Luis Garicano 🇪🇺🇺🇦 @lugaricano@respublicae.eu
Unofficial automated mirror. No copyright asserted. ∎ Economist. Back at LSE as a Professor at @LSEPublicPolicy Summer 2023. Non-resident Fellow @bruegel_org. Recovering MEP. Currently @ChicagoBooth.
Joined Apr 2022
RT @oneunderscore__: This was The Washington Post's @drewharwell's post before he was suspended from Twitter, outlining how Twitter suspended the account of its competitor Mastodon earlier today.
🐦🔗: https://n.respublicae.eu/lugaricano/status/1603666648799526913
You are welcome to join online my Markus Academy lecture on "Debt and the Euro" with @MarkusEconomist. Very much looking forward to it.
Link below.
RT @PrincetonEcon: Tomorrow (Thursday 12/15), @lugaricano will join @MarkusEconomist for this week's Markus' Academy lecture.
Sign up to join online: https://bcf.princeton.edu/events/luis-garicano-on-debt-and-the-euro/
🐦🔗: https://n.respublicae.eu/lugaricano/status/1603158215759470593
After months struggling to deliver the initial 9bn-that-became-1bn, the EU is finally stepping up to the plate with significant financial assistance to Ukraine. Very happy to see this. I hope this money is delivered speedily-Ukraine needs it urgently.
Good job @VDombrovskis
RT @VDombrovskis: Last payment from our €5 bln macro-financial assistance package:
@EU_Commission paid €500 mln to Ukraine in favourable loans to support #Ukraine
Next 👉🏻we are working to sec…
🐦🔗: https://n.respublicae.eu/lugaricano/status/1602988458569617408
Se confirma hoy oficialmente la gran noticia del @ft que os contaba el domingo: primera fusión nuclear con balance de energía positivo. Debajo el hilo del laboratorio que la llevó a cabo.
RT @Livermore_Lab: On Dec. 5, 2022, a team at LLNL's @lasers_llnl conducted the first controlled fusion experiment in history to achieve fusion ignition. Also known as scientific energy breakeven, the experiment produced more energy from fusion than the laser energy used to driv…
🐦🔗: https://n.respublicae.eu/lugaricano/status/1602721838865563650
RT @JorgeBustos1: “Esto sí que es hacer historia”, Pedro.
🐦🔗: https://n.respublicae.eu/lugaricano/status/1602713068521377794
Great thread on income inequality US vs EU:
1. Pre-tax: US much more unequal
2. Tax: The US tax system much more progressive (!)
3. Post-tax: tax system not progressive enough to reverse huge inequality gap
Conclusion: It is about pre-distribution, not redistribution.
RT @amorygethin: So happy to see our article forthcoming at AEJ: Applied 🥳 This was the very first paper I ever worked on, quite a journey since we started collecting data in 2017 with @thomas_blnc…
🐦🔗: https://n.respublicae.eu/lugaricano/status/1602448248924524544
RT @HannoLustig: 1/great 🧵on debt issued by EU not trading like the EU safe asset we hoped for. 👇
EU signals that EU debt is different from national debt and should be priced accordingly, but the ECB is signaling that all national debt is implicitly backstopped.
🐦🔗: https://n.respublicae.eu/lugaricano/status/1602351756381650944
@JohnHCochrane Agree that it looks likely to take a while(they used "the world's biggest laser") but the promise of the technology is huge. And private capital starting to invest in this must be a good sign, isn't it?
🐦🔗: https://n.respublicae.eu/lugaricano/status/1602060617682423808
Por primera vez, tras 7 décadas intentándolo, "funciona" una fusión nuclear--genera más energía de la que consume.
Gran noticia: Está tecnología promete energía ilimitada, a bajísimo coste, en centrales sin residuos. https://on.ft.com/3PgDdya
🐦🔗: https://n.respublicae.eu/lugaricano/status/1602048772212662272
RT @magarciadiaz: Merece lectura @minesoto2003 Añado, elfuturo del saldo fiscal viene determinado por una incógnita (que parte del aumento de los ingresos es extraordinario) y una certeza (el gasto en pensiones crecerá por lo menos 3 pp de PIB). Mucho riesgo de no ser sostenible
🐦🔗: https://n.respublicae.eu/lugaricano/status/1601976506653499394
RT @toniroldanm: Difícil resumirlo mejor que Enric González en El País.
🐦🔗: https://n.respublicae.eu/lugaricano/status/1601920099736326146
¿A qué se ha destinado este aumento del gasto?
Principalmente, a pagar pensiones. @jgjorrin lo explica muy bien, como siempre https://www.elconfidencial.com/economia/2022-12-11/pensiones-fagocitan-gasto-social-proximas-decadas_3537528/
🐦🔗: https://n.respublicae.eu/lugaricano/status/1601893995114033153
Resumen fiscal de 3 años de @bbva Research :
- Gasto público 6 puntos del PIB superior (casi 80,000 millones)
- Sin medidas que lo financien.
- Con el PIB estancado
El ajuste, para el que venga detrás.
Por @minesoto2003 http://bit.ly/3BpTA5R
🐦🔗: https://n.respublicae.eu/lugaricano/status/1601889192874844161
RT @GonZalocla: @lugaricano Una primera forma de intentar entender por qué obtenemos sólo 15 starting grant es mirarlo por CCAA.
10 de esas 15 se obtienen en Cataluña. Algo se ha hecho bien allí que no se ha hecho en el resto de España. El ICREA que creó Mas-Colell es algo a imitar
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🐦🔗: https://n.respublicae.eu/lugaricano/status/1601605511786659841
RT @Wimbledon: You're welcome any time, @rogerfederer 😅
🎥 @TheDailyShow
🐦🔗: https://n.respublicae.eu/lugaricano/status/1601190631480897537
Fact 4. In the past, 10-year yield spread to Germany remained constant. But starting with the end of the announcement of Asset Purchases by the ECB at the end of 2021 the yields increased at a much faster pace than those of the member countries.
5/6
🐦🔗: https://n.respublicae.eu/lugaricano/status/1600935906126725120
Fact 3: Yields do not reflect the joint guarantees. Despite the strong legal assurances of repayment to bondholders, the current location of the yield curve of EU bonds relative to member countries' debt is worrying. For some tenors, more risky than Spain's debt!
4/6
🐦🔗: https://n.respublicae.eu/lugaricano/status/1600935902334763008
Fact 2: European debt is formed by a highly heterogenous set of issuances with different guarantees. However, all issues are treated similarly by the market despite this heterogeniety.
3/6
🐦🔗: https://n.respublicae.eu/lugaricano/status/1600935898815729664
Fact 1: EU is set to become a huge sovereign issuer. The combined stock of debt obligations linked to the EU broadly considered, that is also including the EFSF, EIB and ESM, will be comparable by end of the decade to the stock of German government debt (at €1.7 tn).
2/6
🐦🔗: https://n.respublicae.eu/lugaricano/status/1600935895036989442
Highly recommended!
RT @JohnHCochrane: Fiscal theory of the price level discount coupon (this time with picture) https://press.princeton.edu/books/hardcover/9780691242248/the-fiscal-theory-of-the-price-level
🐦🔗: https://n.respublicae.eu/lugaricano/status/1600495644594126849
Unofficial automated mirror. No copyright asserted. ∎ Economist. Back at LSE as a Professor at @LSEPublicPolicy Summer 2023. Non-resident Fellow @bruegel_org. Recovering MEP. Currently @ChicagoBooth.
Joined Apr 2022
