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JustinWolfers's profile
Justin Wolfers
Justin Wolfers
Justin Wolfers
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@JustinWolfers

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Justin WolfersVerified account

@JustinWolfers

Professor @UMichEcon & @FordSchool | @NYTimes contributor | Senior Fellow @BrookingsInst & @PIIE | Intro Econ textbook author | Think Like an Economist podcast

Ann Arbor, MI
nber.org/~jwolfers
Joined July 2011

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    Justin Wolfers‏Verified account @JustinWolfers 4 Mar 2019

    Justin Wolfers Retweeted Douglas Irwin

    Lemme explain using Econ 101 👨‍🎓 P | \ /Domestic supply | \ / | X | ---🅱-\----World price + 🇺🇸tariff | / \ ↑ |-🅰------\-- Old world price | Domestic demand ————————Q ↑Tariff => 🅰➡🅱=> ↑Price => 😡https://twitter.com/D_A_Irwin/status/1102043869099761666 …

    Justin Wolfers added,

    Douglas Irwin @D_A_Irwin
    100% pass-through - important findings on Trump tariffs by the great team of Amiti, Redding, and Weinstein - http://www.princeton.edu/~reddings/papers/CEPR-DP13564.pdf … HT: @sdonnan pic.twitter.com/5ToSHxG3PY
    9:43 AM - 4 Mar 2019
    • 226 Retweets
    • 687 Likes
    • Maia Beth🕶🚘𝚏𝚛𝚞𝚜𝚝𝚛𝚊𝚝𝚎𝚍 ⓟ𝚛𝚎𝚌𝚒𝚜𝚒o𝚗 𝚍𝚛𝚒𝚟𝕖𝚛 Bill Benda the post of john brown Soledad Zignago λ (((Will Hayworth))) 中吉h Ryan James Boyle Ryan Erickson
    21 replies 226 retweets 687 likes
      1. Bravin Neff‏ @bravinneff 4 Mar 2019
        Replying to @JustinWolfers

        The demand and supply curves are easy. The distinction between movements vs shifts is slightly less easy, but still manageable. What's *NOT* easy is drawing this stuff using slashes and back-slashes and have it all line up correctly. HOW DOES HE DO IT?

        0 replies 0 retweets 29 likes
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      2. Burchell Wilson‏ @BurchellWilson 4 Mar 2019
        Replying to @JustinWolfers

        Good to see your demand curve now sloping downward!

        0 replies 0 retweets 3 likes
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      2. Jodi Beggs‏Verified account @jodiecongirl 4 Mar 2019
        Replying to @JustinWolfers

        this graph is making the small-country assumption though, which the US is almost certainly not for most goods...basically what I'm saying is that the 100% pass through is probably a more interesting finding than it seems on the surface

        1 reply 1 retweet 27 likes
      3. Bfklin‏ @Bfklin 4 Mar 2019
        Replying to @jodiecongirl @JustinWolfers

        I don’t buy it is proof that its 100%. I read first 20 pp & the 12 month comparison runs into other factors: inputs, obsoloscence prod development. Even if comparing non tarriff to tarriff. There was also forward buying and ongoing resourcing so burdrn sharing less important.

        0 replies 0 retweets 0 likes
      4. End of conversation
      1. i hate it (everyw)here‏ @SupDre 4 Mar 2019
        Replying to @JustinWolfers

        Imagine getting a phd in econ only to have the current state of affairs force you to write a whole paper about this super basic concept.

        0 replies 0 retweets 1 like
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      1. julius‏ @Calmwatersavril 4 Mar 2019
        Replying to @JustinWolfers

        True. But this is an atrocity on moblie.

        0 replies 0 retweets 0 likes
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      1. Blue Progress‏ @BlueProgress 4 Mar 2019
        Replying to @JustinWolfers

        This is a work of art.

        0 replies 0 retweets 2 likes
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      2. LeftWingGuy1066  🐈‏ @LibGuy1066 4 Mar 2019
        Replying to @JustinWolfers

        Nice but there's no profit in that diagram. This means the cost of the tariff cannot come out of profits. Also, I'm not a hug fan of tariffs but the above is key and missing.

        1 reply 0 retweets 0 likes
      3. Nick HK‏ @nickchk 5 Mar 2019
        Replying to @LibGuy1066 @JustinWolfers

        Profit is there, although it's a bit hidden. The triangle formed by price, the y-axis, and the domestic supply is producer surplus. Not quite the same thing as profit but they're very closely linked. In this simple diagram, actually, domestic profits increase with the tariff.

        0 replies 0 retweets 0 likes
      4. End of conversation

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