Andrei B. Sterescu 🇪🇺 @AndreiSterescu Twitter profile

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Andrei B. Sterescu 🇪🇺

1 year

On Macron’s interview, we cannot talk about EU strategic autonomy without rethinking the EU growth model. The EU put too much confidence in its export-led growth model. Prioritising exports as a driver of growth means depending more on the rest of the world than internal demand.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

A new Fed board study provides a Kaleckian explanation of inflation dynamics. The authors argue that worker bargaining power determines the slope of the Phillips Curve and inflation dynamics are intimately related to the distribution of bargaining power between workers and firms.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

5 months

@BJMbraun @mashagessen At this point they might as well cancel Hannah Arendt herself for opposing the partition of Palestine and criticising Israel after the state was founded.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

1 year

Staff analysis from @ESM_Press indicates that firms have increased profit margins beyond necessary under the cover of pandemic supply shocks and extraordinary geopolitical events despite economic headwinds. Profit-seeking behaviour by firms thus contributed to higher inflation.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 years

The @EU_Commission will publish a communication next week paving the way towards a potential reform of the SGP. Among the key goals is ensuring the #EU does not repeat the mistakes of the euro crisis when excessive fiscal consolidation efforts curbed the economic rebound.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

Corporate profits in many advanced economies have surged over the past year and have been a key contributor to total domestic #inflation . High profit margins challenge traditional accounts of the current inflation bout based purely on overheating and calls for wage moderation.

Isabel Schnabel 🇪🇺🇺🇦

@Isabel_Schnabel

2 years

As a result, profits were a key contributor to inflation. Households, in particular those with low incomes, have borne the brunt of the inflationary shock. In spite of the slowing economy, firms remain in a position to increase selling prices as global imbalances persist. 8/13

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

Great thread by @ProfPaulPoast on the difference between the 1918 Russian default and a potential one in 2022. In 1918, defaulting on external debt was a way for the Bolsheviks to dissociate from the Tsarist regime. A default now would delegitimise Putin's own regime. #Ukraine ️

Paul Poast

@ProfPaulPoast

2 years

Russia is about to default on its foreign debt. That's a bit unusual, even for Russia. To see why, we need to go back to 1918. [THREAD]

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 months

@FluteMagician That map looks AI-generated

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

@JohnMullahy Amartya, Nouriel, Ha-Joon, Jean-Baptiste, Joan, Abhijit, Esther, Elinor, Raghuram, Gita, Thorstein, Milton, Gunnar, Hyman, Joan, Mariana, Dambisa, Carlota, Ragnar, Irving, Otmar, Michał (but only if you pronounce it right), Abba (though real name is Abraham), Mancur, Vilfredo

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

1 month

Thrilled to announce that I’m joining @ecfin in @EU_Commission , where I will be working on economic and budgetary developments in the context of the European Semester, and assist with the implementation of the Recovery & Resilience Plans. Means I’ll also spend less time posting.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

1 year

President Lagarde on profit-driven inflation during the Governing Council Press Conference: “In some sectors, firms have been able to increase their profit margins on the back of mismatches between supply and demand and the uncertainty created by high and volatile inflation.”

European Central Bank

@ecb

1 year

Watch the ECB press conference live: President Christine @Lagarde explains today’s monetary policy decisions

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 years

The failure of some governments who are stubbornly refusing to take advantage of very low interest rates and easy financing conditions to lock-in debt at historic low rates would amount to a gross economic policy error. @ErikFossing in @FT Europe Express

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

11 months

@Noahpinion What do you mean heterodox econ uses literary texts with no math? Heterodox econ is not a monolith. You have several heterodox schools. And if you take popular textbooks in e.g. Post-Keynesian Economics, they have formalised models much in the same way as orthodox textbooks.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

Russia says it's trying to reduce the risk of nuclear war. My brothers in Christ, you are the only ones threatening to use nukes. #Lavrov #Ukraine ️

Reuters

@Reuters

2 years

Russia seeks to reduce existing "serious" risks of nuclear war - Lavrov

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

@ProfWeinstein The Worldly Philosophers by Robert Heilbroner and Markets, State and People by Diane Coyle.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

1/8 Policymakers in 🇪🇺 are facing a set of (self-imposed) constraints in assuring a succesful recovery from #COVID19 . Member States will have to i) meet increased spending needs while also ii) containing higher debts and deficits iii) without significant tax hikes. A 🧵.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 months

I can’t help but agree with most of what Angus Deaton wrote here. Mainstream economics often focuses too little on power dynamics, institutions, norms, values, and questions of fairness. The discipline needs to broaden its perspective and incorporate these considerations.

Max von Thun

@maxvonthun

2 months

A striking and very welcome mea culpa from Nobel prize-winning economist Angus Deaton - in the IMF of all places - on how economics lost its way by ignoring corporate power, downplaying ethics, stigmatising unions and fetishising efficiency.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 months

which means lower growth, which means lower tax receipts, so the government must spend less, which means lower growth, which means lower tax receipts, so the government must spend less, which means lower growth…

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

4 years

Graduated with a double degree in Public Policy from @thehertieschool and @sciencespo , wrapping up with a thesis on the Political Economy of Economic and Monetary Union Reform (Grade: 92/100). Right into the most severe economic downturn since the Great Depression #COVID19 .

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 years

Much like Keynes, @MESandbu has the extraordinary ability to see beyond the grim present to better days. "When it is finally time to celebrate, let everyone come to the party." Goodbye virus-ridden 2020, hello Roaring Twenties - via @FT

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

1 year

1/5 A new ECB occasional paper by @Ulyssesnot and colleagues analyses the legal feasibility and design options for a EU Climate and Energy Security Fund worth €500 billion by 2030 to address climate and energy-related public investment needs in the EU. A 🧵.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 months

Considering that tightening usually slows the economy, the significant drop in #inflation mainly through cheaper commodities and energy prices, rather than weaker economic activity, challenges us to examine the effectiveness of monetary policy.

IMF

@IMFNews

2 months

Inflation is falling faster than expected, mostly due to lower energy prices and sectoral shocks fading, rather than weaker economic activity, our analysis shows.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 years

New acquisitions from @MESandbu , @pdegrauwe , and @M_C_Klein and @michaelxpettis that I've promised myself I'll read at some point. Those have been on my reading list for a while now.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

8 months

Similar findings in a @banquedefrance working paper looking at the effect of sanctions following the Russian annexation of Crimea. Looking at customs data from 2011-2020, it finds that sanctions had a negative impact on USD invoicing in 🇫🇷 transactions to 🇷🇺. @daniel_mcdowell

Daniel McDowell

@daniel_mcdowell

8 months

Working paper finds that sanctions ➡️ growing use of RMB as a trade invoicing currency, and not just with China, but also with third countries. Link:

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

Timothy Snyder makes a convincing point here to counter Mearsheimer. #NATO did not favour the idea of enlargement unilaterally. It came at the request of Eastern European countries. Russia also changed its thinking on NATO since the fall of the USSR quite substantially. #Ukraine

Democracy Now!

@democracynow

2 years

Historian Timothy Snyder rejects the claim that NATO expansion is a primary cause of the Ukraine crisis. "The world isn't just about Washington and Moscow. It's also about other sovereign states and other peoples who can express their desires and have their own foreign policies."

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

1 year

Strategic autonomy requires reconciling the EU’s domestic and international agendas. If the EU wants to play a larger role in global politics and adapt to current geopolitical realities it cannot rely on fiscal austerity and export-led growth anymore.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

. @MESandbu hits the nail on the head with this one. Joint procurement would avoid competition among EU Member States for scarce supplies, which would force some EU countries to pay a premium, and could even lead to lower prices. A thread 🧵. #Ukraine

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

Taking a cue from @jasonfurman . This is an opportunity for EU 🇪🇺-level instruments to cushion financial volatility and macroeconomic uncertainty. Member States will need the fiscal space to support their economies and expand military spending/ domestic energy investment. #Ukraine

Jason Furman

@jasonfurman

2 years

In the eurozone crisis Greece, Italy and Spain were (fairly or unfairly) blamed for brining the crisis on themselves. I don't think anyone will blame the Baltic countries for sharing a border with Russia. Could that plus a common external threat catalyze EU-wide fiscal changes?

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

1 year

Ultimately, EU countries need to accept that external challenges cannot be resolved without domestic action in economic policy. This requires bolstering public investment and domestic demand, as well as more economic integration at the EU-level.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 years

@adam_tooze It's also interesting to look at the empirical counter-argument to the "brahmin left". Was just reading this piece by @tabouchadi and @simonjhix where they show, inter alia, that the soc-dem vote is not necessarily dominated by educated elites.

Brahmin Left versus Merchant Right? Education, class, multiparty competition, and redistribution in...

In this article, we revisit the main claims of Part Four of Thomas Piketty's Capital and Ideology and especially the changing support coalitions for parties of the left. Piketty's core argument in...

onlinelibrary.wiley.com

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

@IsabellaMWeber @heimbergecon . @heimbergecon does amazing work, but the chart is by ECB staff 😁.

A new indicator of domestic inflation for the euro area

www.ecb.europa.eu

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 months

A country at war locked out of Western capital markets and under sanctions ends up expanding more rapidly, while a country like Germany chokes on austerity because of an ideological commitment to “budgetary soundness”.

Financial Times

@FT

3 months

Breaking news: Russia’s economy will expand much more rapidly this year than previously expected, according to the IMF, as President Vladimir Putin’s military spending feeds into wider growth

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

5 years

"Il y a une inégalité dans le financement de la démocratie qui a créé aussi une inégalité dans la représentation." - @CageJulia @lemondefr @Cercle_eco #2019FinDunMonde

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

Very happy to see this idea getting traction. Sanctioning the Russian Central Bank and cutting it off from its FX reserves would limit its ability to launch interventions in the currency market and put a floor under the price of the ruble. #Ukraine

Saleha Mohsin

@SalehaMohsin

2 years

NEWS: US is eyeing sanctions on Russia’s central bank, I'm told, a move that would target much of the $643b reserves Putin has amassed A final decision hasn’t been made but admin aims to make each move in conjunction with allies across Europe for maximum impact

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

1 year

Very important point that doesn't get across all that often. EU institutions conceive of CMU as a solution to euro area problems that exceed their institutional capacity, such as mobilising financing for the green transition. So the solution is to leave it to the markets.

Sebastian Mack

@SebastianMack_

1 year

Beyond big words, the EU Capital Markets Union is making little progress. Minor improvements are in the pipeline, but core reforms such as the harmonisation of company, tax and insolvency law are not in sight. Thus, the role of capital markets in the green transition is limited.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

4 months

1/ If Germany 🇩🇪 left the EU 🇪🇺 and the Economic and Monetary Union, it would likely lead to the collapse of the entire system and a major economic crisis. This wouldn't be a gradual unwinding of commitments but a disruptive unraveling of political, economic, and legal ties.

Financial Times

@FT

4 months

Alice Weidel says the UK was 'dead right' in leaving the EU. Breaking a big national taboo, the far-right leader tells the FT she will call for a referendum on 'Dexit' — a German exit from the bloc — if elected

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

5 months

Heinrich Böll Stiftung is denying @mashagessen the prize for showing the same kind of political courage that Hannah Arendt stood for and an increasingly uncommon willingnes to criticise prevalent moral logics.

Benjamin Braun

@BJMbraun

5 months

The Green party foundation just withdrew from the ceremony for the Hannah-Arendt prize it was going to award to @mashagessen this Friday. For an essay in the New Yorker. Hannah Arendt! Masha Gessen!! In the New Yorker!!! German liberals have truly, completely, lost the plot.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

11 months

@Noahpinion But besides formal economic modelling, heterodox economists also employ other methods, hence why you find a variety of approaches in the literature. But really, you can easily debunk the idea that heterodox approaches are mainly reliant on literary texts.

Post-Keynesian Economics

"Post-Keynesian Economics" published on 13 May 2022 by Edward Elgar Publishing.

www.elgaronline.com

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

@sumlenny Being a hilarious organiser of whisky and cigar parties is kind of a red flag, tbh.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

Ukraine's formal application to join the #EU . This will have to be reviewed by the @EU_Commission , which assess the country's ability to meet the Copenhagen criteria and eligibility for candidate status.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

11 months

1/6 The comparison with the pre-GFC period is interesting. I do think, however, that @IsabellaMWeber and Evan Wasner's argument is compatible with Lavoie's and a similar argument recently made recently in a @bancaditalia Working Paper. @Lprochon

Louis-Philippe Rochon

@Lprochon

11 months

The debate over profit inflation continues on the @MonetaryBlog "Once again on profit inflation: a follow-up on Marc Lavoie’s blog" By Guillermo Matamoros @Punk_Keynesian *** Please please share. It would be greatly appreciated.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

This is like the alternative medicine of economics.

Matías Vernengo

@NakedKeynes

2 years

Run of the mill college bookstore. More books on degrowth than any other subject 😬

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

With @JLMelenchon 's LFI becoming the leading force on the French left, the pro-EU left is disappearing. Like Le Pen, Mélenchon does not advocate for #Frexit . But his party would nonetheless attempt to block obligations and commitments to #EU integration. Frexit in all but name.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

6 months

A reminder that when Geert Wilders and the PPV say they want to restrict free movement of labour in the EU and introduce working visas for some, they mean Eastern Europeans. #DutchElection

Ben Coates

@bencoates1

6 months

An end to free movement of labour in the EU, with working visas introduced for some

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

5 months

Larry Summers’ interview in @FT is the definition of gaslighting .

James Medlock

@jdcmedlock

5 months

How it started How it’s going

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

1 year

Companies managed to protect profit margins despite headwinds from high energy prices and supply disruption and have been using high inflation as an excuse to boost them as well. While central banks don’t have the tools to address profit-led inflation, they can talk about it.

European Central Bank

@ecb

1 year

Companies’ rising profit margins could be contributing to persistent inflation, says Executive Board member Fabio Panetta in an interview with The New York Times. Read the full article

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

I tend to agree. There's only so many times you get to pull off a move like this before reserve managers start reshuffling or even decreasing holdings. Overuse may even prompt a move away from the dollar-centric system. #Ukraine #sanctions

Policy Tensor

@policytensor

2 years

This is exactly the sort of thing that historians speak of when they talk about processes that cause structures of power to decay and transform under the weight of their own contradictions. ht @matt_levine

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

1 year

In the 1970s, Robert Lucas launched an all-out attack on Keynesian economics, which he saw as discredited by high inflation and unemployment. He argued that an equilibrium approach based on rational expectations could better reflect economic output over time. A thread 🧵.

Paul Krugman

@paulkrugman

1 year

Lots of virulent responses to my remarks about Robert Lucas, understandably so. But if you imagine that the attack on Keynesian macroeconomics wasn't at the core of the Lucas et al project you clearly weren't there 1/

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

. @EU_Commission President @vonderleyen just proposed to EU leaders to cut a number of Russian banks from SWIFT and to freeze the assets of the Russian central bank. #Ukraine

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

1 year

At the EU-level, that means progress on the banking and fiscal unions, as well as a more activist European industrial policy to increase and preserve the capability of production for key industries and technologies in the EU.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

1/5 Proposals for oil/ gas price caps to further increase pressure on Russia and help reduce #inflation are gaining traction. The question then is what the effect could be and if #Russia would still agree to supply oil and gas at capped prices? #Ukraine A short 🧵thread.

Isabella M. Weber

@IsabellaMWeber

2 years

May I introduce, the new international Office of Price Administration:

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

5 years

That moment when your #Brexit Plan gets rejected for the third time. #BrexitDay #NoDeal

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

5 years

@FukuyamaFrancis @realDonaldTrump So it had nothing to do with CIA and the ISI providing arms and financing mujahideen resistance to the Soviet invasion of Afghanistan through Operation Cyclone, and the ISI gathering radical Muslims from around the world to fight against the Soviets. Mmmok.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

1/6 Lots of people pitching in on the Commission proposal for reforming the SGP and the MIP. Goes in the right direction and is a good basis for discussion. Nonetheless, it only scratches the surface. Will be interesting to see how they address issues such as transparency and...

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

European Chief Prosecutor and former chief prosecutor of Romania's 🇷🇴 National Anticorruption Directorate Laura Codruța Kövesi is the first EU 🇪🇺 official to visit #Ukraine ️ 🇺🇦 since the war started.

European Public Prosecutor’s Office (EPPO)

@EUProsecutor

2 years

European Chief Prosecutor Laura Kӧvesi and European Prosecutor Juraj Novocký met with the Ukrainian Prosecutor General @VenediktovaIV this morning. During their visit to Ukraine, #EPPO and @GP_Ukraine signed a working arrangement. All details:

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 years

In case anybody was wondering where we could find the money to fund the post- #COVID19 recovery, the twin green and digital transitions, and reduce inequalities. #PandoraPapers

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

1 year

@jvtklooster @stefeich @AGoutsmedt @cescoeco @F_Allisson It is in the library.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

Rarely have I been more proud of my country 🇷🇴 and what people are doing there right now to help out refugees. #Ukraine ️

Shaun Walker

@shaunwalker7

2 years

Just left Ukraine to Romania. Huge queues of 6+ hours in snow and wind, caused by Ukraine border checks. On the Ro side: food, hot drinks, free buses, help, volunteers, arranging of rooms. Free travel on Ro trains. Textbook case of a civilised and humane approach to refugees.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 years

A primer on the German Federal Constitutional Court (BVerfG)'s challenge to #NGEU / RRF. The @BVerfG has stopped a law ratifying NGEU/RRF, the EU's €750bn recovery fund, pending an urgent appeal against the legislation by a group of Eurosceptics. 1/7

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

1 month

🧵1/6 By 2025, the 🇪🇺 C/A surplus will exceed 2.5% of GDP, with 🇩🇪 , the EU’s largest economy, at 6.6%. High and persistent current account surpluses mean we produce more than we consume, export more than we import, and save more than we invest.

Spend it at home: current account surpluses in the EU

EU leadership needs to identify the factors that hold investment back and the incentives that could persuade investors to stay in Europe

www.bruegel.org

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 months

@GuntramWolff Not all support can be expressed in direct military aid. For example, the Pentagon leaks revealed that Romania provided support comparable to Poland by training Ukrainian forces, facilitating grain transport, doing reconnaissance missions for NATO, transferring equipment, etc.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 months

1/2 EU institutions conceive of CMU as a solution to euro area problems that exceed their institutional capacity. In this case, financing the green transition. Climate change mitigation is a public good which may not necessarily be profitable enough to attract private finance.

Philipp Lausberg

@philippemlau

2 months

“It seems member states have discovered the Capital Markets Union now as a sort of panacea for their investment needs,” Lausberg said. CMU is necessary but its a long-term solution. There needs to be quick, targeted public investment leading the way.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

Cutting the Russian central bank's access to FX reserves will cause a run on foreign currency. When the markets open on Monday, stocks will probably crash and the ruble will likely plunge significantly. #Ukraine #sanctions

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

1 month

There is ample liquidity in the EU financial system, but investment isn’t limited by scarce savings but by weak demand (especially in surplus countries) with wealthier households and corporates saving more, reducing consumption.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

The regulatory approval process for the controversial #NordStream2 pipeline that circumvents Ukraine and gives Gazprom a direct line to its largest EU customer has been put on hold. Credit to @ABaerbock and Robert Habeck who warned this option is on the table.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

First Germany 🇩🇪, now Denmark 🇩🇰 has pledged to increase defence spending to 2% of GDP. More #EU 🇪🇺 Member States likely to follow suit. The reform of EU fiscal rules will need to account for increased spending needs to address defence and climate-related investment. #Ukraine ️

Michael Bang Petersen

@M_B_Petersen

2 years

The Danish Prime Minister and a coalition of parties just announced that... * The country will make itself independent from Russian gas * Defence spendings will be increased to 2 % of GDP * On June 1 2022, a referendum will be held to abolish the Danish opt-out from EU defence

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

A tale of two countries. UK government announces the biggest tax cut in 50 years and additional borrowing, sending borrowing costs soaring and almost pushing pension funds to the brink of insolvency. Germany announces €200bn in additional spending and borrowing costs decrease.

Philipp Heimberger

@heimbergecon

2 years

Germany's privilege as the €zone's largest economy: the 🇩🇪government announces a €200 billion energy aid package ("gas price brake"), and interest rates on government bonds move *down* in reaction to the news of additional spending.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

5 years

@AnaGomesMEP spoke for many Romanians, and especially for socialists and socdems, at #PESMadrid when she called for the Social Democratic Party of RO @psdbiroupresa to be excluded from @PES_PSE and @TheProgressives . Hope @TimmermansEU , @UdoBullmann , @SergeiStanishev took notice.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 months

The discussion raises several good points like more economic integration and common EU spending. But I think that overlooking the persistent German current account surplus and the EU export-oriented growth model misses one of the main issues.

Strengthening EU competitivenss

Listen to this episode from The Sound of Economics on Spotify. In this episode of The Sound of Economics, Rebecca Christie sits down with Oya Celasun, Deputy Director of the International Monetary...

open.spotify.com

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 months

@Noahpinion How do those results square off against the ones below? Is it a matter of questions, e.g. being pro-Israel but still favouring a ceasefire?

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

23 days

The Letta Report proposes an ambitious strategy to leverage the single market to achieve EU strategic goals and proposes a framework to enhance investment and coordination across Member States. But what are the proposals and do they hold up to practical implementation? A 🧵

European Commission

@EU_Commission

23 days

It is the right time to think about how we adapt our policies, to continue to deliver high levels of prosperity for everyone. It is the only way to build a vibrant #SingleMarket as a key pillar of our competitiveness. Report on the Future of the Single Market by @EnricoLetta ↓…

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

1 year

@NewLeftEViews “A violation of Ricardian equivalence due to finite lives…” You mean people die?!

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

5 months

Tremendously influential economist with the quality of being both funny and insightful. Solow was often involved in polemics with economists in both academia and government and, beyond reasoned and intelligent arguments, he would also throw witty and sarcastic stings. RIP

Ivan Werning

@IvanWerning

5 months

RIP. Bob Solow an absolute giant in Economics, has passed away at age 99. Tremendously influential in the profession and one of the key founders of the MIT Economics department as we live it today. Will be sorely missed.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

@dandolfa In no particular order and non-exhaustive. Jeffry Frieden, Barry Eichengreen, Guido Tabellini, Benjamin Cohen, Mark Blyth, Helen Thompson, Jakob Hacker, Kathleen Thelen, Lucio Baccaro, Benjamin Braun, Torben Iversen, David Soskice, Ben Clift, Daniela Gabor, Isabella Weber...

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 years

4/5 Check out this great article by @MESandbu arguing that disruptions in global supply chains resulted in a "bottleneck economy" and how current inflationary pressures could actually turn deflationary once supply adjusts.

Beware the ketchup-bottle economy

There are reasons to think inflationary pressures could give way to disinflationary ones

www.ft.com

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

6/8 Another idea is special treatment for certain types of investment. @ZsoltDarvas and @GuntramWolff have recently proposed exempting net green public investment from deficit calculations. Investment write-offs seem like the most popular option so far.

A green fiscal pact: climate investment in times of budget consolidation

A fiscal exit strategy must be put in place when the EU is pursuing the major goal of cutting its emissions

www.bruegel.org

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 months

Nonetheless, this won’t stop central banks from taking credit once inflation reaches its target. But, much like in the 1980s, we risk overstating the role of monetary policy in taming inflation.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

1 year

Fabio Panetta: monetary policy should “not drive like crazy at night with our headlights turned off”. Given the high uncertainty over inflation, the magnitude and pace of rate hikes should decrease to allow for a more honed adjustment without risking an economic downturn.

Bank for International Settlements

@BIS_org

1 year

CB speech: Fabio Panetta (ECB): Monetary policy after the energy shock -

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

1 month

Great intervention by @SanderTordoir . Central banks worldwide share a common stance: to sustain disinflation, wage growth needs to normalise. While it hasn’t significantly driven inflation to date, there’s concern that a rapid catch-up could push inflation beyond target.

Euractiv Economy

@eaEconomy

1 month

"European workers argue that they’ve already endured their share of economic pain over the past years, as they saw their real wages shrink despite a surge in nominal values. Economists now hope they will turn to a more literal kind of buying." Now out👇

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

1/3 According to the decree on invoicing payments in rubles, importers will still be able to pay in their currency of choice. A 🧵. Foreign buyers would have to transfer funds to a special account at a Russian bank in the foreign currency specified in the contract. #Ukraine

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

11 months

@Noahpinion Anwar Shaikh has a whole course based on his book where he presents both empirical evidence and formal economic models to back up his theories.

Capitalism: Competition, Conflict, Crises

Abstract. The purpose of this book is to demonstrate that most of the central propositions of economic analysis can be derived without any reference to hyp

academic.oup.com

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

Not sure that’s the job of the ESM. Just sayin’.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 years

Someone better get on that cross-country panel data study on the relationship between exceptional language and exceptional growth fast.

CentralBanksOutOfContext

@out_banks

3 years

#2

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

4 years

Very happy to announce that from October I'll be joining the @ecb as a trainee in the EU Institutions and Fora Division.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

The 🇩🇪 government is against cutting 🇷🇺 oil and gas, arguing it would deal a heavy blow to the 🇩🇪 economy. But what are the constraints on countering the economic shock? What have all those years of balanced budgets been for if not for buffers? #Ukraine ️

Sanktionen gegen Russland: Habeck warnt vor Wirtschaftskrise bei Sofortstopp von russischem Gas

Deutschland braucht laut Bundeswirtschaftsminister Robert Habeck Monate, um sich aus der "Klammer von russischen Importen" zu befreien. Er fürchtet schwere Schäden.

www.zeit.de

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 years

Analysts and commentators called the Great Recession a "Minsky Moment". Post- #COVID19 , @MESandbu draws attention to the work of another post-Keynesian, Michał Kalecki, who argues that distributive conflicts are critical to macroeconomic dynamics. via @FT

Class conflict is back at the core of economics

Workers’ unexpected bargaining power could also help boost the profits of business

www.ft.com

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 months

Good thing 🇩🇪 has a great record on money laundering.

Belgian Presidency of the Council of the EU 2024

@EU2024BE

3 months

✅ Deal ! @EUCouncil & @Europarl_EN agreed that the new European Anti-Money Laundering Authority ( #AMLA ) will be located in Frankfurt 🇩🇪 💸 AMLA will play a key role to fight illicit financial activities in the EU. With more than 400 staff, it will start its operations mid-2025.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

5/8 One proposal for circumventing the debt brake and avoiding tax increases is to set up an off-balance sheet instrument or use the @KfW . Another, proposed by @DezernatZ , is to tweak inputs to calculations of potential output. Also relevant for the SGP.

A new fiscal policy for Germany - Dezernat Zukunft

Institut für Makrofinanzen

www.dezernatzukunft.org

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

4 years

Even @krogoff (of Rogoff-Reinhart) came around and said on @NewsHour this is not the time to be frugal. Bottom line for policymakers from the interview: stop worrying about debts, deficits, and inflation until this blows out. #coronavirus #EconTwitter

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

5 months

A dominant figure in the European Union for more than a decade, Wolfgang Schäuble’s legacy will be marked by his insistence on budgetary penitence during the Eurozone crisis as one of the architects of austerity.

Bundeskanzler Olaf Scholz

@Bundeskanzler

5 months

Wolfgang Schäuble hat unser Land mehr als ein halbes Jahrhundert geprägt: als Abgeordneter, Minister und Bundestagspräsident. Mit ihm verliert Deutschland einen scharfen Denker, leidenschaftlichen Politiker und streitbaren Demokraten. Meine Gedanken sind heute bei seiner Familie.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

Best illustrated by @OlafScholz 's #Zeitenwende speech in the @Bundestag . Germany committed to a significant increase in defence spending (Military Keynesianism?) and further investment in the energy transition. Relevant for both fiscal policy and a common defence policy. #Ukraine

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 years

1/3 People warning of a tight labour market should also look at the reservation wage, which has risen by 26% y-o-y for workers without a college degree. And with good reason. Wages and salaries have steadily made up a smaller share of US GDP since the late 1960s.

Sidney Rothstein

@SidneyRothstein

3 years

So far in 2021, my favorite art is a piece called "Labor Shortage"

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

The German government will take a 50% stake via @KfW and the Dutch government-owned @Gasunie will be the operator.

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 years

@ChaseMFoster and @jafrieden show that economic factors remain powerful predictors of public opinion toward European integration and euroscepticism. Unemployment is a strong determinant of satisfaction with EU democracy.

Economic determinants of public support for European integration, 1995–2018 - Chase Foster, Jeffry...

European support for integration is shaped by a range of economic, cultural, and political factors. However, in recent decades, scholars have argued that utilit...

journals.sagepub.com

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

5 years

The image on the right pretty much sums up the one on the left. #G7Summit #G7Biarritz

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 months

With most of the euro area inflation stemming from energy and supply chain shocks, and only a slight rise in expectations to end-2023, there is the question of whether the ECB’s 450bp hike was justified.

Uuree Batsaikhan

@UureeB

3 months

Overwhelming share of EA inflation is from passthrough energy&trade shocks 👇 Expectations increased only slightly from peak to end-2023, now was the 450 basis point hike necessary for this increase? Also, @IMFNews analysis should preach what they find, instead of pushig for hikes

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

5 years

"L'Europe est la lumière venue d'une étoile morte" - Erik Orsenna, membre de l' @academie_fr #2019FinDunMonde @Cercle_eco @lemondefr

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

Congrats to @Cornelia_Woll for her appointment as the new president of @thehertieschool . I had the pleasure of following her course on International Political Economy at @sciencespo and her expertise and research focus fit perfectly with the school‘s objectives and principles.

Hertie School

@thehertieschool

2 years

We are proud to share exciting news 🎉: In Spring 2022, Prof. @Cornelia_Woll will join the Hertie School and take over the position as new President of our university. Welcome to the team, Cornelia! #hertielove

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

2 years

My native Romania 🇷🇴 now trails Poland 🇵🇱 in terms of refugee influx. Many continue westward, but more international support will be needed. 🇷🇴 will have to up its efforts to deal with the humanitarian pressure and also aid Moldova 🇲🇩, which is under significant strain. #Ukraine

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Andrei B. Sterescu 🇪🇺

@AndreiSterescu

3 years

1/3 Thread. In this new paper, @DrDaronAcemoglu and @pascualrpo contend that skill-biased technological change (SBTC), rather than institutional factors, is the primary driver of changes in the US wage structure and increases in wage inequality since the 1980s. #EconTwitter

NBER

@nberpubs

3 years

Between 50% and 70% of changes in the US wage structure over the last four decades are accounted for by the relative wage declines of worker groups specialized in routine tasks in industries experiencing rapid automation, from @DrDaronAcemoglu and Restrepo

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