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
@MESandbu Martin, I just cannot understand this thinking in aggregates. There are no politicians in your article, working to get re-elected. If you take out commitments and budgets, why should they do anything "hard" like raise SS taxes to e.g. pay future pensions?
It is @adam_tooze in "Crashed" writing on Greece in 2008, not the UK in 2022:
"In response to the crisis, the conservative government abandoned all fiscal restraint, and at the same time, interest rates for Greece as a weaker sovereign borrower surged."
RT @el_pais: 📹 Mujeres jóvenes y mayores quitándose o quemando el velo mientras bailan, carteles oficiales destruidos, coches de policía volcados... Estos son los vídeos de las protestas en Irán tras la muerte de Mahsa Amini https://elpais.com/videos/2022-09-23/los-videos-que-demuestran-que-algo-se-esta-moviendo-en-iran-tras-la-muerte-de-mahsa-amini.html?ssm=TW_CM
RT @jdportes: @MrRBourne @DuncanWeldon That's Lawson's Mais lecture, sure; framework for last 40 years (at least when not at ZLB). But fiscal policy for Lawson and every CX since was subject to the intertemporal budget constraint! That's been abolished. Looks like MMT to me.😉
RT @lewis_goodall: Former US Treasury Secretary Larry Summers tells Bloomberg: “It makes me very sorry to say, but I think the UK is behaving a bit like an emerging market turning itself into a submerging market.”
"Debt and deficits do not matter", UK edition:
- Pound down 3.37%, 18.29% on the year
- Biggest jump in 10 year rates ever.
1.2 million conscripts. A new war is starting. Ukraine needs more help from the West NOW.
RT @RALee85: "Russian authorities plan to conscript 1.2 million people for their 'partial mobilization,' Meduza has learned from a source close to one of the country’s federal ministries." Up to 16,000 people from Moscow are also slated to be drafted.
https://meduza.io/en/feature/2022/09/23/russia-to-conscript-up-to-1-2-million-people
RT @paulkrugman: But Britain is now trading like a developing country, where perceived fiscal irresponsibility is undermining confidence in the value of its currency. It's actually kind of awesome
Qué gentuza.
Según Berlusconi, el objetivo de Putin era "reemplazar al gobierno de Zelensky con un gobierno de personas decentes."
RT @davcarretta: Silvio Berlusconi explaining the “special military operation”:
Putin’s aim was “simply replace Zelensky government with a government of decent people”.
RT @COdendahl: "The #ECB has put itself in an impossible position." @lugaricano on the TPI and the incentives it creates. Concise, sharp as ever, and a bit ... worrying. https://www.ft.com/content/e06f253d-5f06-4484-9ce0-658434a844cd?sharetype=blocked
The "debt does not matter" crowd has a blind spot: politics! What does a politician hear when you say "don't worry about debt?": buy votes, raise entitlements. I make this argument (today on paper) in the @FT in the context of new @ecb policy. https://www.ft.com/content/e06f253d-5f06-4484-9ce0-658434a844cd
In 25 minutes, @bweder @dominic_rohner and myself will do a webinar to discuss our eBook on the Global Economic Cosequences of the War in Ukraine. If you want to know what economists have written on this war, this is a good chance.
RT @cepr_org: 📢Starts in 1 h
Launch of recent CEPR eBook
'Global #Economic Consequences of the War in #Ukraine: Sanctions, Supply Chains and Sustainability'
w/ editors:
@bweder @INSEAD @GVAGrad
@lugarica…
@josecapmany @RSEF_ESP @PRL_UPV @iPronics ¡Enhorabuena José! ¡Cuantísimo me alegro!
RT @RobinBrooksIIF: @lugaricano @FT @ecb Brilliant piece. Europe waits with baited breath for Italy's election, hoping the status quo prevails. But Italy depends on the ECB - with no conditionality - to finance all its debt issuance (blue). No conditionality means this goes on indefinitely. This is NOT sustainable...
RT @HannoLustig: The ECB forgot to check the incentive compatibility constraint when designing its improvised anti-fragmentation initiative. @lugaricano's FT opinion piece reminds central bankers to think about incentives when rethinking monetary policy in the Eurozone. https://www.ft.com/content/e06f253d-5f06-4484-9ce0-658434a844cd
¿Habéis visto las impresionante manifestaciones pacifistas anti Putin, exigiéndole que abandone su movilización y escalada de la guerra? ¿Los enormes carteles de "no a la guerra" con su rostro?
¿No?
Yo tampoco.
RT @mjluxmoore: Protests in Moscow and St Petersburg today have grown pretty large. People chanting “No to War!” Dozens of arrests reported
RT @sascha_steffen: A very clear and correct description of the @ecb 's TPI by @lugaricano . Unconditionality will lead to continuous support of countries through ECB balance sheets as incentives for sound fiscal policy eludes this program. #ECB #bonds #TPI
Banks receive a huge (implicit) tax payer subsidy through "Too big to fail rules", deposit insurance, emergency liquidity ... The minimum we, taxpayers, ask is that banks do not put the global financial system at risk again due to their lack of capital.
RT @adam_tooze: "Jamie Dimon, CEO of JPMorgan, has warned US lawmakers that capital requirements for large banks pose “a significant economic risk” that is curtailing their capacity …
RT @adam_tooze: "Jamie Dimon, CEO of JPMorgan, has warned US lawmakers that capital requirements for large banks pose “a significant economic risk” that is curtailing their capacity to lend to homebuyers and other customers." Been at it since 2010. Never stops!
https://www.ft.com/content/ff2891b6-d1f6-4989-926e-6d769e7ce07b
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
