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
Strength of rubble does not measure whether sanctions work, but which side of the sanctions works better: sanctioning exports depreciates the exchange rate; limiting imports appreciates it.
Such a model accounts well, out-of-sample, for rubble 's path, see paper.
RT @itskhoki: Very impressed by the precision of our forecast of the Ruble exchange rate with @MukhinDA which we made back in August based on a calibration of our model using the likely path of Russian e…
🐦🔗: https://n.respublicae.eu/lugaricano/status/1626582230033367041
Fastest exponential growth of any technology, ever?
2017- Initial paper ("Attention is all you need")
2018- First transformer, GPT, 100M parameters
May 2020- GPT3 100 Billion (10^11)
2021- Google Switch 1.6 Trillion (10^12) parameters.
2023- GPT4?
RT @xamat: My Transformers Catalog has become one of my most popular posts ever. Some of you told me that you turned into a pdf for easier reading. I thought I should make it into an arXiv preprint. Here you go: 60 …
🐦🔗: https://n.respublicae.eu/lugaricano/status/1626368620388286465
The previous tweet was about the scary bit. This conversation with Bing AI is as mind blowing, but in a positive sense.
RT @emollick: Wow.
🐦🔗: https://n.respublicae.eu/lugaricano/status/1626215506545086465
Congratulations to @NezihGuner. He has big shoes to fill: Rafael Repullo has done an outstanding job in building a top research institution in Madrid from scratch. The challenge now is to consolidate it. I wish him the best of luck.
RT @CEMFInews: The Board of Trustees of CEMFI has appointed Professor @NezihGuner as new Director. Nezih will replace Rafael Repullo as director of CEMFI after 36 years of service. (1/2)
https://www.cemfi.es/news/announcement_new_director.asp
🐦🔗: https://n.respublicae.eu/lugaricano/status/1625485906521247745
RT @ianbremmer: keeping internet service going during an invasion: invaluable
keeping the on/off switch in the hands of one guy: dangerous
🐦🔗: https://n.respublicae.eu/lugaricano/status/1625232362232766464
Current account figures are consistent with export revenue figures from US Treasury (my previous tweet). Russia's economy is hurting.
We cannot give up on sanctions when we really are just starting.
RT @RobinBrooksIIF: Putin's energy windfall is over. After huge current account surpluses in 2022 (red), the Jan 2023 surplus (orange) was below its historical average for Jan (blue). The West has huge power to undermine Russia's war machine. We can cut the flow of mo…
🐦🔗: https://n.respublicae.eu/lugaricano/status/1625226646268821504
Excellent news from the US Treasury: the price cap appears to be working - large drop in oil revenue for the Russian government, less than half than when the invasion started-- and without significant disturbances in the oil market.
RT @AsstSecEcon: Assessing the two goals of the price cap policy two months since implementation:
✅ Russian oil revenues plummeting
✅ Global energy markets remain well-supplied
🐦🔗: https://n.respublicae.eu/lugaricano/status/1625221409504112641
The level of hypocrisy and cynicism demonstrated by this study leaves me speechless.
Does this align with your observations, @Mylovanov, Yuliia Svyrydenko, @SergiiMarchenk3, @sguriev, @McFaul?
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4322502
🐦🔗: https://n.respublicae.eu/lugaricano/status/1623697439038509056
RT @EmmanuelMacron: Hommage à l’Ukraine et à son peuple.
Hommage à toi, cher Volodymyr, pour ton courage et ton engagement.
🐦🔗: https://n.respublicae.eu/lugaricano/status/1623481210117685248
A master class in grown-up politics, emphasizing choices mean trade-offs: costs and benefits of the European Union membership, by John Major.
RT @implausibleblog: "Are people in my country better off and safer if we were in the European Union than if we were outside? And I reached the conclusion that we were better off inside."
Former Conservative Prime Minister John Major speaking at the NI Affairs Committee, 7/2/2023
🐦🔗: https://n.respublicae.eu/lugaricano/status/1623324304292081668
A gem indeed!
A beautiful ( from 1985!) story on new trade theory, the theorists who developed it and the case for and against semiconductor industrial policy by the undisputed master of writing about economists, Sylvia Nassea.
RT @COdendahl: An old gem from 1985, featuring this "Young Turk", on the new case for #protectionism and ... semiconductors. https://blogs.ubc.ca/barbaraspencer/files/2016/02/1985-Fortune-New-Case-For-Protectionism.pdf
🐦🔗: https://n.respublicae.eu/lugaricano/status/1623288776867938306
RT @ufukakcigit: I received many requests from friends asking for reliable foundations to help earthquake victims in Türkiye. 🙏 Here are three of them:
🐦🔗: https://n.respublicae.eu/lugaricano/status/1622694364576350208
Teaching a PhD class on the organization of specialization @HarvardHBS today and the 13th
Econ/Bus PhDs in the area are welcome to join.
Key themes:
- Role of firms in the division of labor
- Impact of hierarchy on skills and wages
- Effects of ICT on organization/productivity
🐦🔗: https://n.respublicae.eu/lugaricano/status/1622540469711388676
El hilo cuenta una historia fascinante sobre "capitalismo de amiguetes" en la Alemania que pervive hasta hoy.
(Cómo siempre, si lo quieres leer en español, puedes apretar un botón bajo cada tuit que lo traduzca.)
RT @Paperclip_In: With the Hindenburg report unfolding, my clueless neighbor came upstairs and asked me “what do they mean by crony capitalism?” So, I told him a story of the humble bicycle reflector. Read on to know why. 1/14
🐦🔗: https://n.respublicae.eu/lugaricano/status/1622160734598701056
Fascinating "Game Theory in the real world" (profesional tennis) paper. Stunningly close play to the theoretical (Nash equilibrium) predictions.
RT @page_eco: Our paper on game theory and how professional tennis players serve is now forthcoming at Quantitative Economics!
We find that tennis players are really good at playing mixed Nash equilibrium strategies on their serves, but not perfect. 🧵
🐦🔗: https://n.respublicae.eu/lugaricano/status/1621849051682463745
@NileGardiner ?t=mlL6YBWoL6XzJpAXUvm1Pw&s=19
RT @jburnmurdoch: NEW: income inequality in US & UK is so wide that while the richest are very well off, the poorest have a worse standard of living than the poorest in countries like Slovenia https://www.ft.com/content/ef265420-45e8-497b-b308-c951baa68945
Essentially, US & UK are poor societies with some very rich people.
A thread:
🐦🔗: https://n.respublicae.eu/lugaricano/status/1621758072749268992
Extraordinary.
RT @MichaelWarbur17: JAMES BALDWIN addresses the the University Of Cambridge during his epochal debate with William F. Buckley in 1965.
This is oratory and content of the very very highest order.
To listen is to learn.
🐦🔗: https://n.respublicae.eu/lugaricano/status/1621216177392345092
A failure of the 4 colour theorem? (Any map on a plane can be colored in 4 colors so that boundaries do not share same color.)
Discuss.
RT @xruiztru: A breathtaking visaluisation of Africa’s rivers!
🐦🔗: https://n.respublicae.eu/lugaricano/status/1621109852939649024
RT @xruiztru: A breathtaking visaluisation of Africa’s rivers!
🐦🔗: https://n.respublicae.eu/lugaricano/status/1621108246210662401
RT @PrincetonBCF: In our recent #MarkusAcademy webinar featuring Luis Garicano, he shares options for solving the debt overhang. Garicano speaks to the potential for growth through vested interest in this clip: https://consent.youtube.com/ml?continue=https://www.youtube.com/clip/UgkxSrIF1cWsboiT9WrvwDN0_Dz4ExL2VF4t?cbrd%3D1&gl=FI&hl=fi&pc=yt&src=1
#BCF #economics #PrincetonU #debt #Euro #finance #inflation
🐦🔗: https://n.respublicae.eu/lugaricano/status/1621074059525255168
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
