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Daniela Gabor Profile picture
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22 Sep, 4 tweets, 2 min read
the natural gas crisis in UK is a stark reminder that corporate farming makes us vulnerable and that the low-carbon transition cant be driven by them

ft.com/content/475ca5…
unfortunately, UN remains captured by agri-business

'70% of world’s population is fed by diverse network of small-scale producers and peasants - this group uses less than 25 percent of resources necessary in agricultural production.
industrial food chain feeds only 30% of world, while using over 75 percent of resources'
(also, fintwit influencers, think twice before you go to Davos again)

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More from @DanielaGabor

Daniela Gabor Profile picture
22 Sep
fascinating WEF conversation on private equity as the new climate warriors:

- PE increasingly home for high carbon assets as less regulatory scrutiny and disclosure requirements
one bold claim: PE business model can reduce carbon footprint

PE make money on way out, when they sell companies to another party

if PE inherits a certain ESG/carbon footprint, if it can reduce it in 5 years time, it can create value.

ergo, PE ultimate climate warriors.
of course, 'value' is keyword, and claims that PE will have to green their companies because there are reputational costs are nonsense - Blackstone shrugged off @leilanifarha critique of their practices as institutional landlords
Read 6 tweets
Daniela Gabor Profile picture
21 Sep
Amazingly, ECB has found (roughly) 40 economists to co-author and agree on fiscal-monetary interactions
reference list for the monfiscal paper doesnt bode well: two Cochrane, zero @BCoeure (2016), the most insightful ECB speech on the topic ever.

ecb.europa.eu/press/key/date…
oh, feels like 2007, when we worshiped at the altar of DSGE models.

maybe I should have said ECB found 40 DSGE economists that agree on fiscal-monetary interaction.
Read 4 tweets
Daniela Gabor Profile picture
21 Sep
when fiscal hawks at BIS randomly choose 1995 as year of 'look how much we'd pay in debt service' counterfactual but make no reference to imperative of green public investment

bis.org/speeches/sp210…
after 15 months of close fiscal-monetary coordination, if fiscal hawks want to make a theoretical case for austerity, they need to do better than 'instability trap'.
Hawkish Alice in Fiscalaland: when you claim that central bank purchases of government debt are actually bad for fiscal position, despite the graph on previous page demonstrating the contrary.
Read 5 tweets
Daniela Gabor Profile picture
9 Sep
Speaking of Revolution without Revolutionaries @adam_tooze here is Lagarde publicly making a case for (ECB-led) coordination between monetary and fiscal policy as if it doesn't go against everything we thought we knew about CB independence.
this stunning shift in central bank discourse only makes sense if one understands the sovereign-bond centred macrofinancial order we live in

with some exquisite 'the lady is not tapering' trolling of Margaret Thatcher, who, we should remember, was a Milton Friedman fan and shared his views that coordination between monetary & fiscal policy was an abhorrent inflationary monster of Keynesianism

Read 4 tweets
Daniela Gabor Profile picture
27 Aug
For the past 10 years, my macro essay assignment: "Globalisation has undermined central banks' ability to control inflation. Discuss critically.'

No reason to change it this year.
Essay involves reading (80pages) Woodford(2007) and then asking how (financial) globalisation may disrupt the standard DSGE transmission mechanism
(also Jay Powell is boldly leading us into a post Woodfordian macro world)
Read 5 tweets
Daniela Gabor Profile picture
15 Aug
what @FT forgot to tell you is that Berlin wants to housing back in public ownership

because it's European city where institutional landlords - private equity & complex ecosystem behind - have been most aggressive in turning housing into an asset class

ft.com/content/4a5fb5…
institutional landlords minted EUR 40bn of Berlin houses into assets that they rent out.
roughly the combined value of London and Amsterdam's institutionally owned houses.
this trend - financialisation of housing, or Housing as an Asset Class - will only accelerate after the pandemic.

in 2021 alone, funds targeting residential housing in Germany raised EUR 5 bn from your/my pension fund, insurance company & your rich uncle's private wealth fund
Read 11 tweets

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