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 @erikbryn: Ever wonder where robots are being used most?
Here's our new @nberpubs working paper on robot that analyzes US Census data. We find that a small number of "robot hubs" are buying most of the robots.
🐦🔗: https://n.respublicae.eu/lugaricano/status/1641905456510533633
Spain's imports Russian gas up by 84% yoy, largest increase in Europe.
And the most interventionist government in Europe claiming "this gas is flowing into Spain and we do not know how to stop it". Pathetic. And false.
https://www.elconfidencial.com/mundo/2023-03-31/gas-ruso-fluye-espana-gobierno-bruselas-pararlo_3602790/
🐦🔗: https://n.respublicae.eu/lugaricano/status/1641881743509667840
This is going viral but many are reading it wrong. It is pretty clear from the entirity of the evidence (as @jburnmurdoch himself points out) the health care system has nothing to do with this-- it is guns, drugs, food, car-crahes.
RT @jburnmurdoch: NEW: I’m not sure people fully appreciate how dire the US life expectancy / mortality situation has got.
🐦🔗: https://n.respublicae.eu/lugaricano/status/1641869698051498011
Every word of the fantastic last article before his arrest by @evangershkovich is informative. A brave and smart journalist- that was his crime.
I hope for his fast release.
🐦🔗: https://n.respublicae.eu/lugaricano/status/1641866654765178900
EU governments did not dare to impose gas sanctions (not even now!) and it was Putin who miscalculated and "sanctioned himself." Happily, as many economists had argued, the damage to Russia was much larger than to Europe-- we had alternatives, he did not.
https://www.wsj.com/articles/russias-economy-is-starting-to-come-undone-431a2878
🐦🔗: https://n.respublicae.eu/lugaricano/status/1641866055596269581
RT @HannoLustig: marking portfolios of marketable securities to market is good practice not just for banks but also for governments and central banks regardless of how long they intend to hold these securities.👇
🐦🔗: https://n.respublicae.eu/lugaricano/status/1641849038403141637
Shocking graph in the @ft by @jburnmurdoch
- A five-year old from the US has a 1 in 25 chance of dying before 40. This is 1 in 100 in a peer country.
- While an older American has the same/higher life expectancy as one of a peer country
https://www.ft.com/content/653bbb26-8a22-4db3-b43d-c34a0b774303
🐦🔗: https://n.respublicae.eu/lugaricano/status/1641780938114834436
Nice to see the @ecb defending a joint EU climate and energy security fund.
Thanks for the cite to my proposal!
🐦🔗: https://n.respublicae.eu/lugaricano/status/1641527110668787741
Campus @UChicago looking beautiful (all pics from same corner).
🐦🔗: https://n.respublicae.eu/lugaricano/status/1640877774960295936
Proposal:
Lesson from CS: even for large banks (GSBI) we cannot trust the capital estimates.
Hence SSM must impose moratorium on dividend/buy backs until investigation of whether equity values (marking to market assets and valuing deposit franchise) are close to CET.
RT @lugaricano: INSANE: Together with proposed dividend, Unicredit will distribute €5.25bn to shareholders. They in turn back increase in CEO salary plus bonus to €9.7m.
For a bank with a mark…
🐦🔗: https://n.respublicae.eu/lugaricano/status/1640848800825872385
Dear Central banks, stop fulfilling your mandate and please subsidize our free-riding.
Thanks! Best wishes,
Unicredit
PS. Financial dominance? What is that?
https://www.research.unicredit.eu/DocsKey/economics_docs_2023_184806.ashx?EXT=pdf&KEY=C814QI31EjqIm_1zIJDBJJtmvAqN5jK-hs8uK0U6bMI=&T=1
🐦🔗: https://n.respublicae.eu/lugaricano/status/1640846395115732992
@RobertWagnerJr4 @HansGruener @ecb See below. Whether in the Hold-to-maturity portfolio or marked-to-market is (as CS and SVB found out) inmaterial from an economic perspective.
🐦🔗: https://n.respublicae.eu/lugaricano/status/1640810251221086208
The explanation for this type of behavior was given by @MarkusEconomist: "Being weak is your strenth." By being weak, a bank avoids losses being push on it- on the contrary , it ensures it is bailed out. Someone in the ECB should read this lecture https://www.bancaditalia.it/pubblicazioni/lezioni-baffi/pblecture-12/index.html?com.dotmarketing.htmlpage.language=1
🐦🔗: https://n.respublicae.eu/lugaricano/status/1640804840837373952
INSANE: Together with proposed dividend, Unicredit will distribute €5.25bn to shareholders. They in turn back increase in CEO salary plus bonus to €9.7m.
For a bank with a market cap of €30bn.
With bns of unreconized bond losses.
In a banking crisis.
@ecb: are you awake?
RT @ReutersBiz: UniCredit gets ECB approval for 3.34 bln euro share buyback https://www.reuters.com/business/finance/unicredit-gets-ecb-approval-334-bln-euro-share-buyback-2023-03-28/?taid=64232099dc8e300001a9febf&utm_campaign=trueAnthem:+Trending+Content&utm_medium=trueAnthem&utm_source=twitter
🐦🔗: https://n.respublicae.eu/lugaricano/status/1640801715514658816
Well put, @SenSherrodBrown . Tails I win, heads you lose is the kind of bet these "libertarians" like.
🐦🔗: https://n.respublicae.eu/lugaricano/status/1640746141607424003
Using a LLM, this fascinating paper (by Hansen @pj_lambert @I_Am_NickBloom Davis @raffasadun @bledi_taska) classifes universe of online job postings into WTH and not.
Easy to imagine methodology leveraged to measure human capital, AI incidence etc.
https://poid.lse.ac.uk/PUBLICATIONS/abstract.asp?index=9955
🐦🔗: https://n.respublicae.eu/lugaricano/status/1640738403150086144
Los datos eran erróneos. El autor, normalmente muy cuidadoso, los corrige aquí, gracias a puntualización de @fernandosols
?t=cv9TGl_-LIm_ywcKRJNjhQ&s=19
RT @lugaricano: Buenas noticias para la banca española por el lado de los depósitos: los más estables de Europa.
Otra cosa son las carteras de bonos soberanos. Pero si los depósitos no se mueven, no hay que vender la cartera y realizar la perdida. Se puede mantener el bono hasta que madure.
🐦🔗: https://n.respublicae.eu/lugaricano/status/1640339764598513665
RT @JuanLuis_JG: ⚠️ Dato macro recién publicado: el PIB per cápita en España en 2022, en paridad del poder adquisitivo (es decir, considerando los niveles de precios), fue un 15% inferior a la media de la Unión Europea.
🐦🔗: https://n.respublicae.eu/lugaricano/status/1640336212681433089
RT @ylecun: I have claimed that Auto-Regressive LLMs are exponentially diverging diffusion processes.
Here is the argument:
Let e be the probability that any generated token exits the tree of "correct" answers.
Then the probability that an answer of length n is correct is (1-e)^n
1/
🐦🔗: https://n.respublicae.eu/lugaricano/status/1640137670956396545
Aquí están las carteras de bonos soberanos (que, según cual sea su duración, pueden haber sufrido diferentes niveles de pérdidas al subir los tipos).
🐦🔗: https://n.respublicae.eu/lugaricano/status/1640048363834933248
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
