Eric Tymoigne @tymoignee

Economist @lewisandclark @LevyEcon (Macroeconomics, Money, Finance, Political Economy). (MOSTLY INACTIVE AND RARELY CHECKED, Email for Qs: [email protected]) college.lclark.edu/live/profiles/… Portland, OR Joined April 2015

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Eric Tymoigne @tymoignee

3 days ago

Interesting paper. Lots of similar work in the Marxist tradition that ought to have been cited: repression is ongoing, e.g. cepremap.fr/depot/couv_ora…

Daron Acemoglu @DAcemogluMIT

5 days ago

Dear followers, I would like to share this new working paper. economics.mit.edu/sites/default/… It’s a theoretical exploration of the political consequences of pervasive automation. The worrying implication from the analysis is that the combination of rapid automation and redistribution

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Malcolm Reavell @malcolm_reavell

2 years ago

Naomi Klein: "Labour is sending lots of messages that very little is going to change ... hearing from your leader about fiscal rules and sounding like Margaret Thatcher on running a govt like a household, which is ridiculous, is going to set the table for a far right comeback."

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Eric Tymoigne @tymoignee

a week ago

🤨

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Eric Tymoigne @tymoignee

2 weeks ago

@KeloglanBM @DavidMcNab17 If you just have 2 min go consolidation route. I have a lecture where I go through both approaches and look at the implications m.youtube.com/watch?v=foOnxk…

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Eric Tymoigne @tymoignee

2 weeks ago

@KeloglanBM @DavidMcNab17 You’ll find both approach in Econ and among pundits, MMT has looked the most at the implications. What you don’t want to do is mix both approach I personally find that going the coordination route gets the message across easier when you can have a convo

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Eric Tymoigne @tymoignee

2 weeks ago

@KeloglanBM @DavidMcNab17 Institutional details will vary per country, e.g., Canada allows direct financing, US does not (direct refinancing is allowed though). If not allowed, central bank and treasury make it work in other ways so Treasury gets the funds it needs. Hopefully that helps.

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Eric Tymoigne @tymoignee

2 weeks ago

@KeloglanBM @DavidMcNab17 How much simplification you do depends really on what you want to analyze. Point is that a model with a central bank directly financing treasury is not an extreme assumption, it reflect current institutional practices in which central bank directly and indirectly finances treas.

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Eric Tymoigne @tymoignee

2 weeks ago

@KeloglanBM @DavidMcNab17 MMT starts with detailed institutional analysis of Treasury and Central Bank financial coordination (even if their policies are not coordinated). For modelling one can simplify central bank directly financing treasury. More simplification: pay IOR indeed, no need for Treasuries.

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Eric Tymoigne @tymoignee

2 weeks ago

Recently presented "Chartalism and Money Theory: State Money and Beyond." Main point is that chartalism is not about state money, it is about a specific methodology to analyze monetary systems. See powerpoint here. linkedin.com/posts/eric-tym…

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Eric Tymoigne @tymoignee

2 weeks ago

Powerpoint is here: linkedin.com/posts/eric-tym…

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Eric Tymoigne @tymoignee

2 weeks ago

Decline in underwriting, rising leverage, short-term portfolio strategies, credit rating shopping, mark to myth, "innovations" to bypass leverage regulation, resecuritization, recontinuation are all increasing the upward interdependence between asset price and debt.

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Eric Tymoigne @tymoignee

2 weeks ago

New wp on rising financial fragility in the US economy coming from development in private equity and debt markets is out. Ponzi finance is growing in private markets and spreading to other sectors via retailization, competition and loose financial policy levyinstitute.org/publications/m…

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Eric Tymoigne @tymoignee

2 weeks ago

Sum of grey areas = interest on public debt/Federal government expenditure. (e.g. around 20% of budget was allocated to interest servicing in the 1980s, most going to interest paid to domestic sectors)

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Eric Tymoigne @tymoignee

2 weeks ago

Share of interest service in budget continues to be driven by monetary policy, not by the size of the public debt + Gov. determines G independently from interest service.

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Eric Tymoigne @tymoignee

3 months ago

@Ivan_Vesely_ The issue is that the proper functioning of T markets is relying further on participants that don’t have a close working relationship with the Fed. Harder for PMs to make market. Fed either will have to intervene more directly or find additional new partners (or rework Basel 3).

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Eric Tymoigne @tymoignee

3 months ago

The primary dealers system is less and less able to contribute to smooth financing of Treasury. Hedge funds greater involvement and higher leverage (with banks providing financing to them) => more instability + sensitivity of rate to issuance has gone up. Not good signs.

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Eric Tymoigne @tymoignee

4 months ago

But how are we paying for this? We have no money, bond vigilantes don't want to lend to us, we are bankrupt. At least that what, we were told when we proposed to do medicare for all, student-debt relief, green new deal, etc. It does not apply now? I am confused.

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Eric Tymoigne @tymoignee

4 months ago

@tblrj Yep

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Eric Tymoigne @tymoignee

4 months ago

The opposite is true : “Our single currency, the euro, has strengthened the monetary sovereignty of Europe area countries.” Piero Cipollone bis.org/review/r260217…

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Philipp Heimberger @heimbergecon

4 months ago

We have a new paper on the effects of fiscal consolidation in EU countries. Fiscal consolidations lower real output, raise the unemployment rate, increase income inequality, and reduce inflation. Contractionary effects are stronger during recessions than in non-recession periods.