Before discussing a lovely application of High Micro Theory to a long-standing debate in macro in a post coming right behind this one, a personal note: starting this summer, I am joining the Strategy group at the University of Toronto Rotman School of Management as an Assistant Professor. I am, of course, very excited about the opportunity, and am glad that Rotman was willing to give me a shot even though I have a fairly unusual set of interests. Some friends asked recently if I have any job market advice, and I told them that I basically just spent five years reading interesting papers, trying to develop a strong toolkit, and using that knowledge base to attack questions I am curious about as precisely as I could, with essentially no concern about how the market might view this. Even if you want to be strategic, though, this type of idiosyncrasy…