📢 Call for Papers: Housing Market Frictions and Access to Homeownership 1st Annual Workshop in Real Estate Finance 24–25 August 2026 · Frankfurt am Main Keynote speakers: • Timothy McQuade (UC Berkeley, NBER) • Andreas Fuster (Swiss Finance Institute at EPFL, CEPR)
Claes Bäckman
@claesbackman.bsky.social
Economist working on interest-only mortgages, housing, homeownership, social networks, and stock market participation. The goal is to combine all topics into one paper, but so far they are separate. https://claesbackman.com/
It used to be difficult to get feedback on your research. The classic way was to ask someone to read it, hoping they would give you a few notes. That is changing. In the post below, I outline some ways I use Cursor and Claude Code to get feedback on my own work directly
I'm continuing my Substack blogging career by sharing some tips for doing research. Most important point: try to be hard on writing and ideas, not on yourself.
Longer maturities for mortgages are back in the news. I wrote a Substack post about the benefits of longer maturities, potential concerns of households making mistakes, and what longer maturity mortgages might do for young households and first-time buyers (not much?)
🎉 Excited to share that our paper "Personal Financial Advice and Portfolio Quality" has been conditionally accepted at the Review of Finance! Many thanks to my co-authors, Olga Balakina, Tobin Hanspal, Andreas Hackethal and Dr. Dominique Lammer!
📝New SAFE Working Paper No. 459 "Macroprudential Policies and Homeownership" by @claesbackman.bsky.social 👉Find it via papers.ssrn.com/sol3/papers.... #EconSky #Homeownership #YoHo
This paper shows that homophily in #socialnetwork affects stock market participation. Denser, homogenous networks boost participation, especially among wealthier individuals, while social influence is more significant for lower-income groups. Read: papers.ssrn.com/sol3/papers....
Beyond excited to say that our paper on amortization payments and borrowing has just been accepted at the Review of Financial Studies! Very grateful to my co-authors, Peter van Santen and Patrick Moran, and to the editor and referees who helped to significantly improve the paper.
I have moved my open textbook on inequality research to a new address: https://maxkasy.github.io/inequalityresearch/ (The textbook has not been updated recently, but hopefully is still useful.)
This is a really cool (and concerning) paper. Makes me if the equilibrium outcome going to be more gatekeeping and name-checking at journals?
An academic paper has excellent empirical evidence & hypotheses that perfectly match the patterns in the data. One catch: AI wrote the hypotheses after seeing the results. Should this matter? New paper w/ Robert Novy-Marx on AI-Powered (Finance) Scholarship🧵 papers.ssrn.com/sol3/papers....
Very happy to see our paper on interest-only mortgages and house prices in the Journal of Urban Economics! From 2003 to 2006, Danish house prices increased by 60 percent, in a robust regulatory design that limits housing speculation. This was a larger increase than in the US, Spain, or Ireland!
The greatest poet of our, or any, generation
I think about this tweet every time I post Nael’s poem
Just a reminder that @gmcd.bsky.social and @kylefbutts.bsky.social have made an incredible public good describing how to use data.table and fixest to encourage moving from Stata to R! stata2r.github.io
Translating Stata to R
Learning R coming from Stata
stata2r.github.io
Today, we have an article in Handelsblatt about our paper on financial advice to family and friends. Giving financial advice to family and friends is risky, and we argue that this leads to generally good advice! www.handelsblatt.com/finanzen/mae...
Handelsblatt
handelsblatt.com
I held a class on doing research that I thought I would share. The slides contain writing tips, using ChatGPT, advice for non-native speakers, editing, and my biggest advice: Be hard on the writing, not on yourself. Self-worth is not at stake. claesbackman.github.io/Papers/Claes...
claesbackman.github.io
Bluesky academics, lets get to know each other! Quote this & tell me: 1) a project you are working on & 2) an odd idea/theory you aren’t working on but keep thinking about 1) why does the return to housing differ by wealth? 2) why is the stock market participation rate not increasing over time?
I am not in academia, but I keep wondering (ahem @henrikyde.bsky.social, though it’s a Q beat answered with macrofinance tools) whether and how much different redemption rates due to internal conversion activities set into prices of comparable bonds across different Danish mortgage institutes 😉
Nice way to use AI when making slides: drag a picture of a formula from a paper and ask Claude to give you the latex code: On a mac: use cmd+shift+4 to take a picture. In Windows, use Windows logo key + Shift + S.
Come for the cool paper with insane data, and stay for the workshop that will teach you how to use SQL to handle billions of observations. I miss you in academia, @alemartinello.bsky.social
About 6 months ago we published a paper in PNAS that for many reasons went a bit under the hood. But given the growth of #EconSky, here's a short thread about it. It's cool! It has: - *Insane* microdata - Simple approach - Relevant policy result It was likely also my last academic work. Here we go
Me whenever I decide on new projects instead of focusing on finishing my current ones:
Now that everyone is here, does anyone have a book recommendation? Sci-fi, fantasy (recently entitled Broken Earth trilogy) or something history related (I *loved* The Alchemy of Air)?
This is the kind of content I’m here for. For finance, I would add Rational Reminder, especially the episode with John Campbell.
Best Podcasts, ranked: •Odd Lots •Acquired •Fall of Civilizations •Tides of History •Ezra Klein •Revolutions •Conversations with Tyler •Trepp Wire •Invest Like the Best •Speaking Densely •99% Invisible •Dwarkesh •Good on Paper •Derek Thompson •Macro Musings •Sharp Tech •War on the Rocks
Posting this urban econ / economic geography start pack back up here. Thanks to @tarduno.bsky.social for reminding me! go.bsky.app/DpxtxXn
Here is a very helpful summary by Alex Edman on why papers get rejected at top journals, with examples from editor letters. I especially liked the point that mechanisms are useful if the channels affect the interpretation of the results but not if all mechanisms point in the same direction.
Learnings From 1,000 Rejections
The Review of Finance aimed to significantly increase its standards over my 6 years as Managing Editor and 1 year as Editor. To comply with these new standards,
papers.ssrn.com
Ok guys here's the point. Diff in Diff is a model based assumption that identifies the ATT (unless you're using random timing of rollouts, but almost noone is). It is model-based because you make assumptions to identify the OUTCOME MODEL in the *absence* of the treatment. 1/
DDDiD: Don't do difference in differences (w obs data). DiD is a (bad) weighting estimator and is almost always strictly dominated by better ones Maybe now that Guido is saying it, people will listen files.constantcontact.com/668faa28001/...
Does money buy happiness? Some may recall findings from an adversarial collaboration that concluded that happiness keeps increasing with log(income) even at high incomes, but not among the unhappiest. I found that "resolution" extremely confusing at the time.> www.pnas.org/doi/10.1073/...
Tomorrow Patrick Moran will talk about our paper at the AREUEA Virtual Seminar. The paper is joint with Peter Van Santen, and studies how debt repayment schedules shape household borrowing, based on a policy reform ending IO mortgages for LTV ratios > 50%. Link: us06web.zoom.us/webinar/regi...