1) Our response to climate change is primarily an investment challenge, and yet NONE of the books I have read on climate change discuss the state’s cost of capital.
2) Our new book, SuperchargeMe, puts the fact states’s cost of capital in the developed world, is the lowest in history.
Feb 7, 2021 • 4 tweets • 2 min read
1) Includes ‘a very large increase in interest rates’. The empirical overconfidence here is shocking.
2) If every important empirical macro claim you have made about inflation, output gaps and unemployment has been wrong for three decades, every policy suggestion should start with ‘I know very, very little about this’.
Jun 14, 2020 • 9 tweets • 1 min read
There are two qualitatively different forms of anger visible on our streets. We describe them in Angrynomics.
We need to more articulate in describing this emotion. There are types of anger and they should be labelled.
Mar 10, 2020 • 8 tweets • 2 min read
Macro policy response: 1) It is reasonably clear that targeted support is required, which is likely to be needed for around three months, to sustain corporate cashflows, service all creditors, and maintain wages.
2) In most parts of the developed world this should be done by the fiscal authorities, with the assistance of central banks. CBs can offer technical assistance, particularly in regard to the financial sector. They can also make clear that there is *no* budget constraint.
Sep 21, 2019 • 10 tweets • 3 min read
Monetary and fiscal reform (thread)
1) what ‘secular stagnation’ ignores is that monetary policy didn’t work well when interest rates were a lot higher.
Sep 15, 2019 • 13 tweets • 3 min read
1) Thread: This week’s ECB decision is historic. They have done something very similar to proposal here philosophyofmoney.net/dual-interest-…2) Dual rates is monetary rocket-fuel. Be in no doubt. Media coverage appears oblivious to significance.
Jul 5, 2019 • 20 tweets • 2 min read
Brexit: unintended consequences. Contributions welcome.
1) more countries leave the UK than leave the EU
