it's year of the Lord 2021, and tenured US economics professors think it's ok to imagine a neoliberal university where non-whites would be paid less. Image
perhaps Tyler Cowen should give up his tenure now and compete for students, he's got an exciting time ahead as a preacher of precarity Image
upps, some dissatisfied customers Image
not to mention the millions of studies showing that white men enjoy a student ratings bias, but the MAAAAARKET.
one for @DivDecEcon and for @JoMicheII collection of Cowenisms

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More from @DanielaGabor

8 Jul
cannot decide whether @ecb 2% tinkering is a distraction or a massive Trojan Horse for normalising targeting spreads and other innovative crisis policies
10 minutes into this press conference, and all we're debating is what happens around 2%

finally - decarbonise and you shall have inflation @Lagarde ?
Read 8 tweets
8 Jul
it's shocking that @ecb Strategy Review says nothing about fiscal-monetary interactions, when ECB has bought basically all sovvies issued by Euroarea countries since the pandemic
yes @Lagarde mentions macrofinancial linkages, but there is nothing in the text that points to the critical role that sovereign yields play in those linkages Image
Read 4 tweets
8 Jul
so @ecb new climate strategy is out, and it's letting down those of us who expected an ambitious approach.
in my view, far less ambitious than Bank of England's. Image
1. ECB chose a 'risk framework' that emphasises risks that climate crisis poses to private finance, not the ways in which dirty lending accelerates climate crisis

ECB wastes chance to support Commission in its double materiality efforts.
private finance will be happy
2. ECB conceives transition risks - those risks to private finance from policies to address climate crisis - as entirely fiscal policy related (carbon prices)

but what about transition risks stemming from ECB decisions to decarbonise collateral & corporate bond purchases? Image
Read 19 tweets
8 Jun
in a nail-biter election, Peru is about to elect Pedro Castillo, a union leader that has promised to challenge powerful economic elites and reverse some neoliberal measures benefiting them.
he's been sweeping the board outside Lima, where Fujimori's anti-terruco/communist discourse doesnt get much purchase
Peruvians, unlike Bloomberg, remember that Alberto Fujimori unleashed state terror and violence on its citizens #FujimorismoNuncaMas

Read 7 tweets
27 May
Luis de Guindos, of @ecb, calls for standardised mandatory disclosure to address the problems of greenwashing in ESG products.
and second, calls for states to promote green finance - but nothing on penalising dirty assets.

Nice to see regulators adopting carbon financiers' favourite narrative, that decarbonisation should be a profit opportunity.
as I argued in the OddLots podcast, we are entering a green macrofinance regime that can be dominated either by private finance, or by the state.

until we see central banks introduce penalties on dirty lending, we remain in Big Finance regime

Read 7 tweets
11 May
read this and convince me 'ESG' is not just convenient short-hand for greenwashing

ft.com/content/7ac277…
BlackRock Brazil head pontificating about 'gold' European ESG standard is rich when you know a little bit about EU's Sustainable Finance Disclosure Regulations
for starters, BlackRock lobbied heavily to weaken European sustainable finance agendas, from its opposition to double materiality (not just climate risks, but climate impact of carbon finance) to its 'consultancy' for the European Commission
Read 6 tweets

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