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
The robot pretends it is visually impaired in order to get a human to help with a task. How is this not "intelligence"?
RT @leopoldasch: Really great to see pre-deployment AI risk evals like this starting to happen
🐦🔗: https://n.respublicae.eu/lugaricano/status/1635877217589932033
Unbelievable.
RT @JonErlichman: Today, GPT-4 instantly turned a hand drawn sketch into a working website:
🐦🔗: https://n.respublicae.eu/lugaricano/status/1635789109649362945
Stunning performance on the most advanced exams. Better than 90% of aspiring lawyers on the Bar, better than 99% of aspiring graduate students on verbal intelligence!
RT @gdb: We’re releasing GPT-4 — a large multimodal model (image & text in, text out) which is a significant advance in both capability and alignment.
Still limited in many ways, but passes many qualification benchmarks like the bar exam & AP Calculus: https://openai.com/research/gpt-4
🐦🔗: https://n.respublicae.eu/lugaricano/status/1635691250274963457
RT @jeuasommenulle: this is an important bit in Credit Suisse's annual report
🐦🔗: https://n.respublicae.eu/lugaricano/status/1635687982572376071
GPT4 is happening??!!
RT @sama: excited 4 today
🐦🔗: https://n.respublicae.eu/lugaricano/status/1635685556981211136
Few volatile factors left in there.
RT @M_McDonough: US CPI YoY% Change w/Contributions:
🐦🔗: https://n.respublicae.eu/lugaricano/status/1635625937126715394
I read in the plane "2034" the novel by Ackerman and @stavridisj about a war between China and USA (and many more). Very illuminating about decision making and the mechanics of escalation. Recommended.
H/t @TarunKhannaHBS
🐦🔗: https://n.respublicae.eu/lugaricano/status/1635424874511622145
Complete agreement. Good explanation.
RT @ProfStefanNagel: I am baffled by the Federal Reserve's new Bank Term Funding Program. The Fed is lending against par value. This means the Fed is getting into the business of (partly) unsecured lending. Is there a precedent for this? (1/n)
🐦🔗: https://n.respublicae.eu/lugaricano/status/1635422000733888513
@Duarteosrm Maybe you are confused?
See the terms of the bailout.
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RT @ProfStefanNagel: I am baffled by the Federal Reserve's new Bank Term Funding Program. The Fed is lending against par value. This means the Fed is getting into the business of (partly) unsecured lending. Is there a precedent for this? (1/n)
🐦🔗: https://n.respublicae.eu/lugaricano/status/1635421916554203138
The customers were very happy. One told me "man, it is all about payroll, if you do not make payroll you face jail". One very thoughtful entrepreneur said: "look, banks should not play with other people's money, banks should just be banks".
🐦🔗: https://n.respublicae.eu/lugaricano/status/1635329380439449601
The branch was taken over by FDIC staff. SOme bank staff as well. An FDIC staffer telling customers they do not need to close their accounts and transfer because "this is probably the safest bank in the world today,since insurance is unlimited and everywhere elsy it will be 250k"
🐦🔗: https://n.respublicae.eu/lugaricano/status/1635329378065473537
I am visiting @StanfordGsb and @HooverInst , so I decided to pass by the main Palo Alto branch of #SVB at 9.00am. This is my comment. A quick thread also with my "policy" observations.
🐦🔗: https://n.respublicae.eu/lugaricano/status/1635326218886352897
Enough!
This banking model is broken. Stop the cycle of new financial regulations, lobbying to make them ineffective, excessive risk taking, finished by cries of "oh my good this time is different please bail us out"!, and bailouts.
Here is a solution: https://www.imf.org/external/pubs/ft/wp/2012/wp12202.PDF
🐦🔗: https://n.respublicae.eu/lugaricano/status/1635283625834053633
Today, post #svb, we are getting effectively a huge new round of QE-for-the-rich-and-connected, and, possibly, a stop in interest rate increases
🐦🔗: https://n.respublicae.eu/lugaricano/status/1635264514060058624
The end of the inflation fight is today?
In the fall of 2020, I wrote (with T. Santos and J. Saa) that if inflation were to return, CBs would not be willing to follow through with tighter mon. pol. because of their fear if causing financial instability. https://cepr.org/voxeu/columns/tackling-inflation-if-it-reappears
🐦🔗: https://n.respublicae.eu/lugaricano/status/1635264506539683851
US Treasury trying to hide in technicalities a gigantic subsidy to SVB: treating of collateral at par (buying bonds worth 80 at 100) goes against every risk management principle of the last decades. See thread.
RT @DanielaGabor: forget about SBV liabilities for a second, the real bailout story is the regime-change in the Fed's treatment of collateral:
par value goes against every risk management commandment of the past 30 years.
it turbocharges the monetary p…
🐦🔗: https://n.respublicae.eu/lugaricano/status/1635250373211602944
The narrative that Sillicon Valley has been pushing on #SVB is demolished by this graph, which shows enormous moral hazard (entirely unhedged interest rate risk), out of step with any other bank.
RT @AndreasSteno: SVB is/was not like the others because a prudent bank hedges interest rate risks. SVB did not.
Chart from JPAM / Michael Cembalest
🐦🔗: https://n.respublicae.eu/lugaricano/status/1634831794636726273
No further questions, your honor.
RT @AndreasSteno: SVB is/was not like the others because a prudent bank hedges interest rate risks. SVB did not.
Chart from JPAM / Michael Cembalest
🐦🔗: https://n.respublicae.eu/lugaricano/status/1634830203452297217
@BillAckman @mcuban
RT @AndreasSteno: SVB is/was not like the others because a prudent bank hedges interest rate risks. SVB did not.
Chart from JPAM / Michael Cembalest
🐦🔗: https://n.respublicae.eu/lugaricano/status/1634829036932198400
Forbes' curse strikes again (2007:
"Nokia: Can anyone catch the cell phone king?")
RT @SVB_Financial: Proud to be on @Forbes' annual ranking of America's Best Banks for the 5th straight year and to have also been named to the publication's inaugural Financial All-Stars list.
🐦🔗: https://n.respublicae.eu/lugaricano/status/1634583068949245955
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
