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 @DorianAbbot: "A university is a community of scholars. It is not a kindergarten; it is not a club; it is not a reform school; it is not a political party; it is not an agency of propaganda. A university is a community of scholars." -Robert Maynard Hutchins
¿Hay lecciones para España de la crisis en el Reino Unido?
¡Sí! Es crucial preocuparse de la sostenibilidad fiscal a medio plazo.
Las crisis suceden primero poco a poco, y luego, repentinamente (como dice Mike en "París era una fiesta" de Hemingway).
What would be a textbook example of"fiscal dominance" be?
Imagine a hypothetical country where the government announces a huge unfunded borrowing plan.
And the Central Bank responds by buying government bonds at "whatever scale necessary".
Las fotos de los reclutas del ejército Ruso (se suponía de menos de 35, pero con muchos mayores de 50) dejan pocas dudas de la situación en la que se encuentra Putin.
RT @JuliaDavisNews: Meanwhile in occupied Crimea:
Kwarteng is the child who yelled "the king is naked" while all Central Bankers were busy weaving invisible (monetary policy) clothes.
RT @HannoLustig: multiple equilibria. right. starting to think the ECB really was onto something with its equilibrium selection narrative for bond market purchases. central banks are selecting the equilibrium where they end up buying all of the long term debt issued by governments.
I argued two years ago, with Jesús Saa Requejo and Tano Santos, that financial dominance might prevent credible inflation fighting by Central Banks. Today, with inflation out of control, the UK embarked in... QE!!!!
Our argument below
https://cepr.org/voxeu/columns/tackling-inflation-if-it-reappears
RT @KyivIndependent: ⚡️Lithuania to provide nearly 25,000 Ukrainian soldiers with winter uniforms.
According to Lithuanian media outlet Delfi, the country's Defense Minister Arvydas Anusauskas said Lithuania will purchase winter uniforms “worth several million euros” and transfer them to Ukraine.
El crítico del Washington Post, rendido ante Rosalía. Es difícil leer una reseña más positiva:
"It was hard to envision a pop concert more stunning" https://www.washingtonpost.com/music/2022/09/27/rosalia-concert-review/
Hey Reuters, next time don't let your intern write the headilne. You have just destroyed what was left of your reputation.
Toque del FMI a Liz Truss/RU. Están monitoreando activamente la situación y no recomiendan paquetes fiscales como el suyo.
RT @faisalislam: 🚨 💥
IMF on Truss/ Kwarteng mini budget
“given elevated inflation pressures in many countries, including the UK, we do not recommend large & untargeted fiscal packages at this juncture, as it is important that fiscal policy does not work at cross purposes to monetary policy.”
Mass poverty, Mr Habeck?
Getting rid of gas was not possible because we were not even trying to.
Now we are ready. Time to cut Putin's revenues.
https://www.bloomberg.com/news/articles/2022-09-27/europe-is-ready-for-a-winter-without-russian-gas-bnef-says
@HeywoodFloyd10 @PhillipsPOBrien Talking about the drop in the Pound. Nothing changed in uni subsidies.
@Pablo14728 Es la caida de la libra.
The day Johnson resigned, I was facing tuition for my oldest son in a UK uni of $11.100. As I prepare to write the check, the cost is $9,900.
Thanks, Liz!
RT @HannoLustig: Governments in mature economies have made lots of promises to transfer recipients and bondholders. They probably can't keep all of them. These promises are now being marked to market by investors. Sorting out which promises will be kept and which ones won't.
RT @KahouMahdi: #EconTwitter As some of you know, Iran's government has shut down the whole country's internet. This severely affects those students who are applying to study abroad. The least we can do is understanding this situation and help them by extending the deadlines.
Wow 6 sigma move in treasuries-- financial crisis territory indeed.
6 sigma moves should take place 2 in a billion days or 2 in 274,000 years (of course, the distribution is not Normal).
RT @HannoLustig: The 10 year TIPS yield in US is now 273 bps higher than at the start of the year. It went up by 31 bps today. That's almost 6 sigma.
RT @masuch_klaus: Does the UK govt test the fiscal theory? Large fiscal deficits lead to inflation, if future taxpayers will likely resist paying sufficiently high taxes (and explicit default is excluded). @JohnHCochrane @lugaricano @Francesco_Bia @BachmannRudi @Isabel_Schnabel @HannoLustig
RT @jan_eeckhout: Jacques Drèze (1929-2022), a kind and generous man and institution builder. He pioneered economics research in Belgium (CORE), in Europe (founding president European Economic Association @EEANews), and president of @econometricsoc. A top researcher with a sharp mind, ever curious
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
