period of revolutionary science, during which the anomalies of the dominant paradigm are too numerous to ignore, and new paradigms are invented and compete to replace to old paradigm. Cooley, Prescott (1995) – This paper reviews facts about business cycles and explains how Real Business-Cycle models were developed from the neoclassical growth model. Gali (2018) – This survey reviews the New Keynesian literature. Prevalence of slack and matching function This section documents the presence of economic slack on the labor market (unemployed workers) and on the product market (idle labor and capital). It also documents that such slack always coexists with vacant jobs and unfulfilled consumption. Then, it introduces the matching function, which is the tool that we will use to model the coexistence of unemployed workers and vacant jobs, and of idle labor and capital and unfulfilled consumption. The matching function summarizes the complex process through which workers searching for jobs meet firms searching for employees, and firms searching for customers meet consumers searching for sellers.\nThe business-cycle model developed in this course differs from canonical business-cycle models because it applies a matching structure to the labor and product markets. In contrast, the Real Business-Cycle model features perfectly competitive labor and product markets. The New Keynesian model features monopolistic competition on the two markets. And older disequilibrium models feature nonclearing Walrasian markets.\nLecture videos Prevalence of unemployed workers (notes ) Other forms of labor market slack (notes ) Prevalence of idle capacity (notes ) Other forms of product market slack (notes ) Prevalence of vacant jobs (notes ) Prevalence of unfulfilled consumption (notes ) Matching function and matching market (notes ) Properties of the matching function (notes ) Market tightness and trading probabilities (notes ) Urn-ball matching function (notes ) Cobb-Douglas matching function (notes ) Constant-elasticity-of-substitution matching function (notes ) Main readings Petrongolo, Pissarides (2001) – This survey reviews the microfoundations of the matching function, its empirical properties, and its applications. Elsby, Michaels, Ratner (2015) – This survey reviews the empirical properties of the Beveridge curve and possible microfoundations for it. Petrosky-Nadeau, Zhang (2021) – This paper constructs series for US unemployment and vacancy rates going back to the Great Depression (1930). Additional readings Shimer (2007) – This paper generates an aggregate matching function from mismatch in local labor markets. Stevens (2007) – This paper generates a Cobb-Douglas matching function from a Poisson queuing process. Montgomery (1991) – This paper generates an aggregate matching function from wage competition between firms. Basic model of slack This section develops a basic macroeconomic model of slack. The model is static. It is built around a matching function. Because of the matching function, self-employed workers are not able to sell all their services: there is always some slack. Wealth (in the form of real money balances) enters the utility function. People derive direct utility from wealth because wealth is a marker of social status, and people value high social status. Thanks to this assumption, and although the model is static, the aggregate demand is nondegenerate.\nLecture videos Structure of the basic model (notes ) Household’s production function (notes ) Product market and market tightness (notes ) Idle capacity (notes ) Matching cost (notes ) Matching wedge (notes ) Household’s utility function (notes ) Household’s budget constraint (notes ) Definition and properties of the household’s problem (notes ) Solving the household’s problem (notes ) Computing the aggregate demand curve (notes ) Properties of the aggregate demand curve (notes ) Computing the aggregate supply curve (notes ) Properties of the aggregate supply curve (notes ) Price norm (notes ) Individual and bilateral surpluses from trade (notes ) Bilateral inefficiencies in Keynesian and New Keynesian models (notes ) Bilateral efficiency for any price norm (notes ) Structure of the solution of the model (notes ) Strategy to solve the model (notes ) Computing market tightness from the AD and AS curves (notes ) Main readings Michaillat, Saez (2015, sections 1–2) – These sections develop the basic model of slack. Diamond (1982) – This paper develops the first matching model of the product market and uses it to study stabilization policy. Camerer, Loewenstein, Prelec (2005) – This survey reviews advances in neuroeconomics—a field that uses results from biology and neuroscience to develop better economic models. One key insight from the survey is that people value money in and of itself—not solely as future consumption. Additional readings Barro (1977) – This paper argues that prices should be bilaterally efficient when buyers and sellers are engaged in long-term relationships. In the model of slack studied in this course, prices are always bilaterally efficient. Huo, Rios-Rull (2020) – This paper shows that in New Keynesian models with sticky wages, workers are required to work against their will 15–30 percent of the time. Gourio, Rudanko (2014) – This paper develops a dynamic matching model of the product market. Prices are set through competitive search. Model of slack with income and wealth inequality This section introduces income and wealth inequality in the basic model of slack. We compute the aggregate demand and aggregate supply curves with inequality, and show how the model with inequality can be solved. In the model the marginal propensity to spend varies with slack, and the deviation from Say’s Law appears clearly.\nLecture videos Prevalence of income and wealth inequality (notes ) Modeling income and wealth inequality (notes ) Matching in the heterogeneous-agent model (notes ) Consumption and saving in the heterogeneous-agent model (notes ) Unequal consumption and savings in the heterogeneous-agent model (notes ) Slack-dependent marginal propensity to spend (notes ) Aggregate supply in the heterogeneous-agent model (notes ) Aggregate demand in the heterogeneous-agent model (notes ) Solving the heterogeneous-agent model (notes ) How much rationality does the model assume? (notes ) How can a statistical agency predict tightness? (notes ) Main reading Saez, Zucman (2020) – This paper documents the rise of income and wealth inequality in the United States. The data come from distributional macroeconomic accounts. Additional reading Jones (2015) – This paper reviews key facts about income and wealth inequality. It then relates the facts to macroeconomics theory via the Pareto distribution. Discussion of the solution concept This section provides additional discussions of the solution concept used in the basic model of slack, and discusses an interesting special case. It also shows how the model solution is the equilibrium (in the sense from physics not economics) of a dynamical model in which households slowly learn the market tightness.\nLecture videos General structure of the model solution (notes ) Graphical representation of the model solution (notes ) Deviation from the model solution (notes ) Recasting the model in terms of visits (notes ) Defining the model solution in terms of visits (notes ) Solving the model in terms of visits (notes ) Solution of the model in a special case with no matching cost (notes ) Convergence to the model solution (notes ) Main reading Michaillat, Saez (2015, sections 2D and 2H) – These sections discuss the equilibrium concept in the basic model of slack, and solve the model in the special case with no matching cost. Additional reading Kreps (1990, chapters 2–3) – This book reviews basic concepts of game theory and describe how to they can be applied to economic modelling. It includes a wonderful discussion of the concept of equilibrium. Price and wage rigidities The matching model requires to specify price norms. Theoretically, there are many possibilities. We could assume that prices equilibrate supply and demand while tightness remains fixed. If the tightness is fixed at the right level, the economy is always efficient, in the spirit of a perfectly competitive, Walrasian model. We could also assume that tightness equilibrates supply and demand while prices remain fixed, in the spirit of a fixprice, Keynesian model. In that case, the economy is generically inefficient, either too slack or too tight. Or we could assume something in between, where tightness and prices jointly adjust to equilibrate supply and demand.\nThis section reviews evidence from microdata and ethnographic surveys. The evidence suggests that prices and wages are not fully flexible but instead somewhat rigid, and that fairness is a key reason behind price and wage rigidities. The section then shows how realistic pricing norms can be inserted into the basic model of slack. It also derives comparative statics in response to aggregate demand and aggregate supply shocks under fixed prices and rigid prices. It contrasts these results to those obtained under bargained prices.\nLecture videos Setting prices under bilateral monopoly (notes ) Why are prices not restricted to a narrow price band (notes ) Frequency of price changes (notes ) Prevalence of rigid prices (notes ) Frequency of wage changes (notes ) Frequency of wage changes for new hires (notes ) Prevalence of wage rigidity (notes ) Model solution with fixed prices (notes ) Comparative statics with fixed prices (notes ) Bargaining over prices (notes ) Model solution with bargained prices (notes ) Comparative statics with bargained prices (notes ) Model with rigid prices (notes ) Main readings Hall (2005) – This paper explains how a fixed wage norm can be inserted into a matching model, and shows that such a model generates large fluctuations in unemployment and vacancies. Nakamura, Steinsson (2013) – This paper reviews microevidence of price rigidity and discusses how this evidence is used to build macroeconomic models. Dickens et al (2007) – This paper reviews microevidence of wage rigidity. Additional readings Shimer (2005) – This paper shows that in a matching model with Nash bargaining, wages are too flexible to generate realistic fluctuations in unemployment and vacancies. Bewley (2004) – This paper provides evidence of wage rigidity. It then argues that firms avoids pay cuts because they damage morale, which eventually reduces productivity, increases turnover, and complicates recruiting. Haefke, Sonntag, van Rens (2013) – This paper constructs a series for wages of newly hired workers and find that the elasticity of these wages with respect to productivity is 0.7–0.8. Hall, Milgrom (2008) – This paper proposes a form of wage bargaining that produces somewhat-rigid wages. With such bargaining, the matching model generates realistic fluctuations in unemployment and vacancies. Fabiani, Druant, Hernando, Kwapil, Landau, Loupias, Martins, Matha, Sabbatini, Stahl, Stokman (2006) – This paper provides survey evidence of price rigidity. It also documents that firms do not change prices more often by fear of antagonizing customers. Eyster, Madarasz, Michaillat (2021) – Empirically, it seems that pricing norms are shaped by fairness considerations. This paper examines the possible origins of such norms. It develops a model of pricing in which buyers care about the fairness of markups, and firms take these concerns into account when setting prices. The model yields price rigidity and realistic Phillips curves. Model of slack with labor and product markets This section presents a model with two markets and two types of slack: a labor market with unemployment and a product market with idleness. Each market is organized around a matching function. Unemployment and idleness interact with each other. For instance, after an increase in aggregate demand, firms find more customers. This reduces the idle time of firms’ employees and thus increases firms’ labor demand. This in turn reduces unemployment.\nIn this extended model, not all workers are employed, and not all goods and services produced by firms are sold. The model therefore incorporates the three traditional types of unemployment: Keynesian, classical, and frictional. Unemployment has a Keynesian component because it depends on how easy or difficult it is for firms to sell their goods. It has a classical component because it depends on the real wage. And it has a frictional component because it depends on how costly it is for firms to recruit workers.\nMoreover, the comovements between output, employment, product-market tightness, and labor-market tightness observed in the United States through the lens of the model indicate that unemployment fluctuations are caused by fluctuations in labor demand, themselves caused by fluctuations in aggregate demand.\nLecture videos Structure of the two-market model (notes ) Matching on the labor and product markets (notes ) Pricing on the labor and product markets (notes ) Firm’s recruiting process (notes ) Firm’s production function (notes ) Firm’s problem (notes ) Labor demand and labor supply curves (notes ) Aggregate demand and aggregate supply curves (notes ) Structure of the solution of the two-market model (notes ) Graphical representation of the solution of the two-market model (notes ) Keynesian, classical, and frictional unemployment (notes ) Solving the two-market model (notes ) Aggregate demand shocks with fixed prices (notes ) Technology shocks with fixed prices (notes ) Labor supply shocks with fixed prices (notes ) Main readings Michaillat, Saez (2015, sections 3–6) – These sections develop the model of slack with labor and product markets, and assess the sources of unemployment fluctuations in the United States. Michaillat (2012) – This paper establishes that usual matching models of the labor market do not have job rationing. It then develops a matching model with job rationing. In this course, we use the labor-market model developed in this paper. Barro, Grossman (1971) – This paper develops a disequilibrium model with labor and product markets. This model is a precursor to the model of slack with labor and product markets used in the course. Additional readings Blanchard, Kiyotaki (1987) – This paper develops a monopolistic model of business cycles. The model has the same architecture as the Barro-Grossman model, but a different market structure. The model is a precursor to the New Keynesian model. Diamond (2011) – In this Nobel lecture, Peter Diamond discusses the applications of the matching framework to the product market and other markets. Wasmer, Weil (2004) – This paper develops a model of slack with labor and financial markets—each organized around a matching function. Dynamic model of slack This section presents a dynamic version of the basic model of slack. In the dynamic model, unemployment is determined by the intersection of an aggregate demand curve, stemming from households’ consumption-saving decisions, and an aggregate supply curve, corresponding to the Beveridge curve.\nAn advantage of moving to a dynamic environment is that interest rates appear into the model. Indeed, the real interest rate is a key determinant of aggregate demand. By setting a nominal interest rate, the central bank can stabilize the economy. The model is therefore useful to study the effect of monetary policy on unemployment—for instance to assess the possibility of a soft landing in the aftermath of the pandemic inflation spike.\nLecture videos Structure of the dynamic model (notes ) Matching with long-term employment relationships (notes ) Law of motion of unemployment (notes ) Convergence to the Beveridge curve (notes ) Aggregate supply curve in the dynamic model (notes ) Recruiting wedge (notes ) Household’s utility function (notes ) Household’s budget constraint (notes ) Household’s problem (notes ) Price norm and monetary policy (notes ) Dynamics of the model (notes ) Aggregate demand curve and solution of the dynamic model (notes ) Aggregate demand shocks with fixed inflation (notes ) Aggregate supply shocks with fixed inflation (notes ) Effects of monetary policy and soft landing (notes ) Main readings Michaillat, Saez (2022, sections 1–4) – These sections develop the dynamic model of slack and perform various comparative statics. Michaillat, Saez (2024) – This paper develops a business-cycle model with divine coincidence: inflation is on target when unemployment is efficient. The model uses the structure of the dynamic model of slack and generates price dynamics by introducing price competition through directed search. To ensure that unemployment fluctuates, the model introduces price rigidity through quadratic price-adjustment costs. Ball, Leigh, Loungani (2017) – This paper documents the prevalence of Okun’s law—the negative correlation between output and unemployment rate—in the United States since 1948. Okun’s law implies that output and market tightness are negatively correlated over the business cycle, which in turn implies that aggregate demand shocks are the main source of cyclical fluctuations. Additional readings Michaillat, Saez (2021) – The dynamic model of slack assumes that wealth enters people’s utility function. This paper exports this assumption to the New Keynesian model and shows that it is also helpful there. Indeed, the assumption resolves all the anomalies of the New Keynesian model at the zero lower bound: there is no collapse of output and inflation, and the effects of government spending and forward guidance are bounded and reasonable. Basu, Fernald, Kimball (2006) – This paper shows that in the United States, employment falls when technology improves. The same occurs in the dynamic model of slack. Blanchard, Gali (2007) – This paper introduces the concept of divine coincidence and examines when it might and might not hold. Social welfare, efficiency, and inefficiency Unlike in neoclassical models, in matching models the economy generally operates inefficiently. Except in knife-edge cases, there is too much or too little slack. Since the unemployment rate is generally inefficient, it is critical to know whether the current unemployment rate is above or below the efficient unemployment rate.\nThis section therefore develops a simple formula for the efficient amount of unemployment. It shows that under simple but realistic assumptions, the efficient unemployment rate is the geometric average of the unemployment and vacancy rates: $u^\\ast = \\sqrt{uv}$. Hence, the economy is efficient when there are as many vacancies as jobseekers, inefficiently tight when there are more vacancies than jobseekers, and inefficiently slack when there are more jobseekers than vacancies.\nFinally, the section applies the formula to the US economy. In general the US economy is inefficient. It is especially inefficiently slack in slumps. For instance, the unemployment gap reached 6 percentage points during the Volcker Recession, the Great Recession, and the Coronavirus Recession. By contrast, in 2022, the US economy is inefficiently tight. The unemployment gap has been below -1 percentage point during the whole of 2022.\nLecture videos Introduction to social welfare and efficiency (notes ) Introduction to the efficient unemployment rate (notes ) Introduction to sufficient statistics (notes ) A Beveridgean framework for welfare analysis (notes ) Formula for efficient unemployment: $u^\\ast = \\sqrt{uv}$ (notes ) Comparing unemployment and vacancies to assess efficiency (notes ) Inefficiency of the US economy (notes ) Efficient unemployment rate in the United States (notes ) Main readings Michaillat, Saez (2024) – This paper derives the formula $u^\\ast = \\sqrt{uv}$ for the efficient unemployment rate. The paper then applies the formula to the United States, 1930–2024. Michaillat, Saez (2021) – This paper derives a formula for the efficient unemployment rate that generalizes the formula $u^\\ast = \\sqrt{uv}$. The general formula involves three sufficient statistics: Beveridge elasticity, cost of unemployment, and cost of recruiting. Additional readings Chetty (2009) – This survey describes the sufficient-statistic method for welfare and policy analysis. Hosios (1990) – This paper shows that in a matching model, unemployment is efficient when workers’ bargaining power equals the elasticity of the matching function with respect to unemployment. Moen (1997) – This paper shows that in a matching model, unemployment is efficient when search is directed instead of random. With directed search, firms post wages and workers decide where to apply based on the wage and probability to get the job at each firm. Optimal monetary policy over the business cycle Since the US unemployment rate is always inefficiently high in slumps, and sometimes inefficiently low in booms, monetary policy has scope to stabilize the unemployment rate better.\nThis section describes optimal monetary policy over the business cycle. Monetary policy influences the aggregate demand curve, so it can be used to shrink the unemployment gap. The optimal monetary policy is to adjust interest rates to eliminate the unemployment gap entirely. So the central bank should lower rates in bad times, when unemployment is inefficiently high, and raise rates in good times, when unemployment is inefficiently low.\nIn fact, given such optimality criterion, we can develop a simple formula for optimal monetary policy. The formula relates the optimal interest rate to two sufficient statistics: the unemployment gap and the monetary multiplier (the effect of the federal funds rate on the unemployment rate). In the United States, the monetary multiplier is about 0.5. The formula then indicates that the Fed should raise the federal funds rate by 2 percentage point for any 1 percentage point of unemployment gap.\nLecture videos Divine Beveridge-Wicksell framework (notes ) Sufficient-statistic formula for optimal monetary policy (notes ) Estimates of the monetary multiplier (notes ) Optimal response to unemployment fluctuations (notes ) Evaluating the behavior of the Federal Reserve (notes ) Monetary policy in the dynamic model (notes ) Beveridge curve in the dynamic model (notes ) Replacing monetary policy by a wealth tax at the ZLB (notes ) Main readings Michaillat, Saez (2022, sections 5–6) – These sections obtain the sufficient-statistic formula for optimal monetary policy and apply it to the US economy. Bernanke, Blinder (1993) – This paper estimates the response of the federal funds rate to unemployment, and the effect of the federal funds rate on unemployment. Coibion (2012) – This paper blends the narrative and VAR approaches to estimate the monetary multiplier—the effect of an increase in the federal funds rate on the unemployment rate. It finds that increasing the federal funds rate by 1 percentage point raises the unemployment rate by about 0.5 percentage point. Additional readings Christiano, Eichenbaum, Evans (1999) – This paper summarizes the effects of monetary policy shocks on key macroeconomic variables(including unemployment). Stock, Watson (2001) – This paper assesses the effect of monetary policy on unemployment using VARs. Ramey (2016) – This paper summarizes the effects of macroeconomic shocks (including monetary-policy and fiscal-policy shocks) on key macroeconomic variables (including unemployment). Optimal government spending over the business cycle Monetary policy should eliminate the unemployment gap, but this is not always possible. Once monetary policy reaches the zero lower bound, for instance, it becomes impotent, and it has to be supplemented by fiscal policy.\nThis section studies how government spending should be adjusted when unemployment is inefficient. It shows that that optimal government spending deviates from the Samuelson rule to reduce, but not eliminate, the unemployment gap. The amplitude of the deviation depends on three sufficient statistics: unemployment gap, fiscal multiplier, and elasticity of substitution between public and private goods. Since the unemployment gap is countercyclical, optimal government spending is also countercyclical. That is, the government should spend more in bad times and less in good times.\nLecture videos When should fiscal policy be used for stabilization? (notes ) Beveridge-Samuelson framework (notes ) Labor force with public and private employment (notes ) Marginal rate of substitution between public and private goods (notes ) Elasticity of substitution between public and private goods (notes ) Unemployment multiplier (notes ) Effects of government spending on welfare (notes ) Optimal government spending (notes ) Samuelson rule (notes ) Stabilization term (notes ) Optimal deviation from the Samuelson rule (notes ) Sufficient-statistic formula for optimal stimulus spending (notes ) Properties of optimal stimulus spending (notes ) Stabilization achieved by optimal stimulus spending (notes ) Main readings Michaillat, Saez (2019) – This paper studies optimal government spending in the presence of inefficient unemployment. It derives the sufficient-statistic formula for optimal stimulus spending. Samuelson (1954) – This paper studies optimal government spending in a neoclassical model and derives the famous Samuelson rule. Michaillat (2014) – This paper establishes that in the model of slack, the public-employment multiplier is positive but less than one, and the multiplier is larger when the unemployment rate is higher. Additional readings Ramey (2013) – This paper uses structural VARs on US data to estimate the unemployment multiplier—the effect of an increase in government spending on the unemployment rate. Auerbach, Gorodnichenko (2012) – This paper finds that in the United States, government multipliers are larger when the unemployment rate is higher. Ghassibe, Zanetti (2022) – This paper describes the state-dependence of multipliers in the model of slack under both demand and supply shocks, for both demand-side and supply-side policies. ", - "wordCount" : "4737", + "articleBody": "Introduction This course covers research topics related to economic slack. So what is economic slack? Economic slack describes the amount of productive resources in the economy that are unused. There are many different forms of slack: people who cannot find a job and remain unemployed; machines left idle in a factory; employed workers left idle on the job; hotel rooms, restaurants table, airplane seats that remain vacant; durable goods that cannot be sold and depreciate; perishable goods that cannot be sold and perish.\nEconomic slack represents a waste of productive resources, and it therefore is something that should be limited. In addition to its wastefulness, unemployment generates other, large costs to society. People who are unemployed suffer from lower mental and physical health than employed workers. Even employed people in areas with high unemployment report lower well-being. Accordingly, good economic policy should stabilize economic slack at a desirable level and avoid periods of elevated slack.\nThe course is centered around formal modeling, but it also presents evidence supporting the assumptions introduced in the models. In the course we cover several models of economic slack and use them to answer a range of questions:\nWhy does slack exist? How does slack affect economic life? Why does slack vary over time? How are slack fluctuations related to price and wage rigidities? What is the socially optimal amount of slack? How should monetary policy respond to cyclical fluctuations in slack? How should fiscal policy respond to fluctuations in cyclical slack? What happens at the zero lower bound? Lecture video What is slack and why do we care about it? Main readings Krugman (2000) – This paper argues that uncomplicated models can be helpful. In this course we will develop models that are as uncomplicated as possible—and that are much simpler than models typically studied in graduate macroeconomic courses. Darity, Goldsmith (1996) – This survey reviews the social-psychological consequences of unemployment. It finds that exposure to unemployment severely damages psychological health. Frey, Stutzer (2002) – This survey provides evidence that personal unemployment and aggregate unemployment significantly reduce happiness. The evidence refers to the pure effect of unemployment, which controls for the income loss from unemployment. Additional readings Di Tella, MacCulloch, Oswald (2003) – This paper finds in well-being surveys that unemployment make people unhappy. Being unemployed makes you unhappy, and having unemployment in your country makes you unhappy. In fact, after controlling for income and other personal characteristics, becoming unemployed appears as painful as divorcing. Winkelmann, Winkelmann (1998) – This paper uses panel data to show that unemployment causes unhappiness (and not the other way around). It finds that unemployment significantly reduces life satisfaction, and that the non-pecuniary cost of unemployment is much larger than the pecuniary cost. Borgschulte, Martorell (2018) – This paper provides revealed-preference estimates of the cost of unemployment. It finds that unemployment is indeed very costly. Overview of business-cycle models This section first reviews the Kuhnian model of science. It then uses the Kuhnian perspective to understand how, over the past century, business-cycle macroeconomics evolved from the IS-LM model (inspired by Keynes’s General Theory) to the General Disequilibrium model (with nonclearing markets) to the Real Business-Cycle model (with perfectly competitive markets) and finally to the New Keynesian model (with monopolistically competitive markets).\nModern business-cycle models—both Real Business-Cycle model New Keynesian model—focus on fluctuations in prices and quantities. By contrast, the business-cycle model developed in this course accounts for fluctuations in prices, quantities, and slack. Introducing slack is especially important to study business cycles because slack varies far more than prices over the business cycle. Introducing slack is necessary to study business-cycle stabilization policies because fluctuations in slack have large consequences for welfare.\nLecture videos Organization of scientific knowledge in paradigms (notes) Cycling through paradigms (notes) Qualities of a good paradigm (notes) Structure of business-cycle models (notes) Paradigms of business-cycle research (notes) From the Keynesians to the New Keynesians (notes) Absence of slack in modern business-cycle models (notes) Main readings Kuhn (1957, chapters 1 and 5) – This book studies the Copernican Revolution in astronomy and in the process isolates the three properties of a good model: economy, accuracy, and fruitfulness. Summers (1986) – This paper discusses the origins and limitations of the Real Business-Cycle model. Benassy (1993) – This survey reviews the General Disequilibrium literature. Additional readings Kuhn (1962) – This book describes how science progresses by cycling through paradigms. Each cycle starts with a period of normal science, during which the dominant paradigm is used and refined. This is followed by a period of revolutionary science, during which the anomalies of the dominant paradigm are too numerous to ignore, and new paradigms are invented and compete to replace to old paradigm. Cooley, Prescott (1995) – This paper reviews facts about business cycles and explains how Real Business-Cycle models were developed from the neoclassical growth model. Gali (2018) – This survey reviews the New Keynesian literature. Prevalence of slack and matching function This section documents the presence of economic slack on the labor market (unemployed workers) and on the product market (idle labor and capital). It also documents that such slack always coexists with vacant jobs and unfulfilled consumption. Then, it introduces the matching function, which is the tool that we will use to model the coexistence of unemployed workers and vacant jobs, and of idle labor and capital and unfulfilled consumption. The matching function summarizes the complex process through which workers searching for jobs meet firms searching for employees, and firms searching for customers meet consumers searching for sellers.\nThe business-cycle model developed in this course differs from canonical business-cycle models because it applies a matching structure to the labor and product markets. In contrast, the Real Business-Cycle model features perfectly competitive labor and product markets. The New Keynesian model features monopolistic competition on the two markets. And older disequilibrium models feature nonclearing Walrasian markets.\nLecture videos Prevalence of unemployed workers (notes) Other forms of labor market slack (notes) Prevalence of idle capacity (notes) Other forms of product market slack (notes) Prevalence of vacant jobs (notes) Prevalence of unfulfilled consumption (notes) Matching function and matching market (notes) Properties of the matching function (notes) Market tightness and trading probabilities (notes) Urn-ball matching function (notes) Cobb-Douglas matching function (notes) Constant-elasticity-of-substitution matching function (notes) Main readings Petrongolo, Pissarides (2001) – This survey reviews the microfoundations of the matching function, its empirical properties, and its applications. Elsby, Michaels, Ratner (2015) – This survey reviews the empirical properties of the Beveridge curve and possible microfoundations for it. Petrosky-Nadeau, Zhang (2021) – This paper constructs series for US unemployment and vacancy rates going back to the Great Depression (1930). Additional readings Shimer (2007) – This paper generates an aggregate matching function from mismatch in local labor markets. Stevens (2007) – This paper generates a Cobb-Douglas matching function from a Poisson queuing process. Montgomery (1991) – This paper generates an aggregate matching function from wage competition between firms. Basic model of slack This section develops a basic macroeconomic model of slack. The model is static. It is built around a matching function. Because of the matching function, self-employed workers are not able to sell all their services: there is always some slack. Wealth (in the form of real money balances) enters the utility function. People derive direct utility from wealth because wealth is a marker of social status, and people value high social status. Thanks to this assumption, and although the model is static, the aggregate demand is nondegenerate.\nLecture videos Structure of the basic model (notes) Household’s production function (notes) Product market and market tightness (notes) Idle capacity (notes) Matching cost (notes) Matching wedge (notes) Household’s utility function (notes) Household’s budget constraint (notes) Definition and properties of the household’s problem (notes) Solving the household’s problem (notes) Computing the aggregate demand curve (notes) Properties of the aggregate demand curve (notes) Computing the aggregate supply curve (notes) Properties of the aggregate supply curve (notes) Price norm (notes) Individual and bilateral surpluses from trade (notes) Bilateral inefficiencies in Keynesian and New Keynesian models (notes) Bilateral efficiency for any price norm (notes) Structure of the solution of the model (notes) Strategy to solve the model (notes) Computing market tightness from the AD and AS curves (notes) Main readings Michaillat, Saez (2015, sections 1–2) – These sections develop the basic model of slack. Diamond (1982) – This paper develops the first matching model of the product market and uses it to study stabilization policy. Camerer, Loewenstein, Prelec (2005) – This survey reviews advances in neuroeconomics—a field that uses results from biology and neuroscience to develop better economic models. One key insight from the survey is that people value money in and of itself—not solely as future consumption. Additional readings Barro (1977) – This paper argues that prices should be bilaterally efficient when buyers and sellers are engaged in long-term relationships. In the model of slack studied in this course, prices are always bilaterally efficient. Huo, Rios-Rull (2020) – This paper shows that in New Keynesian models with sticky wages, workers are required to work against their will 15–30 percent of the time. Gourio, Rudanko (2014) – This paper develops a dynamic matching model of the product market. Prices are set through competitive search. Model of slack with income and wealth inequality This section introduces income and wealth inequality in the basic model of slack. We compute the aggregate demand and aggregate supply curves with inequality, and show how the model with inequality can be solved. In the model the marginal propensity to spend varies with slack, and the deviation from Say’s Law appears clearly.\nLecture videos Prevalence of income and wealth inequality (notes) Modeling income and wealth inequality (notes) Matching in the heterogeneous-agent model (notes) Consumption and saving in the heterogeneous-agent model (notes) Unequal consumption and savings in the heterogeneous-agent model (notes) Slack-dependent marginal propensity to spend (notes) Aggregate supply in the heterogeneous-agent model (notes) Aggregate demand in the heterogeneous-agent model (notes) Solving the heterogeneous-agent model (notes) How much rationality does the model assume? (notes) How can a statistical agency predict tightness? (notes) Main reading Saez, Zucman (2020) – This paper documents the rise of income and wealth inequality in the United States. The data come from distributional macroeconomic accounts. Additional reading Jones (2015) – This paper reviews key facts about income and wealth inequality. It then relates the facts to macroeconomics theory via the Pareto distribution. Discussion of the solution concept This section provides additional discussions of the solution concept used in the basic model of slack, and discusses an interesting special case. It also shows how the model solution is the equilibrium (in the sense from physics not economics) of a dynamical model in which households slowly learn the market tightness.\nLecture videos General structure of the model solution (notes) Graphical representation of the model solution (notes) Deviation from the model solution (notes) Recasting the model in terms of visits (notes) Defining the model solution in terms of visits (notes) Solving the model in terms of visits (notes) Solution of the model in a special case with no matching cost (notes) Convergence to the model solution (notes) Main reading Michaillat, Saez (2015, sections 2D and 2H) – These sections discuss the equilibrium concept in the basic model of slack, and solve the model in the special case with no matching cost. Additional reading Kreps (1990, chapters 2–3) – This book reviews basic concepts of game theory and describe how to they can be applied to economic modelling. It includes a wonderful discussion of the concept of equilibrium. Price and wage rigidities The matching model requires to specify price norms. Theoretically, there are many possibilities. We could assume that prices equilibrate supply and demand while tightness remains fixed. If the tightness is fixed at the right level, the economy is always efficient, in the spirit of a perfectly competitive, Walrasian model. We could also assume that tightness equilibrates supply and demand while prices remain fixed, in the spirit of a fixprice, Keynesian model. In that case, the economy is generically inefficient, either too slack or too tight. Or we could assume something in between, where tightness and prices jointly adjust to equilibrate supply and demand.\nThis section reviews evidence from microdata and ethnographic surveys. The evidence suggests that prices and wages are not fully flexible but instead somewhat rigid, and that fairness is a key reason behind price and wage rigidities. The section then shows how realistic pricing norms can be inserted into the basic model of slack. It also derives comparative statics in response to aggregate demand and aggregate supply shocks under fixed prices and rigid prices. It contrasts these results to those obtained under bargained prices.\nLecture videos Setting prices under bilateral monopoly (notes) Why are prices not restricted to a narrow price band (notes) Frequency of price changes (notes) Prevalence of rigid prices (notes) Frequency of wage changes (notes) Frequency of wage changes for new hires (notes) Prevalence of wage rigidity (notes) Model solution with fixed prices (notes) Comparative statics with fixed prices (notes) Bargaining over prices (notes) Model solution with bargained prices (notes) Comparative statics with bargained prices (notes) Model with rigid prices (notes) Main readings Hall (2005) – This paper explains how a fixed wage norm can be inserted into a matching model, and shows that such a model generates large fluctuations in unemployment and vacancies. Nakamura, Steinsson (2013) – This paper reviews microevidence of price rigidity and discusses how this evidence is used to build macroeconomic models. Dickens et al (2007) – This paper reviews microevidence of wage rigidity. Additional readings Shimer (2005) – This paper shows that in a matching model with Nash bargaining, wages are too flexible to generate realistic fluctuations in unemployment and vacancies. Bewley (2004) – This paper provides evidence of wage rigidity. It then argues that firms avoids pay cuts because they damage morale, which eventually reduces productivity, increases turnover, and complicates recruiting. Haefke, Sonntag, van Rens (2013) – This paper constructs a series for wages of newly hired workers and find that the elasticity of these wages with respect to productivity is 0.7–0.8. Hall, Milgrom (2008) – This paper proposes a form of wage bargaining that produces somewhat-rigid wages. With such bargaining, the matching model generates realistic fluctuations in unemployment and vacancies. Fabiani, Druant, Hernando, Kwapil, Landau, Loupias, Martins, Matha, Sabbatini, Stahl, Stokman (2006) – This paper provides survey evidence of price rigidity. It also documents that firms do not change prices more often by fear of antagonizing customers. Eyster, Madarasz, Michaillat (2021) – Empirically, it seems that pricing norms are shaped by fairness considerations. This paper examines the possible origins of such norms. It develops a model of pricing in which buyers care about the fairness of markups, and firms take these concerns into account when setting prices. The model yields price rigidity and realistic Phillips curves. Model of slack with labor and product markets This section presents a model with two markets and two types of slack: a labor market with unemployment and a product market with idleness. Each market is organized around a matching function. Unemployment and idleness interact with each other. For instance, after an increase in aggregate demand, firms find more customers. This reduces the idle time of firms’ employees and thus increases firms’ labor demand. This in turn reduces unemployment.\nIn this extended model, not all workers are employed, and not all goods and services produced by firms are sold. The model therefore incorporates the three traditional types of unemployment: Keynesian, classical, and frictional. Unemployment has a Keynesian component because it depends on how easy or difficult it is for firms to sell their goods. It has a classical component because it depends on the real wage. And it has a frictional component because it depends on how costly it is for firms to recruit workers.\nMoreover, the comovements between output, employment, product-market tightness, and labor-market tightness observed in the United States through the lens of the model indicate that unemployment fluctuations are caused by fluctuations in labor demand, themselves caused by fluctuations in aggregate demand.\nLecture videos Structure of the two-market model (notes) Matching on the labor and product markets (notes) Pricing on the labor and product markets (notes) Firm’s recruiting process (notes) Firm’s production function (notes) Firm’s problem (notes) Labor demand and labor supply curves (notes) Aggregate demand and aggregate supply curves (notes) Structure of the solution of the two-market model (notes) Graphical representation of the solution of the two-market model (notes) Keynesian, classical, and frictional unemployment (notes) Solving the two-market model (notes) Aggregate demand shocks with fixed prices (notes) Technology shocks with fixed prices (notes) Labor supply shocks with fixed prices (notes) Main readings Michaillat, Saez (2015, sections 3–6) – These sections develop the model of slack with labor and product markets, and assess the sources of unemployment fluctuations in the United States. Michaillat (2012) – This paper establishes that usual matching models of the labor market do not have job rationing. It then develops a matching model with job rationing. In this course, we use the labor-market model developed in this paper. Barro, Grossman (1971) – This paper develops a disequilibrium model with labor and product markets. This model is a precursor to the model of slack with labor and product markets used in the course. Additional readings Blanchard, Kiyotaki (1987) – This paper develops a monopolistic model of business cycles. The model has the same architecture as the Barro-Grossman model, but a different market structure. The model is a precursor to the New Keynesian model. Diamond (2011) – In this Nobel lecture, Peter Diamond discusses the applications of the matching framework to the product market and other markets. Wasmer, Weil (2004) – This paper develops a model of slack with labor and financial markets—each organized around a matching function. Dynamic model of slack This section presents a dynamic version of the basic model of slack. In the dynamic model, unemployment is determined by the intersection of an aggregate demand curve, stemming from households’ consumption-saving decisions, and an aggregate supply curve, corresponding to the Beveridge curve.\nAn advantage of moving to a dynamic environment is that interest rates appear into the model. Indeed, the real interest rate is a key determinant of aggregate demand. By setting a nominal interest rate, the central bank can stabilize the economy. The model is therefore useful to study the effect of monetary policy on unemployment—for instance to assess the possibility of a soft landing in the aftermath of the pandemic inflation spike.\nLecture videos Structure of the dynamic model (notes) Matching with long-term employment relationships (notes) Law of motion of unemployment (notes) Convergence to the Beveridge curve (notes) Aggregate supply curve in the dynamic model (notes) Recruiting wedge (notes) Household’s utility function (notes) Household’s budget constraint (notes) Household’s problem (notes) Price norm and monetary policy (notes) Dynamics of the model (notes) Aggregate demand curve and solution of the dynamic model (notes) Aggregate demand shocks with fixed inflation (notes) Aggregate supply shocks with fixed inflation (notes) Effects of monetary policy and soft landing (notes) Main readings Michaillat, Saez (2022, sections 1–4) – These sections develop the dynamic model of slack and perform various comparative statics. Michaillat, Saez (2024) – This paper develops a business-cycle model with divine coincidence: inflation is on target when unemployment is efficient. The model uses the structure of the dynamic model of slack and generates price dynamics by introducing price competition through directed search. To ensure that unemployment fluctuates, the model introduces price rigidity through quadratic price-adjustment costs. Ball, Leigh, Loungani (2017) – This paper documents the prevalence of Okun’s law—the negative correlation between output and unemployment rate—in the United States since 1948. Okun’s law implies that output and market tightness are negatively correlated over the business cycle, which in turn implies that aggregate demand shocks are the main source of cyclical fluctuations. Additional readings Michaillat, Saez (2021) – The dynamic model of slack assumes that wealth enters people’s utility function. This paper exports this assumption to the New Keynesian model and shows that it is also helpful there. Indeed, the assumption resolves all the anomalies of the New Keynesian model at the zero lower bound: there is no collapse of output and inflation, and the effects of government spending and forward guidance are bounded and reasonable. Basu, Fernald, Kimball (2006) – This paper shows that in the United States, employment falls when technology improves. The same occurs in the dynamic model of slack. Blanchard, Gali (2007) – This paper introduces the concept of divine coincidence and examines when it might and might not hold. Social welfare, efficiency, and inefficiency Unlike in neoclassical models, in matching models the economy generally operates inefficiently. Except in knife-edge cases, there is too much or too little slack. Since the unemployment rate is generally inefficient, it is critical to know whether the current unemployment rate is above or below the efficient unemployment rate.\nThis section therefore develops a simple formula for the efficient amount of unemployment. It shows that under simple but realistic assumptions, the efficient unemployment rate is the geometric average of the unemployment and vacancy rates: $u^\\ast = \\sqrt{uv}$. Hence, the economy is efficient when there are as many vacancies as jobseekers, inefficiently tight when there are more vacancies than jobseekers, and inefficiently slack when there are more jobseekers than vacancies.\nFinally, the section applies the formula to the US economy. In general the US economy is inefficient. It is especially inefficiently slack in slumps. For instance, the unemployment gap reached 6 percentage points during the Volcker Recession, the Great Recession, and the Coronavirus Recession. By contrast, in 2022, the US economy is inefficiently tight. The unemployment gap has been below -1 percentage point during the whole of 2022.\nLecture videos Introduction to social welfare and efficiency (notes) Introduction to the efficient unemployment rate (notes) Introduction to sufficient statistics (notes) A Beveridgean framework for welfare analysis (notes) Formula for efficient unemployment: $u^\\ast = \\sqrt{uv}$ (notes) Comparing unemployment and vacancies to assess efficiency (notes) Inefficiency of the US economy (notes) Efficient unemployment rate in the United States (notes) Main readings Michaillat, Saez (2024) – This paper derives the formula $u^\\ast = \\sqrt{uv}$ for the efficient unemployment rate. The paper then applies the formula to the United States, 1930–2024. Michaillat, Saez (2021) – This paper derives a formula for the efficient unemployment rate that generalizes the formula $u^\\ast = \\sqrt{uv}$. The general formula involves three sufficient statistics: Beveridge elasticity, cost of unemployment, and cost of recruiting. Additional readings Chetty (2009) – This survey describes the sufficient-statistic method for welfare and policy analysis. Hosios (1990) – This paper shows that in a matching model, unemployment is efficient when workers’ bargaining power equals the elasticity of the matching function with respect to unemployment. Moen (1997) – This paper shows that in a matching model, unemployment is efficient when search is directed instead of random. With directed search, firms post wages and workers decide where to apply based on the wage and probability to get the job at each firm. Optimal monetary policy over the business cycle Since the US unemployment rate is always inefficiently high in slumps, and sometimes inefficiently low in booms, monetary policy has scope to stabilize the unemployment rate better.\nThis section describes optimal monetary policy over the business cycle. Monetary policy influences the aggregate demand curve, so it can be used to shrink the unemployment gap. The optimal monetary policy is to adjust interest rates to eliminate the unemployment gap entirely. So the central bank should lower rates in bad times, when unemployment is inefficiently high, and raise rates in good times, when unemployment is inefficiently low.\nIn fact, given such optimality criterion, we can develop a simple formula for optimal monetary policy. The formula relates the optimal interest rate to two sufficient statistics: the unemployment gap and the monetary multiplier (the effect of the federal funds rate on the unemployment rate). In the United States, the monetary multiplier is about 0.5. The formula then indicates that the Fed should raise the federal funds rate by 2 percentage point for any 1 percentage point of unemployment gap.\nLecture videos Divine Beveridge-Wicksell framework (notes) Sufficient-statistic formula for optimal monetary policy (notes) Estimates of the monetary multiplier (notes) Optimal response to unemployment fluctuations (notes) Evaluating the behavior of the Federal Reserve (notes) Monetary policy in the dynamic model (notes) Beveridge curve in the dynamic model (notes) Replacing monetary policy by a wealth tax at the ZLB (notes) Main readings Michaillat, Saez (2022, sections 5–6) – These sections obtain the sufficient-statistic formula for optimal monetary policy and apply it to the US economy. Bernanke, Blinder (1993) – This paper estimates the response of the federal funds rate to unemployment, and the effect of the federal funds rate on unemployment. Coibion (2012) – This paper blends the narrative and VAR approaches to estimate the monetary multiplier—the effect of an increase in the federal funds rate on the unemployment rate. It finds that increasing the federal funds rate by 1 percentage point raises the unemployment rate by about 0.5 percentage point. Additional readings Christiano, Eichenbaum, Evans (1999) – This paper summarizes the effects of monetary policy shocks on key macroeconomic variables(including unemployment). Stock, Watson (2001) – This paper assesses the effect of monetary policy on unemployment using VARs. Ramey (2016) – This paper summarizes the effects of macroeconomic shocks (including monetary-policy and fiscal-policy shocks) on key macroeconomic variables (including unemployment). Optimal government spending over the business cycle Monetary policy should eliminate the unemployment gap, but this is not always possible. Once monetary policy reaches the zero lower bound, for instance, it becomes impotent, and it has to be supplemented by fiscal policy.\nThis section studies how government spending should be adjusted when unemployment is inefficient. It shows that that optimal government spending deviates from the Samuelson rule to reduce, but not eliminate, the unemployment gap. The amplitude of the deviation depends on three sufficient statistics: unemployment gap, fiscal multiplier, and elasticity of substitution between public and private goods. Since the unemployment gap is countercyclical, optimal government spending is also countercyclical. That is, the government should spend more in bad times and less in good times.\nLecture videos When should fiscal policy be used for stabilization? (notes) Beveridge-Samuelson framework (notes) Labor force with public and private employment (notes) Marginal rate of substitution between public and private goods (notes) Elasticity of substitution between public and private goods (notes) Unemployment multiplier (notes) Effects of government spending on welfare (notes) Optimal government spending (notes) Samuelson rule (notes) Stabilization term (notes) Optimal deviation from the Samuelson rule (notes) Sufficient-statistic formula for optimal stimulus spending (notes) Properties of optimal stimulus spending (notes) Stabilization achieved by optimal stimulus spending (notes) Main readings Michaillat, Saez (2019) – This paper studies optimal government spending in the presence of inefficient unemployment. It derives the sufficient-statistic formula for optimal stimulus spending. Samuelson (1954) – This paper studies optimal government spending in a neoclassical model and derives the famous Samuelson rule. Michaillat (2014) – This paper establishes that in the model of slack, the public-employment multiplier is positive but less than one, and the multiplier is larger when the unemployment rate is higher. Additional readings Ramey (2013) – This paper uses structural VARs on US data to estimate the unemployment multiplier—the effect of an increase in government spending on the unemployment rate. Auerbach, Gorodnichenko (2012) – This paper finds that in the United States, government multipliers are larger when the unemployment rate is higher. Ghassibe, Zanetti (2022) – This paper describes the state-dependence of multipliers in the model of slack under both demand and supply shocks, for both demand-side and supply-side policies. ", + "wordCount" : "4605", "inLanguage": "en", "image":"https://pascalmichaillat.org/c2s.png","datePublished": "2024-01-15T00:00:00Z", "dateModified": "2024-10-08T00:00:00Z", @@ -220,26 +220,19 @@

Lecture video
    -
  1. What is slack and why do we care about it? -
  2. +
  3. What is slack and why do we care about it?
Main readings
    -
  • Krugman (2000) - – This paper argues that uncomplicated models can be helpful. In this course we will develop models that are as uncomplicated as possible—and that are much simpler than models typically studied in graduate macroeconomic courses.
  • -
  • Darity, Goldsmith (1996) - – This survey reviews the social-psychological consequences of unemployment. It finds that exposure to unemployment severely damages psychological health.
  • -
  • Frey, Stutzer (2002) - – This survey provides evidence that personal unemployment and aggregate unemployment significantly reduce happiness. The evidence refers to the pure effect of unemployment, which controls for the income loss from unemployment.
  • +
  • Krugman (2000) – This paper argues that uncomplicated models can be helpful. In this course we will develop models that are as uncomplicated as possible—and that are much simpler than models typically studied in graduate macroeconomic courses.
  • +
  • Darity, Goldsmith (1996) – This survey reviews the social-psychological consequences of unemployment. It finds that exposure to unemployment severely damages psychological health.
  • +
  • Frey, Stutzer (2002) – This survey provides evidence that personal unemployment and aggregate unemployment significantly reduce happiness. The evidence refers to the pure effect of unemployment, which controls for the income loss from unemployment.
Additional readings
    -
  • Di Tella, MacCulloch, Oswald (2003) - – This paper finds in well-being surveys that unemployment make people unhappy. Being unemployed makes you unhappy, and having unemployment in your country makes you unhappy. In fact, after controlling for income and other personal characteristics, becoming unemployed appears as painful as divorcing.
  • -
  • Winkelmann, Winkelmann (1998) - – This paper uses panel data to show that unemployment causes unhappiness (and not the other way around). It finds that unemployment significantly reduces life satisfaction, and that the non-pecuniary cost of unemployment is much larger than the pecuniary cost.
  • -
  • Borgschulte, Martorell (2018) - – This paper provides revealed-preference estimates of the cost of unemployment. It finds that unemployment is indeed very costly.
  • +
  • Di Tella, MacCulloch, Oswald (2003) – This paper finds in well-being surveys that unemployment make people unhappy. Being unemployed makes you unhappy, and having unemployment in your country makes you unhappy. In fact, after controlling for income and other personal characteristics, becoming unemployed appears as painful as divorcing.
  • +
  • Winkelmann, Winkelmann (1998) – This paper uses panel data to show that unemployment causes unhappiness (and not the other way around). It finds that unemployment significantly reduces life satisfaction, and that the non-pecuniary cost of unemployment is much larger than the pecuniary cost.
  • +
  • Borgschulte, Martorell (2018) – This paper provides revealed-preference estimates of the cost of unemployment. It finds that unemployment is indeed very costly.

Overview of business-cycle models

@@ -247,45 +240,25 @@

Overview of business-cycle modelsModern business-cycle models—both Real Business-Cycle model New Keynesian model—focus on fluctuations in prices and quantities. By contrast, the business-cycle model developed in this course accounts for fluctuations in prices, quantities, and slack. Introducing slack is especially important to study business cycles because slack varies far more than prices over the business cycle. Introducing slack is necessary to study business-cycle stabilization policies because fluctuations in slack have large consequences for welfare.

Lecture videos
    -
  1. Organization of scientific knowledge in paradigms - (notes -)
  2. -
  3. Cycling through paradigms - (notes -)
  4. -
  5. Qualities of a good paradigm - (notes -)
  6. -
  7. Structure of business-cycle models - (notes -)
  8. -
  9. Paradigms of business-cycle research - (notes -)
  10. -
  11. From the Keynesians to the New Keynesians - (notes -)
  12. -
  13. Absence of slack in modern business-cycle models - (notes -)
  14. +
  15. Organization of scientific knowledge in paradigms (notes)
  16. +
  17. Cycling through paradigms (notes)
  18. +
  19. Qualities of a good paradigm (notes)
  20. +
  21. Structure of business-cycle models (notes)
  22. +
  23. Paradigms of business-cycle research (notes)
  24. +
  25. From the Keynesians to the New Keynesians (notes)
  26. +
  27. Absence of slack in modern business-cycle models (notes)

Main readings
    -
  • Kuhn (1957, chapters 1 and 5) - – This book studies the Copernican Revolution in astronomy and in the process isolates the three properties of a good model: economy, accuracy, and fruitfulness.
  • -
  • Summers (1986) - – This paper discusses the origins and limitations of the Real Business-Cycle model.
  • -
  • Benassy (1993) - – This survey reviews the General Disequilibrium literature.
  • +
  • Kuhn (1957, chapters 1 and 5) – This book studies the Copernican Revolution in astronomy and in the process isolates the three properties of a good model: economy, accuracy, and fruitfulness.
  • +
  • Summers (1986) – This paper discusses the origins and limitations of the Real Business-Cycle model.
  • +
  • Benassy (1993) – This survey reviews the General Disequilibrium literature.
Additional readings
    -
  • Kuhn (1962) - – This book describes how science progresses by cycling through paradigms. Each cycle starts with a period of normal science, during which the dominant paradigm is used and refined. This is followed by a period of revolutionary science, during which the anomalies of the dominant paradigm are too numerous to ignore, and new paradigms are invented and compete to replace to old paradigm.
  • -
  • Cooley, Prescott (1995) - – This paper reviews facts about business cycles and explains how Real Business-Cycle models were developed from the neoclassical growth model.
  • -
  • Gali (2018) - – This survey reviews the New Keynesian literature.
  • +
  • Kuhn (1962) – This book describes how science progresses by cycling through paradigms. Each cycle starts with a period of normal science, during which the dominant paradigm is used and refined. This is followed by a period of revolutionary science, during which the anomalies of the dominant paradigm are too numerous to ignore, and new paradigms are invented and compete to replace to old paradigm.
  • +
  • Cooley, Prescott (1995) – This paper reviews facts about business cycles and explains how Real Business-Cycle models were developed from the neoclassical growth model.
  • +
  • Gali (2018) – This survey reviews the New Keynesian literature.

Prevalence of slack and matching function

@@ -293,236 +266,116 @@

Prevalence of slack and match

The business-cycle model developed in this course differs from canonical business-cycle models because it applies a matching structure to the labor and product markets. In contrast, the Real Business-Cycle model features perfectly competitive labor and product markets. The New Keynesian model features monopolistic competition on the two markets. And older disequilibrium models feature nonclearing Walrasian markets.

Lecture videos
    -
  1. Prevalence of unemployed workers - (notes -)
  2. -
  3. Other forms of labor market slack - (notes -)
  4. -
  5. Prevalence of idle capacity - (notes -)
  6. -
  7. Other forms of product market slack - (notes -)
  8. -
  9. Prevalence of vacant jobs - (notes -)
  10. -
  11. Prevalence of unfulfilled consumption - (notes -)
  12. -
  13. Matching function and matching market - (notes -)
  14. -
  15. Properties of the matching function - (notes -)
  16. -
  17. Market tightness and trading probabilities - (notes -)
  18. -
  19. Urn-ball matching function - (notes -)
  20. -
  21. Cobb-Douglas matching function - (notes -)
  22. -
  23. Constant-elasticity-of-substitution matching function - (notes -)
  24. +
  25. Prevalence of unemployed workers (notes)
  26. +
  27. Other forms of labor market slack (notes)
  28. +
  29. Prevalence of idle capacity (notes)
  30. +
  31. Other forms of product market slack (notes)
  32. +
  33. Prevalence of vacant jobs (notes)
  34. +
  35. Prevalence of unfulfilled consumption (notes)
  36. +
  37. Matching function and matching market (notes)
  38. +
  39. Properties of the matching function (notes)
  40. +
  41. Market tightness and trading probabilities (notes)
  42. +
  43. Urn-ball matching function (notes)
  44. +
  45. Cobb-Douglas matching function (notes)
  46. +
  47. Constant-elasticity-of-substitution matching function (notes)
Main readings
    -
  • Petrongolo, Pissarides (2001) - – This survey reviews the microfoundations of the matching function, its empirical properties, and its applications.
  • -
  • Elsby, Michaels, Ratner (2015) - – This survey reviews the empirical properties of the Beveridge curve and possible microfoundations for it.
  • -
  • Petrosky-Nadeau, Zhang (2021) - – This paper constructs series for US unemployment and vacancy rates going back to the Great Depression (1930).
  • +
  • Petrongolo, Pissarides (2001) – This survey reviews the microfoundations of the matching function, its empirical properties, and its applications.
  • +
  • Elsby, Michaels, Ratner (2015) – This survey reviews the empirical properties of the Beveridge curve and possible microfoundations for it.
  • +
  • Petrosky-Nadeau, Zhang (2021) – This paper constructs series for US unemployment and vacancy rates going back to the Great Depression (1930).
Additional readings
    -
  • Shimer (2007) - – This paper generates an aggregate matching function from mismatch in local labor markets.
  • -
  • Stevens (2007) - – This paper generates a Cobb-Douglas matching function from a Poisson queuing process.
  • -
  • Montgomery (1991) - – This paper generates an aggregate matching function from wage competition between firms.
  • +
  • Shimer (2007) – This paper generates an aggregate matching function from mismatch in local labor markets.
  • +
  • Stevens (2007) – This paper generates a Cobb-Douglas matching function from a Poisson queuing process.
  • +
  • Montgomery (1991) – This paper generates an aggregate matching function from wage competition between firms.

Basic model of slack

This section develops a basic macroeconomic model of slack. The model is static. It is built around a matching function. Because of the matching function, self-employed workers are not able to sell all their services: there is always some slack. Wealth (in the form of real money balances) enters the utility function. People derive direct utility from wealth because wealth is a marker of social status, and people value high social status. Thanks to this assumption, and although the model is static, the aggregate demand is nondegenerate.

Lecture videos
    -
  1. Structure of the basic model - (notes -)
  2. -
  3. Household’s production function - (notes -)
  4. -
  5. Product market and market tightness - (notes -)
  6. -
  7. Idle capacity - (notes -)
  8. -
  9. Matching cost - (notes -)
  10. -
  11. Matching wedge - (notes -)
  12. -
  13. Household’s utility function - (notes -)
  14. -
  15. Household’s budget constraint - (notes -)
  16. -
  17. Definition and properties of the household’s problem - (notes -)
  18. -
  19. Solving the household’s problem - (notes -)
  20. -
  21. Computing the aggregate demand curve - (notes -)
  22. -
  23. Properties of the aggregate demand curve - (notes -)
  24. -
  25. Computing the aggregate supply curve - (notes -)
  26. -
  27. Properties of the aggregate supply curve - (notes -)
  28. -
  29. Price norm - (notes -)
  30. -
  31. Individual and bilateral surpluses from trade - (notes -)
  32. -
  33. Bilateral inefficiencies in Keynesian and New Keynesian models - (notes -)
  34. -
  35. Bilateral efficiency for any price norm - (notes -)
  36. -
  37. Structure of the solution of the model - (notes -)
  38. -
  39. Strategy to solve the model - (notes -)
  40. -
  41. Computing market tightness from the AD and AS curves - (notes -)
  42. +
  43. Structure of the basic model (notes)
  44. +
  45. Household’s production function (notes)
  46. +
  47. Product market and market tightness (notes)
  48. +
  49. Idle capacity (notes)
  50. +
  51. Matching cost (notes)
  52. +
  53. Matching wedge (notes)
  54. +
  55. Household’s utility function (notes)
  56. +
  57. Household’s budget constraint (notes)
  58. +
  59. Definition and properties of the household’s problem (notes)
  60. +
  61. Solving the household’s problem (notes)
  62. +
  63. Computing the aggregate demand curve (notes)
  64. +
  65. Properties of the aggregate demand curve (notes)
  66. +
  67. Computing the aggregate supply curve (notes)
  68. +
  69. Properties of the aggregate supply curve (notes)
  70. +
  71. Price norm (notes)
  72. +
  73. Individual and bilateral surpluses from trade (notes)
  74. +
  75. Bilateral inefficiencies in Keynesian and New Keynesian models (notes)
  76. +
  77. Bilateral efficiency for any price norm (notes)
  78. +
  79. Structure of the solution of the model (notes)
  80. +
  81. Strategy to solve the model (notes)
  82. +
  83. Computing market tightness from the AD and AS curves (notes)
Main readings
    -
  • Michaillat, Saez (2015, sections 1–2) - – These sections develop the basic model of slack.
  • -
  • Diamond (1982) - – This paper develops the first matching model of the product market and uses it to study stabilization policy.
  • -
  • Camerer, Loewenstein, Prelec (2005) - – This survey reviews advances in neuroeconomics—a field that uses results from biology and neuroscience to develop better economic models. One key insight from the survey is that people value money in and of itself—not solely as future consumption.
  • +
  • Michaillat, Saez (2015, sections 1–2) – These sections develop the basic model of slack.
  • +
  • Diamond (1982) – This paper develops the first matching model of the product market and uses it to study stabilization policy.
  • +
  • Camerer, Loewenstein, Prelec (2005) – This survey reviews advances in neuroeconomics—a field that uses results from biology and neuroscience to develop better economic models. One key insight from the survey is that people value money in and of itself—not solely as future consumption.
Additional readings
    -
  • Barro (1977) - – This paper argues that prices should be bilaterally efficient when buyers and sellers are engaged in long-term relationships. In the model of slack studied in this course, prices are always bilaterally efficient.
  • -
  • Huo, Rios-Rull (2020) - – This paper shows that in New Keynesian models with sticky wages, workers are required to work against their will 15–30 percent of the time.
  • -
  • Gourio, Rudanko (2014) - – This paper develops a dynamic matching model of the product market. Prices are set through competitive search.
  • +
  • Barro (1977) – This paper argues that prices should be bilaterally efficient when buyers and sellers are engaged in long-term relationships. In the model of slack studied in this course, prices are always bilaterally efficient.
  • +
  • Huo, Rios-Rull (2020) – This paper shows that in New Keynesian models with sticky wages, workers are required to work against their will 15–30 percent of the time.
  • +
  • Gourio, Rudanko (2014) – This paper develops a dynamic matching model of the product market. Prices are set through competitive search.

Model of slack with income and wealth inequality

This section introduces income and wealth inequality in the basic model of slack. We compute the aggregate demand and aggregate supply curves with inequality, and show how the model with inequality can be solved. In the model the marginal propensity to spend varies with slack, and the deviation from Say’s Law appears clearly.

Lecture videos
    -
  1. Prevalence of income and wealth inequality - (notes -)
  2. -
  3. Modeling income and wealth inequality - (notes -)
  4. -
  5. Matching in the heterogeneous-agent model - (notes -)
  6. -
  7. Consumption and saving in the heterogeneous-agent model - (notes -)
  8. -
  9. Unequal consumption and savings in the heterogeneous-agent model - (notes -)
  10. -
  11. Slack-dependent marginal propensity to spend - (notes -)
  12. -
  13. Aggregate supply in the heterogeneous-agent model - (notes -)
  14. -
  15. Aggregate demand in the heterogeneous-agent model - (notes -)
  16. -
  17. Solving the heterogeneous-agent model - (notes -)
  18. -
  19. How much rationality does the model assume? - (notes -)
  20. -
  21. How can a statistical agency predict tightness? - (notes -)
  22. +
  23. Prevalence of income and wealth inequality (notes)
  24. +
  25. Modeling income and wealth inequality (notes)
  26. +
  27. Matching in the heterogeneous-agent model (notes)
  28. +
  29. Consumption and saving in the heterogeneous-agent model (notes)
  30. +
  31. Unequal consumption and savings in the heterogeneous-agent model (notes)
  32. +
  33. Slack-dependent marginal propensity to spend (notes)
  34. +
  35. Aggregate supply in the heterogeneous-agent model (notes)
  36. +
  37. Aggregate demand in the heterogeneous-agent model (notes)
  38. +
  39. Solving the heterogeneous-agent model (notes)
  40. +
  41. How much rationality does the model assume? (notes)
  42. +
  43. How can a statistical agency predict tightness? (notes)
Main reading
    -
  • Saez, Zucman (2020) - – This paper documents the rise of income and wealth inequality in the United States. The data come from distributional macroeconomic accounts.
  • +
  • Saez, Zucman (2020) – This paper documents the rise of income and wealth inequality in the United States. The data come from distributional macroeconomic accounts.
Additional reading
    -
  • Jones (2015) - – This paper reviews key facts about income and wealth inequality. It then relates the facts to macroeconomics theory via the Pareto distribution.
  • +
  • Jones (2015) – This paper reviews key facts about income and wealth inequality. It then relates the facts to macroeconomics theory via the Pareto distribution.

Discussion of the solution concept

This section provides additional discussions of the solution concept used in the basic model of slack, and discusses an interesting special case. It also shows how the model solution is the equilibrium (in the sense from physics not economics) of a dynamical model in which households slowly learn the market tightness.

Lecture videos
    -
  1. General structure of the model solution - (notes -)
  2. -
  3. Graphical representation of the model solution - (notes -)
  4. -
  5. Deviation from the model solution - (notes -)
  6. -
  7. Recasting the model in terms of visits - (notes -)
  8. -
  9. Defining the model solution in terms of visits - (notes -)
  10. -
  11. Solving the model in terms of visits - (notes -)
  12. -
  13. Solution of the model in a special case with no matching cost - (notes -)
  14. -
  15. Convergence to the model solution - (notes -)
  16. +
  17. General structure of the model solution (notes)
  18. +
  19. Graphical representation of the model solution (notes)
  20. +
  21. Deviation from the model solution (notes)
  22. +
  23. Recasting the model in terms of visits (notes)
  24. +
  25. Defining the model solution in terms of visits (notes)
  26. +
  27. Solving the model in terms of visits (notes)
  28. +
  29. Solution of the model in a special case with no matching cost (notes)
  30. +
  31. Convergence to the model solution (notes)
Main reading
Additional reading
    -
  • Kreps (1990, chapters 2–3) - – This book reviews basic concepts of game theory and describe how to they can be applied to economic modelling. It includes a wonderful discussion of the concept of equilibrium.
  • +
  • Kreps (1990, chapters 2–3) – This book reviews basic concepts of game theory and describe how to they can be applied to economic modelling. It includes a wonderful discussion of the concept of equilibrium.

Price and wage rigidities

@@ -530,69 +383,34 @@

Price and wage rigidities

    -
  1. Setting prices under bilateral monopoly - (notes -)
  2. -
  3. Why are prices not restricted to a narrow price band - (notes -)
  4. -
  5. Frequency of price changes - (notes -)
  6. -
  7. Prevalence of rigid prices - (notes -)
  8. -
  9. Frequency of wage changes - (notes -)
  10. -
  11. Frequency of wage changes for new hires - (notes -)
  12. -
  13. Prevalence of wage rigidity - (notes -)
  14. -
  15. Model solution with fixed prices - (notes -)
  16. -
  17. Comparative statics with fixed prices - (notes -)
  18. -
  19. Bargaining over prices - (notes -)
  20. -
  21. Model solution with bargained prices - (notes -)
  22. -
  23. Comparative statics with bargained prices - (notes -)
  24. -
  25. Model with rigid prices - (notes -)
  26. +
  27. Setting prices under bilateral monopoly (notes)
  28. +
  29. Why are prices not restricted to a narrow price band (notes)
  30. +
  31. Frequency of price changes (notes)
  32. +
  33. Prevalence of rigid prices (notes)
  34. +
  35. Frequency of wage changes (notes)
  36. +
  37. Frequency of wage changes for new hires (notes)
  38. +
  39. Prevalence of wage rigidity (notes)
  40. +
  41. Model solution with fixed prices (notes)
  42. +
  43. Comparative statics with fixed prices (notes)
  44. +
  45. Bargaining over prices (notes)
  46. +
  47. Model solution with bargained prices (notes)
  48. +
  49. Comparative statics with bargained prices (notes)
  50. +
  51. Model with rigid prices (notes)
Main readings
    -
  • Hall (2005) - – This paper explains how a fixed wage norm can be inserted into a matching model, and shows that such a model generates large fluctuations in unemployment and vacancies.
  • -
  • Nakamura, Steinsson (2013) - – This paper reviews microevidence of price rigidity and discusses how this evidence is used to build macroeconomic models.
  • -
  • Dickens et al (2007) - – This paper reviews microevidence of wage rigidity.
  • +
  • Hall (2005) – This paper explains how a fixed wage norm can be inserted into a matching model, and shows that such a model generates large fluctuations in unemployment and vacancies.
  • +
  • Nakamura, Steinsson (2013) – This paper reviews microevidence of price rigidity and discusses how this evidence is used to build macroeconomic models.
  • +
  • Dickens et al (2007) – This paper reviews microevidence of wage rigidity.
Additional readings
    -
  • Shimer (2005) - – This paper shows that in a matching model with Nash bargaining, wages are too flexible to generate realistic fluctuations in unemployment and vacancies.
  • -
  • Bewley (2004) - – This paper provides evidence of wage rigidity. It then argues that firms avoids pay cuts because they damage morale, which eventually reduces productivity, increases turnover, and complicates recruiting.
  • -
  • Haefke, Sonntag, van Rens (2013) - – This paper constructs a series for wages of newly hired workers and find that the elasticity of these wages with respect to productivity is 0.7–0.8.
  • -
  • Hall, Milgrom (2008) - – This paper proposes a form of wage bargaining that produces somewhat-rigid wages. With such bargaining, the matching model generates realistic fluctuations in unemployment and vacancies.
  • -
  • Fabiani, Druant, Hernando, Kwapil, Landau, Loupias, Martins, Matha, Sabbatini, Stahl, Stokman (2006) - – This paper provides survey evidence of price rigidity. It also documents that firms do not change prices more often by fear of antagonizing customers.
  • -
  • Eyster, Madarasz, Michaillat (2021) - – Empirically, it seems that pricing norms are shaped by fairness considerations. This paper examines the possible origins of such norms. It develops a model of pricing in which buyers care about the fairness of markups, and firms take these concerns into account when setting prices. The model yields price rigidity and realistic Phillips curves.
  • +
  • Shimer (2005) – This paper shows that in a matching model with Nash bargaining, wages are too flexible to generate realistic fluctuations in unemployment and vacancies.
  • +
  • Bewley (2004) – This paper provides evidence of wage rigidity. It then argues that firms avoids pay cuts because they damage morale, which eventually reduces productivity, increases turnover, and complicates recruiting.
  • +
  • Haefke, Sonntag, van Rens (2013) – This paper constructs a series for wages of newly hired workers and find that the elasticity of these wages with respect to productivity is 0.7–0.8.
  • +
  • Hall, Milgrom (2008) – This paper proposes a form of wage bargaining that produces somewhat-rigid wages. With such bargaining, the matching model generates realistic fluctuations in unemployment and vacancies.
  • +
  • Fabiani, Druant, Hernando, Kwapil, Landau, Loupias, Martins, Matha, Sabbatini, Stahl, Stokman (2006) – This paper provides survey evidence of price rigidity. It also documents that firms do not change prices more often by fear of antagonizing customers.
  • +
  • Eyster, Madarasz, Michaillat (2021) – Empirically, it seems that pricing norms are shaped by fairness considerations. This paper examines the possible origins of such norms. It develops a model of pricing in which buyers care about the fairness of markups, and firms take these concerns into account when setting prices. The model yields price rigidity and realistic Phillips curves.

Model of slack with labor and product markets

@@ -601,69 +419,33 @@

Model of slack with labor

Moreover, the comovements between output, employment, product-market tightness, and labor-market tightness observed in the United States through the lens of the model indicate that unemployment fluctuations are caused by fluctuations in labor demand, themselves caused by fluctuations in aggregate demand.

Lecture videos
    -
  1. Structure of the two-market model - (notes -)
  2. -
  3. Matching on the labor and product markets - (notes -)
  4. -
  5. Pricing on the labor and product markets - (notes -)
  6. -
  7. Firm’s recruiting process - (notes -)
  8. -
  9. Firm’s production function - (notes -)
  10. -
  11. Firm’s problem - (notes -)
  12. -
  13. Labor demand and labor supply curves - (notes -)
  14. -
  15. Aggregate demand and aggregate supply curves - (notes -)
  16. -
  17. Structure of the solution of the two-market model - (notes -)
  18. -
  19. Graphical representation of the solution of the two-market model - (notes -)
  20. -
  21. Keynesian, classical, and frictional unemployment - (notes -)
  22. -
  23. Solving the two-market model - (notes -)
  24. -
  25. Aggregate demand shocks with fixed prices - (notes -)
  26. -
  27. Technology shocks with fixed prices - (notes -)
  28. -
  29. Labor supply shocks with fixed prices - (notes -)
  30. +
  31. Structure of the two-market model (notes)
  32. +
  33. Matching on the labor and product markets (notes)
  34. +
  35. Pricing on the labor and product markets (notes)
  36. +
  37. Firm’s recruiting process (notes)
  38. +
  39. Firm’s production function (notes)
  40. +
  41. Firm’s problem (notes)
  42. +
  43. Labor demand and labor supply curves (notes)
  44. +
  45. Aggregate demand and aggregate supply curves (notes)
  46. +
  47. Structure of the solution of the two-market model (notes)
  48. +
  49. Graphical representation of the solution of the two-market model (notes)
  50. +
  51. Keynesian, classical, and frictional unemployment (notes)
  52. +
  53. Solving the two-market model (notes)
  54. +
  55. Aggregate demand shocks with fixed prices (notes)
  56. +
  57. Technology shocks with fixed prices (notes)
  58. +
  59. Labor supply shocks with fixed prices (notes)
Main readings
    -
  • Michaillat, Saez (2015, sections 3–6) - – These sections develop the model of slack with labor and product markets, and assess the sources of unemployment fluctuations in the United States.
  • -
  • Michaillat (2012) - – This paper establishes that usual matching models of the labor market do not have job rationing. It then develops a matching model with job rationing. In this course, we use the labor-market model developed in this paper.
  • -
  • Barro, Grossman (1971) - – This paper develops a disequilibrium model with labor and product markets. This model is a precursor to the model of slack with labor and product markets used in the course.
  • +
  • Michaillat, Saez (2015, sections 3–6) – These sections develop the model of slack with labor and product markets, and assess the sources of unemployment fluctuations in the United States.
  • +
  • Michaillat (2012) – This paper establishes that usual matching models of the labor market do not have job rationing. It then develops a matching model with job rationing. In this course, we use the labor-market model developed in this paper.
  • +
  • Barro, Grossman (1971) – This paper develops a disequilibrium model with labor and product markets. This model is a precursor to the model of slack with labor and product markets used in the course.
Additional readings
    -
  • Blanchard, Kiyotaki (1987) - – This paper develops a monopolistic model of business cycles. The model has the same architecture as the Barro-Grossman model, but a different market structure. The model is a precursor to the New Keynesian model.
  • -
  • Diamond (2011) - – In this Nobel lecture, Peter Diamond discusses the applications of the matching framework to the product market and other markets.
  • -
  • Wasmer, Weil (2004) - – This paper develops a model of slack with labor and financial markets—each organized around a matching function.
  • +
  • Blanchard, Kiyotaki (1987) – This paper develops a monopolistic model of business cycles. The model has the same architecture as the Barro-Grossman model, but a different market structure. The model is a precursor to the New Keynesian model.
  • +
  • Diamond (2011) – In this Nobel lecture, Peter Diamond discusses the applications of the matching framework to the product market and other markets.
  • +
  • Wasmer, Weil (2004) – This paper develops a model of slack with labor and financial markets—each organized around a matching function.

Dynamic model of slack

@@ -671,69 +453,33 @@

Dynamic model of slack
    -
  1. Structure of the dynamic model - (notes -)
  2. -
  3. Matching with long-term employment relationships - (notes -)
  4. -
  5. Law of motion of unemployment - (notes -)
  6. -
  7. Convergence to the Beveridge curve - (notes -)
  8. -
  9. Aggregate supply curve in the dynamic model - (notes -)
  10. -
  11. Recruiting wedge - (notes -)
  12. -
  13. Household’s utility function - (notes -)
  14. -
  15. Household’s budget constraint - (notes -)
  16. -
  17. Household’s problem - (notes -)
  18. -
  19. Price norm and monetary policy - (notes -)
  20. -
  21. Dynamics of the model - (notes -)
  22. -
  23. Aggregate demand curve and solution of the dynamic model - (notes -)
  24. -
  25. Aggregate demand shocks with fixed inflation - (notes -)
  26. -
  27. Aggregate supply shocks with fixed inflation - (notes -)
  28. -
  29. Effects of monetary policy and soft landing - (notes -)
  30. +
  31. Structure of the dynamic model (notes)
  32. +
  33. Matching with long-term employment relationships (notes)
  34. +
  35. Law of motion of unemployment (notes)
  36. +
  37. Convergence to the Beveridge curve (notes)
  38. +
  39. Aggregate supply curve in the dynamic model (notes)
  40. +
  41. Recruiting wedge (notes)
  42. +
  43. Household’s utility function (notes)
  44. +
  45. Household’s budget constraint (notes)
  46. +
  47. Household’s problem (notes)
  48. +
  49. Price norm and monetary policy (notes)
  50. +
  51. Dynamics of the model (notes)
  52. +
  53. Aggregate demand curve and solution of the dynamic model (notes)
  54. +
  55. Aggregate demand shocks with fixed inflation (notes)
  56. +
  57. Aggregate supply shocks with fixed inflation (notes)
  58. +
  59. Effects of monetary policy and soft landing (notes)

Main readings
    -
  • Michaillat, Saez (2022, sections 1–4) - – These sections develop the dynamic model of slack and perform various comparative statics.
  • -
  • Michaillat, Saez (2024) - – This paper develops a business-cycle model with divine coincidence: inflation is on target when unemployment is efficient. The model uses the structure of the dynamic model of slack and generates price dynamics by introducing price competition through directed search. To ensure that unemployment fluctuates, the model introduces price rigidity through quadratic price-adjustment costs.
  • -
  • Ball, Leigh, Loungani (2017) - – This paper documents the prevalence of Okun’s law—the negative correlation between output and unemployment rate—in the United States since 1948. Okun’s law implies that output and market tightness are negatively correlated over the business cycle, which in turn implies that aggregate demand shocks are the main source of cyclical fluctuations.
  • +
  • Michaillat, Saez (2022, sections 1–4) – These sections develop the dynamic model of slack and perform various comparative statics.
  • +
  • Michaillat, Saez (2024) – This paper develops a business-cycle model with divine coincidence: inflation is on target when unemployment is efficient. The model uses the structure of the dynamic model of slack and generates price dynamics by introducing price competition through directed search. To ensure that unemployment fluctuates, the model introduces price rigidity through quadratic price-adjustment costs.
  • +
  • Ball, Leigh, Loungani (2017) – This paper documents the prevalence of Okun’s law—the negative correlation between output and unemployment rate—in the United States since 1948. Okun’s law implies that output and market tightness are negatively correlated over the business cycle, which in turn implies that aggregate demand shocks are the main source of cyclical fluctuations.
Additional readings
    -
  • Michaillat, Saez (2021) - – The dynamic model of slack assumes that wealth enters people’s utility function. This paper exports this assumption to the New Keynesian model and shows that it is also helpful there. Indeed, the assumption resolves all the anomalies of the New Keynesian model at the zero lower bound: there is no collapse of output and inflation, and the effects of government spending and forward guidance are bounded and reasonable.
  • -
  • Basu, Fernald, Kimball (2006) - – This paper shows that in the United States, employment falls when technology improves. The same occurs in the dynamic model of slack.
  • -
  • Blanchard, Gali (2007) - – This paper introduces the concept of divine coincidence and examines when it might and might not hold.
  • +
  • Michaillat, Saez (2021) – The dynamic model of slack assumes that wealth enters people’s utility function. This paper exports this assumption to the New Keynesian model and shows that it is also helpful there. Indeed, the assumption resolves all the anomalies of the New Keynesian model at the zero lower bound: there is no collapse of output and inflation, and the effects of government spending and forward guidance are bounded and reasonable.
  • +
  • Basu, Fernald, Kimball (2006) – This paper shows that in the United States, employment falls when technology improves. The same occurs in the dynamic model of slack.
  • +
  • Blanchard, Gali (2007) – This paper introduces the concept of divine coincidence and examines when it might and might not hold.

Social welfare, efficiency, and inefficiency

@@ -742,46 +488,25 @@

Social welfare, efficiency,

Finally, the section applies the formula to the US economy. In general the US economy is inefficient. It is especially inefficiently slack in slumps. For instance, the unemployment gap reached 6 percentage points during the Volcker Recession, the Great Recession, and the Coronavirus Recession. By contrast, in 2022, the US economy is inefficiently tight. The unemployment gap has been below -1 percentage point during the whole of 2022.

Lecture videos
    -
  1. Introduction to social welfare and efficiency - (notes -)
  2. -
  3. Introduction to the efficient unemployment rate - (notes -)
  4. -
  5. Introduction to sufficient statistics - (notes -)
  6. -
  7. A Beveridgean framework for welfare analysis - (notes -)
  8. -
  9. Formula for efficient unemployment: $u^\ast = \sqrt{uv}$ - (notes -)
  10. -
  11. Comparing unemployment and vacancies to assess efficiency - (notes -)
  12. -
  13. Inefficiency of the US economy - (notes -)
  14. -
  15. Efficient unemployment rate in the United States - (notes -)
  16. +
  17. Introduction to social welfare and efficiency (notes)
  18. +
  19. Introduction to the efficient unemployment rate (notes)
  20. +
  21. Introduction to sufficient statistics (notes)
  22. +
  23. A Beveridgean framework for welfare analysis (notes)
  24. +
  25. Formula for efficient unemployment: $u^\ast = \sqrt{uv}$ (notes)
  26. +
  27. Comparing unemployment and vacancies to assess efficiency (notes)
  28. +
  29. Inefficiency of the US economy (notes)
  30. +
  31. Efficient unemployment rate in the United States (notes)
Main readings
    -
  • Michaillat, Saez (2024) - – This paper derives the formula $u^\ast = \sqrt{uv}$ for the efficient unemployment rate. The paper then applies the formula to the United States, 1930–2024.
  • -
  • Michaillat, Saez (2021) - – This paper derives a formula for the efficient unemployment rate that generalizes the formula $u^\ast = \sqrt{uv}$. The general formula involves three sufficient statistics: Beveridge elasticity, cost of unemployment, and cost of recruiting.
  • +
  • Michaillat, Saez (2024) – This paper derives the formula $u^\ast = \sqrt{uv}$ for the efficient unemployment rate. The paper then applies the formula to the United States, 1930–2024.
  • +
  • Michaillat, Saez (2021) – This paper derives a formula for the efficient unemployment rate that generalizes the formula $u^\ast = \sqrt{uv}$. The general formula involves three sufficient statistics: Beveridge elasticity, cost of unemployment, and cost of recruiting.
Additional readings
    -
  • Chetty (2009) - – This survey describes the sufficient-statistic method for welfare and policy analysis.
  • -
  • Hosios (1990) - – This paper shows that in a matching model, unemployment is efficient when workers’ bargaining power equals the elasticity of the matching function with respect to unemployment.
  • -
  • Moen (1997) - – This paper shows that in a matching model, unemployment is efficient when search is directed instead of random. With directed search, firms post wages and workers decide where to apply based on the wage and probability to get the job at each firm.
  • +
  • Chetty (2009) – This survey describes the sufficient-statistic method for welfare and policy analysis.
  • +
  • Hosios (1990) – This paper shows that in a matching model, unemployment is efficient when workers’ bargaining power equals the elasticity of the matching function with respect to unemployment.
  • +
  • Moen (1997) – This paper shows that in a matching model, unemployment is efficient when search is directed instead of random. With directed search, firms post wages and workers decide where to apply based on the wage and probability to get the job at each firm.

Optimal monetary policy over the business cycle

@@ -790,48 +515,26 @@

Optimal monetary policy

In fact, given such optimality criterion, we can develop a simple formula for optimal monetary policy. The formula relates the optimal interest rate to two sufficient statistics: the unemployment gap and the monetary multiplier (the effect of the federal funds rate on the unemployment rate). In the United States, the monetary multiplier is about 0.5. The formula then indicates that the Fed should raise the federal funds rate by 2 percentage point for any 1 percentage point of unemployment gap.

Lecture videos
    -
  1. Divine Beveridge-Wicksell framework - (notes -)
  2. -
  3. Sufficient-statistic formula for optimal monetary policy - (notes -)
  4. -
  5. Estimates of the monetary multiplier - (notes -)
  6. -
  7. Optimal response to unemployment fluctuations - (notes -)
  8. -
  9. Evaluating the behavior of the Federal Reserve - (notes -)
  10. -
  11. Monetary policy in the dynamic model - (notes -)
  12. -
  13. Beveridge curve in the dynamic model - (notes -)
  14. -
  15. Replacing monetary policy by a wealth tax at the ZLB - (notes -)
  16. +
  17. Divine Beveridge-Wicksell framework (notes)
  18. +
  19. Sufficient-statistic formula for optimal monetary policy (notes)
  20. +
  21. Estimates of the monetary multiplier (notes)
  22. +
  23. Optimal response to unemployment fluctuations (notes)
  24. +
  25. Evaluating the behavior of the Federal Reserve (notes)
  26. +
  27. Monetary policy in the dynamic model (notes)
  28. +
  29. Beveridge curve in the dynamic model (notes)
  30. +
  31. Replacing monetary policy by a wealth tax at the ZLB (notes)
Main readings
    -
  • Michaillat, Saez (2022, sections 5–6) - – These sections obtain the sufficient-statistic formula for optimal monetary policy and apply it to the US economy.
  • -
  • Bernanke, Blinder (1993) - – This paper estimates the response of the federal funds rate to unemployment, and the effect of the federal funds rate on unemployment.
  • -
  • Coibion (2012) - – This paper blends the narrative and VAR approaches to estimate the monetary multiplier—the effect of an increase in the federal funds rate on the unemployment rate. It finds that increasing the federal funds rate by 1 percentage point raises the unemployment rate by about 0.5 percentage point.
  • +
  • Michaillat, Saez (2022, sections 5–6) – These sections obtain the sufficient-statistic formula for optimal monetary policy and apply it to the US economy.
  • +
  • Bernanke, Blinder (1993) – This paper estimates the response of the federal funds rate to unemployment, and the effect of the federal funds rate on unemployment.
  • +
  • Coibion (2012) – This paper blends the narrative and VAR approaches to estimate the monetary multiplier—the effect of an increase in the federal funds rate on the unemployment rate. It finds that increasing the federal funds rate by 1 percentage point raises the unemployment rate by about 0.5 percentage point.
Additional readings
    -
  • Christiano, Eichenbaum, Evans (1999) - – This paper summarizes the effects of monetary policy shocks on key macroeconomic variables(including unemployment).
  • -
  • Stock, Watson (2001) - – This paper assesses the effect of monetary policy on unemployment using VARs.
  • -
  • Ramey (2016) - – This paper summarizes the effects of macroeconomic shocks (including monetary-policy and fiscal-policy shocks) on key macroeconomic variables (including unemployment).
  • +
  • Christiano, Eichenbaum, Evans (1999) – This paper summarizes the effects of monetary policy shocks on key macroeconomic variables(including unemployment).
  • +
  • Stock, Watson (2001) – This paper assesses the effect of monetary policy on unemployment using VARs.
  • +
  • Ramey (2016) – This paper summarizes the effects of macroeconomic shocks (including monetary-policy and fiscal-policy shocks) on key macroeconomic variables (including unemployment).

Optimal government spending over the business cycle

@@ -839,66 +542,32 @@

Optimal government

This section studies how government spending should be adjusted when unemployment is inefficient. It shows that that optimal government spending deviates from the Samuelson rule to reduce, but not eliminate, the unemployment gap. The amplitude of the deviation depends on three sufficient statistics: unemployment gap, fiscal multiplier, and elasticity of substitution between public and private goods. Since the unemployment gap is countercyclical, optimal government spending is also countercyclical. That is, the government should spend more in bad times and less in good times.

Lecture videos
    -
  1. When should fiscal policy be used for stabilization? - (notes -)
  2. -
  3. Beveridge-Samuelson framework - (notes -)
  4. -
  5. Labor force with public and private employment - (notes -)
  6. -
  7. Marginal rate of substitution between public and private goods - (notes -)
  8. -
  9. Elasticity of substitution between public and private goods - (notes -)
  10. -
  11. Unemployment multiplier - (notes -)
  12. -
  13. Effects of government spending on welfare - (notes -)
  14. -
  15. Optimal government spending - (notes -)
  16. -
  17. Samuelson rule - (notes -)
  18. -
  19. Stabilization term - (notes -)
  20. -
  21. Optimal deviation from the Samuelson rule - (notes -)
  22. -
  23. Sufficient-statistic formula for optimal stimulus spending - (notes -)
  24. -
  25. Properties of optimal stimulus spending - (notes -)
  26. -
  27. Stabilization achieved by optimal stimulus spending - (notes -)
  28. +
  29. When should fiscal policy be used for stabilization? (notes)
  30. +
  31. Beveridge-Samuelson framework (notes)
  32. +
  33. Labor force with public and private employment (notes)
  34. +
  35. Marginal rate of substitution between public and private goods (notes)
  36. +
  37. Elasticity of substitution between public and private goods (notes)
  38. +
  39. Unemployment multiplier (notes)
  40. +
  41. Effects of government spending on welfare (notes)
  42. +
  43. Optimal government spending (notes)
  44. +
  45. Samuelson rule (notes)
  46. +
  47. Stabilization term (notes)
  48. +
  49. Optimal deviation from the Samuelson rule (notes)
  50. +
  51. Sufficient-statistic formula for optimal stimulus spending (notes)
  52. +
  53. Properties of optimal stimulus spending (notes)
  54. +
  55. Stabilization achieved by optimal stimulus spending (notes)
Main readings
    -
  • Michaillat, Saez (2019) - – This paper studies optimal government spending in the presence of inefficient unemployment. It derives the sufficient-statistic formula for optimal stimulus spending.
  • -
  • Samuelson (1954) - – This paper studies optimal government spending in a neoclassical model and derives the famous Samuelson rule.
  • -
  • Michaillat (2014) - – This paper establishes that in the model of slack, the public-employment multiplier is positive but less than one, and the multiplier is larger when the unemployment rate is higher.
  • +
  • Michaillat, Saez (2019) – This paper studies optimal government spending in the presence of inefficient unemployment. It derives the sufficient-statistic formula for optimal stimulus spending.
  • +
  • Samuelson (1954) – This paper studies optimal government spending in a neoclassical model and derives the famous Samuelson rule.
  • +
  • Michaillat (2014) – This paper establishes that in the model of slack, the public-employment multiplier is positive but less than one, and the multiplier is larger when the unemployment rate is higher.
Additional readings
    -
  • Ramey (2013) - – This paper uses structural VARs on US data to estimate the unemployment multiplier—the effect of an increase in government spending on the unemployment rate.
  • -
  • Auerbach, Gorodnichenko (2012) - – This paper finds that in the United States, government multipliers are larger when the unemployment rate is higher.
  • -
  • Ghassibe, Zanetti (2022) - – This paper describes the state-dependence of multipliers in the model of slack under both demand and supply shocks, for both demand-side and supply-side policies.
  • +
  • Ramey (2013) – This paper uses structural VARs on US data to estimate the unemployment multiplier—the effect of an increase in government spending on the unemployment rate.
  • +
  • Auerbach, Gorodnichenko (2012) – This paper finds that in the United States, government multipliers are larger when the unemployment rate is higher.
  • +
  • Ghassibe, Zanetti (2022) – This paper describes the state-dependence of multipliers in the model of slack under both demand and supply shocks, for both demand-side and supply-side policies.
diff --git a/public/c3/index.html b/public/c3/index.html index f50bcf587..32ed4869c 100644 --- a/public/c3/index.html +++ b/public/c3/index.html @@ -204,47 +204,35 @@

Dynamic programming

Optimal control

This section studies optimal control, which is a method to solve dynamic optimization problems in continuous time. We start by formulating the consumption-saving problem in continuous time. The continuous-time problem is solved first with a present-value Hamiltonian, then with a current-value Hamiltonian. (Both approaches are equivalent.) Then we discuss the optimality conditions for general optimization problems solved by optimal control. We also establish the connection between these optimality conditions and the optimality conditions obtained via dynamic programming. To conclude, we derive and discuss the Hamilton-Jacobi-Bellman equation.


Differential equations

This third section introduces differential equations, which are used to describe continuous-time dynamical systems. We first solve linear first-order differential equations. We then move to linear systems of first-order differential equations. Next, we show how to derive the properties of a linear system of first-order differential equations by drawing its phase diagram. Finally, we turn to nonlinear systems of first-order differential equations—which are common in macroeconomics. Although such system cannot be solved explicitly, its properties can be characterized by constructing its phase diagram.


Conclusion

To conclude, a little more practice and an application. The problem set below brings together all the material from the course. And the paper below applies the course’s techniques to analyze the New Keynesian model in normal times and at the zero lower bound. Outside of growth theory, optimal control and differential equations are not used very much. Yet they are powerful tools to obtain theoretical results not only in long-run macroeconomics but also in short-run macroeconomics. For instance, as the paper shows, you can use them to analyze the New Keynesian model. It is easy to set up the model in continuous time, solve the household’s problem with optimal control, and study the model’s properties in normal times and at the zero lower bound using phase diagrams. The analysis is short and simple, and it offers many insights that are difficult to obtain in discrete time. For instance, with the phase diagrams, it is easy to understand where the anomalies of the New Keynesian model at the zero lower bound come from—the collapse of output and inflation collapse to implausibly low levels, and the implausibly large effects of government spending and forward guidance. It is also easy to understand how to resolve these anomalies.

diff --git a/public/c4/index.html b/public/c4/index.html index 1dcd7833a..93cad0f4b 100644 --- a/public/c4/index.html +++ b/public/c4/index.html @@ -203,187 +203,134 @@

This course explores core topics in macroeconomics, including national statistics, consumption and saving, unemployment, inflation, business cycles, monetary and fiscal policy, economic growth, and population dynamics. The course discusses short-run and long-run economic fluctuations in the United States and abroad. It also presents models describing such fluctuations: the IS-LM model of business cycles, the matching model of unemployment, models of inflation, the Malthusian model of pre-industrial growth, and the Solowian model of modern growth.

Introductory slides
    -
  1. Overview of macroeconomics -
  2. +
  3. Overview of macroeconomics
Introductory reference
    -
  • Akerlof (2002) - – This essay discusses macroeconomic models and their assumptions, and it isolates six macroeconomic phenomena that macroeconomic models should be able to explain.
  • +
  • Akerlof (2002) – This essay discusses macroeconomic models and their assumptions, and it isolates six macroeconomic phenomena that macroeconomic models should be able to explain.

Macroeconomic concepts

This section introduces key macroeconomic concepts: gross domestic product (GDP), inflation, and unemployment.

Lecture slides
    -
  1. The world -
  2. -
  3. Defining GDP -
  4. -
  5. GDP over time -
  6. -
  7. Composition of GDP -
  8. -
  9. Inflation -
  10. -
  11. Unemployment -
  12. +
  13. The world
  14. +
  15. Defining GDP
  16. +
  17. GDP over time
  18. +
  19. Composition of GDP
  20. +
  21. Inflation
  22. +
  23. Unemployment
References
    -
  • Kuznets (1934) - – This report produces the first estimates of GDP in the United States.
  • -
  • Kuznets (1952) - – This paper measures GDP in the United States between 1869 and 1948.
  • +
  • Kuznets (1934) – This report produces the first estimates of GDP in the United States.
  • +
  • Kuznets (1952) – This paper measures GDP in the United States between 1869 and 1948.
Homework

IS-LM model of business cycles

This section presents the IS-LM model. Its goal is to explain the fluctuations of GDP observed over the business cycle. The model is also useful to understand the effects of monetary and fiscal policy.

Lecture slides
    -
  1. Expenditure function -
  2. -
  3. IS submodel -
  4. -
  5. LM submodel -
  6. -
  7. OMO, ZLB, and money multiplier -
  8. -
  9. IS and LM curves -
  10. -
  11. Recessions -
  12. -
  13. Monetary and fiscal policy -
  14. +
  15. Expenditure function
  16. +
  17. IS submodel
  18. +
  19. LM submodel
  20. +
  21. OMO, ZLB, and money multiplier
  22. +
  23. IS and LM curves
  24. +
  25. Recessions
  26. +
  27. Monetary and fiscal policy
References
    -
  • Hicks (1937) - – This paper builds the IS-LM model from Keynes’s General Theory.
  • -
  • Krugman (2018) - – This essay argues that the IS-LM is still good enough for policy work.
  • +
  • Hicks (1937) – This paper builds the IS-LM model from Keynes’s General Theory.
  • +
  • Krugman (2018) – This essay argues that the IS-LM is still good enough for policy work.
Homework

Matching model of unemployment

The IS-LM model does not feature unemployment, which is problematic because high unemployment is the most costly consequence of recessions. To explain the existence of unemployment and the fluctuations of unemployment over the business cycle, this section develops a matching model of unemployment.

Lecture slides
    -
  1. Matching function -
  2. -
  3. Labor supply -
  4. -
  5. Labor demand -
  6. -
  7. Wages -
  8. -
  9. Equilibrium of the matching model -
  10. -
  11. Labor-market policies -
  12. -
  13. Unemployment types -
  14. +
  15. Matching function
  16. +
  17. Labor supply
  18. +
  19. Labor demand
  20. +
  21. Wages
  22. +
  23. Equilibrium of the matching model
  24. +
  25. Labor-market policies
  26. +
  27. Unemployment types
References
    -
  • Michaillat (2012) - – This paper shows how to introduce job rationing into a matching model of unemployment. It also shows that a mild amount of wage rigidity is sufficient to generate realistic fluctuations in unemployment over the business cycle.
  • -
  • Landais, Michaillat, Saez (2018) - – This paper develops a static matching model of unemployment. It represents its equilibrium with labor demand and supply curves in an employment-tightness plane.
  • +
  • Michaillat (2012) – This paper shows how to introduce job rationing into a matching model of unemployment. It also shows that a mild amount of wage rigidity is sufficient to generate realistic fluctuations in unemployment over the business cycle.
  • +
  • Landais, Michaillat, Saez (2018) – This paper develops a static matching model of unemployment. It represents its equilibrium with labor demand and supply curves in an employment-tightness plane.
Homework

Models of inflation

This section introduces the Phillips curve and discusses fluctuations in inflation over the business cycle. It also briefly presents the quantity theory of inflation and discusses episodes of hyperinflation.

Lecture slides
    -
  1. Phillips curve and quantity theory -
  2. +
  3. Phillips curve and quantity theory
References
    -
  • Phillips (1958) - – This paper discovers a negative relation between unemployment and wage inflation in the United Kingdom.
  • -
  • Samuelson, Solow (1960) - – This paper discovers a negative relation between unemployment and price inflation in the United States. (It also finds a negative relation between unemployment and wage inflation in the United States.)
  • +
  • Phillips (1958) – This paper discovers a negative relation between unemployment and wage inflation in the United Kingdom.
  • +
  • Samuelson, Solow (1960) – This paper discovers a negative relation between unemployment and price inflation in the United States. (It also finds a negative relation between unemployment and wage inflation in the United States.)
Homework

Malthusian model of growth

Moving away from short-run, business-cycle fluctuations, this section turns to long-run macroeconomic fluctuations. It describes long-run fluctuations in the pre-industrial period using the Malthusian model of growth.

Lecture slides
    -
  1. Overview of the Malthusian model -
  2. -
  3. Population -
  4. -
  5. Output per worker in the Malthusian model -
  6. +
  7. Overview of the Malthusian model
  8. +
  9. Population
  10. +
  11. Output per worker in the Malthusian model
Reference
    -
  • Ashraf, Galor (2011) - – This paper describes fluctuations in population and output per worker in the pre-industrial era. It then develops the Malthusian model of growth to explain these observations.
  • +
  • Ashraf, Galor (2011) – This paper describes fluctuations in population and output per worker in the pre-industrial era. It then develops the Malthusian model of growth to explain these observations.
Homework

Solowian model of growth

This final section describes long-run fluctuations in the modern, industrial era using the Solowian model of growth.

Lecture slides
    -
  1. Production and saving -
  2. -
  3. Output per worker in the Solowian model -
  4. -
  5. Golden rule -
  6. -
  7. Technological progress -
  8. -
  9. Balanced growth -
  10. +
  11. Production and saving
  12. +
  13. Output per worker in the Solowian model
  14. +
  15. Golden rule
  16. +
  17. Technological progress
  18. +
  19. Balanced growth
Reference
    -
  • Solow (1956) - – This paper develops the basic Solowian model of growth.
  • -
  • Solow (1957) - – This paper adds technical progress to the Solowian model of growth.
  • +
  • Solow (1956) – This paper develops the basic Solowian model of growth.
  • +
  • Solow (1957) – This paper adds technical progress to the Solowian model of growth.
Homework
diff --git a/public/c5/index.html b/public/c5/index.html index 9066ab9ba..4ed0d0593 100644 --- a/public/c5/index.html +++ b/public/c5/index.html @@ -204,12 +204,9 @@

Accounting for business cycles

This first section reviews basic facts about business cycles. It decomposes business-cycle fluctuations into two components: fluctuations in productive capacity, and fluctuations in capacity utilization. It finds that the vast majority of business-cycle fluctuations are caused by fluctuations in capacity utilization—or equivalently fluctuations in slack. It also shows that such fluctuations in slack impose large welfare costs, due to the large non-monetary costs of unemployment.


Slackish business-cycle model: static version

@@ -217,22 +214,17 @@

Slackish business-cycle mo

Wealth enters the utility function. People derive direct utility from wealth, maybe because wealth is a marker of social status, and people value high social status. Thanks to this assumption, and although the model is static, the aggregate demand is nondegenerate.

The matching model requires to specify price norms. Theoretically, there are many possibilities. Evidence from microdata and ethnographic surveys suggests that prices and wages are not fully flexible but instead somewhat rigid. The section shows how such rigid pricing norms can be inserted into the model. Then the section derives comparative statics in response to aggregate demand and aggregate supply shocks under fixed prices and rigid prices.


Slackish business-cycle model: dynamic version

This section presents a dynamic version of the slackish business-cycle model. In the dynamic model, unemployment is determined by the intersection of an aggregate demand curve, stemming from households’ Euler equation, and an aggregate supply curve, corresponding to the Beveridge curve.

An advantage of moving to a dynamic environment is that interest rates appear into the model. Indeed, the real interest rate is a key determinant of aggregate demand. By setting a nominal interest rate, the central bank can stabilize the economy. The model is therefore useful to study the effect of monetary policy on unemployment—for instance to assess the possibility of a soft landing in the aftermath of the pandemic inflation spike.


Taming business cycles with monetary and fiscal policy

@@ -241,14 +233,10 @@

Taming business

Since the US unemployment rate is always inefficiently high in slumps, and sometimes inefficiently low in booms, monetary policy has scope to stabilize the unemployment rate better. The section therefore describes optimal monetary policy over the business cycle. Monetary policy influences the aggregate demand curve, so it can be used to shrink the unemployment gap. The optimal monetary policy is to adjust interest rates to eliminate the unemployment gap entirely. So the central bank should lower rates in bad times, when unemployment is inefficiently high, and raise rates in good times, when unemployment is inefficiently low.

Once monetary policy reaches the zero lower bound, however, it becomes impotent, and it has to be supplemented by fiscal policy. The section finally studies how government spending should be adjusted when unemployment is inefficient. It shows that that optimal government spending deviates from the Samuelson rule to reduce, but not eliminate, the unemployment gap.

diff --git a/public/d1/index.html b/public/d1/index.html index b03658c96..81f05f91b 100644 --- a/public/d1/index.html +++ b/public/d1/index.html @@ -62,8 +62,8 @@ "keywords": [ ], - "articleBody": "The template produces an academic presentation using LaTeX with the Beamer class . The presentation adheres to typographical best practices and has a minimalist design. The template is particularly well suited for research presentations. It is designed to convey scientific arguments and results effectively.\nView LaTeX template for academic presentations Research presentation produced by the template Features The aspect ratio is 4:3. There are no frills at the periphery of the slides. The font for text, roman math, and numbers is Source Sans Pro. The font for monospaced text (including URLs) is Source Code Pro. The font for Greek and calligraphic math is Euler. The font for blackboard bold is Fourier. The font for mathematical symbols is MnSymbol. No colors are used in the text (only grayscale) to reduce distraction; colors are reserved for figures and text alerts. Margins, spacing, and font size are set for comfortable reading. Formatting is specified for theorems, propositions, lemmas, definitions, assumptions, corollaries, and remarks. Formatting is specified for figures and tables. Section slides and final slide can easily be inserted into the presentation. 4:3 versus 16:9 aspect ratio There has been a shift from slides with a 4:3 aspect ratio to wider slides with a 16:9 aspect ratio. This template sticks to the traditional 4:3 aspect ratio.\nFirst, 4:3 slides are better at effectively presenting supporting information. And slides are here as support, not as a substitute, for what the speaker is talking about. 4:3 slides force presenters to display only essential information on slides—leading to more effective presentations. 16:9 slides are often used to present two graphs at a time, or two paragraphs at a time, or a graph with some side text. This is confusing and possibly distracting for listeners, who do not know what to look at, and may be looking at the wrong part of the slide. 4:3 slides can only display one graph or one paragraph at a time—focusing the attention of the audience on that one piece of information.\nSecond, lines of text on 16:9 slides are often excessively long. The lines cannot be read at one glance, so reading them distracts from the presentation.\nThird, 4:3 slides are more robust. They are easily readable will all projectors, both new and old. By contrast, the text of 16:9 slides becomes very small when they are displayed on old 4:3 projectors.\nFourth, 4:3 slides work better on tablets because most tablets have a 4:3 aspect ratio (iPads for instance). It has becomes very common to read or display slides on tablets, or watch online presentation on tablets. In that context, 4:3 slides display better.\nSometimes, however, host institutions or conferences require presenters to use 16:9 aspect ratio. The template can be adjusted to produce such slides. Just add the aspectratio=169 option to the \\documentclass command. Specifically, to produce a 16:9 presentation, the first line of presentation.tex should be:\n\\documentclass[11pt,aspectratio=169,xcolor={dvipsnames},hyperref={pdftex,pdfpagemode=UseNone,hidelinks,pdfdisplaydoctitle=true},usepdftitle=false]{beamer} Text font Fonts matter in presentations—just as in papers. The font determines the appearance and readability of the entire presentation. For the presentation’s text, the template uses Source Sans Pro , which is one of the free fonts recommended by Matthew Butterick .\nSource Sans Pro is a sans-serif font. This is an important feature, as sans-serif fonts are more readable than fonts with serif in presentations. Another advantage of Source Sans Pro is that it is not part of typical slide templates (unlike Fira Sans for instance), so it feels new and fresh. And since Source Sans Pro was designed in the last decade, it also feels modern.\nMoreover, the Source Pro family includes a nice monospaced font: Source Code Pro . The template uses Source Code Pro as monospaced font—giving the monospaced text and regular text a similar look. The monospaced font is used in particular to typeset URLs.\nAnother advantage of Source Sans Pro is that it comes with a broad range of weight. For instance, the template uses the semibold font weight in places. To activate the semibold font instead of the usual bold font, use \\sbseries and \\textsb{} instead of \\bfseries and \\textbf{}.\nA last advantage of Source Sans Pro is that there is a with-serif font in the Source Pro family: Source Serif Pro . This paper template uses Source Serif Pro, which gives the presentations and papers produced by the two templates a similar look.\nMath fonts LaTeX uses one font for text and other fonts for math. For consistency, the template sticks with Source Sans Pro for roman math . It also uses Source Sans Pro for all the digits in math and basic punctuation (such as ., ?, %, ;, and ,), so very basic mathematical expressions look the same in math and text. For example, the commands 3.5\\% and $3.5\\%$ produce the same results.\nGreek letters There are some sans-serif Greek alphabets, but the letters look unusual and are hard to recognize. So for the Greek letters in math, the template uses the Euler font . These Greek letters look good, have the same thickness and height as the text letters, and are distinctive. For consistency, neither uppercase nor lowercase Greek letters are italicized.\nAll the standard Greek letters are available. A few variants are available as well: \\varepsilon, \\varpi, \\varphi, and \\vartheta. The variants \\varrho, \\varsigma, and \\varkappa are not available with the Euler font.\nCalligraphic letters The template also uses the Euler font for calligraphic letters in math. These calligraphic letters fit well with the other fonts and are very readable. The calligraphic letters are produced with the \\mathcal{} command.\nBlackboard-bold letters The template uses the Fourier font as blackboard-bold font. It is cleaner than the default blackboard-bold font as it does not have serif. And it is slightly thicker than the default font so it matches well with Source Sans Pro and the Euler letters. The blackboard-bold letters are produced with the \\mathbb{} command.\nBold characters In the template, it is possible to bold any mathematical character (except blackboard-bold letters). This can be done using the \\bm{} command in math.\nMathematical symbols Finally, the template use the MnSymbol font for the symbols used in math mode. The default Computer Modern symbols are too light and thin in comparison to the Source Sans Pro and Euler letters, and as a result do not mix well with them. The advantage of the MnSymbol font is that its symbols are thicker, so they mix better with the letters. The symbols are also less curly, which gives them a more modern feel.1\nFont size The font size is 11pt. It is easily readable but not too big. It follows Butterick’s advice to choose a font size so as to be able to fit about 12 lines of text on one slide.\nThe template keeps one font size for all text. So the text is not smaller at different levels of itemized lists—which many Beamer themes impose by default but which is both distracting and clunky.\nLine spacing The line spacing is 150% of the point size. This adds white space to the presentation, which helps with reading, and it limits the amount of stuff that can be written on one slide. There is a small amount of additional vertical spacing between items in lists to separate the items better.\nText margins The information on the title slide, section titles, frame titles, and regular text are all aligned along the same left margin. (This requires various adjustments as these elements are not usually aligned in Beamer themes.) Lists are slightly indented to the right.\nColor scheme As Butterick says , color should be used with restraint. A lot of colors, especially bright ones, is distracting. To reduce distraction, the template only uses grayscale. The text is in dark gray (85% black), not complete black, to avoid an uncomfortable degree of contrast. The list items—bullet points and numbers—are in lighter gray, to blend in the background.2 Colors are reserved for figures and text alerts.\nThe typical, bright Beamer bullet points, headers, and footers, should be avoided as they are distracting.\nNo frills at the periphery A typical slide produced with Beamer might includes the following elements:\nOutline of the talk above the title Small navigation buttons in the bottom right-hand corner Names of the authors and title of the talk at the bottom of the slide Such clutter distracts listeners and takes their attention away from the main message of the slide—while conveying no useful information. The audience does not need that information in the middle of the talk. The slides produced by the template are devoid of such frills.\nIn particular, the pesky navigation buttons are eliminated by placing \\setbeamertemplate{navigation symbols}{} in presentation.sty.\nSlide numbers By default the slides are not numbered. This seems better for most presentations. Displaying slide numbers does nothing but makes the audience jittery at the thought of the sheer number of slides that remain to be covered in the talk.\nBut for anyone who wants to share the slide deck for comments, or who gives a presentation specifically to collect feedback, it might be helpful to have slides numbers—so the comments can be precisely linked to a slide. To introduce page numbers on slide, just uncomment the line \\setbeamertemplate{footline}[frame number] in presentation.sty.\nOnce slide numbers are inserted at the bottom of all slides, it is possible to remove the slide number from the title slide. To do that, use \\frame[plain]{\\titlepage} instead of \\frame{\\titlepage} in presentation.tex. The page numbers will start appearing on the second slide.\nTitle slide The title slide avoids centered text and is otherwise pretty minimalist. The title is in large font (21pt), in small caps, and accentuated by a black line. Authors and dates are in slightly larger font than the text (12pt). The title slide also includes the permanent URL of the paper being presented. When the presentation is posted online, the URL allows readers to go from the presentation directly to the paper. The URL is displayed in small font (9pt) and gray so is not too obtrusive.\nTo specify the presentation authors, use the command \\information{First Author, Second Author}. To add the location of the presentation or a date to the title page, add a second argument to the command: \\information{First Author, Second Author}{Location -- Date}. The command takes an optional argument to specify the paper URL: \\information[URL]{First Author, Second Author}{Location -- Date}. Slide headline The headline is in somewhat larger font than the text (14pt), in small caps, and aligned left. This follows Butterick’s recommendation to avoid centered headlines. The headline stands out, is easily readable, but does not take all the attention away from the text.\nThe headline is set against the same white background as the text—not against a bright color background. This choice makes the headline easier to read and less distracting.\nAlerts The template comes with a set of predefined alert commands:\nStandard alert: \\al{text} colors the text in magenta. \\al[n]{text} colors the text in magenta on nth click. Green alerts (for instance to indicate a positive number): \\alg{text} colors the text in green. \\alg[n]{text} colors the text in green on nth click. Red alerts (for instance to indicate a negative number): \\alr{text} colors the text in red. \\alr[n]{text} colors the text in red on nth click. Blue alerts (for instance to indicate a zero): \\alb{text} colors the text in blue. \\alb[n]{text} colors the text in blue on nth click. The standard alert is set in magenta, which is a color that stands out but unlike red does not induce anger. Apparently :\nA color that, for centuries, has captivated many, magenta is a mixture of violet and red. Magenta is known as a color of harmony and balance. It’s used in Feng Shui and is often considered spiritual.\nOf course alerts should be used with restraint.\nTheorems and other results As is standard, the text of theorems is in italic—providing subtle emphasis. The theorem label is in semibold—again providing subtle emphasis. To further emphasize theorems and clearly separate them from surrounding text, the template places theorems in a light gray rectangle with rounded corners.\nFor consistency, propositions, lemmas, assumptions, definitions, and so on, are formatted just like theorems. The template comes with the following predefined environments:\nTheorems: \\begin{theorem} ... \\end{theorem} Propositions: \\begin{proposition} ... \\end{proposition} Lemmas: \\begin{lemma} ... \\end{lemma} Corollaries: \\begin{corollary} ... \\end{corollary} Definitions: \\begin{definition} ... \\end{definition} Assumptions: \\begin{assumption} ... \\end{assumption} Remarks: \\begin{remark} ... \\end{remark} Figures An advantage of avoiding colors in the text is that colors in figures stand out.\nThe template uses a white background for slides because figures have white backgrounds. Figures therefore seamlessly blend into the slide. With a colorful slide background, the figures background would stick out.\nFigures are centered by default.\nThe template is designed so the slide headline is used to caption the figure. It is not designed to accommodate a separate caption below the figure.\nAn easy way to insert figures into the template is to create a PDF file with all the figures that are featured in the presentation. To do that, create a Keynote or Powerpoint presentation; insert each figure as a slide background; and save the resulting presentation as PDF. With this method, all the figures have the exact same size. It is also possible to use Keynote or Powerpoint to annotate the figures created with an external software (Matlab, R, Python). The file figures.pdf in the repository was created from MATLAB graphs by this method.\nThe code for a slide with a basic figure is the following:\n\\begin{frame} \\frametitle{Figure caption} \\includegraphics[scale=0.3]{figure.pdf} \\end{frame} The code for a slide with multiple figures displayed sequentially is the following:\n\\begin{frame} \\frametitle{Figure caption} \\includegraphics\u003c1\u003e[scale=0.3,page=1]{figures.pdf}% \\includegraphics\u003c2\u003e[scale=0.3,page=2]{figures.pdf}% \\includegraphics\u003c3\u003e[scale=0.3,page=3]{figures.pdf}% \\includegraphics\u003c4\u003e[scale=0.3,page=4]{figures.pdf}% \\end{frame} Tables People sometimes copy-paste tables from their papers into their slides. That’s not a good idea since it is not possible to read large tables with tiny numbers on slides. It seems more effective to keep the same font size in tables as in the text, and just present in the slide tables the key numbers from the paper tables. If listeners want more details, they will go to the paper.\nTables are centered by default, and fill the slide.\nHere too, the template is designed so the slide headline is used to caption the table. It is not designed to accommodate a separate caption below the table.\nThe code for a slide with a basic table is the following:\n\\begin{frame} \\frametitle{Table caption} \\begin{tabular*}{\\textwidth}{@{\\extracolsep\\fill}lccc} \\toprule \u0026 Column 1 \u0026 Column 2 \u0026 Column 3\\\\ \\midrule Line 1 \u0026 A \u0026 B \u0026 C \\\\ Line 2 \u0026 D \u0026 E \u0026 F \\\\ Line 3 \u0026 G \u0026 H \u0026 I \\\\ \\midrule Line 4 \u0026 J \u0026 K \u0026 L \\\\ Line 5 \u0026 M \u0026 N \u0026 O \\\\ \\bottomrule \\end{tabular*} \\end{frame} Section slide The template has a command to divide the presentation into sections, which adds structure to longer talks. To produces the section slide, just use the following code:\n\\begin{frame} \\heading{Section title} \\end{frame} The text on the section slide is in small caps, and with moderately large font (17pt).\nThis section slide is a good point to stop, recap what has already been showed, and discuss what comes ahead. It is also a good point to take questions.\nPictograms The template comes with a set of shortcuts to display common pictograms in text mode:\n\\then gives $\\rightsquigarrow$ \\so gives $\\Rightarrow$ \\up gives ↑ \\down gives ↓ \\flat gives → Navigation buttons The template comes with navigation buttons. The buttons have white background, just like the slides. The button text is in light gray and small font (9pt). The buttons blend in the slides, unlike the typical, bright Beamer buttons that stand out and distract from the rest of the content.\nNavigation buttons should be used with restraint as hopping from slide to slide with buttons disrupts the flow of the presentation. But buttons are sometimes helpful to go to key backup material.\nHere is how to point a button to a specific slide:\nAdd a label at the top of the specific slide: \\begin{frame}[label=specificSlide]. Create a button in another slide that points to the labelled slide: \\hyperlink{specificSlide}{\\beamergotobutton{Go to specific slide}}. Slide breaks Each slide should be prepared and planned carefully. There should be a reason why material is on a certain slide rather than on another slide. Nevertheless, sometimes, a slide contains too much material to fit on one slide, and it does not matter too much how the material is split across successive slides. One example is a slide with a long list of references. Another example is a slide with a long mathematical derivation. In these cases, the option allowframebreaks can be used to split slides automatically, using the following code:\n\\begin{frame}[allowframebreaks] \\frametitle{Slide title} Long list of references or long derivation. \\end{frame} Each successive slide is automatically numbered with an Arabic number in square brackets: [1], [2], [3], and so on. As the Beamer user guide notes, however, the allowframebreaks option invites the creation of endless presentations that resemble more a paper projected on the wall than a presentation. So the option should only be used sporadically, in the specific cases mentioned above.\nLast slide The template also come with a last slide, which is a just a gray square, and which is called with the command \\lastslide. The last slide can be used instead of conclusion slides—to say thank you, to recap what the presentation showed, and to discuss next steps or related projects.\nConclusion slides are generally ineffective and even mildly upsetting. The audience has been listening for an hour or an hour and a half. They know what they have just been told. At that point they are happy to go on with their day without having to hear again a summary of the same material.\nThe MnSymbol package is incompatible with the amssymb package. So it is not possible to load amssymb with the template. Neither should it be required since MnSymbol provides a vast collection of symbols. ↩︎\nThe template customizes formatting for three levels of itemized and numbered lists. More deeply nested lists should be avoided as they are a sign that the presentation’s organization is too messy. ↩︎\n", - "wordCount" : "3018", + "articleBody": "The template produces an academic presentation using LaTeX with the Beamer class. The presentation adheres to typographical best practices and has a minimalist design. The template is particularly well suited for research presentations. It is designed to convey scientific arguments and results effectively.\nView LaTeX template for academic presentations Research presentation produced by the template Features The aspect ratio is 4:3. There are no frills at the periphery of the slides. The font for text, roman math, and numbers is Source Sans Pro. The font for monospaced text (including URLs) is Source Code Pro. The font for Greek and calligraphic math is Euler. The font for blackboard bold is Fourier. The font for mathematical symbols is MnSymbol. No colors are used in the text (only grayscale) to reduce distraction; colors are reserved for figures and text alerts. Margins, spacing, and font size are set for comfortable reading. Formatting is specified for theorems, propositions, lemmas, definitions, assumptions, corollaries, and remarks. Formatting is specified for figures and tables. Section slides and final slide can easily be inserted into the presentation. 4:3 versus 16:9 aspect ratio There has been a shift from slides with a 4:3 aspect ratio to wider slides with a 16:9 aspect ratio. This template sticks to the traditional 4:3 aspect ratio.\nFirst, 4:3 slides are better at effectively presenting supporting information. And slides are here as support, not as a substitute, for what the speaker is talking about. 4:3 slides force presenters to display only essential information on slides—leading to more effective presentations. 16:9 slides are often used to present two graphs at a time, or two paragraphs at a time, or a graph with some side text. This is confusing and possibly distracting for listeners, who do not know what to look at, and may be looking at the wrong part of the slide. 4:3 slides can only display one graph or one paragraph at a time—focusing the attention of the audience on that one piece of information.\nSecond, lines of text on 16:9 slides are often excessively long. The lines cannot be read at one glance, so reading them distracts from the presentation.\nThird, 4:3 slides are more robust. They are easily readable will all projectors, both new and old. By contrast, the text of 16:9 slides becomes very small when they are displayed on old 4:3 projectors.\nFourth, 4:3 slides work better on tablets because most tablets have a 4:3 aspect ratio (iPads for instance). It has becomes very common to read or display slides on tablets, or watch online presentation on tablets. In that context, 4:3 slides display better.\nSometimes, however, host institutions or conferences require presenters to use 16:9 aspect ratio. The template can be adjusted to produce such slides. Just add the aspectratio=169 option to the \\documentclass command. Specifically, to produce a 16:9 presentation, the first line of presentation.tex should be:\n\\documentclass[11pt,aspectratio=169,xcolor={dvipsnames},hyperref={pdftex,pdfpagemode=UseNone,hidelinks,pdfdisplaydoctitle=true},usepdftitle=false]{beamer} Text font Fonts matter in presentations—just as in papers. The font determines the appearance and readability of the entire presentation. For the presentation’s text, the template uses Source Sans Pro, which is one of the free fonts recommended by Matthew Butterick.\nSource Sans Pro is a sans-serif font. This is an important feature, as sans-serif fonts are more readable than fonts with serif in presentations. Another advantage of Source Sans Pro is that it is not part of typical slide templates (unlike Fira Sans for instance), so it feels new and fresh. And since Source Sans Pro was designed in the last decade, it also feels modern.\nMoreover, the Source Pro family includes a nice monospaced font: Source Code Pro. The template uses Source Code Pro as monospaced font—giving the monospaced text and regular text a similar look. The monospaced font is used in particular to typeset URLs.\nAnother advantage of Source Sans Pro is that it comes with a broad range of weight. For instance, the template uses the semibold font weight in places. To activate the semibold font instead of the usual bold font, use \\sbseries and \\textsb{} instead of \\bfseries and \\textbf{}.\nA last advantage of Source Sans Pro is that there is a with-serif font in the Source Pro family: Source Serif Pro. This paper template uses Source Serif Pro, which gives the presentations and papers produced by the two templates a similar look.\nMath fonts LaTeX uses one font for text and other fonts for math. For consistency, the template sticks with Source Sans Pro for roman math. It also uses Source Sans Pro for all the digits in math and basic punctuation (such as ., ?, %, ;, and ,), so very basic mathematical expressions look the same in math and text. For example, the commands 3.5\\% and $3.5\\%$ produce the same results.\nGreek letters There are some sans-serif Greek alphabets, but the letters look unusual and are hard to recognize. So for the Greek letters in math, the template uses the Euler font. These Greek letters look good, have the same thickness and height as the text letters, and are distinctive. For consistency, neither uppercase nor lowercase Greek letters are italicized.\nAll the standard Greek letters are available. A few variants are available as well: \\varepsilon, \\varpi, \\varphi, and \\vartheta. The variants \\varrho, \\varsigma, and \\varkappa are not available with the Euler font.\nCalligraphic letters The template also uses the Euler font for calligraphic letters in math. These calligraphic letters fit well with the other fonts and are very readable. The calligraphic letters are produced with the \\mathcal{} command.\nBlackboard-bold letters The template uses the Fourier font as blackboard-bold font. It is cleaner than the default blackboard-bold font as it does not have serif. And it is slightly thicker than the default font so it matches well with Source Sans Pro and the Euler letters. The blackboard-bold letters are produced with the \\mathbb{} command.\nBold characters In the template, it is possible to bold any mathematical character (except blackboard-bold letters). This can be done using the \\bm{} command in math.\nMathematical symbols Finally, the template use the MnSymbol font for the symbols used in math mode. The default Computer Modern symbols are too light and thin in comparison to the Source Sans Pro and Euler letters, and as a result do not mix well with them. The advantage of the MnSymbol font is that its symbols are thicker, so they mix better with the letters. The symbols are also less curly, which gives them a more modern feel.1\nFont size The font size is 11pt. It is easily readable but not too big. It follows Butterick’s advice to choose a font size so as to be able to fit about 12 lines of text on one slide.\nThe template keeps one font size for all text. So the text is not smaller at different levels of itemized lists—which many Beamer themes impose by default but which is both distracting and clunky.\nLine spacing The line spacing is 150% of the point size. This adds white space to the presentation, which helps with reading, and it limits the amount of stuff that can be written on one slide. There is a small amount of additional vertical spacing between items in lists to separate the items better.\nText margins The information on the title slide, section titles, frame titles, and regular text are all aligned along the same left margin. (This requires various adjustments as these elements are not usually aligned in Beamer themes.) Lists are slightly indented to the right.\nColor scheme As Butterick says, color should be used with restraint. A lot of colors, especially bright ones, is distracting. To reduce distraction, the template only uses grayscale. The text is in dark gray (85% black), not complete black, to avoid an uncomfortable degree of contrast. The list items—bullet points and numbers—are in lighter gray, to blend in the background.2 Colors are reserved for figures and text alerts.\nThe typical, bright Beamer bullet points, headers, and footers, should be avoided as they are distracting.\nNo frills at the periphery A typical slide produced with Beamer might includes the following elements:\nOutline of the talk above the title Small navigation buttons in the bottom right-hand corner Names of the authors and title of the talk at the bottom of the slide Such clutter distracts listeners and takes their attention away from the main message of the slide—while conveying no useful information. The audience does not need that information in the middle of the talk. The slides produced by the template are devoid of such frills.\nIn particular, the pesky navigation buttons are eliminated by placing \\setbeamertemplate{navigation symbols}{} in presentation.sty.\nSlide numbers By default the slides are not numbered. This seems better for most presentations. Displaying slide numbers does nothing but makes the audience jittery at the thought of the sheer number of slides that remain to be covered in the talk.\nBut for anyone who wants to share the slide deck for comments, or who gives a presentation specifically to collect feedback, it might be helpful to have slides numbers—so the comments can be precisely linked to a slide. To introduce page numbers on slide, just uncomment the line \\setbeamertemplate{footline}[frame number] in presentation.sty.\nOnce slide numbers are inserted at the bottom of all slides, it is possible to remove the slide number from the title slide. To do that, use \\frame[plain]{\\titlepage} instead of \\frame{\\titlepage} in presentation.tex. The page numbers will start appearing on the second slide.\nTitle slide The title slide avoids centered text and is otherwise pretty minimalist. The title is in large font (21pt), in small caps, and accentuated by a black line. Authors and dates are in slightly larger font than the text (12pt). The title slide also includes the permanent URL of the paper being presented. When the presentation is posted online, the URL allows readers to go from the presentation directly to the paper. The URL is displayed in small font (9pt) and gray so is not too obtrusive.\nTo specify the presentation authors, use the command \\information{First Author, Second Author}. To add the location of the presentation or a date to the title page, add a second argument to the command: \\information{First Author, Second Author}{Location -- Date}. The command takes an optional argument to specify the paper URL: \\information[URL]{First Author, Second Author}{Location -- Date}. Slide headline The headline is in somewhat larger font than the text (14pt), in small caps, and aligned left. This follows Butterick’s recommendation to avoid centered headlines. The headline stands out, is easily readable, but does not take all the attention away from the text.\nThe headline is set against the same white background as the text—not against a bright color background. This choice makes the headline easier to read and less distracting.\nAlerts The template comes with a set of predefined alert commands:\nStandard alert: \\al{text} colors the text in magenta. \\al[n]{text} colors the text in magenta on nth click. Green alerts (for instance to indicate a positive number): \\alg{text} colors the text in green. \\alg[n]{text} colors the text in green on nth click. Red alerts (for instance to indicate a negative number): \\alr{text} colors the text in red. \\alr[n]{text} colors the text in red on nth click. Blue alerts (for instance to indicate a zero): \\alb{text} colors the text in blue. \\alb[n]{text} colors the text in blue on nth click. The standard alert is set in magenta, which is a color that stands out but unlike red does not induce anger. Apparently:\nA color that, for centuries, has captivated many, magenta is a mixture of violet and red. Magenta is known as a color of harmony and balance. It’s used in Feng Shui and is often considered spiritual.\nOf course alerts should be used with restraint.\nTheorems and other results As is standard, the text of theorems is in italic—providing subtle emphasis. The theorem label is in semibold—again providing subtle emphasis. To further emphasize theorems and clearly separate them from surrounding text, the template places theorems in a light gray rectangle with rounded corners.\nFor consistency, propositions, lemmas, assumptions, definitions, and so on, are formatted just like theorems. The template comes with the following predefined environments:\nTheorems: \\begin{theorem} ... \\end{theorem} Propositions: \\begin{proposition} ... \\end{proposition} Lemmas: \\begin{lemma} ... \\end{lemma} Corollaries: \\begin{corollary} ... \\end{corollary} Definitions: \\begin{definition} ... \\end{definition} Assumptions: \\begin{assumption} ... \\end{assumption} Remarks: \\begin{remark} ... \\end{remark} Figures An advantage of avoiding colors in the text is that colors in figures stand out.\nThe template uses a white background for slides because figures have white backgrounds. Figures therefore seamlessly blend into the slide. With a colorful slide background, the figures background would stick out.\nFigures are centered by default.\nThe template is designed so the slide headline is used to caption the figure. It is not designed to accommodate a separate caption below the figure.\nAn easy way to insert figures into the template is to create a PDF file with all the figures that are featured in the presentation. To do that, create a Keynote or Powerpoint presentation; insert each figure as a slide background; and save the resulting presentation as PDF. With this method, all the figures have the exact same size. It is also possible to use Keynote or Powerpoint to annotate the figures created with an external software (Matlab, R, Python). The file figures.pdf in the repository was created from MATLAB graphs by this method.\nThe code for a slide with a basic figure is the following:\n\\begin{frame} \\frametitle{Figure caption} \\includegraphics[scale=0.3]{figure.pdf} \\end{frame} The code for a slide with multiple figures displayed sequentially is the following:\n\\begin{frame} \\frametitle{Figure caption} \\includegraphics\u003c1\u003e[scale=0.3,page=1]{figures.pdf}% \\includegraphics\u003c2\u003e[scale=0.3,page=2]{figures.pdf}% \\includegraphics\u003c3\u003e[scale=0.3,page=3]{figures.pdf}% \\includegraphics\u003c4\u003e[scale=0.3,page=4]{figures.pdf}% \\end{frame} Tables People sometimes copy-paste tables from their papers into their slides. That’s not a good idea since it is not possible to read large tables with tiny numbers on slides. It seems more effective to keep the same font size in tables as in the text, and just present in the slide tables the key numbers from the paper tables. If listeners want more details, they will go to the paper.\nTables are centered by default, and fill the slide.\nHere too, the template is designed so the slide headline is used to caption the table. It is not designed to accommodate a separate caption below the table.\nThe code for a slide with a basic table is the following:\n\\begin{frame} \\frametitle{Table caption} \\begin{tabular*}{\\textwidth}{@{\\extracolsep\\fill}lccc} \\toprule \u0026 Column 1 \u0026 Column 2 \u0026 Column 3\\\\ \\midrule Line 1 \u0026 A \u0026 B \u0026 C \\\\ Line 2 \u0026 D \u0026 E \u0026 F \\\\ Line 3 \u0026 G \u0026 H \u0026 I \\\\ \\midrule Line 4 \u0026 J \u0026 K \u0026 L \\\\ Line 5 \u0026 M \u0026 N \u0026 O \\\\ \\bottomrule \\end{tabular*} \\end{frame} Section slide The template has a command to divide the presentation into sections, which adds structure to longer talks. To produces the section slide, just use the following code:\n\\begin{frame} \\heading{Section title} \\end{frame} The text on the section slide is in small caps, and with moderately large font (17pt).\nThis section slide is a good point to stop, recap what has already been showed, and discuss what comes ahead. It is also a good point to take questions.\nPictograms The template comes with a set of shortcuts to display common pictograms in text mode:\n\\then gives $\\rightsquigarrow$ \\so gives $\\Rightarrow$ \\up gives ↑ \\down gives ↓ \\flat gives → Navigation buttons The template comes with navigation buttons. The buttons have white background, just like the slides. The button text is in light gray and small font (9pt). The buttons blend in the slides, unlike the typical, bright Beamer buttons that stand out and distract from the rest of the content.\nNavigation buttons should be used with restraint as hopping from slide to slide with buttons disrupts the flow of the presentation. But buttons are sometimes helpful to go to key backup material.\nHere is how to point a button to a specific slide:\nAdd a label at the top of the specific slide: \\begin{frame}[label=specificSlide]. Create a button in another slide that points to the labelled slide: \\hyperlink{specificSlide}{\\beamergotobutton{Go to specific slide}}. Slide breaks Each slide should be prepared and planned carefully. There should be a reason why material is on a certain slide rather than on another slide. Nevertheless, sometimes, a slide contains too much material to fit on one slide, and it does not matter too much how the material is split across successive slides. One example is a slide with a long list of references. Another example is a slide with a long mathematical derivation. In these cases, the option allowframebreaks can be used to split slides automatically, using the following code:\n\\begin{frame}[allowframebreaks] \\frametitle{Slide title} Long list of references or long derivation. \\end{frame} Each successive slide is automatically numbered with an Arabic number in square brackets: [1], [2], [3], and so on. As the Beamer user guide notes, however, the allowframebreaks option invites the creation of endless presentations that resemble more a paper projected on the wall than a presentation. So the option should only be used sporadically, in the specific cases mentioned above.\nLast slide The template also come with a last slide, which is a just a gray square, and which is called with the command \\lastslide. The last slide can be used instead of conclusion slides—to say thank you, to recap what the presentation showed, and to discuss next steps or related projects.\nConclusion slides are generally ineffective and even mildly upsetting. The audience has been listening for an hour or an hour and a half. They know what they have just been told. At that point they are happy to go on with their day without having to hear again a summary of the same material.\nThe MnSymbol package is incompatible with the amssymb package. So it is not possible to load amssymb with the template. Neither should it be required since MnSymbol provides a vast collection of symbols. ↩︎\nThe template customizes formatting for three levels of itemized and numbered lists. More deeply nested lists should be avoided as they are a sign that the presentation’s organization is too messy. ↩︎\n", + "wordCount" : "3009", "inLanguage": "en", "image":"https://pascalmichaillat.org/d1s.png","datePublished": "2024-06-28T00:00:00Z", "dateModified": "2024-07-05T00:00:00Z", @@ -214,16 +214,12 @@

-

The template produces an academic presentation using LaTeX - with the Beamer class -. The presentation adheres to typographical best practices and has a minimalist design. The template is particularly well suited for research presentations. It is designed to convey scientific arguments and results effectively.

+

The template produces an academic presentation using LaTeX with the Beamer class. The presentation adheres to typographical best practices and has a minimalist design. The template is particularly well suited for research presentations. It is designed to convey scientific arguments and results effectively.


View


Features

@@ -252,39 +248,28 @@

4:3 versus 16:9 aspect ratio


-

Fonts matter in presentations—just as in papers. The font determines the appearance and readability of the entire presentation. For the presentation’s text, the template uses Source Sans Pro -, which is one of the free fonts recommended by Matthew Butterick -.

+

Fonts matter in presentations—just as in papers. The font determines the appearance and readability of the entire presentation. For the presentation’s text, the template uses Source Sans Pro, which is one of the free fonts recommended by Matthew Butterick.

Source Sans Pro is a sans-serif font. This is an important feature, as sans-serif fonts are more readable than fonts with serif in presentations. Another advantage of Source Sans Pro is that it is not part of typical slide templates (unlike Fira Sans for instance), so it feels new and fresh. And since Source Sans Pro was designed in the last decade, it also feels modern.

-

Moreover, the Source Pro family includes a nice monospaced font: Source Code Pro -. The template uses Source Code Pro as monospaced font—giving the monospaced text and regular text a similar look. The monospaced font is used in particular to typeset URLs.

+

Moreover, the Source Pro family includes a nice monospaced font: Source Code Pro. The template uses Source Code Pro as monospaced font—giving the monospaced text and regular text a similar look. The monospaced font is used in particular to typeset URLs.

Another advantage of Source Sans Pro is that it comes with a broad range of weight. For instance, the template uses the semibold font weight in places. To activate the semibold font instead of the usual bold font, use \sbseries and \textsb{} instead of \bfseries and \textbf{}.

-

A last advantage of Source Sans Pro is that there is a with-serif font in the Source Pro family: Source Serif Pro -. This paper template - uses Source Serif Pro, which gives the presentations and papers produced by the two templates a similar look.

+

A last advantage of Source Sans Pro is that there is a with-serif font in the Source Pro family: Source Serif Pro. This paper template uses Source Serif Pro, which gives the presentations and papers produced by the two templates a similar look.


Math fonts

-

LaTeX uses one font for text and other fonts for math. For consistency, the template sticks with Source Sans Pro for roman math -. It also uses Source Sans Pro for all the digits in math and basic punctuation (such as ., ?, %, ;, and ,), so very basic mathematical expressions look the same in math and text. For example, the commands 3.5\% and $3.5\%$ produce the same results.

+

LaTeX uses one font for text and other fonts for math. For consistency, the template sticks with Source Sans Pro for roman math. It also uses Source Sans Pro for all the digits in math and basic punctuation (such as ., ?, %, ;, and ,), so very basic mathematical expressions look the same in math and text. For example, the commands 3.5\% and $3.5\%$ produce the same results.

Greek letters

-

There are some sans-serif Greek alphabets, but the letters look unusual and are hard to recognize. So for the Greek letters in math, the template uses the Euler font -. These Greek letters look good, have the same thickness and height as the text letters, and are distinctive. For consistency, neither uppercase nor lowercase Greek letters are italicized.

+

There are some sans-serif Greek alphabets, but the letters look unusual and are hard to recognize. So for the Greek letters in math, the template uses the Euler font. These Greek letters look good, have the same thickness and height as the text letters, and are distinctive. For consistency, neither uppercase nor lowercase Greek letters are italicized.

All the standard Greek letters are available. A few variants are available as well: \varepsilon, \varpi, \varphi, and \vartheta. The variants \varrho, \varsigma, and \varkappa are not available with the Euler font.

Calligraphic letters

-

The template also uses the Euler font - for calligraphic letters in math. These calligraphic letters fit well with the other fonts and are very readable. The calligraphic letters are produced with the \mathcal{} command.

+

The template also uses the Euler font for calligraphic letters in math. These calligraphic letters fit well with the other fonts and are very readable. The calligraphic letters are produced with the \mathcal{} command.

Blackboard-bold letters

-

The template uses the Fourier font - as blackboard-bold font. It is cleaner than the default blackboard-bold font as it does not have serif. And it is slightly thicker than the default font so it matches well with Source Sans Pro and the Euler letters. The blackboard-bold letters are produced with the \mathbb{} command.

+

The template uses the Fourier font as blackboard-bold font. It is cleaner than the default blackboard-bold font as it does not have serif. And it is slightly thicker than the default font so it matches well with Source Sans Pro and the Euler letters. The blackboard-bold letters are produced with the \mathbb{} command.

Bold characters

In the template, it is possible to bold any mathematical character (except blackboard-bold letters). This can be done using the \bm{} command in math.

Mathematical symbols

-

Finally, the template use the MnSymbol font - for the symbols used in math mode. The default Computer Modern symbols are too light and thin in comparison to the Source Sans Pro and Euler letters, and as a result do not mix well with them. The advantage of the MnSymbol font is that its symbols are thicker, so they mix better with the letters. The symbols are also less curly, which gives them a more modern feel.1

+

Finally, the template use the MnSymbol font for the symbols used in math mode. The default Computer Modern symbols are too light and thin in comparison to the Source Sans Pro and Euler letters, and as a result do not mix well with them. The advantage of the MnSymbol font is that its symbols are thicker, so they mix better with the letters. The symbols are also less curly, which gives them a more modern feel.1


Font size

-

The font size is 11pt. It is easily readable but not too big. It follows Butterick’s advice - to choose a font size so as to be able to fit about 12 lines of text on one slide.

+

The font size is 11pt. It is easily readable but not too big. It follows Butterick’s advice to choose a font size so as to be able to fit about 12 lines of text on one slide.

The template keeps one font size for all text. So the text is not smaller at different levels of itemized lists—which many Beamer themes impose by default but which is both distracting and clunky.


Line spacing

@@ -294,13 +279,11 @@

Text margins

-

As Butterick says -, color should be used with restraint. A lot of colors, especially bright ones, is distracting. To reduce distraction, the template only uses grayscale. The text is in dark gray (85% black), not complete black, to avoid an uncomfortable degree of contrast. The list items—bullet points and numbers—are in lighter gray, to blend in the background.2 Colors are reserved for figures and text alerts.

+

As Butterick says, color should be used with restraint. A lot of colors, especially bright ones, is distracting. To reduce distraction, the template only uses grayscale. The text is in dark gray (85% black), not complete black, to avoid an uncomfortable degree of contrast. The list items—bullet points and numbers—are in lighter gray, to blend in the background.2 Colors are reserved for figures and text alerts.

The typical, bright Beamer bullet points, headers, and footers, should be avoided as they are distracting.


No frills at the periphery

-

A typical slide produced with Beamer - might includes the following elements:

+

A typical slide produced with Beamer might includes the following elements:

  • Outline of the talk above the title
  • Small navigation buttons in the bottom right-hand corner
  • @@ -324,8 +307,7 @@

    Title slide

    -

    The headline is in somewhat larger font than the text (14pt), in small caps, and aligned left. This follows Butterick’s recommendation - to avoid centered headlines. The headline stands out, is easily readable, but does not take all the attention away from the text.

    +

    The headline is in somewhat larger font than the text (14pt), in small caps, and aligned left. This follows Butterick’s recommendation to avoid centered headlines. The headline stands out, is easily readable, but does not take all the attention away from the text.

    The headline is set against the same white background as the text—not against a bright color background. This choice makes the headline easier to read and less distracting.


    Alerts

    @@ -356,8 +338,7 @@

    Alerts

Apparently -:

+

The standard alert is set in magenta, which is a color that stands out but unlike red does not induce anger. Apparently:

A color that, for centuries, has captivated many, magenta is a mixture of violet and red. Magenta is known as a color of harmony and balance. It’s used in Feng Shui and is often considered spiritual.

@@ -450,8 +431,7 @@

Slide breaks

Beamer user guide - notes, however, the allowframebreaks option invites the creation of endless presentations that resemble more a paper projected on the wall than a presentation. So the option should only be used sporadically, in the specific cases mentioned above.

+

Each successive slide is automatically numbered with an Arabic number in square brackets: [1], [2], [3], and so on. As the Beamer user guide notes, however, the allowframebreaks option invites the creation of endless presentations that resemble more a paper projected on the wall than a presentation. So the option should only be used sporadically, in the specific cases mentioned above.


Last slide

The template also come with a last slide, which is a just a gray square, and which is called with the command \lastslide. The last slide can be used instead of conclusion slides—to say thank you, to recap what the presentation showed, and to discuss next steps or related projects.

diff --git a/public/d2/index.html b/public/d2/index.html index 18efde9a2..686c84daf 100644 --- a/public/d2/index.html +++ b/public/d2/index.html @@ -62,8 +62,8 @@ "keywords": [ ], - "articleBody": "The template produces an academic paper with LaTeX . The paper adheres to typographical best practices and has a minimalist design. The template is particularly well suited for research papers. It is designed so papers are comfortable to read and easy to scan, both in print and on screen.\nView LaTeX template for academic papers Research paper produced by the template Online appendix produced by the template Features The font for text, roman math, and numbers is Source Serif Pro. The font for monospaced text (including URLs) is Source Code Pro. The font for Greek and calligraphic math is Euler. The font for blackboard bold is Fourier. The font for mathematical symbols is MnSymbol. No colors are used in the text (only black) to reduce distraction and so the paper prints well; colors are reserved for figures. Margins, spacing, and font size are set for comfortable reading. Headings and captions are designed so the paper is easy to scan. Formatting is specified for theorems, propositions, lemmas, definitions, assumptions, corollaries, and remarks. Formatting is specified for figures and tables. Formatting is specified for appendix and a separate online appendix. Formatting is specified for references. All labels are set to make cross-referencing easy. Text font The font determines the appearance and readability of the entire paper, so choosing a good font is key. Following Butterick’s advice , the template uses Source Serif Pro for the text.\nSource Serif Pro is a serif font—a typical choice for long-form writing. Source Serif Pro is not part of typical paper templates (unlike Times New Roman or Palatino), so it has a new, fresh feel. And since Source Serif Pro was designed in the last decade, it also has a modern feel.\nMoreover, the Source Pro family includes a nice monospaced font: Source Code Pro . The template uses Source Code Pro as monospaced font—giving the monospaced text and regular text a similar look. The monospaced font is used in particular to typeset URLs.\nAnother advantage of Source Serif Pro is that there is a sans-serif font in the Source Pro family: Source Sans Pro . This presentation template uses Source Sans Pro, which gives presentations and papers produced by the two templates a similar look.\nMath fonts LaTeX uses one font for text and other fonts for math. For consistency, the template sticks with Source Serif Pro for roman math . It also uses Source Serif Pro for all the digits in math and basic punctuation (such as ., ?, %, ;, and ,), so very basic mathematical expressions look the same in math and text. For example, the commands 3.5\\% and $3.5\\%$ produce the same results.\nGreek letters For the Greek letters in math, the template uses the Euler font . These Greek letters look good, have the same thickness and height as the text letters, and are distinctive. For consistency, neither uppercase nor lowercase Greek letters are italicized.\nAll the standard Greek letters are available. A few variants are available as well: \\varepsilon, \\varpi, \\varphi, and \\vartheta. The variants \\varrho, \\varsigma, and \\varkappa are not available with the Euler font.\nCalligraphic letters The template also uses the Euler font for calligraphic letters in math. These calligraphic letters fit well with the other fonts and are very readable. The calligraphic letters are produced with the \\mathcal{} command.\nBlackboard-bold letters The template uses the Fourier font as blackboard-bold font. It is cleaner than the default blackboard-bold font as it does not have serif. And it is slightly thicker than the default font so it matches well with Source Serif Pro and the Euler letters. The blackboard-bold letters are produced with the \\mathbb{} command.\nBold characters In the template, it is possible to bold any mathematical character (except blackboard-bold letters). This can be done using the \\bm{} command in math.\nMathematical symbols Finally, the template use the MnSymbol font for the symbols used in math mode. The default Computer Modern symbols are too light and thin in comparison to the Source Serif Pro and Euler letters, and as a result do not mix well with them. The advantage of the MnSymbol font is that its symbols are thicker, so they mix better with the letters. The symbols are also less curly, which gives them a more modern feel.1\nFont size The font size is 11pt, as recommended by Butterick . It is easily readable but not too big. (This is also the font size that Donald Knuth chose as default for TeX articles.)\nLine spacing The line spacing is 150% of the point size. This is in line with Butterick’s advice . Such spacing avoids that the text is too cramped or too spread out, and makes readings more comfortable.\nText margins The left and right margins are 1.3 inch. With such margins, there are always 85–90 characters per line, just as Butterick recommends . Longer lines are harder to read. The top margin is 1 inch, which is standard. The bottom margin is 1.2 inch so the text appears centered in the page .\nColor scheme As Butterick says , it is better to use color with restraint. A lot of colors, especially bright ones, is distracting. Furthermore, many colors are hard to read when they are printed in black and white. To reduce distraction, and to have a paper that prints well, the template only uses the color black for text. In particular hyperlinks—to sections, references, equations, figures, tables, results, and footnotes—are not colored.\nThe typical, bright boxes surrounding hyperlinks should be avoided as they are distracting without adding any information. At this point everyone knows that LaTeX documents include such hyperlinks.\nTitle page The template’s title page contains all the required information: title, authors, date, abstract, affiliations, and acknowledgements. It is otherwise pretty minimalist. There are no “thanks” symbols, no “abstract” title, no indentation, no page numbers. These elements are common in papers, but they do not convey any useful information, so the template gets rid of them.\nThe title is bold, centered, and with a 24pt font size. Authors and date are centered and 12pt. The abstract is 11pt. Affiliations and acknowledgements are 9pt, just like the footnotes in the text.\nAn URL for the paper can be placed at the bottom of the title page by adding the command \\available{URL} to the preamble of the document. Such URL allows readers to go easily to the latest version of the paper. With an optional argument, the command indicates where the paper has been published: \\available[Journal]{URL} places both the journal name and URL at the bottom of the title page. The URL and journal name are displayed in small font (9pt) and gray so they are not too obtrusive.\nHeadings The template’s headings follow Butterick’s advice . Section headings are a bit larger than the text (12pt) and bold. Section headings are centered to clearly separate sections. Subsection headings are bold. And paragraph headings are in italic, so they are noticeable but not too prominent. These headings are produced with the usual commands: \\section{}, \\subsection{}, and \\paragraph{}.\nThe template does not tailor formatting for subsubsections and smaller headings. Such small headings are a sign that the paper’s organization is too messy, and should be avoided.\nTheorems and other results As is standard, the text of theorems is in italic—providing subtle emphasis. The theorem label is in small caps—again providing subtle emphasis.\nFor consistency, propositions, lemmas, assumptions, definitions, and so on, are formatted just like theorems. The template comes with the following predefined environments:\nTheorems: \\begin{theorem} ... \\end{theorem} Propositions: \\begin{proposition} ... \\end{proposition} Lemmas: \\begin{lemma} ... \\end{lemma} Corollaries: \\begin{corollary} ... \\end{corollary} Definitions: \\begin{definition} ... \\end{definition} Assumptions: \\begin{assumption} ... \\end{assumption} Remarks: \\begin{remark} ... \\end{remark} Figures A figure should be placed at the top of the page where it is first mentioned—not in the middle of the page, and especially not at the end of the paper. Figure panels are centered by default. The figure label is in small caps—just like the theorem label. The figure caption is placed bellow the figure. An advantage of avoiding colors in the text is that the colors in figures stand out.\nThe figure environment is set up so it is easy to reference a figure (figure 1) or directly a panel in a figure (figure 1A).\nWith the command \\note{Text}, it is easy to enter a note below the figure caption with details about the figure and sources. The note’s font size is 9pt, just like footnotes.\nThe code for a basic figure with one panel is the following:\n\\begin{figure}[t] \\includegraphics[scale=0.3]{figure.pdf} \\caption{Figure caption} \\note{Note for figure.} \\label{1}\\end{figure} The code for a figure with two panels is the following:\n\\begin{figure}[t] \\subcaptionbox{Panel caption\\label{1}}{\\includegraphics[scale=0.2]{1.pdf}}\\hfill \\subcaptionbox{Panel caption\\label{2}}{\\includegraphics[scale=0.2]{2.pdf}} \\caption{Figure caption} \\note[Source]{Source for the figure.} \\label{3}\\end{figure} Finally, the code for a figure with six panels is the following:\n\\begin{figure}[p] \\subcaptionbox{Panel caption\\label{1}}{\\includegraphics[scale=0.2]{1.pdf}}\\hfill \\subcaptionbox{Panel caption\\label{2}}{\\includegraphics[scale=0.2]{2.pdf}}\\\\ \\subcaptionbox{Panel caption\\label{3}}{\\includegraphics[scale=0.2]{3.pdf}}\\hfill \\subcaptionbox{Panel caption\\label{4}}{\\includegraphics[scale=0.2]{4.pdf}}\\\\ \\subcaptionbox{Panel caption\\label{5}}{\\includegraphics[scale=0.2]{5.pdf}}\\hfill \\subcaptionbox{Panel caption\\label{6}}{\\includegraphics[scale=0.2]{6.pdf}} \\caption{Figure caption} \\note[Note]{Note for figure.} \\label{7}\\end{figure} With the above code, a specific panel in a figure can be referenced with figure \\ref{1}, which produces figure 1A, and the entire figure can be referenced with figure \\ref{7}, which produces figure 1. A panel can also be referenced without mentioning the figure: panel \\subref{1} produces panel A.\nTables A table should be placed at the top of the page where it is first mentioned—not in the middle of the page, and especially not at the end of the paper. Tables are centered by default. The table label is in small caps—just like the figure label. The table caption is placed above the table, as usual. Top and bottom table lines are thicker to clearly demarcate the table. The text in the table has a font size of 9pt. The text is spaced vertically to be easily readable (spacing is insufficient in standard tables).\nThe command \\note{Text} can also be used to enter a note below the table, to provide details about the table and sources.\nThe code for a basic table is the following:\n\\begin{table}[t] \\caption{Table caption} \\begin{tabular*}{\\textwidth}[]{p{3.3cm}@{\\extracolsep\\fill}cccc} \\toprule \u0026 \\multicolumn{2}{c}{Columns 1–2} \u0026 \\multicolumn{2}{c}{Columns 3–4}\\\\ \\cmidrule{2-3}\\cmidrule{4-5} \u0026 Column 1 \u0026 Column 2 \u0026 Column 3 \u0026 Column 4 \\\\ \\midrule Line 1: \u0026 A \u0026 B \u0026 C \u0026 d \\\\ Line 2: \u0026 E \u0026 F \u0026 G \u0026 H \\\\ Line 3: \u0026 K \u0026 V \u0026 P \u0026 K \\\\ Line 4: \u0026 J \u0026 M \u0026 N \u0026 K \\\\ \\bottomrule \\end{tabular*} \\note{Note for table.} \\label{1}\\end{table} The code for a more sophisticated table with panels is the following:\n\\begin{table}[t] \\caption{Table caption} \\begin{tabular*}{\\textwidth}[]{p{3.3cm}@{\\extracolsep\\fill}ccccc} \\toprule \u0026 Column 1 \u0026 Column 2 \u0026 Column 3 \u0026 Column 4 \u0026 Column 5 \\\\ \\midrule \\multicolumn{6}{l}{A. First panel}\\\\ Line 1: \u0026 A \u0026 C \u0026 V \u0026 9\\% \u0026 7.3\\% \\\\ Line 2: \u0026 X \u0026 H \u0026 O \u0026 1.1\\% \u0026 4\\% \\\\ \\midrule \\multicolumn{6}{l}{B. Second panel}\\\\ Line 3: \u0026 U \u0026 B \u0026 J \u0026 K \u0026 K \\\\ Line 4: \u0026 N \u0026 Y \u0026 T \u0026 L \u0026 T \\\\ Line 5: \u0026 G \u0026 S \u0026 Q \u0026 P \u0026 Q \\\\ \\bottomrule \\end{tabular*} \\note{Note for table.} \\label{1}\\end{table} Lists Itemized and numbered list are customized to fit well with the surrounding text. The text after the items is aligned with indented text (the start of a paragraph). All items (bullet points and numbers) are grey so as not to be too prominent. All extra vertical spacing is removed so spacing between list lines is exactly the same as spacing between lines of text.\nCitations and references The format of citations and references follow the guidelines from the Chicago Manual of Style , which are followed by most scientific journals in the US.\nThe reference list has a font size of 10pt, with the same spacing as the text. Each individual reference is indented for emphasis.\nAll standard citation commands are usable in the template:\nTextual citation: \\citet{NameYear} gives Name (Year) Textual citation with details: \\citet[p. 120]{NameYear} gives Name (Year, p. 120) Parenthetical citation: \\citep{NameYear} gives (Name Year) Parenthetical citation with details: \\citep[chapter 4]{NameYear} gives (Name Year, chapter 4) Author citation: \\citeauthor{NameYear} gives Name Year citation: \\citeyear{NameYear} gives Year Appendix The template makes it easy to add an appendix at the end of the paper. The appendix starts with the command \\appendix. The formatting of the appendix strictly follows that of the main text.\nAll the appendix sections are clearly marked Appendix and are numbered as Appendix A, Appendix B, Appendix C, and so on. The appendix subsections are also numbered (for instance, A.1, A.2, B.1, B.2) so they can be referred to.\nAll labels in the appendix start with an A, so it is clear that they point to some material in the appendix: for instance, corollary A1, figure A2, table A3, or equation (A10). All counters are reset at the beginning of the appendix (tables, figures, equations, and theorems) so all the labels start at A1, A2, and so on.\nOnline appendix Once a research paper gets published, the appendix must often be transformed into an online appendix. To help with this task, the repository also includes a template for online appendices. In the appendix template, the abstract is replaced by a table of contents. In addition, all the labels from the main text (equation numbers, figure and table numbers, theorem numbers, section numbers) continue to be usable in the online appendix. So the cross-references from main text to appendix are not broken even though the appendix is now in a separate file. This requires the following :\nappendix.tex is in the same folder as paper.tex. paper.tex is compiled first. The auxiliary file paper.aux is available when appendix.tex is compiled. Submission to arXiv The template is perfectly compatible with arXiv . In particular, the template works with the TeXLive 2023 distribution, which is the LaTeX distribution currently used by arXiv .\nA paper based on the template can be submitted to arXiv in just three steps once it has been compiled with pdfTeX:\nAdjust the preamble of the source file paper.tex: on line 3, replace \\bibliographystyle{bibliography} by \\pdfoutput=1. The \\bibliographystyle{bibliography} command is not needed because arXiv produces the bibliography directly from the paper.bbl file. The \\pdfoutput=1 is required because the paper is compiled with pdfTeX . Collect the required files into a folder. There should be four files: the source file paper.tex, the bibliography file paper.bbl, the style file paper.sty, and the figure file figures.pdf. Zip the folder and upload the zipped file to arXiv. The MnSymbol package is incompatible with the amssymb package. So it is not possible to load amssymb with the template. Neither should it be required since MnSymbol provides a vast collection of symbols. ↩︎\n", - "wordCount" : "2436", + "articleBody": "The template produces an academic paper with LaTeX. The paper adheres to typographical best practices and has a minimalist design. The template is particularly well suited for research papers. It is designed so papers are comfortable to read and easy to scan, both in print and on screen.\nView LaTeX template for academic papers Research paper produced by the template Online appendix produced by the template Features The font for text, roman math, and numbers is Source Serif Pro. The font for monospaced text (including URLs) is Source Code Pro. The font for Greek and calligraphic math is Euler. The font for blackboard bold is Fourier. The font for mathematical symbols is MnSymbol. No colors are used in the text (only black) to reduce distraction and so the paper prints well; colors are reserved for figures. Margins, spacing, and font size are set for comfortable reading. Headings and captions are designed so the paper is easy to scan. Formatting is specified for theorems, propositions, lemmas, definitions, assumptions, corollaries, and remarks. Formatting is specified for figures and tables. Formatting is specified for appendix and a separate online appendix. Formatting is specified for references. All labels are set to make cross-referencing easy. Text font The font determines the appearance and readability of the entire paper, so choosing a good font is key. Following Butterick’s advice, the template uses Source Serif Pro for the text.\nSource Serif Pro is a serif font—a typical choice for long-form writing. Source Serif Pro is not part of typical paper templates (unlike Times New Roman or Palatino), so it has a new, fresh feel. And since Source Serif Pro was designed in the last decade, it also has a modern feel.\nMoreover, the Source Pro family includes a nice monospaced font: Source Code Pro. The template uses Source Code Pro as monospaced font—giving the monospaced text and regular text a similar look. The monospaced font is used in particular to typeset URLs.\nAnother advantage of Source Serif Pro is that there is a sans-serif font in the Source Pro family: Source Sans Pro. This presentation template uses Source Sans Pro, which gives presentations and papers produced by the two templates a similar look.\nMath fonts LaTeX uses one font for text and other fonts for math. For consistency, the template sticks with Source Serif Pro for roman math. It also uses Source Serif Pro for all the digits in math and basic punctuation (such as ., ?, %, ;, and ,), so very basic mathematical expressions look the same in math and text. For example, the commands 3.5\\% and $3.5\\%$ produce the same results.\nGreek letters For the Greek letters in math, the template uses the Euler font. These Greek letters look good, have the same thickness and height as the text letters, and are distinctive. For consistency, neither uppercase nor lowercase Greek letters are italicized.\nAll the standard Greek letters are available. A few variants are available as well: \\varepsilon, \\varpi, \\varphi, and \\vartheta. The variants \\varrho, \\varsigma, and \\varkappa are not available with the Euler font.\nCalligraphic letters The template also uses the Euler font for calligraphic letters in math. These calligraphic letters fit well with the other fonts and are very readable. The calligraphic letters are produced with the \\mathcal{} command.\nBlackboard-bold letters The template uses the Fourier font as blackboard-bold font. It is cleaner than the default blackboard-bold font as it does not have serif. And it is slightly thicker than the default font so it matches well with Source Serif Pro and the Euler letters. The blackboard-bold letters are produced with the \\mathbb{} command.\nBold characters In the template, it is possible to bold any mathematical character (except blackboard-bold letters). This can be done using the \\bm{} command in math.\nMathematical symbols Finally, the template use the MnSymbol font for the symbols used in math mode. The default Computer Modern symbols are too light and thin in comparison to the Source Serif Pro and Euler letters, and as a result do not mix well with them. The advantage of the MnSymbol font is that its symbols are thicker, so they mix better with the letters. The symbols are also less curly, which gives them a more modern feel.1\nFont size The font size is 11pt, as recommended by Butterick. It is easily readable but not too big. (This is also the font size that Donald Knuth chose as default for TeX articles.)\nLine spacing The line spacing is 150% of the point size. This is in line with Butterick’s advice. Such spacing avoids that the text is too cramped or too spread out, and makes readings more comfortable.\nText margins The left and right margins are 1.3 inch. With such margins, there are always 85–90 characters per line, just as Butterick recommends. Longer lines are harder to read. The top margin is 1 inch, which is standard. The bottom margin is 1.2 inch so the text appears centered in the page.\nColor scheme As Butterick says, it is better to use color with restraint. A lot of colors, especially bright ones, is distracting. Furthermore, many colors are hard to read when they are printed in black and white. To reduce distraction, and to have a paper that prints well, the template only uses the color black for text. In particular hyperlinks—to sections, references, equations, figures, tables, results, and footnotes—are not colored.\nThe typical, bright boxes surrounding hyperlinks should be avoided as they are distracting without adding any information. At this point everyone knows that LaTeX documents include such hyperlinks.\nTitle page The template’s title page contains all the required information: title, authors, date, abstract, affiliations, and acknowledgements. It is otherwise pretty minimalist. There are no “thanks” symbols, no “abstract” title, no indentation, no page numbers. These elements are common in papers, but they do not convey any useful information, so the template gets rid of them.\nThe title is bold, centered, and with a 24pt font size. Authors and date are centered and 12pt. The abstract is 11pt. Affiliations and acknowledgements are 9pt, just like the footnotes in the text.\nAn URL for the paper can be placed at the bottom of the title page by adding the command \\available{URL} to the preamble of the document. Such URL allows readers to go easily to the latest version of the paper. With an optional argument, the command indicates where the paper has been published: \\available[Journal]{URL} places both the journal name and URL at the bottom of the title page. The URL and journal name are displayed in small font (9pt) and gray so they are not too obtrusive.\nHeadings The template’s headings follow Butterick’s advice. Section headings are a bit larger than the text (12pt) and bold. Section headings are centered to clearly separate sections. Subsection headings are bold. And paragraph headings are in italic, so they are noticeable but not too prominent. These headings are produced with the usual commands: \\section{}, \\subsection{}, and \\paragraph{}.\nThe template does not tailor formatting for subsubsections and smaller headings. Such small headings are a sign that the paper’s organization is too messy, and should be avoided.\nTheorems and other results As is standard, the text of theorems is in italic—providing subtle emphasis. The theorem label is in small caps—again providing subtle emphasis.\nFor consistency, propositions, lemmas, assumptions, definitions, and so on, are formatted just like theorems. The template comes with the following predefined environments:\nTheorems: \\begin{theorem} ... \\end{theorem} Propositions: \\begin{proposition} ... \\end{proposition} Lemmas: \\begin{lemma} ... \\end{lemma} Corollaries: \\begin{corollary} ... \\end{corollary} Definitions: \\begin{definition} ... \\end{definition} Assumptions: \\begin{assumption} ... \\end{assumption} Remarks: \\begin{remark} ... \\end{remark} Figures A figure should be placed at the top of the page where it is first mentioned—not in the middle of the page, and especially not at the end of the paper. Figure panels are centered by default. The figure label is in small caps—just like the theorem label. The figure caption is placed bellow the figure. An advantage of avoiding colors in the text is that the colors in figures stand out.\nThe figure environment is set up so it is easy to reference a figure (figure 1) or directly a panel in a figure (figure 1A).\nWith the command \\note{Text}, it is easy to enter a note below the figure caption with details about the figure and sources. The note’s font size is 9pt, just like footnotes.\nThe code for a basic figure with one panel is the following:\n\\begin{figure}[t] \\includegraphics[scale=0.3]{figure.pdf} \\caption{Figure caption} \\note{Note for figure.} \\label{1}\\end{figure} The code for a figure with two panels is the following:\n\\begin{figure}[t] \\subcaptionbox{Panel caption\\label{1}}{\\includegraphics[scale=0.2]{1.pdf}}\\hfill \\subcaptionbox{Panel caption\\label{2}}{\\includegraphics[scale=0.2]{2.pdf}} \\caption{Figure caption} \\note[Source]{Source for the figure.} \\label{3}\\end{figure} Finally, the code for a figure with six panels is the following:\n\\begin{figure}[p] \\subcaptionbox{Panel caption\\label{1}}{\\includegraphics[scale=0.2]{1.pdf}}\\hfill \\subcaptionbox{Panel caption\\label{2}}{\\includegraphics[scale=0.2]{2.pdf}}\\\\ \\subcaptionbox{Panel caption\\label{3}}{\\includegraphics[scale=0.2]{3.pdf}}\\hfill \\subcaptionbox{Panel caption\\label{4}}{\\includegraphics[scale=0.2]{4.pdf}}\\\\ \\subcaptionbox{Panel caption\\label{5}}{\\includegraphics[scale=0.2]{5.pdf}}\\hfill \\subcaptionbox{Panel caption\\label{6}}{\\includegraphics[scale=0.2]{6.pdf}} \\caption{Figure caption} \\note[Note]{Note for figure.} \\label{7}\\end{figure} With the above code, a specific panel in a figure can be referenced with figure \\ref{1}, which produces figure 1A, and the entire figure can be referenced with figure \\ref{7}, which produces figure 1. A panel can also be referenced without mentioning the figure: panel \\subref{1} produces panel A.\nTables A table should be placed at the top of the page where it is first mentioned—not in the middle of the page, and especially not at the end of the paper. Tables are centered by default. The table label is in small caps—just like the figure label. The table caption is placed above the table, as usual. Top and bottom table lines are thicker to clearly demarcate the table. The text in the table has a font size of 9pt. The text is spaced vertically to be easily readable (spacing is insufficient in standard tables).\nThe command \\note{Text} can also be used to enter a note below the table, to provide details about the table and sources.\nThe code for a basic table is the following:\n\\begin{table}[t] \\caption{Table caption} \\begin{tabular*}{\\textwidth}[]{p{3.3cm}@{\\extracolsep\\fill}cccc} \\toprule \u0026 \\multicolumn{2}{c}{Columns 1–2} \u0026 \\multicolumn{2}{c}{Columns 3–4}\\\\ \\cmidrule{2-3}\\cmidrule{4-5} \u0026 Column 1 \u0026 Column 2 \u0026 Column 3 \u0026 Column 4 \\\\ \\midrule Line 1: \u0026 A \u0026 B \u0026 C \u0026 d \\\\ Line 2: \u0026 E \u0026 F \u0026 G \u0026 H \\\\ Line 3: \u0026 K \u0026 V \u0026 P \u0026 K \\\\ Line 4: \u0026 J \u0026 M \u0026 N \u0026 K \\\\ \\bottomrule \\end{tabular*} \\note{Note for table.} \\label{1}\\end{table} The code for a more sophisticated table with panels is the following:\n\\begin{table}[t] \\caption{Table caption} \\begin{tabular*}{\\textwidth}[]{p{3.3cm}@{\\extracolsep\\fill}ccccc} \\toprule \u0026 Column 1 \u0026 Column 2 \u0026 Column 3 \u0026 Column 4 \u0026 Column 5 \\\\ \\midrule \\multicolumn{6}{l}{A. First panel}\\\\ Line 1: \u0026 A \u0026 C \u0026 V \u0026 9\\% \u0026 7.3\\% \\\\ Line 2: \u0026 X \u0026 H \u0026 O \u0026 1.1\\% \u0026 4\\% \\\\ \\midrule \\multicolumn{6}{l}{B. Second panel}\\\\ Line 3: \u0026 U \u0026 B \u0026 J \u0026 K \u0026 K \\\\ Line 4: \u0026 N \u0026 Y \u0026 T \u0026 L \u0026 T \\\\ Line 5: \u0026 G \u0026 S \u0026 Q \u0026 P \u0026 Q \\\\ \\bottomrule \\end{tabular*} \\note{Note for table.} \\label{1}\\end{table} Lists Itemized and numbered list are customized to fit well with the surrounding text. The text after the items is aligned with indented text (the start of a paragraph). All items (bullet points and numbers) are grey so as not to be too prominent. All extra vertical spacing is removed so spacing between list lines is exactly the same as spacing between lines of text.\nCitations and references The format of citations and references follow the guidelines from the Chicago Manual of Style, which are followed by most scientific journals in the US.\nThe reference list has a font size of 10pt, with the same spacing as the text. Each individual reference is indented for emphasis.\nAll standard citation commands are usable in the template:\nTextual citation: \\citet{NameYear} gives Name (Year) Textual citation with details: \\citet[p. 120]{NameYear} gives Name (Year, p. 120) Parenthetical citation: \\citep{NameYear} gives (Name Year) Parenthetical citation with details: \\citep[chapter 4]{NameYear} gives (Name Year, chapter 4) Author citation: \\citeauthor{NameYear} gives Name Year citation: \\citeyear{NameYear} gives Year Appendix The template makes it easy to add an appendix at the end of the paper. The appendix starts with the command \\appendix. The formatting of the appendix strictly follows that of the main text.\nAll the appendix sections are clearly marked Appendix and are numbered as Appendix A, Appendix B, Appendix C, and so on. The appendix subsections are also numbered (for instance, A.1, A.2, B.1, B.2) so they can be referred to.\nAll labels in the appendix start with an A, so it is clear that they point to some material in the appendix: for instance, corollary A1, figure A2, table A3, or equation (A10). All counters are reset at the beginning of the appendix (tables, figures, equations, and theorems) so all the labels start at A1, A2, and so on.\nOnline appendix Once a research paper gets published, the appendix must often be transformed into an online appendix. To help with this task, the repository also includes a template for online appendices. In the appendix template, the abstract is replaced by a table of contents. In addition, all the labels from the main text (equation numbers, figure and table numbers, theorem numbers, section numbers) continue to be usable in the online appendix. So the cross-references from main text to appendix are not broken even though the appendix is now in a separate file. This requires the following:\nappendix.tex is in the same folder as paper.tex. paper.tex is compiled first. The auxiliary file paper.aux is available when appendix.tex is compiled. Submission to arXiv The template is perfectly compatible with arXiv. In particular, the template works with the TeXLive 2023 distribution, which is the LaTeX distribution currently used by arXiv.\nA paper based on the template can be submitted to arXiv in just three steps once it has been compiled with pdfTeX:\nAdjust the preamble of the source file paper.tex: on line 3, replace \\bibliographystyle{bibliography} by \\pdfoutput=1. The \\bibliographystyle{bibliography} command is not needed because arXiv produces the bibliography directly from the paper.bbl file. The \\pdfoutput=1 is required because the paper is compiled with pdfTeX. Collect the required files into a folder. There should be four files: the source file paper.tex, the bibliography file paper.bbl, the style file paper.sty, and the figure file figures.pdf. Zip the folder and upload the zipped file to arXiv. The MnSymbol package is incompatible with the amssymb package. So it is not possible to load amssymb with the template. Neither should it be required since MnSymbol provides a vast collection of symbols. ↩︎\n", + "wordCount" : "2419", "inLanguage": "en", "image":"https://pascalmichaillat.org/d2s.png","datePublished": "2024-04-02T00:00:00Z", "dateModified": "2024-06-29T00:00:00Z", @@ -210,17 +210,13 @@

-

The template produces an academic paper with LaTeX -. The paper adheres to typographical best practices and has a minimalist design. The template is particularly well suited for research papers. It is designed so papers are comfortable to read and easy to scan, both in print and on screen.

+

The template produces an academic paper with LaTeX. The paper adheres to typographical best practices and has a minimalist design. The template is particularly well suited for research papers. It is designed so papers are comfortable to read and easy to scan, both in print and on screen.


View


Features

@@ -241,51 +237,36 @@

Features

-

The font determines the appearance and readability of the entire paper, so choosing a good font is key. Following Butterick’s advice -, the template uses Source Serif Pro - for the text.

+

The font determines the appearance and readability of the entire paper, so choosing a good font is key. Following Butterick’s advice, the template uses Source Serif Pro for the text.

Source Serif Pro is a serif font—a typical choice for long-form writing. Source Serif Pro is not part of typical paper templates (unlike Times New Roman or Palatino), so it has a new, fresh feel. And since Source Serif Pro was designed in the last decade, it also has a modern feel.

-

Moreover, the Source Pro family includes a nice monospaced font: Source Code Pro -. The template uses Source Code Pro as monospaced font—giving the monospaced text and regular text a similar look. The monospaced font is used in particular to typeset URLs.

-

Another advantage of Source Serif Pro is that there is a sans-serif font in the Source Pro family: Source Sans Pro -. This presentation template - uses Source Sans Pro, which gives presentations and papers produced by the two templates a similar look.

+

Moreover, the Source Pro family includes a nice monospaced font: Source Code Pro. The template uses Source Code Pro as monospaced font—giving the monospaced text and regular text a similar look. The monospaced font is used in particular to typeset URLs.

+

Another advantage of Source Serif Pro is that there is a sans-serif font in the Source Pro family: Source Sans Pro. This presentation template uses Source Sans Pro, which gives presentations and papers produced by the two templates a similar look.


Math fonts

-

LaTeX uses one font for text and other fonts for math. For consistency, the template sticks with Source Serif Pro for roman math -. It also uses Source Serif Pro for all the digits in math and basic punctuation (such as ., ?, %, ;, and ,), so very basic mathematical expressions look the same in math and text. For example, the commands 3.5\% and $3.5\%$ produce the same results.

+

LaTeX uses one font for text and other fonts for math. For consistency, the template sticks with Source Serif Pro for roman math. It also uses Source Serif Pro for all the digits in math and basic punctuation (such as ., ?, %, ;, and ,), so very basic mathematical expressions look the same in math and text. For example, the commands 3.5\% and $3.5\%$ produce the same results.

Greek letters

-

For the Greek letters in math, the template uses the Euler font -. These Greek letters look good, have the same thickness and height as the text letters, and are distinctive. For consistency, neither uppercase nor lowercase Greek letters are italicized.

+

For the Greek letters in math, the template uses the Euler font. These Greek letters look good, have the same thickness and height as the text letters, and are distinctive. For consistency, neither uppercase nor lowercase Greek letters are italicized.

All the standard Greek letters are available. A few variants are available as well: \varepsilon, \varpi, \varphi, and \vartheta. The variants \varrho, \varsigma, and \varkappa are not available with the Euler font.

Calligraphic letters

-

The template also uses the Euler font - for calligraphic letters in math. These calligraphic letters fit well with the other fonts and are very readable. The calligraphic letters are produced with the \mathcal{} command.

+

The template also uses the Euler font for calligraphic letters in math. These calligraphic letters fit well with the other fonts and are very readable. The calligraphic letters are produced with the \mathcal{} command.

Blackboard-bold letters

-

The template uses the Fourier font - as blackboard-bold font. It is cleaner than the default blackboard-bold font as it does not have serif. And it is slightly thicker than the default font so it matches well with Source Serif Pro and the Euler letters. The blackboard-bold letters are produced with the \mathbb{} command.

+

The template uses the Fourier font as blackboard-bold font. It is cleaner than the default blackboard-bold font as it does not have serif. And it is slightly thicker than the default font so it matches well with Source Serif Pro and the Euler letters. The blackboard-bold letters are produced with the \mathbb{} command.

Bold characters

In the template, it is possible to bold any mathematical character (except blackboard-bold letters). This can be done using the \bm{} command in math.

Mathematical symbols

-

Finally, the template use the MnSymbol font - for the symbols used in math mode. The default Computer Modern symbols are too light and thin in comparison to the Source Serif Pro and Euler letters, and as a result do not mix well with them. The advantage of the MnSymbol font is that its symbols are thicker, so they mix better with the letters. The symbols are also less curly, which gives them a more modern feel.1

+

Finally, the template use the MnSymbol font for the symbols used in math mode. The default Computer Modern symbols are too light and thin in comparison to the Source Serif Pro and Euler letters, and as a result do not mix well with them. The advantage of the MnSymbol font is that its symbols are thicker, so they mix better with the letters. The symbols are also less curly, which gives them a more modern feel.1


Font size

-

The font size is 11pt, as recommended by Butterick -. It is easily readable but not too big. (This is also the font size that Donald Knuth chose as default for TeX articles.)

+

The font size is 11pt, as recommended by Butterick. It is easily readable but not too big. (This is also the font size that Donald Knuth chose as default for TeX articles.)


Line spacing

-

The line spacing is 150% of the point size. This is in line with Butterick’s advice -. Such spacing avoids that the text is too cramped or too spread out, and makes readings more comfortable.

+

The line spacing is 150% of the point size. This is in line with Butterick’s advice. Such spacing avoids that the text is too cramped or too spread out, and makes readings more comfortable.


Text margins

-

The left and right margins are 1.3 inch. With such margins, there are always 85–90 characters per line, just as Butterick recommends -. Longer lines are harder to read. The top margin is 1 inch, which is standard. The bottom margin is 1.2 inch so the text appears centered in the page -.

+

The left and right margins are 1.3 inch. With such margins, there are always 85–90 characters per line, just as Butterick recommends. Longer lines are harder to read. The top margin is 1 inch, which is standard. The bottom margin is 1.2 inch so the text appears centered in the page.


Color scheme

-

As Butterick says -, it is better to use color with restraint. A lot of colors, especially bright ones, is distracting. Furthermore, many colors are hard to read when they are printed in black and white. To reduce distraction, and to have a paper that prints well, the template only uses the color black for text. In particular hyperlinks—to sections, references, equations, figures, tables, results, and footnotes—are not colored.

+

As Butterick says, it is better to use color with restraint. A lot of colors, especially bright ones, is distracting. Furthermore, many colors are hard to read when they are printed in black and white. To reduce distraction, and to have a paper that prints well, the template only uses the color black for text. In particular hyperlinks—to sections, references, equations, figures, tables, results, and footnotes—are not colored.

The typical, bright boxes surrounding hyperlinks should be avoided as they are distracting without adding any information. At this point everyone knows that LaTeX documents include such hyperlinks.


Title page

@@ -294,8 +275,7 @@

Title page

-

The template’s headings follow Butterick’s advice -. Section headings are a bit larger than the text (12pt) and bold. Section headings are centered to clearly separate sections. Subsection headings are bold. And paragraph headings are in italic, so they are noticeable but not too prominent. These headings are produced with the usual commands: \section{}, \subsection{}, and \paragraph{}.

+

The template’s headings follow Butterick’s advice. Section headings are a bit larger than the text (12pt) and bold. Section headings are centered to clearly separate sections. Subsection headings are bold. And paragraph headings are in italic, so they are noticeable but not too prominent. These headings are produced with the usual commands: \section{}, \subsection{}, and \paragraph{}.

The template does not tailor formatting for subsubsections and smaller headings. Such small headings are a sign that the paper’s organization is too messy, and should be avoided.


Theorems and other results

@@ -385,11 +365,9 @@

Lists

-

The format of citations and references follow the guidelines from the Chicago Manual of Style -, which are followed by most scientific journals in the US.

+

The format of citations and references follow the guidelines from the Chicago Manual of Style, which are followed by most scientific journals in the US.

The reference list has a font size of 10pt, with the same spacing as the text. Each individual reference is indented for emphasis.

-

All standard citation commands - are usable in the template:

+

All standard citation commands are usable in the template:

  • Textual citation: \citet{NameYear} gives Name (Year)
  • Textual citation with details: \citet[p. 120]{NameYear} gives Name (Year, p. 120)
  • @@ -405,8 +383,7 @@

    Appendix

    -

    Once a research paper gets published, the appendix must often be transformed into an online appendix. To help with this task, the repository also includes a template for online appendices. In the appendix template, the abstract is replaced by a table of contents. In addition, all the labels from the main text (equation numbers, figure and table numbers, theorem numbers, section numbers) continue to be usable in the online appendix. So the cross-references from main text to appendix are not broken even though the appendix is now in a separate file. This requires the following -:

    +

    Once a research paper gets published, the appendix must often be transformed into an online appendix. To help with this task, the repository also includes a template for online appendices. In the appendix template, the abstract is replaced by a table of contents. In addition, all the labels from the main text (equation numbers, figure and table numbers, theorem numbers, section numbers) continue to be usable in the online appendix. So the cross-references from main text to appendix are not broken even though the appendix is now in a separate file. This requires the following:

    • appendix.tex is in the same folder as paper.tex.
    • paper.tex is compiled first.
    • @@ -414,13 +391,10 @@

      Online appendix

      -

      The template is perfectly compatible with arXiv -. In particular, the template works with the TeXLive 2023 distribution, which is the LaTeX distribution currently used by arXiv -.

      +

      The template is perfectly compatible with arXiv. In particular, the template works with the TeXLive 2023 distribution, which is the LaTeX distribution currently used by arXiv.

      A paper based on the template can be submitted to arXiv in just three steps once it has been compiled with pdfTeX:

        -
      • Adjust the preamble of the source file paper.tex: on line 3, replace \bibliographystyle{bibliography} by \pdfoutput=1. The \bibliographystyle{bibliography} command is not needed because arXiv produces the bibliography directly from the paper.bbl file. The \pdfoutput=1 is required because the paper is compiled with pdfTeX -.
      • +
      • Adjust the preamble of the source file paper.tex: on line 3, replace \bibliographystyle{bibliography} by \pdfoutput=1. The \bibliographystyle{bibliography} command is not needed because arXiv produces the bibliography directly from the paper.bbl file. The \pdfoutput=1 is required because the paper is compiled with pdfTeX.
      • Collect the required files into a folder. There should be four files: the source file paper.tex, the bibliography file paper.bbl, the style file paper.sty, and the figure file figures.pdf.
      • Zip the folder and upload the zipped file to arXiv.
      diff --git a/public/d3/index.html b/public/d3/index.html index 72eaff69e..ab2118045 100644 --- a/public/d3/index.html +++ b/public/d3/index.html @@ -62,8 +62,8 @@ "keywords": [ ], - "articleBody": "This collection of commands makes it easy to write mathematical expressions with LaTeX while automatically respecting the rules of mathematical typography. The commands were developed to write math in economics, but they might also be helpful to write math in other fields.\nView LaTeX commands to write math Features The commands introduce the following functionalities:\nEasily insert brackets (parentheses, absolute values, etc.) that scale automatically Easily write functions and operators (exponential, log, expectation, probability, min, max, etc.) with brackets that scale automatically Easily write partial and total derivatives and elasticities Easily type statistical relations (iid variables, various limits) Easily insert accents that scale automatically Easily type blackboard-bold letters Easily type Greek letters Easily type uppercase calligraphic letters Brackets The commands below produce brackets that scale automatically.\nBracket Command Output Parentheses \\bp{x} $\\left( x\\right)$ Square brackets \\bs{x} $\\left[x\\right]$ Curly brackets \\bc{x} $\\left\\lbrace x\\right\\rbrace$ Angle brackets \\ba{x} $\\left\u003c x\\right\u003e$ Absolute value \\abs{x} $\\left\\lvert x \\right\\rvert$ Norm \\norm{x} $\\left\\lVert x \\right\\rVert$ Floor \\floor{x} $\\left\\lfloor x\\right\\rfloor$ Ceiling \\ceil{x} $\\left\\lceil x\\right\\rceil$ Function argument1 f\\of{x} $f(x)$ Functions and operators The commands below produce functions and operators with parentheses that scale automatically. All the commands work with and without arguments, and many also have an option to add a subscript.\nFunction or operator Command Output Logarithm \\ln $\\ln$ \\ln{x} $\\ln(x)$ Exponential \\exp $\\exp$ \\exp{x} $\\exp(x)$ Indicator \\ind $\\mathbb{1}$ \\ind{X} $\\mathbb{1}(X)$ Trace \\tr $\\operatorname{tr}$ \\tr{M} $\\operatorname{tr}(M)$ Probability \\P $\\mathbb{P}$ \\P[t] $\\mathbb{P}_t$ \\P{X} $\\mathbb{P}(X)$ \\P[t]{X} $\\mathbb{P}_t(X)$ Expectation \\E $\\mathbb{E}$ \\E[t] $\\mathbb{E}_t$ \\E{X} $\\mathbb{E}(X)$ \\E[t]{X} $\\mathbb{E}_t(X)$ Variance \\var $\\operatorname{var}$ \\var{X} $\\operatorname{var}(X)$ \\var[t]{X} $\\operatorname{var}_t(X)$ Standard deviation \\sd $\\operatorname{sd}$ \\sd{X} $\\operatorname{sd}(X)$ \\sd[t]{X} $\\operatorname{sd}_t(X)$ Standard error \\se $\\operatorname{se}$ \\se{X} $\\operatorname{se}(X)$ \\se[t]{X} $\\operatorname{se}_t(X)$ Covariance \\cov $\\operatorname{cov}$ \\cov{X,Y} $\\operatorname{cov}(X,Y)$ \\cov[t]{X,Y} $\\operatorname{cov}_t(X,Y)$ Correlation \\corr $\\operatorname{corr}$ \\corr{X,Y} $\\operatorname{corr}(X,Y)$ \\corr[t]{X,Y} $\\operatorname{corr}_t(X,Y)$ Maximum \\max $\\max$ \\max{x,y} $\\max(x,y)$ \\max[n]{y_n} $\\max_n(y_n)$ Argmax \\argmax $\\operatorname{argmax}$ Minimum \\min $\\min$ \\min{x,y} $\\min(x,y)$ \\min[n]{y_n} $\\min_n(y_n)$ Argmin \\argmin $\\operatorname{argmin}$ Supremum \\sup $\\sup$ \\sup{S} $\\sup(S)$ \\sup[n]{y_n} $\\sup_n(y_n)$ Infimum \\inf $\\inf$ \\inf{S} $\\inf(S)$ \\inf[n]{y_n} $\\inf_n(y_n)$ Derivatives The commands below produce various derivatives. Some of commands produce derivatives for displays while others produce derivatives for text. Some of the commands have an option to indicate the order of the derivative.\nDerivative Command Output Ordinary derivative \\od{y}{x} $\\frac{d y}{d x}$ \\od[n]{y}{x} $\\frac{d^n y}{d x^n}$ \\odx{y}{x} $d y/d x$ \\odx[n]{y}{x} $d^n y/d x^n$ Partial derivative \\pd{y}{x} $\\frac{\\partial y}{\\partial x}$ \\pd[n]{y}{x} $\\frac{\\partial^n y}{\\partial x^n}$ \\pdx{y}{x} $\\partial y/\\partial x$ \\pdx[n]{y}{x} $\\partial^n y/\\partial x^n$ \\pd{y}{x}{z} $\\left.\\frac{\\partial y}{\\partial x}\\right\\vert_{z}$ \\pdx{y}{x}{z} $\\left.\\partial y/\\partial x\\right\\vert_{z}$ Ordinary elasticity \\oe{y}{x} $\\frac{d\\ln y}{d\\ln x}$ \\oex{y}{x} $d\\ln(y)/d\\ln(x)$ Partial elasticity \\pe{y}{x} $\\frac{\\partial\\ln(y)}{\\partial\\ln(x)}$ \\pex{y}{x} $\\partial\\ln(y)/\\partial\\ln(x)$ \\pe{y}{x}{z} $\\left.\\frac{\\partial\\ln(y)}{\\partial\\ln(x)}\\right\\vert_{z}$ \\pex{y}{x}{z} $\\left.\\partial\\ln(y)/\\partial\\ln(x)\\right\\vert_{z}$ Statistical relations The commands below are shortcuts to produce statistical relations.\nRelation Command Output Independent and identically distributed variables \\iid $\\overset{iid}{\\sim}$ Almost sure convergence \\asto $\\overset{as}{\\to}$ Convergence in probability \\pto $\\overset{p}{\\to}$ Convergence in distribution \\dto $\\overset{d}{\\to}$ Essential infimum and supremum \\ees $\\operatorname{ees}$ Accents The commands below are shortcuts to produce accents that scale automatically.\nAccent Command Output Overline \\ol{x} $\\overline{x}$ Overarrow \\oa{x} $\\overrightarrow{x}$ Underline \\ul{x} $\\underline{x}$ Hat \\wh{x} $\\widehat{x}$ Tilde \\wt{x} $\\widetilde{x}$ Blackboard-bold letters The commands below are shortcuts to produce blackboard-bold letters.\nLetter Command Output R \\R $\\mathbb{R}$ N \\N $\\mathbb{N}$ Z \\Z $\\mathbb{Z}$ Q \\Q $\\mathbb{Q}$ C \\C $\\mathbb{C}$ Greek letters The commands below are shortcuts to produce lowercase Greek letters.\nLowercase letter Command Output alpha \\a $\\alpha$ beta \\b $\\beta$ chi \\c $\\chi$ delta \\d $\\delta$ epsilon \\e $\\epsilon$ varepsilon \\ve $\\varepsilon$ phi \\f $\\phi$ varphi \\vf $\\varphi$ gamma \\g $\\gamma$ eta \\h $\\eta$ iota \\i $\\iota$ kappa \\k $\\kappa$ lambda \\l $\\lambda$ mu \\m $\\mu$ nu \\n $\\nu$ omega \\o $\\omega$ varpi \\vp $\\varpi$ psi \\p $\\psi$ rho \\r $\\rho$ sigma \\s $\\sigma$ theta \\t $\\theta$ vartheta \\vt $\\vartheta$ upsilon \\u $\\upsilon$ xi \\x $\\xi$ zeta \\z $\\zeta$ And the commands below are shortcuts to produce uppercase Greek letters.\nUppercase letter Command Output delta \\D $\\Delta$ phi \\F $\\Phi$ gamma \\G $\\Gamma$ lambda \\L $\\Lambda$ omega \\O $\\Omega$ sigma \\S $\\Sigma$ theta \\T $\\Theta$ upsilon \\U $\\Upsilon$ xi \\X $\\Xi$ Calligraphic letters The commands below are shortcuts to produce calligraphic letters.\nLetter Command Output A \\Ac $\\mathcal{A}$ B \\Bc $\\mathcal{B}$ C \\Cc $\\mathcal{C}$ D \\Dc $\\mathcal{D}$ E \\Ec $\\mathcal{E}$ F \\Fc $\\mathcal{F}$ G \\Gc $\\mathcal{G}$ H \\Hc $\\mathcal{H}$ I \\Ic $\\mathcal{I}$ J \\Jc $\\mathcal{J}$ K \\Kc $\\mathcal{K}$ L \\Lc $\\mathcal{L}$ M \\Mc $\\mathcal{M}$ N \\Nc $\\mathcal{N}$ O \\Oc $\\mathcal{O}$ P \\Pc $\\mathcal{P}$ Q \\Qc $\\mathcal{Q}$ R \\Rc $\\mathcal{R}$ S \\Sc $\\mathcal{S}$ T \\Tc $\\mathcal{T}$ U \\Uc $\\mathcal{U}$ V \\Vc $\\mathcal{V}$ W \\Wc $\\mathcal{W}$ X \\Xc $\\mathcal{X}$ Y \\Yc $\\mathcal{Y}$ Z \\Zc $\\mathcal{Z}$ Complex numbers The commands below designate parts of complex numbers.\nPart Command Output Real part \\Re(z) $\\operatorname{Re}(z)$ Imaginary part \\Im(z) $\\operatorname{Im}(z)$ Existing LaTeX commands Existing LaTeX commands continue to work as usual, with the exception of a few text commands that do not produce their usual output. These modified text commands are \\oe, \\o, and \\P. These commands used to insert text symbols that are rarely used in scientific writing ($\\text{\\oe}$, $\\text{\\o}$, and $\\text{\\P}$). The commands now insert common mathematical symbols, so hopefully the modification is not problematic.\nCode snippets The LaTeX commands are collected in a LaTeX style file . This section shows how some of the most commonly used commands are defined. Some of the definitions require the xparse package.\nFor instance, the commands for parentheses are defined as follows:\n% Regular parentheses \\newcommand{\\bp}[1]{\\left( #1 \\right)} % Parentheses for function arguments \\newcommand{\\of}[1]{{\\left( #1 \\right)}} The command for maximum and minimum are defined as follows:\n\\usepackage{xparse} % Maximum \\let\\oldmax\\max \\RenewDocumentCommand{\\max}{o g}{% \\IfNoValueTF{#2}{\\oldmax\\IfValueT{#1}{_{#1}}}% {\\,{\\oldmax\\IfValueT{#1}{_{#1}}}\\of{#2}}} % Minimum \\let\\oldmin\\min \\RenewDocumentCommand{\\min}{o g}{% \\IfNoValueTF{#2}{\\oldmin\\IfValueT{#1}{_{#1}}}% {\\,{\\oldmin\\IfValueT{#1}{_{#1}}}\\of{#2}}} Another set of commonly used commands are expected value and probability, which are coded as follows:\n\\usepackage{xparse} % Expectation \\NewDocumentCommand{\\E}{o g}{% \\IfNoValueTF{#2}{\\operatorname{\\mathbb{E}}\\IfValueT{#1}{_{#1}}}% {\\,{\\operatorname{\\mathbb{E}}\\IfValueT{#1}{_{#1}}}\\of{#2}}} % Probability \\RenewDocumentCommand{\\P}{o g}{% \\IfNoValueTF{#2}{\\operatorname{\\mathbb{P}}\\IfValueT{#1}{_{#1}}}% {\\,{\\operatorname{\\mathbb{P}}\\IfValueT{#1}{_{#1}}}\\of{#2}}} The commands for variance, covariance, correlation, and standard deviation are all coded in a similar way:\n\\usepackage{xparse} % Variance \\NewDocumentCommand{\\var}{o g}{% \\IfNoValueTF{#2}{\\operatorname{var}\\IfValueT{#1}{_{#1}}}% {\\,{\\operatorname{var}\\IfValueT{#1}{_{#1}}}\\of{#2}}} % Covariance \\NewDocumentCommand{\\cov}{o g}{% \\IfNoValueTF{#2}{\\operatorname{cov}\\IfValueT{#1}{_{#1}}}% {\\,{\\operatorname{cov}\\IfValueT{#1}{_{#1}}}\\of{#2}}} % Correlation \\NewDocumentCommand{\\corr}{o g}{% \\IfNoValueTF{#2}{\\operatorname{corr}\\IfValueT{#1}{_{#1}}}% {\\,{\\operatorname{corr}\\IfValueT{#1}{_{#1}}}\\of{#2}}} % Standard deviation \\NewDocumentCommand{\\sd}{o g}{% \\IfNoValueTF{#2}{\\operatorname{sd}\\IfValueT{#1}{_{#1}}}% {\\,{\\operatorname{sd}\\IfValueT{#1}{_{#1}}}\\of{#2}}} The argmin and argmax functions are easy to define:\n\\DeclareMathOperator*{\\argmax}{argmax} \\DeclareMathOperator*{\\argmin}{argmin} The commands for almost sure convergence, convergence in probability, and convergence in distribution are coded as follows:\n% Almost sure convergence \\newcommand{\\asto}{\\overset{as}{\\to}} % Convergence in probability \\newcommand{\\pto}{\\overset{p}{\\to}} % Convergence in distribution \\newcommand{\\dto}{\\overset{d}{\\to}} Finally, the exponential and logarithm functions are defined as follows:\n\\usepackage{xparse} % Logarithm \\let\\oldln\\ln \\RenewDocumentCommand{\\ln}{g}{% \\IfNoValueTF{#1}{\\oldln}% {\\,{\\oldln}\\of{#1}}} % Exponential \\let\\oldexp\\exp \\RenewDocumentCommand{\\exp}{g}{% \\IfNoValueTF{#1}{\\oldexp}% {\\,{\\oldexp}\\of{#1}}} Spacing between the function f and the argument (x) is appropriate. f\\bp{x} gives $f\\left( x\\right)$, which introduces too much space between the function f and the argument (x). ↩︎\n", - "wordCount" : "1078", + "articleBody": "This collection of commands makes it easy to write mathematical expressions with LaTeX while automatically respecting the rules of mathematical typography. The commands were developed to write math in economics, but they might also be helpful to write math in other fields.\nView LaTeX commands to write math Features The commands introduce the following functionalities:\nEasily insert brackets (parentheses, absolute values, etc.) that scale automatically Easily write functions and operators (exponential, log, expectation, probability, min, max, etc.) with brackets that scale automatically Easily write partial and total derivatives and elasticities Easily type statistical relations (iid variables, various limits) Easily insert accents that scale automatically Easily type blackboard-bold letters Easily type Greek letters Easily type uppercase calligraphic letters Brackets The commands below produce brackets that scale automatically.\nBracket Command Output Parentheses \\bp{x} $\\left( x\\right)$ Square brackets \\bs{x} $\\left[x\\right]$ Curly brackets \\bc{x} $\\left\\lbrace x\\right\\rbrace$ Angle brackets \\ba{x} $\\left\u003c x\\right\u003e$ Absolute value \\abs{x} $\\left\\lvert x \\right\\rvert$ Norm \\norm{x} $\\left\\lVert x \\right\\rVert$ Floor \\floor{x} $\\left\\lfloor x\\right\\rfloor$ Ceiling \\ceil{x} $\\left\\lceil x\\right\\rceil$ Function argument1 f\\of{x} $f(x)$ Functions and operators The commands below produce functions and operators with parentheses that scale automatically. All the commands work with and without arguments, and many also have an option to add a subscript.\nFunction or operator Command Output Logarithm \\ln $\\ln$ \\ln{x} $\\ln(x)$ Exponential \\exp $\\exp$ \\exp{x} $\\exp(x)$ Indicator \\ind $\\mathbb{1}$ \\ind{X} $\\mathbb{1}(X)$ Trace \\tr $\\operatorname{tr}$ \\tr{M} $\\operatorname{tr}(M)$ Probability \\P $\\mathbb{P}$ \\P[t] $\\mathbb{P}_t$ \\P{X} $\\mathbb{P}(X)$ \\P[t]{X} $\\mathbb{P}_t(X)$ Expectation \\E $\\mathbb{E}$ \\E[t] $\\mathbb{E}_t$ \\E{X} $\\mathbb{E}(X)$ \\E[t]{X} $\\mathbb{E}_t(X)$ Variance \\var $\\operatorname{var}$ \\var{X} $\\operatorname{var}(X)$ \\var[t]{X} $\\operatorname{var}_t(X)$ Standard deviation \\sd $\\operatorname{sd}$ \\sd{X} $\\operatorname{sd}(X)$ \\sd[t]{X} $\\operatorname{sd}_t(X)$ Standard error \\se $\\operatorname{se}$ \\se{X} $\\operatorname{se}(X)$ \\se[t]{X} $\\operatorname{se}_t(X)$ Covariance \\cov $\\operatorname{cov}$ \\cov{X,Y} $\\operatorname{cov}(X,Y)$ \\cov[t]{X,Y} $\\operatorname{cov}_t(X,Y)$ Correlation \\corr $\\operatorname{corr}$ \\corr{X,Y} $\\operatorname{corr}(X,Y)$ \\corr[t]{X,Y} $\\operatorname{corr}_t(X,Y)$ Maximum \\max $\\max$ \\max{x,y} $\\max(x,y)$ \\max[n]{y_n} $\\max_n(y_n)$ Argmax \\argmax $\\operatorname{argmax}$ Minimum \\min $\\min$ \\min{x,y} $\\min(x,y)$ \\min[n]{y_n} $\\min_n(y_n)$ Argmin \\argmin $\\operatorname{argmin}$ Supremum \\sup $\\sup$ \\sup{S} $\\sup(S)$ \\sup[n]{y_n} $\\sup_n(y_n)$ Infimum \\inf $\\inf$ \\inf{S} $\\inf(S)$ \\inf[n]{y_n} $\\inf_n(y_n)$ Derivatives The commands below produce various derivatives. Some of commands produce derivatives for displays while others produce derivatives for text. Some of the commands have an option to indicate the order of the derivative.\nDerivative Command Output Ordinary derivative \\od{y}{x} $\\frac{d y}{d x}$ \\od[n]{y}{x} $\\frac{d^n y}{d x^n}$ \\odx{y}{x} $d y/d x$ \\odx[n]{y}{x} $d^n y/d x^n$ Partial derivative \\pd{y}{x} $\\frac{\\partial y}{\\partial x}$ \\pd[n]{y}{x} $\\frac{\\partial^n y}{\\partial x^n}$ \\pdx{y}{x} $\\partial y/\\partial x$ \\pdx[n]{y}{x} $\\partial^n y/\\partial x^n$ \\pd{y}{x}{z} $\\left.\\frac{\\partial y}{\\partial x}\\right\\vert_{z}$ \\pdx{y}{x}{z} $\\left.\\partial y/\\partial x\\right\\vert_{z}$ Ordinary elasticity \\oe{y}{x} $\\frac{d\\ln y}{d\\ln x}$ \\oex{y}{x} $d\\ln(y)/d\\ln(x)$ Partial elasticity \\pe{y}{x} $\\frac{\\partial\\ln(y)}{\\partial\\ln(x)}$ \\pex{y}{x} $\\partial\\ln(y)/\\partial\\ln(x)$ \\pe{y}{x}{z} $\\left.\\frac{\\partial\\ln(y)}{\\partial\\ln(x)}\\right\\vert_{z}$ \\pex{y}{x}{z} $\\left.\\partial\\ln(y)/\\partial\\ln(x)\\right\\vert_{z}$ Statistical relations The commands below are shortcuts to produce statistical relations.\nRelation Command Output Independent and identically distributed variables \\iid $\\overset{iid}{\\sim}$ Almost sure convergence \\asto $\\overset{as}{\\to}$ Convergence in probability \\pto $\\overset{p}{\\to}$ Convergence in distribution \\dto $\\overset{d}{\\to}$ Essential infimum and supremum \\ees $\\operatorname{ees}$ Accents The commands below are shortcuts to produce accents that scale automatically.\nAccent Command Output Overline \\ol{x} $\\overline{x}$ Overarrow \\oa{x} $\\overrightarrow{x}$ Underline \\ul{x} $\\underline{x}$ Hat \\wh{x} $\\widehat{x}$ Tilde \\wt{x} $\\widetilde{x}$ Blackboard-bold letters The commands below are shortcuts to produce blackboard-bold letters.\nLetter Command Output R \\R $\\mathbb{R}$ N \\N $\\mathbb{N}$ Z \\Z $\\mathbb{Z}$ Q \\Q $\\mathbb{Q}$ C \\C $\\mathbb{C}$ Greek letters The commands below are shortcuts to produce lowercase Greek letters.\nLowercase letter Command Output alpha \\a $\\alpha$ beta \\b $\\beta$ chi \\c $\\chi$ delta \\d $\\delta$ epsilon \\e $\\epsilon$ varepsilon \\ve $\\varepsilon$ phi \\f $\\phi$ varphi \\vf $\\varphi$ gamma \\g $\\gamma$ eta \\h $\\eta$ iota \\i $\\iota$ kappa \\k $\\kappa$ lambda \\l $\\lambda$ mu \\m $\\mu$ nu \\n $\\nu$ omega \\o $\\omega$ varpi \\vp $\\varpi$ psi \\p $\\psi$ rho \\r $\\rho$ sigma \\s $\\sigma$ theta \\t $\\theta$ vartheta \\vt $\\vartheta$ upsilon \\u $\\upsilon$ xi \\x $\\xi$ zeta \\z $\\zeta$ And the commands below are shortcuts to produce uppercase Greek letters.\nUppercase letter Command Output delta \\D $\\Delta$ phi \\F $\\Phi$ gamma \\G $\\Gamma$ lambda \\L $\\Lambda$ omega \\O $\\Omega$ sigma \\S $\\Sigma$ theta \\T $\\Theta$ upsilon \\U $\\Upsilon$ xi \\X $\\Xi$ Calligraphic letters The commands below are shortcuts to produce calligraphic letters.\nLetter Command Output A \\Ac $\\mathcal{A}$ B \\Bc $\\mathcal{B}$ C \\Cc $\\mathcal{C}$ D \\Dc $\\mathcal{D}$ E \\Ec $\\mathcal{E}$ F \\Fc $\\mathcal{F}$ G \\Gc $\\mathcal{G}$ H \\Hc $\\mathcal{H}$ I \\Ic $\\mathcal{I}$ J \\Jc $\\mathcal{J}$ K \\Kc $\\mathcal{K}$ L \\Lc $\\mathcal{L}$ M \\Mc $\\mathcal{M}$ N \\Nc $\\mathcal{N}$ O \\Oc $\\mathcal{O}$ P \\Pc $\\mathcal{P}$ Q \\Qc $\\mathcal{Q}$ R \\Rc $\\mathcal{R}$ S \\Sc $\\mathcal{S}$ T \\Tc $\\mathcal{T}$ U \\Uc $\\mathcal{U}$ V \\Vc $\\mathcal{V}$ W \\Wc $\\mathcal{W}$ X \\Xc $\\mathcal{X}$ Y \\Yc $\\mathcal{Y}$ Z \\Zc $\\mathcal{Z}$ Complex numbers The commands below designate parts of complex numbers.\nPart Command Output Real part \\Re(z) $\\operatorname{Re}(z)$ Imaginary part \\Im(z) $\\operatorname{Im}(z)$ Existing LaTeX commands Existing LaTeX commands continue to work as usual, with the exception of a few text commands that do not produce their usual output. These modified text commands are \\oe, \\o, and \\P. These commands used to insert text symbols that are rarely used in scientific writing ($\\text{\\oe}$, $\\text{\\o}$, and $\\text{\\P}$). The commands now insert common mathematical symbols, so hopefully the modification is not problematic.\nCode snippets The LaTeX commands are collected in a LaTeX style file. This section shows how some of the most commonly used commands are defined. Some of the definitions require the xparse package.\nFor instance, the commands for parentheses are defined as follows:\n% Regular parentheses \\newcommand{\\bp}[1]{\\left( #1 \\right)} % Parentheses for function arguments \\newcommand{\\of}[1]{{\\left( #1 \\right)}} The command for maximum and minimum are defined as follows:\n\\usepackage{xparse} % Maximum \\let\\oldmax\\max \\RenewDocumentCommand{\\max}{o g}{% \\IfNoValueTF{#2}{\\oldmax\\IfValueT{#1}{_{#1}}}% {\\,{\\oldmax\\IfValueT{#1}{_{#1}}}\\of{#2}}} % Minimum \\let\\oldmin\\min \\RenewDocumentCommand{\\min}{o g}{% \\IfNoValueTF{#2}{\\oldmin\\IfValueT{#1}{_{#1}}}% {\\,{\\oldmin\\IfValueT{#1}{_{#1}}}\\of{#2}}} Another set of commonly used commands are expected value and probability, which are coded as follows:\n\\usepackage{xparse} % Expectation \\NewDocumentCommand{\\E}{o g}{% \\IfNoValueTF{#2}{\\operatorname{\\mathbb{E}}\\IfValueT{#1}{_{#1}}}% {\\,{\\operatorname{\\mathbb{E}}\\IfValueT{#1}{_{#1}}}\\of{#2}}} % Probability \\RenewDocumentCommand{\\P}{o g}{% \\IfNoValueTF{#2}{\\operatorname{\\mathbb{P}}\\IfValueT{#1}{_{#1}}}% {\\,{\\operatorname{\\mathbb{P}}\\IfValueT{#1}{_{#1}}}\\of{#2}}} The commands for variance, covariance, correlation, and standard deviation are all coded in a similar way:\n\\usepackage{xparse} % Variance \\NewDocumentCommand{\\var}{o g}{% \\IfNoValueTF{#2}{\\operatorname{var}\\IfValueT{#1}{_{#1}}}% {\\,{\\operatorname{var}\\IfValueT{#1}{_{#1}}}\\of{#2}}} % Covariance \\NewDocumentCommand{\\cov}{o g}{% \\IfNoValueTF{#2}{\\operatorname{cov}\\IfValueT{#1}{_{#1}}}% {\\,{\\operatorname{cov}\\IfValueT{#1}{_{#1}}}\\of{#2}}} % Correlation \\NewDocumentCommand{\\corr}{o g}{% \\IfNoValueTF{#2}{\\operatorname{corr}\\IfValueT{#1}{_{#1}}}% {\\,{\\operatorname{corr}\\IfValueT{#1}{_{#1}}}\\of{#2}}} % Standard deviation \\NewDocumentCommand{\\sd}{o g}{% \\IfNoValueTF{#2}{\\operatorname{sd}\\IfValueT{#1}{_{#1}}}% {\\,{\\operatorname{sd}\\IfValueT{#1}{_{#1}}}\\of{#2}}} The argmin and argmax functions are easy to define:\n\\DeclareMathOperator*{\\argmax}{argmax} \\DeclareMathOperator*{\\argmin}{argmin} The commands for almost sure convergence, convergence in probability, and convergence in distribution are coded as follows:\n% Almost sure convergence \\newcommand{\\asto}{\\overset{as}{\\to}} % Convergence in probability \\newcommand{\\pto}{\\overset{p}{\\to}} % Convergence in distribution \\newcommand{\\dto}{\\overset{d}{\\to}} Finally, the exponential and logarithm functions are defined as follows:\n\\usepackage{xparse} % Logarithm \\let\\oldln\\ln \\RenewDocumentCommand{\\ln}{g}{% \\IfNoValueTF{#1}{\\oldln}% {\\,{\\oldln}\\of{#1}}} % Exponential \\let\\oldexp\\exp \\RenewDocumentCommand{\\exp}{g}{% \\IfNoValueTF{#1}{\\oldexp}% {\\,{\\oldexp}\\of{#1}}} Spacing between the function f and the argument (x) is appropriate. f\\bp{x} gives $f\\left( x\\right)$, which introduces too much space between the function f and the argument (x). ↩︎\n", + "wordCount" : "1077", "inLanguage": "en", "image":"https://pascalmichaillat.org/d3s.png","datePublished": "2024-06-26T00:00:00Z", "dateModified": "2024-07-10T00:00:00Z", @@ -205,13 +205,11 @@

-

This collection of commands makes it easy to write mathematical expressions with LaTeX - while automatically respecting the rules of mathematical typography. The commands were developed to write math in economics, but they might also be helpful to write math in other fields.

+

This collection of commands makes it easy to write mathematical expressions with LaTeX while automatically respecting the rules of mathematical typography. The commands were developed to write math in economics, but they might also be helpful to write math in other fields.


View


Features

@@ -1104,8 +1102,7 @@

Existing LaTeX commands

-

The LaTeX commands are collected in a LaTeX style file -. This section shows how some of the most commonly used commands are defined. Some of the definitions require the xparse package.

+

The LaTeX commands are collected in a LaTeX style file. This section shows how some of the most commonly used commands are defined. Some of the definitions require the xparse package.

For instance, the commands for parentheses are defined as follows:

% Regular parentheses
 \newcommand{\bp}[1]{\left( #1 \right)} 
diff --git a/public/d4/index.html b/public/d4/index.html
index e6e97abee..1f074f061 100644
--- a/public/d4/index.html
+++ b/public/d4/index.html
@@ -62,8 +62,8 @@
   "keywords": [
     
   ],
-  "articleBody": "The template produces basic scientific figures using MATLAB . The figures adhere to best practices for the visual display of quantitative information—with the aim to convey quantitative information effectively on screen and in print.\nView MATLAB template for scientific figures Figures produced by the template Features The font on the axes and annotations is Helvetica. Font sizes and line thicknesses are set for comfortable reading once the figures are inserted in pairs in a paper . A collections of color palettes is provided, both for qualitative displays and sequential displays. The template produces a collection of basic figures with different plot types and different features: Time series plots: single or multiple series, with or without period areas, with or without above-below areas Scatter plots: transparent or not, connected or not, with or without above-below areas Figure dimensions are set to minimize the white space around the content. The figure aspect ratio is 4:3 so the figure can easily be annotated with a presentation software. On a Mac, the figures can easily be annotated with Keynote. This procedure is more user friendly, and more flexible, than annotating the figures directly in MATLAB. The Keynote file figures.key illustrates how to annotate the figures produced by the template. General principles The default figures produced by MATLAB do not look particularly good, especially once they are inserted in papers or presentations. The lines are too thin, the font size is too small, the color palette has been overused, and so on. As a result, they do not convey information as effectively as they could.\nThe goal of this template is to produce figures that can be easily inserted into papers and presentations and that convey information effectively. The template attempts to follow the data visualization best practices developed by Edward Tufte in The Visual Display of Quantitative Information . This book is the classic reference on statistical graphics, charts, and tables. Using many examples, it explains how to display data for precise, effective, and quick analysis. One of the main message of the book is to maximize the data-ink ratio—that is, to minimize as much as possible ink that does not convey information.\nFont type Fonts matter in figures, just as in papers and presentations. The font determines the appearance and readability of the figure. To improve readability, sans-serif font are recommended for the text in figures. The simplified letter forms of sans-serif fonts are not encumbered by serifs, which improves the readability of characters at very small sizes. The clean and simple lines of sans-serif fonts also enhance the figure’s visual presentation.\nThe template uses Helvetica, which is a classic, quality font and is supported by MATLAB both for displaying on screen and for printing (most fonts are not). An advantage of Helvetica is that it is legible at all sizes, even small. This is useful for figures, in which some annotations must be small to fit in the space available.1\nFont size Beside the typeface, another key choice is the font size used in the figures. The template picks a size so the text in the figure is about the same size as footnote text once the figure is inserted in the paper (about 9pt). This way the figure will be easily readable (smaller text would be difficult to read). Of course, lettering should be consistently sized throughout the figure. Variance of font size within an illustration should be minimal. As a rule of thumb, text should appear no smaller than 7pt at intended size; 6pt is the minimum for superscript and subscript characters.\nColors A collection of color palettes are provided, both for qualitative displays and sequential displays. The palettes were created by Cynthia Brewer and are available on ColorBrewer . The colors have been optimized to convey qualitative and quantitative information as effectively as possible.\nDimensions Figure dimensions are set to minimize the white space around the content. The figure aspect ratio is 4:3 so the figure can easily be inserted into a presentation software and annotated there.\nLines Line thicknesses are set for comfortable reading once the figures are inserted in pairs in a paper . Line weights and strokes should be set between 0.25pt and 1pt at the final size.\nPlot types The template produces a collection of figures with different plot types and different features.\nIt produces a range of time series plots: single or multiple series, with or without period areas, with or without above-below areas.\nIt also produces a range of scatter plots: transparent or not, connected or not, with or without above-below areas.\nAnnotations On a Mac, the figures can easily be annotated with Keynote. This procedure is more user friendly, and more flexible, than annotating the figures directly in MATLAB. The Keynote file figures.key illustrates how to annotate the figures produced by the template.\nFirst, create a Keynote presentation. Insert each figure as a slide background. Annotate the slide as desired. Finally, save the resulting presentation as PDF (such as figures.pdf). With this method, all the figures have the exact same size, and each figure can be inserted individually into a LaTeX document, using \\includegraphics[scale=0.2,page=X]{figures.pdf} to insert page X of the collection of figures called figures.pdf.\nScaling for different figure sizes The template is tailored for the common case in which the figures are inserted in pairs in an academic paper . The scaling factor in LaTeX to insert two figures side by side is 0.2. The template is designed so that the PDF pages created by MATLAB, and annotated through Keynote, have readable font and line sizes once they are scaled by a factor of 0.2. For instance to obtain 8pt text and 1pt lines, we need 8/0.2 = 40pt text and 1/0.2 = 5pt lines in Keynote. This is what the current template produces.\nTo insert bigger figures into LaTeX, the template should be adjusted so that the final figures maintain the same text and line sizes as the current figures. For instance to insert twice-larger figures, the scaling factor in LaTeX can be increased to 0.4. Then all the font, line, and marker sizes should be divided by two in the template so all text, markers, and lines maintain a consistent size across figures, irrespective of the figure size.\nIn fact, Helvetica is recommended by many science publishers, including Nature and Springer . ↩︎\n",
-  "wordCount" : "1053",
+  "articleBody": "The template produces basic scientific figures using MATLAB. The figures adhere to best practices for the visual display of quantitative information—with the aim to convey quantitative information effectively on screen and in print.\nView MATLAB template for scientific figures Figures produced by the template Features The font on the axes and annotations is Helvetica. Font sizes and line thicknesses are set for comfortable reading once the figures are inserted in pairs in a paper. A collections of color palettes is provided, both for qualitative displays and sequential displays. The template produces a collection of basic figures with different plot types and different features: Time series plots: single or multiple series, with or without period areas, with or without above-below areas Scatter plots: transparent or not, connected or not, with or without above-below areas Figure dimensions are set to minimize the white space around the content. The figure aspect ratio is 4:3 so the figure can easily be annotated with a presentation software. On a Mac, the figures can easily be annotated with Keynote. This procedure is more user friendly, and more flexible, than annotating the figures directly in MATLAB. The Keynote file figures.key illustrates how to annotate the figures produced by the template. General principles The default figures produced by MATLAB do not look particularly good, especially once they are inserted in papers or presentations. The lines are too thin, the font size is too small, the color palette has been overused, and so on. As a result, they do not convey information as effectively as they could.\nThe goal of this template is to produce figures that can be easily inserted into papers and presentations and that convey information effectively. The template attempts to follow the data visualization best practices developed by Edward Tufte in The Visual Display of Quantitative Information. This book is the classic reference on statistical graphics, charts, and tables. Using many examples, it explains how to display data for precise, effective, and quick analysis. One of the main message of the book is to maximize the data-ink ratio—that is, to minimize as much as possible ink that does not convey information.\nFont type Fonts matter in figures, just as in papers and presentations. The font determines the appearance and readability of the figure. To improve readability, sans-serif font are recommended for the text in figures. The simplified letter forms of sans-serif fonts are not encumbered by serifs, which improves the readability of characters at very small sizes. The clean and simple lines of sans-serif fonts also enhance the figure’s visual presentation.\nThe template uses Helvetica, which is a classic, quality font and is supported by MATLAB both for displaying on screen and for printing (most fonts are not). An advantage of Helvetica is that it is legible at all sizes, even small. This is useful for figures, in which some annotations must be small to fit in the space available.1\nFont size Beside the typeface, another key choice is the font size used in the figures. The template picks a size so the text in the figure is about the same size as footnote text once the figure is inserted in the paper (about 9pt). This way the figure will be easily readable (smaller text would be difficult to read). Of course, lettering should be consistently sized throughout the figure. Variance of font size within an illustration should be minimal. As a rule of thumb, text should appear no smaller than 7pt at intended size; 6pt is the minimum for superscript and subscript characters.\nColors A collection of color palettes are provided, both for qualitative displays and sequential displays. The palettes were created by Cynthia Brewer and are available on ColorBrewer. The colors have been optimized to convey qualitative and quantitative information as effectively as possible.\nDimensions Figure dimensions are set to minimize the white space around the content. The figure aspect ratio is 4:3 so the figure can easily be inserted into a presentation software and annotated there.\nLines Line thicknesses are set for comfortable reading once the figures are inserted in pairs in a paper. Line weights and strokes should be set between 0.25pt and 1pt at the final size.\nPlot types The template produces a collection of figures with different plot types and different features.\nIt produces a range of time series plots: single or multiple series, with or without period areas, with or without above-below areas.\nIt also produces a range of scatter plots: transparent or not, connected or not, with or without above-below areas.\nAnnotations On a Mac, the figures can easily be annotated with Keynote. This procedure is more user friendly, and more flexible, than annotating the figures directly in MATLAB. The Keynote file figures.key illustrates how to annotate the figures produced by the template.\nFirst, create a Keynote presentation. Insert each figure as a slide background. Annotate the slide as desired. Finally, save the resulting presentation as PDF (such as figures.pdf). With this method, all the figures have the exact same size, and each figure can be inserted individually into a LaTeX document, using \\includegraphics[scale=0.2,page=X]{figures.pdf} to insert page X of the collection of figures called figures.pdf.\nScaling for different figure sizes The template is tailored for the common case in which the figures are inserted in pairs in an academic paper. The scaling factor in LaTeX to insert two figures side by side is 0.2. The template is designed so that the PDF pages created by MATLAB, and annotated through Keynote, have readable font and line sizes once they are scaled by a factor of 0.2. For instance to obtain 8pt text and 1pt lines, we need 8/0.2 = 40pt text and 1/0.2 = 5pt lines in Keynote. This is what the current template produces.\nTo insert bigger figures into LaTeX, the template should be adjusted so that the final figures maintain the same text and line sizes as the current figures. For instance to insert twice-larger figures, the scaling factor in LaTeX can be increased to 0.4. Then all the font, line, and marker sizes should be divided by two in the template so all text, markers, and lines maintain a consistent size across figures, irrespective of the figure size.\nIn fact, Helvetica is recommended by many science publishers, including Nature and Springer. ↩︎\n",
+  "wordCount" : "1046",
   "inLanguage": "en",
   "image":"https://pascalmichaillat.org/d4s.png","datePublished": "2024-10-27T00:00:00Z",
   "dateModified": "2024-10-27T00:00:00Z",
@@ -203,22 +203,18 @@ 

-

The template produces basic scientific figures using MATLAB -. The figures adhere to best practices for the visual display of quantitative information—with the aim to convey quantitative information effectively on screen and in print.

+

The template produces basic scientific figures using MATLAB. The figures adhere to best practices for the visual display of quantitative information—with the aim to convey quantitative information effectively on screen and in print.


View


Features

  • The font on the axes and annotations is Helvetica.
  • -
  • Font sizes and line thicknesses are set for comfortable reading once the figures are inserted in pairs in a paper -.
  • +
  • Font sizes and line thicknesses are set for comfortable reading once the figures are inserted in pairs in a paper.
  • A collections of color palettes is provided, both for qualitative displays and sequential displays.
  • The template produces a collection of basic figures with different plot types and different features:
      @@ -233,29 +229,23 @@

      Features

      The default figures produced by MATLAB do not look particularly good, especially once they are inserted in papers or presentations. The lines are too thin, the font size is too small, the color palette has been overused, and so on. As a result, they do not convey information as effectively as they could.

      -

      The goal of this template is to produce figures that can be easily inserted into papers and presentations and that convey information effectively. The template attempts to follow the data visualization best practices developed by Edward Tufte - in The Visual Display of Quantitative Information -. This book is the classic reference on statistical graphics, charts, and tables. Using many examples, it explains how to display data for precise, effective, and quick analysis. One of the main message of the book is to maximize the data-ink ratio—that is, to minimize as much as possible ink that does not convey information.

      +

      The goal of this template is to produce figures that can be easily inserted into papers and presentations and that convey information effectively. The template attempts to follow the data visualization best practices developed by Edward Tufte in The Visual Display of Quantitative Information. This book is the classic reference on statistical graphics, charts, and tables. Using many examples, it explains how to display data for precise, effective, and quick analysis. One of the main message of the book is to maximize the data-ink ratio—that is, to minimize as much as possible ink that does not convey information.


      Font type

      Fonts matter in figures, just as in papers and presentations. The font determines the appearance and readability of the figure. To improve readability, sans-serif font are recommended for the text in figures. The simplified letter forms of sans-serif fonts are not encumbered by serifs, which improves the readability of characters at very small sizes. The clean and simple lines of sans-serif fonts also enhance the figure’s visual presentation.

      -

      The template uses Helvetica, which is a classic, quality - font and is supported by MATLAB both for displaying on screen and for printing (most fonts are not). An advantage of Helvetica is that it is legible at all sizes, even small. This is useful for figures, in which some annotations must be small to fit in the space available.1

      +

      The template uses Helvetica, which is a classic, quality font and is supported by MATLAB both for displaying on screen and for printing (most fonts are not). An advantage of Helvetica is that it is legible at all sizes, even small. This is useful for figures, in which some annotations must be small to fit in the space available.1


      Font size

      Beside the typeface, another key choice is the font size used in the figures. The template picks a size so the text in the figure is about the same size as footnote text once the figure is inserted in the paper (about 9pt). This way the figure will be easily readable (smaller text would be difficult to read). Of course, lettering should be consistently sized throughout the figure. Variance of font size within an illustration should be minimal. As a rule of thumb, text should appear no smaller than 7pt at intended size; 6pt is the minimum for superscript and subscript characters.


      Colors

      -

      A collection of color palettes are provided, both for qualitative displays and sequential displays. The palettes were created by Cynthia Brewer - and are available on ColorBrewer -. The colors have been optimized to convey qualitative and quantitative information as effectively as possible.

      +

      A collection of color palettes are provided, both for qualitative displays and sequential displays. The palettes were created by Cynthia Brewer and are available on ColorBrewer. The colors have been optimized to convey qualitative and quantitative information as effectively as possible.


      Dimensions

      Figure dimensions are set to minimize the white space around the content. The figure aspect ratio is 4:3 so the figure can easily be inserted into a presentation software and annotated there.


      Lines

      -

      Line thicknesses are set for comfortable reading once the figures are inserted in pairs in a paper -. Line weights and strokes should be set between 0.25pt and 1pt at the final size.

      +

      Line thicknesses are set for comfortable reading once the figures are inserted in pairs in a paper. Line weights and strokes should be set between 0.25pt and 1pt at the final size.


      Plot types

      The template produces a collection of figures with different plot types and different features.

      @@ -267,16 +257,13 @@

      Annotations

      -

      The template is tailored for the common case in which the figures are inserted in pairs in an academic paper -. The scaling factor in LaTeX to insert two figures side by side is 0.2. The template is designed so that the PDF pages created by MATLAB, and annotated through Keynote, have readable font and line sizes once they are scaled by a factor of 0.2. For instance to obtain 8pt text and 1pt lines, we need 8/0.2 = 40pt text and 1/0.2 = 5pt lines in Keynote. This is what the current template produces.

      +

      The template is tailored for the common case in which the figures are inserted in pairs in an academic paper. The scaling factor in LaTeX to insert two figures side by side is 0.2. The template is designed so that the PDF pages created by MATLAB, and annotated through Keynote, have readable font and line sizes once they are scaled by a factor of 0.2. For instance to obtain 8pt text and 1pt lines, we need 8/0.2 = 40pt text and 1/0.2 = 5pt lines in Keynote. This is what the current template produces.

      To insert bigger figures into LaTeX, the template should be adjusted so that the final figures maintain the same text and line sizes as the current figures. For instance to insert twice-larger figures, the scaling factor in LaTeX can be increased to 0.4. Then all the font, line, and marker sizes should be divided by two in the template so all text, markers, and lines maintain a consistent size across figures, irrespective of the figure size.


      1. -

        In fact, Helvetica is recommended by many science publishers, including Nature - and Springer -. ↩︎

        +

        In fact, Helvetica is recommended by many science publishers, including Nature and Springer↩︎

      diff --git a/public/d5/index.html b/public/d5/index.html index 026278740..35cd46b48 100644 --- a/public/d5/index.html +++ b/public/d5/index.html @@ -62,8 +62,8 @@ "keywords": [ ], - "articleBody": "The template produces a personal website with Hugo , which is a very fast, open-source static website generator. The website design is based on PaperMod , which is a minimalist, fast, and flexible Hugo theme. Finally, the website is hosted on GitHub Pages ; but it could easily be hosted on other services.\nThe design has been customized for academic websites. The first goal was to obtain a minimalist website that is easy to navigate. The second goal was to obtain a website that highlights the research and teaching material. The third goal was to have a website that performs well (fast to load, good SEO, good accessibility). The website performs very well on mobile and desktop devices—just like the original PaperMod theme. The final goal was to design a website that is easy to maintain and expand.\nView Hugo template for academic websites Website produced by the template Key features Webpages are organized in several categories, which are available from any page through the menu and from the homepage through buttons: papers, courses, data, and so on. The template accepts LaTeX expressions to typeset math on all webpages. The template provides social icons specific to academia: CV, email address, office location, office hours, Zoom room, GitHub profile, Substack profile, Google Scholar profile, and so on. An archive page is automatically generated so visitors can easily see the most recent material added to the website. A list of keywords used in papers and courses is automatically generated so visitors can easily see the topics covered in research and teaching. The metadata for webpages, which appear below the webpage title, are tailored to the academic context. Color scheme, font, spacing, and general appearance are streamlined and as minimalist as possible. Tables, code blocks, quote blocks, itemized and numbered lists are formatted to fit seamlessly with the rest of the website. Installation On your local machine Clone the repository to your local machine Install Hugo . On a Mac, this is easily done with Homebrew . Simply run the following command in the terminal: brew install hugo. Since the website is hosted on GitHub Pages, it is convenient to install GitHub Desktop . The website can conveniently be updated from your local machine via GitHub Desktop without going to GitHub. Update the baseURL parameter in config.yml with the website URL that you plan to use. On your GitHub account The first time that you push your repository to GitHub, you need to allow GitHub Actions and GitHub Pages so the website can be built and deployed to GitHub Pages. The first step is to ask GitHub to publish the website with a GitHub Action. GitHub offers a ready-made action to publish a Hugo website, called Deploy Hugo site to Pages. This action must be enabled in the Pages Settings of your GitHub repository. You can view the workflow triggered by the action in the .github/workflows/hugo.yml file. Once the GitHub Actions are enabled, GitHub will build and publish the website as soon as the repository is updated. If you would like to update the GitHub action (for instance because it became outdated and fails to deploy the site), you can find the most recent action on GitHub . You can place this file directly in the .github/workflows folder to replace the old hugo.yml file. Usage Development To check that everything works, experiment with the code, and slowly develop your website, start by rebuilding the website locally. In the terminal, navigate to your website directory and run hugo server from there. The command builds the website with Hugo and starts a local web server. The website is then available at http://localhost:1313 in any web browser. Hugo automatically rebuilds the site and refreshes the web page in the browser as changes are made to the files (content, templates) in the repository. This allows you to see changes instantly as you are developing your website.\nCompilation Once your website is ready to be made public, run hugo in the terminal from your website directory. This command will convert content files into HTML pages, handles static assets, generates URLs and organizes pages, and finally compile the website into the public folder for deployment. The current version of the website is built with Hugo v0.128.2.\nDeployment With GitHub Desktop, you can just commit the changes and push them to the GitHub repository online. Then, GitHub Actions will build the website and deploy it to GitHub Pages. The workflow used by GitHub Actions is in the hugo.yml file stored in the .github/workflows folder. It usually takes a few minutes for the website to be deployed and go live.\nConfiguration file The config.yml file contains all the parameters to configure the website. Upon cloning the source code to your local machine, make sure to update them and add any additional parameter that you would like to customize. Such parameters include:\nbaseURL – The website URL title – Your name, to be used as title of the website params:author - Your name, to be used in HTML meta tags to specify the author of the webpage’s content (this only adds a meta tag to the header of the homepage, it doesn’t have any direct impact on the appearance or functionality of the webpage itself) params:description – A short description (less than 155 characters) of who you are, to be used in HTML meta tags to specify the content of the webpage (this description often appears in search engine results below the title of the webpage) params:googleAnalyticsID – The website’s Google Analytics ID (the website supports Google Analytics 4) params:profileMode:title – Your name, to be used as title on the homepage params:profileMode:subtitle – A description of who you are, to be used as a subtitle on the homepage params:profileMode:imageTitle – Your name, to be used as tag for your profile picture params:socialIcons – The URLs to your social accounts and contact information cover:hiddenInList – Set to true to hide cover images in paper, course, and data lists paginate – The maximum number of entries to show on each list page Content files The content folder contains all the content files for the website. These files are written in Markdown , a simple markup language designed to make writing on the web fast and easy. Each file corresponds to one page of the website.\nMost of the files organized in four categories, which are available from any page through the navigation menu and from the homepage through buttons:\nPapers – Published and unpublished research papers, stored in the papers subfolder Courses – Undergraduate and graduate courses, stored in the courses subfolder Data – Data projects, stored in the data subfolder Books – Books, stored in the books subfolder The category pages include a list of the items in the category (books, papers, courses, data), with links to individual items. These lists are updated automatically as content files are added, deleted, or modified in the specific subfolders.\nNew items To add a new paper to the website, for instance, add a file new_paper.md into the papers subfolder. That new paper will automatically be listed on the page with the other papers . It is convenient to use archetypes to generate new files easily.\nBy default, the URL of the new paper would be baseURL/papers/new_paper/. But the URL can be customized in the new_paper.md file with the url parameter. For instance, with url: /paperx/, the URL of the new paper is simplified to baseURL/paperx/.\nNew categories It is also easy to add new categories to the website, for instance to list software, blog entries, and so on. To add a list of software, create a new software subfolder into the content folder. Then add a content file such as new_software.md into the software subfolder. That new category will be available at baseURL/software/.\nYou can for instance link to it with a button from the homepage. To do that, simply add the following snippet into the config.yml file, below profileMode:buttons:\n- name: Software url: software/ You can also add a link to the new category in the menu bar. To do that, simply add the following snippet into the config.yml file, below menu:main:\n- name: Software url: software/ weight: 4 Other content files The content folder contains a few additional files, which are not part of categories.\nlocation.md – Mailing and office addresses, including a map of the university officehours.md – Schedule and location for office hours It is possible to add any number of files in the content folder. By default, any new_file.md file will be available at baseURL/new_file/.\nStatic files The static folder contains the static files (files not processed or rendered by Hugo) for the website. The static folder contains a few files used in the homepage:\npicture.jpeg – Picture appearing on the homepage. cv.pdf – Curriculum vitae linked to the CV icon on the homepage. This CV is based on the CV template created by Matthew Butterick . favicon.io, favicon-32x32.png, favicon-16x16.png, apple-touch-icon.png – Favicon appearing in the menu bar next to the website title, and in the browser next to the URL. It is easy to produce new favicons . The static folder could also include the PDF files and images to which the website links. It could contain:\nPapers and online appendices in PDF format Presentations in PDF format Lecture notes in PDF format Figures from the papers in PNG format This is for instance how I organized the static files on my website . But in the template, to be more flexible and portable, these files are located directly in the folder for the individual page where they are used: content/papers/paper1/, content/papers/paper2/, content/courses/course1/, and so on.\nKeywords A list of all the keywords (tags) used in papers and courses is automatically generated and added to the website. The tag list is accessible from the homepage. The list can also be added to the menu bar. To do that, simply add the following snippet into the config.yml file, below menu:main:\n- name: Keywords url: tags/ weight: 5 Specific tags can be added to any webpage with the tags parameter. Such tags appear at the bottom of the page in small gray buttons.\nThe tag list is generated by default, but it can be customized through the file _index.md placed in the content/tags/ folder. The file defines for instance the description of the page for search engines (description) as well as the title of the page (title).\nArchive The website also features an archive . The archive displays a chronological list of all papers, books, courses, and data projects. The list of categories displayed in the archive is controlled by the parameter params:MainSections in the config.yml file. The current value of that parameter is\nparams:MainSections: [\"books\",\"courses\",\"papers\",\"data\"] The archive is accessible from the homepage. Add the following snippet below menu:main: in the config.yml file to make the archive available from the menu:\n- name: Archive url: archive/ weight: 7 The archive is available at baseURL/archive/.\nSocial icons The template includes various social icons that are commonly used in academia. All the icons are defined in the file layouts/partials/svg.html; additional icons can be added there. To place any icon on the homepage, the icon type and icon url should be specified below params:socialIcons: in config.yml.\nFor instance, if your CV is called cv.pdf and placed in the static folder, an icon linking to your CV can be added as follows:\n- name: CV url: cv.pdf If your office hours are listed on the page officehours.md in the content folder, an icon linking to your office hours can be added as follows:\n- name: Office Hours url: officehours/ If your office address is listed on the page location.md in the content folder, an icon linking to your address can be added as follows:\n- name: Location url: location/ If your Zoom room is located at https://www.zoom.us/my/user, it is possible to link to it by adding the following snippet:\n- name: Zoom url: https://www.zoom.us/my/user If your Google Scholar profile is located at https://scholar.google.com/citations?user=user, link to it by adding the following snippet:\n- name: Google Scholar url: https://scholar.google.com/citations?user=user Similarly, if your GitHub profile is located at https://github.com/user, link to it by adding the following snippet:\n- name: GitHub url: https://github.com/user Finally, if your email is user@gmail.com, you can link to it by adding the following snippet:\n- name: Email url: mailto:user@gmail.com Typesetting math It is easy to typeset math on any website page. Simply enter LaTeX commands into the Markdown file, and the commands will be rendered synchronously with KaTeX .\nFor instance $x\\in \\mathbb{N}$ is rendered as $x\\in \\mathbb{N}$. $\\xi^\\ast = \\max f(x)$ is rendered as $\\xi^\\ast = \\max f(x)$. And $4 \\ln(\\theta+\\mathcal{Y}) =4 \\int \\ln(x^2)dx$ is rendered as $4 \\ln(\\theta+\\mathcal{Y}) =4 \\int \\ln(x^2)dx$.\nIt is also possible to display equations on any webpage. For example, $$1+\\lambda\\exp{\\frac{\\beta}{\\alpha^2}} = \\max_{t\\in\\mathbb{R}}(x(t)-y(t)+z(t)^2)$$ is rendered as:\n$$1+\\lambda\\exp{\\frac{\\beta}{\\alpha^2}} = \\max_{t\\in\\mathbb{R}}(x(t)-y(t)+z(t)^2).$$\nColor scheme Most of the website produced by the template is in grayscale. For ease of navigation, however, links underlined in orange. The same orange color is used for the website’s favicon, and a lighter shade of orange is used for hovered buttons.\nIt is easy to personalize the color used for links and buttons. The orange color is specified in the file assets/css/core/theme-vars.css. The code snippet specifying the color is:\n--darkcolor: #d95f0e; --lightcolor: #fed582; The two shades of orange are specifed by their hex code. Enter other hex codes to modify the website’s color scheme. Using the same hex codes, it is easy to produce a new favicon with a different color to match the website’s color scheme.\nFooter The website has a footer. The footer contains a copyright notice and a “Powered by” notice. The footer can be customized by modifying the file layouts/partials/footer.html. It is possible to hide the footer by setting the parameter hideFooter to true in the config.yml file.\nCover images Cover images can be specified for all pages. The cover image will appear in lists on the website. It will also appear if a link to the page is used on social media.\nLet’s look at the page for the first paper on the website, “Unusual Uses For Olive Oil”. A cover image for the page is specified at the top of the index.md file in the content/papers/paper1/ folder:\ncover: image: \"paper1.png\" alt: \"Some Uses For Olive Oil\" relative: false The cover image is paper1.png, found in the same folder as the index.md file. The image is in PNG format, which is the recommended format for cover images.\nCover images should be 1280x720 pixels. This size ensures that the cover image has a 16:9 aspect ratio (recommended for most social media), have a good resolution, while not being too large (100–300 KB is recommended). The image should also have some white padding around, to prevent important material from being cropped out.\nTo produce good cover images, Image Magick is a great software. It is free and open source and can be obtained on a Mac with Homebrew: brew install imagemagick. Once you have installed Image Magick, you can transform any image in PNG format to a cover image of the appropriate size with some padding:\nmagick image.png -resize 1200x675 -gravity center -background white -extent 1280x720 image.png RSS feeds In the background, Hugo automatically generates RSS feeds in XML format for your site. These feeds enable interested readers to subscribe to your content and be updated whenever you publish new content. The RSS feeds can be found in the public folder, and are typically available at /index.xml under the appropriate section.\nFor instance, on this website, the RSS feed for my research papers can be found at https://pascalmichaillat.org/papers/index.xml. The RSS feed for my design projects can be found at https://pascalmichaillat.org/design/index.xml. Hugo also produces RSS feeds for all keywords. On this website, the RSS feed for the keyword business cycles can be found at https://pascalmichaillat.org/tags/business-cycles/index.xml and the RSS feed for the keyword recessions can be found at https://pascalmichaillat.org/tags/recessions/index.xml.\nThe XML files can then be submitted to RSS readers, such as the RSS app , to produce RSS feeds .\nSearch A search page can also be added to the website. To add a search page, move the search.md file from the archetypes folder into the content folder. Then, add the following snippet at the end of the config.yml file so that search works properly:\noutputs: home: - HTML - RSS - JSON Finally, add the following snippet below menu:main: in the config.yml file to make the search page available from the menu:\n- name: Search url: search/ weight: 6 The search page will be available at baseURL/search/.\nArchetypes The template comes with archetypes, stored in the archetypes folder. In Hugo, an archetype is a predefined content template that serves as a blueprint for creating new pages. Archetypes help streamline content creation by providing a consistent starting point with predefined metadata and content structure. There is an archetype for paper pages (paper.md) and an archetype for course pages (course.md).\nTo create a new webpage from an archetype, simply use the hugo new command in the terminal from the website directory. For example, to create a page for a new course, you can run:\nhugo new content/courses/my-new-teaching-material.md --kind course Hugo will generate a new content file called my-new-teaching-material.md and place it the directory content/courses/, where all the courses are stored. Furthermore, Hugo will use the archetype course.md. Then, you can edit the content of the page by modifying the newly created file my-new-teaching-material.md.\nSimilarly, to create a page for a new paper, you can run:\nhugo new content/papers/my-new-research-material.md --kind paper Hugo will generate a new content file called my-new-research-material.md and place it the directory content/papers/, where all the papers are stored. Furthermore, Hugo will use the archetype paper.md.\nRedirects It is easy to handle redirects on a Hugo website by using the aliases parameter within the page front matter. This feature allows you to define old URLs that should redirect to a new page. This is particularly useful when you change the URL structure or move content around in your website, and you want to ensure that visitors are redirected from the old URLs to the new one. This ensures that visitors using the old URLs still find the right content.\nThe template includes an example showing how to set up redirects using the aliases parameter. The redirects are set up in the /courses/course1/index.md file. In the preamble, the following snippet of code sets up redirects from old PDF files to the current course page:\naliases: - /courses/course2/slides4.pdf - /courses/course2/slides1.pdf - /courses/course2/slides3.pdf - /courses/course2/slides2.pdf - /courses/course2/notes3.pdf - /courses/course2/notes4.pdf - /courses/course2/ps3.pdf - /courses/course2/ps4.pdf - /courses/course1/quiz1.pdf - /courses/course1/quiz2.pdf - /courses/course2/quiz3.pdf - /courses/course2/quiz4.pdf - /courses/course1/ps1.pdf Hugo will then automatically generate the necessary redirect HTML pages during the build process. These HTML pages will be stored in the public folder. When a visitor navigates to any of the URLs listed in the aliases (such as baseURL/courses/course2/slides4.pdf), they will be redirected to the page where the alias is defined (baseURL/courses/course1/).\nThis method is useful to manage redirects and ensure a seamless user experience when restructuring any part of your website. It is also useful to handle 404 issues since outdated links will automatically point to the correct content, preventing users from landing on the 404 error page .\nPublic folder The public folder contains the fully generated static website files that are ready to be deployed to GitHub Pages. When you run the hugo command, Hugo processes your content, templates, and other project files and generates a static website. The resulting output is placed in the public folder by default.\nThe public folder can always be safely deleted. A new version of the public folder will be created when you run the hugo command in the terminal.\nDomain name It is easy to use a custom domain name for the website. For instance, the domain name https://pascalmichaillat.org/ is registered with Squarespace . Once you have registered a domain, you need to link it to your website. Make sure that the baseURL parameter in config.yml reflects the custom domain name. Make sure that the page setting on GitHub also includes the domain name.\nTips for job-market candidates This template is designed for researchers at all levels, including students, postdocs, faculty members, and professional scientists. When preparing your website for the job market, it might make sense to adapt the website slightly.\nJob-market status To announce your job-market status, you can modify the subtitle on the landing page. You could for instance add\n**In 2024/2025, I will be on the academic job market.** to the text under params:profileMode:subtitle in the config.yml file.\nYou could also add more information, such as who your references are, how to contact them, which job-market meetings you will attend, and so on.\nButtons for job-market paper and CV I would also advise to place prominent links to your CV and job-market paper on the landing page. This can be easily achieved by adding the following code snippet below profileMode:buttons: in the config.yml file:\n- name: Job-market paper url: jmp.pdf - name: Curriculum vitae url: cv.pdf This code snippet will add buttons for your job-market paper (jmp.pdf) and CV (cv.pdf) below the social icons on the homepage. The files cv.pdf and jmp.pdf must be placed in the static folder.\n", - "wordCount" : "3537", + "articleBody": "The template produces a personal website with Hugo, which is a very fast, open-source static website generator. The website design is based on PaperMod, which is a minimalist, fast, and flexible Hugo theme. Finally, the website is hosted on GitHub Pages; but it could easily be hosted on other services.\nThe design has been customized for academic websites. The first goal was to obtain a minimalist website that is easy to navigate. The second goal was to obtain a website that highlights the research and teaching material. The third goal was to have a website that performs well (fast to load, good SEO, good accessibility). The website performs very well on mobile and desktop devices—just like the original PaperMod theme. The final goal was to design a website that is easy to maintain and expand.\nView Hugo template for academic websites Website produced by the template Key features Webpages are organized in several categories, which are available from any page through the menu and from the homepage through buttons: papers, courses, data, and so on. The template accepts LaTeX expressions to typeset math on all webpages. The template provides social icons specific to academia: CV, email address, office location, office hours, Zoom room, GitHub profile, Substack profile, Google Scholar profile, and so on. An archive page is automatically generated so visitors can easily see the most recent material added to the website. A list of keywords used in papers and courses is automatically generated so visitors can easily see the topics covered in research and teaching. The metadata for webpages, which appear below the webpage title, are tailored to the academic context. Color scheme, font, spacing, and general appearance are streamlined and as minimalist as possible. Tables, code blocks, quote blocks, itemized and numbered lists are formatted to fit seamlessly with the rest of the website. Installation On your local machine Clone the repository to your local machine Install Hugo. On a Mac, this is easily done with Homebrew. Simply run the following command in the terminal: brew install hugo. Since the website is hosted on GitHub Pages, it is convenient to install GitHub Desktop. The website can conveniently be updated from your local machine via GitHub Desktop without going to GitHub. Update the baseURL parameter in config.yml with the website URL that you plan to use. On your GitHub account The first time that you push your repository to GitHub, you need to allow GitHub Actions and GitHub Pages so the website can be built and deployed to GitHub Pages. The first step is to ask GitHub to publish the website with a GitHub Action. GitHub offers a ready-made action to publish a Hugo website, called Deploy Hugo site to Pages. This action must be enabled in the Pages Settings of your GitHub repository. You can view the workflow triggered by the action in the .github/workflows/hugo.yml file. Once the GitHub Actions are enabled, GitHub will build and publish the website as soon as the repository is updated. If you would like to update the GitHub action (for instance because it became outdated and fails to deploy the site), you can find the most recent action on GitHub. You can place this file directly in the .github/workflows folder to replace the old hugo.yml file. Usage Development To check that everything works, experiment with the code, and slowly develop your website, start by rebuilding the website locally. In the terminal, navigate to your website directory and run hugo server from there. The command builds the website with Hugo and starts a local web server. The website is then available at http://localhost:1313 in any web browser. Hugo automatically rebuilds the site and refreshes the web page in the browser as changes are made to the files (content, templates) in the repository. This allows you to see changes instantly as you are developing your website.\nCompilation Once your website is ready to be made public, run hugo in the terminal from your website directory. This command will convert content files into HTML pages, handles static assets, generates URLs and organizes pages, and finally compile the website into the public folder for deployment. The current version of the website is built with Hugo v0.128.2.\nDeployment With GitHub Desktop, you can just commit the changes and push them to the GitHub repository online. Then, GitHub Actions will build the website and deploy it to GitHub Pages. The workflow used by GitHub Actions is in the hugo.yml file stored in the .github/workflows folder. It usually takes a few minutes for the website to be deployed and go live.\nConfiguration file The config.yml file contains all the parameters to configure the website. Upon cloning the source code to your local machine, make sure to update them and add any additional parameter that you would like to customize. Such parameters include:\nbaseURL – The website URL title – Your name, to be used as title of the website params:author - Your name, to be used in HTML meta tags to specify the author of the webpage’s content (this only adds a meta tag to the header of the homepage, it doesn’t have any direct impact on the appearance or functionality of the webpage itself) params:description – A short description (less than 155 characters) of who you are, to be used in HTML meta tags to specify the content of the webpage (this description often appears in search engine results below the title of the webpage) params:googleAnalyticsID – The website’s Google Analytics ID (the website supports Google Analytics 4) params:profileMode:title – Your name, to be used as title on the homepage params:profileMode:subtitle – A description of who you are, to be used as a subtitle on the homepage params:profileMode:imageTitle – Your name, to be used as tag for your profile picture params:socialIcons – The URLs to your social accounts and contact information cover:hiddenInList – Set to true to hide cover images in paper, course, and data lists paginate – The maximum number of entries to show on each list page Content files The content folder contains all the content files for the website. These files are written in Markdown, a simple markup language designed to make writing on the web fast and easy. Each file corresponds to one page of the website.\nMost of the files organized in four categories, which are available from any page through the navigation menu and from the homepage through buttons:\nPapers – Published and unpublished research papers, stored in the papers subfolder Courses – Undergraduate and graduate courses, stored in the courses subfolder Data – Data projects, stored in the data subfolder Books – Books, stored in the books subfolder The category pages include a list of the items in the category (books, papers, courses, data), with links to individual items. These lists are updated automatically as content files are added, deleted, or modified in the specific subfolders.\nNew items To add a new paper to the website, for instance, add a file new_paper.md into the papers subfolder. That new paper will automatically be listed on the page with the other papers. It is convenient to use archetypes to generate new files easily.\nBy default, the URL of the new paper would be baseURL/papers/new_paper/. But the URL can be customized in the new_paper.md file with the url parameter. For instance, with url: /paperx/, the URL of the new paper is simplified to baseURL/paperx/.\nNew categories It is also easy to add new categories to the website, for instance to list software, blog entries, and so on. To add a list of software, create a new software subfolder into the content folder. Then add a content file such as new_software.md into the software subfolder. That new category will be available at baseURL/software/.\nYou can for instance link to it with a button from the homepage. To do that, simply add the following snippet into the config.yml file, below profileMode:buttons:\n- name: Software url: software/ You can also add a link to the new category in the menu bar. To do that, simply add the following snippet into the config.yml file, below menu:main:\n- name: Software url: software/ weight: 4 Other content files The content folder contains a few additional files, which are not part of categories.\nlocation.md – Mailing and office addresses, including a map of the university officehours.md – Schedule and location for office hours It is possible to add any number of files in the content folder. By default, any new_file.md file will be available at baseURL/new_file/.\nStatic files The static folder contains the static files (files not processed or rendered by Hugo) for the website. The static folder contains a few files used in the homepage:\npicture.jpeg – Picture appearing on the homepage. cv.pdf – Curriculum vitae linked to the CV icon on the homepage. This CV is based on the CV template created by Matthew Butterick. favicon.io, favicon-32x32.png, favicon-16x16.png, apple-touch-icon.png – Favicon appearing in the menu bar next to the website title, and in the browser next to the URL. It is easy to produce new favicons. The static folder could also include the PDF files and images to which the website links. It could contain:\nPapers and online appendices in PDF format Presentations in PDF format Lecture notes in PDF format Figures from the papers in PNG format This is for instance how I organized the static files on my website. But in the template, to be more flexible and portable, these files are located directly in the folder for the individual page where they are used: content/papers/paper1/, content/papers/paper2/, content/courses/course1/, and so on.\nKeywords A list of all the keywords (tags) used in papers and courses is automatically generated and added to the website. The tag list is accessible from the homepage. The list can also be added to the menu bar. To do that, simply add the following snippet into the config.yml file, below menu:main:\n- name: Keywords url: tags/ weight: 5 Specific tags can be added to any webpage with the tags parameter. Such tags appear at the bottom of the page in small gray buttons.\nThe tag list is generated by default, but it can be customized through the file _index.md placed in the content/tags/ folder. The file defines for instance the description of the page for search engines (description) as well as the title of the page (title).\nArchive The website also features an archive. The archive displays a chronological list of all papers, books, courses, and data projects. The list of categories displayed in the archive is controlled by the parameter params:MainSections in the config.yml file. The current value of that parameter is\nparams:MainSections: [\"books\",\"courses\",\"papers\",\"data\"] The archive is accessible from the homepage. Add the following snippet below menu:main: in the config.yml file to make the archive available from the menu:\n- name: Archive url: archive/ weight: 7 The archive is available at baseURL/archive/.\nSocial icons The template includes various social icons that are commonly used in academia. All the icons are defined in the file layouts/partials/svg.html; additional icons can be added there. To place any icon on the homepage, the icon type and icon url should be specified below params:socialIcons: in config.yml.\nFor instance, if your CV is called cv.pdf and placed in the static folder, an icon linking to your CV can be added as follows:\n- name: CV url: cv.pdf If your office hours are listed on the page officehours.md in the content folder, an icon linking to your office hours can be added as follows:\n- name: Office Hours url: officehours/ If your office address is listed on the page location.md in the content folder, an icon linking to your address can be added as follows:\n- name: Location url: location/ If your Zoom room is located at https://www.zoom.us/my/user, it is possible to link to it by adding the following snippet:\n- name: Zoom url: https://www.zoom.us/my/user If your Google Scholar profile is located at https://scholar.google.com/citations?user=user, link to it by adding the following snippet:\n- name: Google Scholar url: https://scholar.google.com/citations?user=user Similarly, if your GitHub profile is located at https://github.com/user, link to it by adding the following snippet:\n- name: GitHub url: https://github.com/user Finally, if your email is user@gmail.com, you can link to it by adding the following snippet:\n- name: Email url: mailto:user@gmail.com Typesetting math It is easy to typeset math on any website page. Simply enter LaTeX commands into the Markdown file, and the commands will be rendered synchronously with KaTeX.\nFor instance $x\\in \\mathbb{N}$ is rendered as $x\\in \\mathbb{N}$. $\\xi^\\ast = \\max f(x)$ is rendered as $\\xi^\\ast = \\max f(x)$. And $4 \\ln(\\theta+\\mathcal{Y}) =4 \\int \\ln(x^2)dx$ is rendered as $4 \\ln(\\theta+\\mathcal{Y}) =4 \\int \\ln(x^2)dx$.\nIt is also possible to display equations on any webpage. For example, $$1+\\lambda\\exp{\\frac{\\beta}{\\alpha^2}} = \\max_{t\\in\\mathbb{R}}(x(t)-y(t)+z(t)^2)$$ is rendered as:\n$$1+\\lambda\\exp{\\frac{\\beta}{\\alpha^2}} = \\max_{t\\in\\mathbb{R}}(x(t)-y(t)+z(t)^2).$$\nColor scheme Most of the website produced by the template is in grayscale. For ease of navigation, however, links underlined in orange. The same orange color is used for the website’s favicon, and a lighter shade of orange is used for hovered buttons.\nIt is easy to personalize the color used for links and buttons. The orange color is specified in the file assets/css/core/theme-vars.css. The code snippet specifying the color is:\n--darkcolor: #d95f0e; --lightcolor: #fed582; The two shades of orange are specifed by their hex code. Enter other hex codes to modify the website’s color scheme. Using the same hex codes, it is easy to produce a new favicon with a different color to match the website’s color scheme.\nFooter The website has a footer. The footer contains a copyright notice and a “Powered by” notice. The footer can be customized by modifying the file layouts/partials/footer.html. It is possible to hide the footer by setting the parameter hideFooter to true in the config.yml file.\nCover images Cover images can be specified for all pages. The cover image will appear in lists on the website. It will also appear if a link to the page is used on social media.\nLet’s look at the page for the first paper on the website, “Unusual Uses For Olive Oil”. A cover image for the page is specified at the top of the index.md file in the content/papers/paper1/ folder:\ncover: image: \"paper1.png\" alt: \"Some Uses For Olive Oil\" relative: false The cover image is paper1.png, found in the same folder as the index.md file. The image is in PNG format, which is the recommended format for cover images.\nCover images should be 1280x720 pixels. This size ensures that the cover image has a 16:9 aspect ratio (recommended for most social media), have a good resolution, while not being too large (100–300 KB is recommended). The image should also have some white padding around, to prevent important material from being cropped out.\nTo produce good cover images, Image Magick is a great software. It is free and open source and can be obtained on a Mac with Homebrew: brew install imagemagick. Once you have installed Image Magick, you can transform any image in PNG format to a cover image of the appropriate size with some padding:\nmagick image.png -resize 1200x675 -gravity center -background white -extent 1280x720 image.png RSS feeds In the background, Hugo automatically generates RSS feeds in XML format for your site. These feeds enable interested readers to subscribe to your content and be updated whenever you publish new content. The RSS feeds can be found in the public folder, and are typically available at /index.xml under the appropriate section.\nFor instance, on this website, the RSS feed for my research papers can be found at https://pascalmichaillat.org/papers/index.xml. The RSS feed for my design projects can be found at https://pascalmichaillat.org/design/index.xml. Hugo also produces RSS feeds for all keywords. On this website, the RSS feed for the keyword business cycles can be found at https://pascalmichaillat.org/tags/business-cycles/index.xml and the RSS feed for the keyword recessions can be found at https://pascalmichaillat.org/tags/recessions/index.xml.\nThe XML files can then be submitted to RSS readers, such as the RSS app, to produce RSS feeds.\nSearch A search page can also be added to the website. To add a search page, move the search.md file from the archetypes folder into the content folder. Then, add the following snippet at the end of the config.yml file so that search works properly:\noutputs: home: - HTML - RSS - JSON Finally, add the following snippet below menu:main: in the config.yml file to make the search page available from the menu:\n- name: Search url: search/ weight: 6 The search page will be available at baseURL/search/.\nArchetypes The template comes with archetypes, stored in the archetypes folder. In Hugo, an archetype is a predefined content template that serves as a blueprint for creating new pages. Archetypes help streamline content creation by providing a consistent starting point with predefined metadata and content structure. There is an archetype for paper pages (paper.md) and an archetype for course pages (course.md).\nTo create a new webpage from an archetype, simply use the hugo new command in the terminal from the website directory. For example, to create a page for a new course, you can run:\nhugo new content/courses/my-new-teaching-material.md --kind course Hugo will generate a new content file called my-new-teaching-material.md and place it the directory content/courses/, where all the courses are stored. Furthermore, Hugo will use the archetype course.md. Then, you can edit the content of the page by modifying the newly created file my-new-teaching-material.md.\nSimilarly, to create a page for a new paper, you can run:\nhugo new content/papers/my-new-research-material.md --kind paper Hugo will generate a new content file called my-new-research-material.md and place it the directory content/papers/, where all the papers are stored. Furthermore, Hugo will use the archetype paper.md.\nRedirects It is easy to handle redirects on a Hugo website by using the aliases parameter within the page front matter. This feature allows you to define old URLs that should redirect to a new page. This is particularly useful when you change the URL structure or move content around in your website, and you want to ensure that visitors are redirected from the old URLs to the new one. This ensures that visitors using the old URLs still find the right content.\nThe template includes an example showing how to set up redirects using the aliases parameter. The redirects are set up in the /courses/course1/index.md file. In the preamble, the following snippet of code sets up redirects from old PDF files to the current course page:\naliases: - /courses/course2/slides4.pdf - /courses/course2/slides1.pdf - /courses/course2/slides3.pdf - /courses/course2/slides2.pdf - /courses/course2/notes3.pdf - /courses/course2/notes4.pdf - /courses/course2/ps3.pdf - /courses/course2/ps4.pdf - /courses/course1/quiz1.pdf - /courses/course1/quiz2.pdf - /courses/course2/quiz3.pdf - /courses/course2/quiz4.pdf - /courses/course1/ps1.pdf Hugo will then automatically generate the necessary redirect HTML pages during the build process. These HTML pages will be stored in the public folder. When a visitor navigates to any of the URLs listed in the aliases (such as baseURL/courses/course2/slides4.pdf), they will be redirected to the page where the alias is defined (baseURL/courses/course1/).\nThis method is useful to manage redirects and ensure a seamless user experience when restructuring any part of your website. It is also useful to handle 404 issues since outdated links will automatically point to the correct content, preventing users from landing on the 404 error page.\nPublic folder The public folder contains the fully generated static website files that are ready to be deployed to GitHub Pages. When you run the hugo command, Hugo processes your content, templates, and other project files and generates a static website. The resulting output is placed in the public folder by default.\nThe public folder can always be safely deleted. A new version of the public folder will be created when you run the hugo command in the terminal.\nDomain name It is easy to use a custom domain name for the website. For instance, the domain name https://pascalmichaillat.org/ is registered with Squarespace. Once you have registered a domain, you need to link it to your website. Make sure that the baseURL parameter in config.yml reflects the custom domain name. Make sure that the page setting on GitHub also includes the domain name.\nTips for job-market candidates This template is designed for researchers at all levels, including students, postdocs, faculty members, and professional scientists. When preparing your website for the job market, it might make sense to adapt the website slightly.\nJob-market status To announce your job-market status, you can modify the subtitle on the landing page. You could for instance add\n**In 2024/2025, I will be on the academic job market.** to the text under params:profileMode:subtitle in the config.yml file.\nYou could also add more information, such as who your references are, how to contact them, which job-market meetings you will attend, and so on.\nButtons for job-market paper and CV I would also advise to place prominent links to your CV and job-market paper on the landing page. This can be easily achieved by adding the following code snippet below profileMode:buttons: in the config.yml file:\n- name: Job-market paper url: jmp.pdf - name: Curriculum vitae url: cv.pdf This code snippet will add buttons for your job-market paper (jmp.pdf) and CV (cv.pdf) below the social icons on the homepage. The files cv.pdf and jmp.pdf must be placed in the static folder.\n", + "wordCount" : "3519", "inLanguage": "en", "image":"https://pascalmichaillat.org/d5s.png","datePublished": "2024-07-16T00:00:00Z", "dateModified": "2024-10-18T00:00:00Z", @@ -213,19 +213,13 @@

-

The template produces a personal website with Hugo -, which is a very fast, open-source static website generator. The website design is based on PaperMod -, which is a minimalist, fast, and flexible Hugo theme. Finally, the website is hosted on GitHub Pages -; but it could easily be hosted on other services.

-

The design has been customized for academic websites. The first goal was to obtain a minimalist website that is easy to navigate. The second goal was to obtain a website that highlights the research and teaching material. The third goal was to have a website that performs well (fast to load, good SEO, good accessibility). The website performs very well - on mobile and desktop devices—just like the original PaperMod theme. The final goal was to design a website that is easy to maintain and expand.

+

The template produces a personal website with Hugo, which is a very fast, open-source static website generator. The website design is based on PaperMod, which is a minimalist, fast, and flexible Hugo theme. Finally, the website is hosted on GitHub Pages; but it could easily be hosted on other services.

+

The design has been customized for academic websites. The first goal was to obtain a minimalist website that is easy to navigate. The second goal was to obtain a website that highlights the research and teaching material. The third goal was to have a website that performs well (fast to load, good SEO, good accessibility). The website performs very well on mobile and desktop devices—just like the original PaperMod theme. The final goal was to design a website that is easy to maintain and expand.


View


Key features

@@ -244,30 +238,23 @@

Installation

  • Clone the repository to your local machine
  • -
  • Install Hugo -. On a Mac, this is easily done with Homebrew -. Simply run the following command in the terminal: brew install hugo.
  • -
  • Since the website is hosted on GitHub Pages, it is convenient to install GitHub Desktop -. The website can conveniently be updated from your local machine via GitHub Desktop without going to GitHub.
  • +
  • Install Hugo. On a Mac, this is easily done with Homebrew. Simply run the following command in the terminal: brew install hugo.
  • +
  • Since the website is hosted on GitHub Pages, it is convenient to install GitHub Desktop. The website can conveniently be updated from your local machine via GitHub Desktop without going to GitHub.
  • Update the baseURL parameter in config.yml with the website URL that you plan to use.

On your GitHub account

  • The first time that you push your repository to GitHub, you need to allow GitHub Actions and GitHub Pages so the website can be built and deployed to GitHub Pages.
  • -
  • The first step is to ask GitHub to publish the website - with a GitHub Action. GitHub offers a ready-made action to publish a Hugo website, called Deploy Hugo site to Pages. This action must be enabled in the Pages Settings - of your GitHub repository. You can view the workflow triggered by the action in the .github/workflows/hugo.yml file.
  • +
  • The first step is to ask GitHub to publish the website with a GitHub Action. GitHub offers a ready-made action to publish a Hugo website, called Deploy Hugo site to Pages. This action must be enabled in the Pages Settings of your GitHub repository. You can view the workflow triggered by the action in the .github/workflows/hugo.yml file.
  • Once the GitHub Actions are enabled, GitHub will build and publish the website as soon as the repository is updated.
  • -
  • If you would like to update the GitHub action (for instance because it became outdated and fails to deploy the site), you can find the most recent action on GitHub -. You can place this file directly in the .github/workflows folder to replace the old hugo.yml file.
  • +
  • If you would like to update the GitHub action (for instance because it became outdated and fails to deploy the site), you can find the most recent action on GitHub. You can place this file directly in the .github/workflows folder to replace the old hugo.yml file.

Usage

Development

To check that everything works, experiment with the code, and slowly develop your website, start by rebuilding the website locally. In the terminal, navigate to your website directory and run hugo server from there. The command builds the website with Hugo and starts a local web server. The website is then available at http://localhost:1313 in any web browser. Hugo automatically rebuilds the site and refreshes the web page in the browser as changes are made to the files (content, templates) in the repository. This allows you to see changes instantly as you are developing your website.

Compilation

-

Once your website is ready to be made public, run hugo in the terminal from your website directory. This command will convert content files into HTML pages, handles static assets, generates URLs and organizes pages, and finally compile the website into the public folder for deployment. The current version of the website - is built with Hugo v0.128.2.

+

Once your website is ready to be made public, run hugo in the terminal from your website directory. This command will convert content files into HTML pages, handles static assets, generates URLs and organizes pages, and finally compile the website into the public folder for deployment. The current version of the website is built with Hugo v0.128.2.

Deployment

With GitHub Desktop, you can just commit the changes and push them to the GitHub repository online. Then, GitHub Actions will build the website and deploy it to GitHub Pages. The workflow used by GitHub Actions is in the hugo.yml file stored in the .github/workflows folder. It usually takes a few minutes for the website to be deployed and go live.


@@ -282,31 +269,23 @@

Configuration file
  • social accounts and contact information -
  • +
  • params:socialIcons – The URLs to your social accounts and contact information
  • cover:hiddenInList – Set to true to hide cover images in paper, course, and data lists
  • paginate – The maximum number of entries to show on each list page

  • Content files

    -

    The content folder contains all the content files for the website. These files are written in Markdown -, a simple markup language designed to make writing on the web fast and easy. Each file corresponds to one page of the website.

    +

    The content folder contains all the content files for the website. These files are written in Markdown, a simple markup language designed to make writing on the web fast and easy. Each file corresponds to one page of the website.

    Most of the files organized in four categories, which are available from any page through the navigation menu and from the homepage through buttons:

      -
    • Papers - – Published and unpublished research papers, stored in the papers subfolder
    • -
    • Courses - – Undergraduate and graduate courses, stored in the courses subfolder
    • -
    • Data - – Data projects, stored in the data subfolder
    • -
    • Books - – Books, stored in the books subfolder
    • +
    • Papers – Published and unpublished research papers, stored in the papers subfolder
    • +
    • Courses – Undergraduate and graduate courses, stored in the courses subfolder
    • +
    • Data – Data projects, stored in the data subfolder
    • +
    • Books – Books, stored in the books subfolder

    The category pages include a list of the items in the category (books, papers, courses, data), with links to individual items. These lists are updated automatically as content files are added, deleted, or modified in the specific subfolders.

    New items

    -

    To add a new paper to the website, for instance, add a file new_paper.md into the papers subfolder. That new paper will automatically be listed on the page with the other papers -. It is convenient to use archetypes - to generate new files easily.

    +

    To add a new paper to the website, for instance, add a file new_paper.md into the papers subfolder. That new paper will automatically be listed on the page with the other papers. It is convenient to use archetypes to generate new files easily.

    By default, the URL of the new paper would be baseURL/papers/new_paper/. But the URL can be customized in the new_paper.md file with the url parameter. For instance, with url: /paperx/, the URL of the new paper is simplified to baseURL/paperx/.

    New categories

    It is also easy to add new categories to the website, for instance to list software, blog entries, and so on. To add a list of software, create a new software subfolder into the content folder. Then add a content file such as new_software.md into the software subfolder. That new category will be available at baseURL/software/.

    @@ -329,11 +308,8 @@

    Static files

    The static folder could also include the PDF files and images to which the website links. It could contain:

    on my website -. But in the template, to be more flexible and portable, these files are located directly in the folder for the individual page where they are used: content/papers/paper1/, content/papers/paper2/, content/courses/course1/, and so on.

    +

    This is for instance how I organized the static files on my website. But in the template, to be more flexible and portable, these files are located directly in the folder for the individual page where they are used: content/papers/paper1/, content/papers/paper2/, content/courses/course1/, and so on.


    Keywords

    -

    A list of all the keywords (tags) - used in papers and courses is automatically generated and added to the website. The tag list is accessible from the homepage. The list can also be added to the menu bar. To do that, simply add the following snippet into the config.yml file, below menu:main:

    +

    A list of all the keywords (tags) used in papers and courses is automatically generated and added to the website. The tag list is accessible from the homepage. The list can also be added to the menu bar. To do that, simply add the following snippet into the config.yml file, below menu:main:

    - name: Keywords
       url: tags/
       weight: 5
    @@ -355,8 +329,7 @@ 

    Keywords

    -

    The website also features an archive -. The archive displays a chronological list of all papers, books, courses, and data projects. The list of categories displayed in the archive is controlled by the parameter params:MainSections in the config.yml file. The current value of that parameter is

    +

    The website also features an archive. The archive displays a chronological list of all papers, books, courses, and data projects. The list of categories displayed in the archive is controlled by the parameter params:MainSections in the config.yml file. The current value of that parameter is

    params:MainSections: ["books","courses","papers","data"]
     

    The archive is accessible from the homepage. Add the following snippet below menu:main: in the config.yml file to make the archive available from the menu:

    - name: Archive  
    @@ -389,8 +362,7 @@ 

    Social icons


    -

    It is easy to typeset math on any website page. Simply enter LaTeX commands into the Markdown file, and the commands will be rendered synchronously with KaTeX -.

    +

    It is easy to typeset math on any website page. Simply enter LaTeX commands into the Markdown file, and the commands will be rendered synchronously with KaTeX.

    For instance $x\in \mathbb{N}$ is rendered as $x\in \mathbb{N}$. $\xi^\ast = \max f(x)$ is rendered as $\xi^\ast = \max f(x)$. And $4 \ln(\theta+\mathcal{Y}) =4 \int \ln(x^2)dx$ is rendered as $4 \ln(\theta+\mathcal{Y}) =4 \int \ln(x^2)dx$.

    It is also possible to display equations on any webpage. For example, $$1+\lambda\exp{\frac{\beta}{\alpha^2}} = \max_{t\in\mathbb{R}}(x(t)-y(t)+z(t)^2)$$ is rendered as:

    $$1+\lambda\exp{\frac{\beta}{\alpha^2}} = \max_{t\in\mathbb{R}}(x(t)-y(t)+z(t)^2).$$

    @@ -400,9 +372,7 @@

    Color scheme

    other hex codes - to modify the website’s color scheme. Using the same hex codes, it is easy to produce a new favicon - with a different color to match the website’s color scheme.

    +

    The two shades of orange are specifed by their hex code. Enter other hex codes to modify the website’s color scheme. Using the same hex codes, it is easy to produce a new favicon with a different color to match the website’s color scheme.


    The website has a footer. The footer contains a copyright notice and a “Powered by” notice. The footer can be customized by modifying the file layouts/partials/footer.html. It is possible to hide the footer by setting the parameter hideFooter to true in the config.yml file.

    @@ -417,16 +387,13 @@

    Cover images

    Image Magick - is a great software. It is free and open source and can be obtained on a Mac with Homebrew: brew install imagemagick. Once you have installed Image Magick, you can transform any image in PNG format to a cover image of the appropriate size with some padding:

    +

    To produce good cover images, Image Magick is a great software. It is free and open source and can be obtained on a Mac with Homebrew: brew install imagemagick. Once you have installed Image Magick, you can transform any image in PNG format to a cover image of the appropriate size with some padding:

    magick image.png -resize 1200x675 -gravity center -background white -extent 1280x720 image.png
     

    RSS feeds

    In the background, Hugo automatically generates RSS feeds in XML format for your site. These feeds enable interested readers to subscribe to your content and be updated whenever you publish new content. The RSS feeds can be found in the public folder, and are typically available at /index.xml under the appropriate section.

    For instance, on this website, the RSS feed for my research papers can be found at https://pascalmichaillat.org/papers/index.xml. The RSS feed for my design projects can be found at https://pascalmichaillat.org/design/index.xml. Hugo also produces RSS feeds for all keywords. On this website, the RSS feed for the keyword business cycles can be found at https://pascalmichaillat.org/tags/business-cycles/index.xml and the RSS feed for the keyword recessions can be found at https://pascalmichaillat.org/tags/recessions/index.xml.

    -

    The XML files can then be submitted to RSS readers, such as the RSS app -, to produce RSS feeds -.

    +

    The XML files can then be submitted to RSS readers, such as the RSS app, to produce RSS feeds.


    A search page can also be added to the website. To add a search page, move the search.md file from the archetypes folder into the content folder. Then, add the following snippet at the end of the config.yml file so that search works properly:

    @@ -468,18 +435,14 @@

    Redirects

    404 error page -.

    +

    This method is useful to manage redirects and ensure a seamless user experience when restructuring any part of your website. It is also useful to handle 404 issues since outdated links will automatically point to the correct content, preventing users from landing on the 404 error page.


    Public folder

    The public folder contains the fully generated static website files that are ready to be deployed to GitHub Pages. When you run the hugo command, Hugo processes your content, templates, and other project files and generates a static website. The resulting output is placed in the public folder by default.

    The public folder can always be safely deleted. A new version of the public folder will be created when you run the hugo command in the terminal.


    Domain name

    -

    It is easy to use a custom domain name for the website. For instance, the domain name https://pascalmichaillat.org/ is registered with Squarespace -. Once you have registered a domain, you need to link it - to your website. Make sure that the baseURL parameter in config.yml reflects the custom domain name. Make sure that the page setting - on GitHub also includes the domain name.

    +

    It is easy to use a custom domain name for the website. For instance, the domain name https://pascalmichaillat.org/ is registered with Squarespace. Once you have registered a domain, you need to link it to your website. Make sure that the baseURL parameter in config.yml reflects the custom domain name. Make sure that the page setting on GitHub also includes the domain name.


    Tips for job-market candidates

    This template is designed for researchers at all levels, including students, postdocs, faculty members, and professional scientists. When preparing your website for the job market, it might make sense to adapt the website slightly.

    diff --git a/public/officehours/index.html b/public/officehours/index.html index e7bf7e69a..b3bc43a63 100644 --- a/public/officehours/index.html +++ b/public/officehours/index.html @@ -57,8 +57,8 @@ "keywords": [ ], - "articleBody": " Schedule for Fall 2024 Day: Wednesday Time for ECON 182 students: 4:00pm–5:00pm Time for other UCSC students: 3:00pm–4:00pm Location By default office hours take place in my office . I am also available for virtual meetings upon request. Those take place in my Zoom room .\nMeeting material If we are meeting to discuss research, please send me a written description of the work that you would like to discus. Presentation slides or paper draft are perfectly fine. If you do not have those, please send a one-page description of the research. If we have already met in the past to discuss research, please send me an update on your work since our previous meeting. Include responses to each point on your to-do list from the previous meeting. Please send me the material by 8pm on the evening before our meeting. ", - "wordCount" : "141", + "articleBody": " Schedule for Fall 2024 Day: Wednesday Time for ECON 182 students: 4:00pm–5:00pm Time for other UCSC students: 3:00pm–4:00pm Location By default office hours take place in my office. I am also available for virtual meetings upon request. Those take place in my Zoom room.\nMeeting material If we are meeting to discuss research, please send me a written description of the work that you would like to discus. Presentation slides or paper draft are perfectly fine. If you do not have those, please send a one-page description of the research. If we have already met in the past to discuss research, please send me an update on your work since our previous meeting. Include responses to each point on your to-do list from the previous meeting. Please send me the material by 8pm on the evening before our meeting. ", + "wordCount" : "139", "inLanguage": "en", "image": "https://pascalmichaillat.org/cover.png","datePublished": "2024-09-24T00:00:00Z", "dateModified": "2024-09-24T00:00:00Z", @@ -180,9 +180,7 @@

    Schedule for Fall 2024


    Location

    -

    By default office hours take place in my office -. I am also available for virtual meetings upon request. Those take place in my Zoom room -.

    +

    By default office hours take place in my office. I am also available for virtual meetings upon request. Those take place in my Zoom room.


    Meeting material