The way we work and do research is vastly changing thanks to tech and the automation it brings. There are worries around potential protests emerging from low-skilled workers but also from Academics. We also look at the continuing discussion around inequality, some widely dropping revenue sources in cities and how we can possibly tax the rich more.

Taxing Billionaires: Estate Taxes and the Geographical Location of the Ultra-Wealthy (NBER) Billionaires’ geographical location is highly sensitive to state estate taxes. For state-level policymaking, one-time tax revenue gains following the death of a wealthy resident often exceeds the foregone revenues over the remaining lifetime of those who relocate. Bearish state finances and munis.

More Power to the People: Electricity Adoption, Technological Change and Social Conflict (VOX) Uses a historical case of a new technology “shock” (electrification) in Sweden to predict potential reactions to the increasing automation. Finds more local strikes are likely, especially from lower skilled workers, but not against the technology itself, but for higher wages. Suggests higher inflation, therefore bearish rates.

Financial Fragmentation of the Eurozone in Pictures (Money Maven) Funds have been increasingly flowing towards “central” Eurozone countries from “peripheral” European countries since the financial crisis. The general distrust of the “peripheral” countries’ banking systems lies at the heart of the fragmentation problem. Bearish European banks.