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
Helping Ukraine defend itself against Russian aggression is in the national interest of the USA.
Those voting on Tuesday should consider whether the (D or R) candidates they are voting for stand on the right side of the most important issue the US, and the world, faces today.
@GeorgZachmann True! with 200m tickets sold this goes up fast. How many tickets will be sold? Cannot find it.
This "time inconsistency" idea was particularly influential in monterary policy (policy-maker will want to promise low inflation, but ex post prefer low interest rates) and contributed to development of independent central banks.
DEP Ed Prescott.
Sad to learn that Ed Prescott passed away. He was an extremely influential economist. A key idea was "rules rather than discretion": counterintuitively, allowing policy adaptation can be bad, since decision makers ex post prefer to break promises- reducing ex ante investment.
RT @haralduhlig: It is with profound sadness to hear about the passing of Ed Prescott. He was amazing and unique as a teacher and as a scientist. I learned so much from him. He was generous and kind, and he had a profound influence on me and the entire profession. Rest In Peace, Ed.
@GeorgZachmann True! I would have to calculate all the possible numbers of winners but that really is (even more!) vanishingly small! 1/(292000000)^2 etc!
Lottery as investment: in a state with no state income tax, the Powerball tomorrow is first lottery with a positive expected value I have ever seen:
$1.9bn nominal,
$929m cash x 0.63=$585m after tax.
EV= $585m x 1/292.2m probability = $2.003> $2 cost.
https://www.theguardian.com/us-news/2022/nov/06/powerball-winner-jackpot-latest
More evidence of how deep is the corruption in Germany's relation to Russia. BASF is one of the worst.
RT @jakluge: In Germany, BASF CEO Brudermüller is complaining about high gas prices, which are a consequence of #Russia's war on #Ukraine.
Meanwhile in Russia, BASF is apparently fuelling the war itself through Wintershall. I wish Brudermüller was equally concerned.
https://www.spiegel.de/wirtschaft/wintershall-joint-venture-des…
RT @henrymance: genuinely sad and a bit angry that Musk seems happy to wreck Twitter. for all its flaws, this place has been a community and source of insight. you don’t improve the town square by rushing in and hosing crap everywhere
Como veis, cambiar la definición del paro es la mejor medida de politica económica de la historia: reduce el paro un 58%. ?s=46&t=cnEg6YZTSd1ktbeyealcpA
RT @Diario_de_ibiza: El paro cae un 47,7% en Ibiza y un 58,5% en Formentera respecto al pasado año https://w.diariodeibiza.es/2nswg2
RT @MrKennethClarke: High inflation, high interest rates, recession, tax rises, public spending cuts wasn’t on the Brexit vote leave bus was it?
A lot of discussion in #EconTwitter on what are models (yes, including DGSE ones) for.
My favorite answer is by Bob Lucas, using an amusement park as metaphor. http://www.sfu.ca/~akaraiva/lucas.htm
RT @AP: "I think I’m going crazy. I’ve already killed so many civilians."
The @AP and @FrontlinePBS obtained hundreds of hours of CCTV footage and intercepts of audio calls by Russian soldiers that show what a Russian "cleansing" operation looked like. https://apnews.com/article/bucha-ukraine-war-cleansing-investigation-43e5a9538e9ba68a035756b05028b8b4
RT @jcremer: I was wondering when this question would arise.
Which leads me to an economic theory question. Forget about advertisers, would you model Twitter as a one-sided or as a two-sided platform?
Y lo más importante: vamos hacia dos décadas perdidas. Producimos menos bienes y servicios por español que hace 15 años.
Esto es catastrófico para sostener nuestro estado del bienestar.
Indicadores de recesión *severa* en la eurozona.
RT @RobinBrooksIIF: Deep Euro zone recession is coming. This is what's going on with manufacturing in the two biggest Euro zone economies: Germany (lhs) & France (rhs). Forward-looking orders - inventories (blue) are down to 2008 levels & headline indices (black) are following those down rapidly...
RT @alvaronieto: Este gráfico es muy elocuente sobre la que se nos avecina…
@scarboval @CanalUGR @UV_EG Que disfrutes de tu vuelta!
RT @JorgeOnrubia63: @acvallejo @jlorentef @SantiagoLagoP @AlainCuenca @albervaquero Por supuesto: un despropósito, logramos eliminarla por exigencia de la Unión Europea en 2012. Es un problema de traslación de manual: el problema principal de la vivienda en España es de oferta (baja elasticidad) y si aumentas la renta de los compradores, pues precios más altos.
La espectacular curva de aprendizaje de la energía: el coste por vatio desde 1976 se ha dividido por 30 desde 1976-de $100 a 30 centavos. Estamos ya en precios competitivos con las energías fósiles (sin subsidio), y seguimos. España será gran beneficiaria.
RT @solar_chase: This is the PV experience curve. My team and I have been maintaining this version since 2007. I reckon I'm a bit of an expert on it.
The thing about the law of t…
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
