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Jens van 't Klooster 🟦🟦🟦 Profile
Jens van 't Klooster 🟦🟦🟦

@jvtklooster

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Philosophy & Economics, the ESG anthropocene, technocrats and more | “Non-profit finfluencer” | @jvtk .🟦 .soc | @UvA_AISSR @Politics_UvA @GRI_LSE

Amsterdam, Brussels
Joined May 2015
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@jvtklooster
Jens van 't Klooster 🟦🟦🟦
5 months
BOOM!🔥🔥🔥
@IsabellaMWeber
Isabella M. Weber
5 months
Shockflation has uprooted Europe. After living standards plummeted, a far right surge is engulfing Germany & France is in turmoil. In a new report for @Europarl_EN , @jvtklooster & I urge for a new economic policy playbook to prepare for future shocks.🧵
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Jens van 't Klooster 🟦🟦🟦
3 years
This is precisely how the Amsterdam stock exchange started Via @wallstmemes
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Jens van 't Klooster 🟦🟦🟦
1 year
This week, I received angry text messages from Noah Smith demanding an apology for saying his blogs on @IsabellaMWeber were “silly polemics”. So I dug into his writings and, my friends, it’s worse than just silly. Do join me for a tour of @noahpinion on Isabella Weber’s work.
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Jens van 't Klooster 🟦🟦🟦
3 years
Excellent 1959 Cambridge Economics essay topics via Alice Pearson ( @poleconCRASSH )
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Jens van 't Klooster 🟦🟦🟦
3 years
Did policymaking really change after 2008? Not immediately, but a genuine paradigm shift is taking place… amongst central bankers and EU technocrats setting financial and fiscal rules. Technocratic Keynesianism - A summary👇 Open access at @NPEjournal :
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Jens van 't Klooster 🟦🟦🟦
3 years
Saying the central bank has an "inflation brake" is a mistake on a par with the idea that the state is a household that must pay back its debt. Just some comments on this particularly vapid unsigned @TheEconomist piece. 1/
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Jens van 't Klooster 🟦🟦🟦
3 years
Finally out! On the European Central Bank, technocracy, and one of the most painful chapters in European integration: the #ECB ’s treatment of sovereign debt (going from 1988 till 2020) A quick summary 👇 /1 #Openaccess
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Jens van 't Klooster 🟦🟦🟦
3 years
🤭
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Jens van 't Klooster 🟦🟦🟦
2 years
Sure a real Nobel prize, nothing ideological happening here at all just banks intermediating gold coins between normal people and productive investment
@NobelPrize
The Nobel Prize
2 years
The work for which Ben Bernanke, Douglas Diamond and Philip Dybvig are being recognised has been crucial to subsequent research that has enhanced our understanding of banks, bank regulation, banking crises and how financial crises should be managed. #NobelPrize
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Jens van 't Klooster 🟦🟦🟦
2 years
Out #openaccess ! ‘Rethinking Monetary Sovereignty’ (with @steffenmurau ) On the state, global credit money, currency hierarchies and the inadequacy of our current conceptions of monetary sovereignty. A 🧵
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Jens van 't Klooster 🟦🟦🟦
2 years
Ok friends time for a quick thread on the unfolding Sterling crisis. The (non-FT) media and the twitter economists seem to have forgotten some real world market plumbing issues again…
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Jens van 't Klooster 🟦🟦🟦
2 years
1/ Why are @ecb central bankers so keen to raise rates? I have seen a few theories - erroneous macro, reputation management, class warfare - but none make sense to me. Consider @KlaasKnot
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Jens van 't Klooster 🟦🟦🟦
3 years
Finally out! In @jhet_journal : on Carl Menger, the marginal revolution and the prehistory of 20th century neoclassical economics, featuring a detailed debunking of Hayek’s historiography of Austrian economics. A short thread /1 .
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Jens van 't Klooster 🟦🟦🟦
1 year
Since then, of course, the data has shown beyond any doubt, that many firms did jack up prices and that the more powerful firms were much better placed to do so. A wide range of measures targeting systemically important prices were used with success.
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Jens van 't Klooster 🟦🟦🟦
1 year
Out! In @RIPEJournal A defense of monetary financing against the dysfunctional monetarist taboo, showing its benign but crucial function. And documenting how the @ECB 's brief reluctance to monetize debt in 2009 would have catastrophic effects A 🧵 /1
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Jens van 't Klooster 🟦🟦🟦
1 year
(this was just a selection curated for brevity) I think an apology is due, but not from me to @noahpinion
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Jens van 't Klooster 🟦🟦🟦
2 years
The @BIS_org just published what looks to be a very important book, showing that in unequal societies (like ours) accommodative monetary policy is a bad way to deal with recessions
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Jens van 't Klooster 🟦🟦🟦
1 year
But rather than admitting he had been wrong (which is absolutely fine), and had taken part in a shit storm targeting an academic who put forward an interesting but controversial view (not so fine), he just continued the attacks
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Jens van 't Klooster 🟦🟦🟦
2 years
I think it's time for @paulkrugman to concede it. He was not only extremely rude, but also just wrong in December 2021 to reject @IsabellaMWeber 's claim that it was time to start thinking about selective price controls
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Jens van 't Klooster 🟦🟦🟦
4 years
Coming Thursday I will defend my #PhD "The Political Economy of Central Bank Risk Management! Do come to hear me defend the theses below on the #ECB collateral framework and the politics of financial market risk Thursday 22 April 12:45 stream here:
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Jens van 't Klooster 🟦🟦🟦
2 years
Hans Jonas keeping it modest
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Jens van 't Klooster 🟦🟦🟦
10 months
My chapter on how market neutrality killed the international euro is now out in the proceedings of the 2023 @ecb legal conference. A quick thread
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Jens van 't Klooster 🟦🟦🟦
2 years
Why is the ECB Governing Council currently in an emergency meeting? What are PEPP reinvestments? Why are they the main tool of the ECB to fight a new Eurozone crisis now on the horizon? And what more powerful tool is needed? A 🧵
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Jens van 't Klooster 🟦🟦🟦
1 year
Last week, even Noah had to concede: "we did do some of what Weber suggests, and it probably did help reduce inflation"
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Jens van 't Klooster 🟦🟦🟦
1 year
Throughout his blogs, he sets Weber up as targeting inflation (an economy-wide phenomenon) through war economy-style price controls across the entire economy. This makes a complete caricature of what this year’s strategic price control debate has been about.
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Jens van 't Klooster 🟦🟦🟦
1 year
As that last tweet illustrates, and @noahpinion forgot to mention, he was one of those angry online men targeting Weber early 2022, writing after @paulkrugman already took down his silly post
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Jens van 't Klooster 🟦🟦🟦
1 year
His recent blog targets a nice @newyorker piece by @zachdcarter that sets out a journalistic, but factual and precise account of what went down last year
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Jens van 't Klooster 🟦🟦🟦
1 year
This was all clearly wrong, though not as wrong as a second blog that @noahpinion enthusiastically pointed his readers to
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Jens van 't Klooster 🟦🟦🟦
1 year
He set out his own account of why she was wrong, which with the benefit of hindsight looks quite dated
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Jens van 't Klooster 🟦🟦🟦
1 year
And then there’s gossip on the German gas commission. If @noahpinion did indeed talk to members of the expert panel that Weber was on, he didn’t really listen because the Committee did propose and the German government actually did end up implementing price measures for firms!
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Jens van 't Klooster 🟦🟦🟦
3 years
Raising rates doesn't make energy cheaper or unblock Shanghai's harbour. It doesn't create second hand cars or lumber or arabica coffee. Why doesnt the piece talk about record corporate profits and rampant price gouging?
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Jens van 't Klooster 🟦🟦🟦
2 years
As Europe is burning, the ECB's monetary policy is set to stop those long-term investments most needed to decarbonize and prevent future inflationary shocks. In this @GRI_LSE report I explain how a smart hike could avoid this disastrous outcome. A 🧵
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Jens van 't Klooster 🟦🟦🟦
3 years
“The legal history of price controls exemplifies neoliberalism’s most impressive achievement: to make the form of politics it opposes not illegal, but irrational”
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Jens van 't Klooster 🟦🟦🟦
1 year
Noah’s blog post does not really challenge the core of Zach Carter’s narrative. He concedes we’ve been doing a lot of Weberish policy. But then on Twitter he says Weber’s ideas were cultish and “catastrophically crazy”
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Jens van 't Klooster 🟦🟦🟦
2 years
Voorbeeld @Unilever @JumboSupermarkt graaiflatie: 650gram Calvé Pindakaas (85% pinda's) Maart 2019 €3,59 October 2021 €3,99 November 2022 €4,41 Maart 2023 €4,59 Prijs Argentijnse pinda's al jaren stabiel rond $1.40/kilo @waybackmachine
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Jens van 't Klooster 🟦🟦🟦
2 years
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@fwred
Frederik Ducrozet
2 years
🇪🇺 EC updated proposal for fiscal rules includes country-specific technical trajectory, but also "common safeguards to ensure debt sustainability". "The 3% and 60% of GDP reference values for deficit and debt will remain unchanged." 🙈
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Jens van 't Klooster 🟦🟦🟦
5 years
Finally out! In @the_JOP my normative theory disscussion of the question: Is it permissible to leave monetary policy to unelected officials? The answer: Maybe, but ignore the myth that central bankers are just implementing their mandate
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Jens van 't Klooster 🟦🟦🟦
1 year
Excellent study that fits well onto the current climate finance discourse
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Jens van 't Klooster 🟦🟦🟦
2 years
Yesterday a central banker refered me back to @IsabellaMWeber 's still incredibly accurate analysis of where the debate is, and where it should be going:
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Jens van 't Klooster 🟦🟦🟦
3 months
Humanity will make large parts of its planet uninhabitable because it cannot collectively focus on a complex abstract problem for more than 18 months
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Jens van 't Klooster 🟦🟦🟦
2 years
A new political economy of hiking monetary policy rates is slowly coming into focus, and it's not pretty: high profit margins for MNCs, abundant collateral for banks, unemployed workers and a middle class property crash. A 🧵
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Jens van 't Klooster 🟦🟦🟦
1 year
Silly polemics. @zachdcarter doesn't "incorrectly claim ... most of the inflation .... has been concentrated in energy prices", he (correctly) writes "most inflationary pressure came from large spikes in the prices of specific products and commodities, such as natural gas"
@Noahpinion
Noah Smith 🐇🇺🇸🇺🇦🇹🇼
1 year
A New Yorker article masterfully told a story of how a lone economist, scorned by the mainstream, discovered price controls work and inflation is caused by profiteering, and eventually won the debate. One problem: Very little of that story was true.
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Jens van 't Klooster 🟦🟦🟦
3 years
Long awaited, finally out: Avner Offer's Understanding the Private–Public Divide: Markets, Governments, and Time Horizons
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Jens van 't Klooster 🟦🟦🟦
1 year
🔥🔥🔥 So many great insights in this blockbuster article by Will Bateman on the history of US monetary financing, from before Independence all the way up to post-2008 QE A 🧵with some things I learned
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Jens van 't Klooster 🟦🟦🟦
3 years
Marx's Critique of Hegel's Philosophy of Right as cited in @BrunoLeipold 's fascinating manuscript on Marx and republicanism
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Jens van 't Klooster 🟦🟦🟦
1 year
Not often we get a good retraction scandal in philosophy, but Richard Wolin @LAReviewofBooks documents a quite incredible story about the past decades of Heidegger scholarship @RetractionWatch
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Jens van 't Klooster 🟦🟦🟦
3 years
After two days of @paulkrugman and other Twitter trolls trotting out their econ 101 misconceptions James Galbraith closes 2021 with this splendid thread on @IsabellaMWeber ’s must read op ed. In 2022 we clearly need a more academic debate on price controls!
@StephanieKelton
Stephanie Kelton
3 years
What follows is a THREAD, posted on behalf of Professor James Galbraith, who is not on Twitter but who asked me to share his reaction to this.
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2 years
🎇New paper! 🎆 Combining legal, political and economic analysis, we put forward a detailed study of the ECB’s post-2021 monetary policy. As we show, the central bank’s accountability practices are woefully out of date. New democratic practices are needed. A 🧵with goodies 👇
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Jens van 't Klooster 🟦🟦🟦
3 years
"Asset Manager Capitalism as a Corporate Governance Regime" by @BJMbraun on why @BlackRock 's new found plutocratic keynesianism
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@bartsche
Elga Bartsch
3 years
Inflation is being driven by supply constraints, not demand – and this makes life difficult for central banks. We think getting inflation down to 2% through rate hikes could come at a cost of almost 10% unemployment. Our new research explains why ⬇️
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4 years
Alaska oil auction fails because every major bank in the U.S. has ruled out financing oil exploration in the Arctic
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Jens van 't Klooster 🟦🟦🟦
3 years
The ECB and its national central banks have more employees than the EU
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@RobertLepenies
Robert Lepenies
3 years
No cheating! How many people, do you think, work for the EU? If you add up *all* Eurocrats working for the Commission, Parliament, Court of Justice + ALL bodies and agencies (EFSA, EEA, ECB, ECHA, Medicines Agency, Space agency etc)
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1 year
Is central bank credit to banks neutral with regard to the climate transition? Using confidential micro-level data, we explore the carbon bias of the ECB’s trillions of TLTRO credit to banks. And propose a green alternative. A (simple) 🧵
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Jens van 't Klooster 🟦🟦🟦
3 years
Revised version out: The constitutional theory of central banks - the legal structure and normative justication of CBI, distributional effects, democratic legitimacy and updates on pandemic measures, climate/ @NGFS_ and recent literature Preprint:
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2 years
The real winner in all of this are critical macrofinance and philosophical objections to utilitarianism #FTX #SBF
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Jens van 't Klooster 🟦🟦🟦
1 year
Constitutional earthquake in Frankfurt!
@stanjourdan
Stanislas Jourdan 🇪🇺
1 year
ECB officially recognises the role of the European Parliament in the interpretation & prioritisation of its secondary mandate:
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Jens van 't Klooster 🟦🟦🟦
2 years
In February 2021, @nikdeboer and I placed a freedom of information request for documents pertaining to the @ecb 's secondary objectives. Now online, in @JCSMJournal , an article to sketch a future of monetary-fiscal coordination beyond price stability. A 🧵with main findings
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Jens van 't Klooster 🟦🟦🟦
2 years
Why have central banks built their whole monetary policy strategy around a variabele that they are neither able to predict nor have an effective way to influence?
@fwred
Frederik Ducrozet
2 years
Euro area headline inflation vs. ECB staff projections.
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Jens van 't Klooster 🟦🟦🟦
1 year
Sorry people, bad news from Sweden. Their central bank is in default and will have to be wound down. Payments in euro from now on.
@fwred
Frederik Ducrozet
1 year
🇸🇪 *RIKSBANK NEEDS CAPITAL INJECTION OF ALMOST SEK80B: THEDEEN The Riksbank is under pressure to recapitalise because it's one of the few central banks which marks to market its bond portfolio, reporting over SEK80bn in unrealised losses. CB losses don't matter, unless they do.
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Jens van 't Klooster 🟦🟦🟦
3 years
“overall prices … have risen at an annualized rate of 6.1% … over half of this increase (53.9%) can be attributed to profits, labor costs contributing less than 8% of this increase”
@IsabellaMWeber
Isabella M. Weber
3 years
Once upon a time, a young female economist dared to make the connection between a profit explosion and inflation. She was greeted with outrage. What if she was right!? Two great reads.
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Jens van 't Klooster 🟦🟦🟦
2 years
Ok just received an update, the monetarist view is now: when the ECB launched the 2015 QE programme it should have anticipated the inflationary effects in 2022 of the 2020 pandemic response
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Jens van 't Klooster 🟦🟦🟦
4 years
Lot of his critics simply buy into Rutte's own frame saying Dutch are egoistic. No, his policies are myopic and stupid - just like EU debt crisis and austerity policies were. Everybody learned from that except the Dutch government!
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Jens van 't Klooster 🟦🟦🟦
2 years
So then who? Investors, who this year will need to be enticed to buy £194 billion debt by an island that sells finance, tax evasion as well as really amazing education and woolen sweaters.
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Jens van 't Klooster 🟦🟦🟦
4 months
Until the 1970s monetary policy was widely perceived to be an inadequate way of fighting inflation in sectors with administered prices, and it had a modest role in inflation governance (Means 1975)
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Jens van 't Klooster 🟦🟦🟦
2 years
2022 - the year that central bankers cited @BJMbraun 's classic discussion of folk theories of money... to argue that central banks should be more concerned about their solvency
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Jens van 't Klooster 🟦🟦🟦
4 years
New chapter on central bank independence, mandates and democracy for The Cambridge Handbook of Constitutional Theory (3 vols.), eds @jeff_a_king @rpbellamy1 available online!
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Jens van 't Klooster 🟦🟦🟦
3 years
Out #openaccess ! With @apsmolenska we provide a birds-eye view of a bewildering world of EU climate finance policy. We argue for a radical overhaul, to make the prudential regulation of risk much more political. A 🧵 /1 @JFinReg Paper available here:
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4 months
Just want everyone to know that the Central Bank of North Macedonia provides perfect answers to obscure questions from the general public
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Jens van 't Klooster 🟦🟦🟦
2 years
This is a 😍step forward on the climate action plan, putting the @ecb miles ahead of the @bankofengland - let alone the climate skeptics at the @federalreserve . Some thoughts on remaining inconsistencies & next steps from here. /1
@ecb
European Central Bank
2 years
🧵We're taking further steps to incorporate climate change into our monetary policy operations. We'll better account for climate change in our: 1⃣corporate bond purchases 2⃣collateral framework 3⃣disclosure requirements 4⃣risk management Press release 1/2
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Jens van 't Klooster 🟦🟦🟦
1 year
"Danish multinational Ørsted A/S wrote down the value of its offshore wind portfolio by €2bn, one-third of the write-down was caused by higher interest rates driving up financing costs" and more from @Westervangaal
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Jens van 't Klooster 🟦🟦🟦
1 year
Grateful to @erasmusJPE asking me to reflect on the 2022 Nobel Memorial Prize. So, here is my account of the history of the prize, its defunct microprudential vision and lingering climate skepticism in the Economics discipline. A summary thread with nuggets for @cetier1
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Jens van 't Klooster 🟦🟦🟦
2 years
All I want for Christmas 🎅🎄✨ is that a journalist today finally asks @Lagarde : Why is the #ECB raising rates in a way that cuts off investment into renewable energy sources, to fight an inflation caused by lack of investment in renewable energy sources
@jvtklooster
Jens van 't Klooster 🟦🟦🟦
2 years
Once again clouds are gathering in Frankfurt to continue the ECB's rate hikes and cut off the long-term investments most needed to decarbonize and prevent future inflationary shocks. In a @GRI_LSE report from this summer I explained how a smart hike can avoid this outcome. A 🧵
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3 years
Don't expect to hear back from its anonymous author once rate hikes make millions unemployed, but there is still not enough neon for making semi-conductors.
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Jens van 't Klooster 🟦🟦🟦
4 years
The accounting treatment of central bank money as a liability makes little sense - it is not a debt that needs to be repaid. What does? Fascinating @RebuildMacro working paper by Kumhof Allen Bateman Lastra Gleeson @STOmarova
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Jens van 't Klooster 🟦🟦🟦
3 years
“Today, there is once more a choice between tolerating the ongoing explosion of profits that drives up prices or tailored controls on carefully selected prices.” @IsabellaMWeber on price controls 🔥🔥🔥
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Jens van 't Klooster 🟦🟦🟦
4 years
Today launching our mammoth treatment of The ECB, The Courts and the Issue of Democratic Legitimacy in light of, but looking beyond the May 2020 shock @BVerfG ruling @nikdeboer Summary 🧵/1
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Jens van 't Klooster 🟦🟦🟦
2 years
"We are no better off than kings and doges, nudging the mints with laws and incentives, trying imperfectly to make money work." Thanks a lot @bhgreeley @FT for this perfect summary of our monetary sovereignty paper
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Jens van 't Klooster 🟦🟦🟦
2 years
Now what’s spooky and frankly insane (even by Brexit standards) is that the Truss doesn’t seem to have a clear plan. Maybe her plan is: a crash of the bond market, forcing the BoE into an emergency change of course to buy all that debt, then a (mild) currency crash? TBC
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Jens van 't Klooster 🟦🟦🟦
2 years
Hugely important paper that can make sense of 2022. Mainstream macro's focus on aggregate demand promotes using monetary policy to fight today's heterogeneous supply-side inflation. This paper shows that we should develop new policy instruments for steering relative prices.
@IsabellaMWeber
Isabella M. Weber
2 years
Inflation might be easing for now, but we are living in an age of overlapping emergencies. More shocks are likely to come. We need economic policy preparedness for micro stabilization. But which prices matter? A new working paper 🧵
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@jvtklooster
Jens van 't Klooster 🟦🟦🟦
5 years
1/ Very happy that this week @NPEjournal published online “The Myth of Market Neutrality”, co-authored with @Clemfon . This is just in time for the 2019 Jackson Hole conference, where central bankers debate the future of unconventional monetary policy.
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Jens van 't Klooster 🟦🟦🟦
1 year
Greece’s 'greatest turnround'!
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Jens van 't Klooster 🟦🟦🟦
2 years
Many interesting insights in @deyris_j excellent blow-by-blow account of the forging of a climate consensus at the @ecb Some highlights relevant for the future of ECB politics👇
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Jens van 't Klooster 🟦🟦🟦
4 years
"Monetary policy influences what is produced, when, how, and by whom. It has major distributional consequences. It is much more like fiscal policy than our current approach to macroeconomic policy-making would suggest." 🔥🔥🔥, says @leahroseelydown /1
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Jens van 't Klooster 🟦🟦🟦
1 year
We’ve reached a new stage: yes greedflation is real but actually….
@IsabellaMWeber
Isabella M. Weber
1 year
"As for the political optics, investors should push back against notions that income distribution is the simple result of a power struggle between capital and labor." @jonsindreu for the @WSJ
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Jens van 't Klooster 🟦🟦🟦
3 years
A metaphor is nice for journalists because it simplifies complex issues, but it leads to sloppy thinking. That the Fed should have raised rates in the middle of last year's pandemic, as the @TheEconomist now suggests, is just silly.
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Jens van 't Klooster 🟦🟦🟦
2 years
Surprise, surprise
@BloombergUK
Bloomberg UK
2 years
Shell will pause increasing investment in its renewable power unit as the oil major's new CEO signals its record fossil fuel profits won’t significantly accelerate its low-carbon ambitions
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Jens van 't Klooster 🟦🟦🟦
2 years
I was recently quoted in media describing the current monetary policy hikes as "insane", and I don't think that was too strong
@darioperkins
Dario Perkins
2 years
Monetary Policy simulations from the OECD. When all countries raise interest rates simultaneously, the impact on GDP is LARGER but the impact on inflation is SMALLER (because the FX channel is muted)
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Jens van 't Klooster 🟦🟦🟦
1 year
This @ecb is going to be fun
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Jens van 't Klooster 🟦🟦🟦
3 years
There is a discussion to be had about what the Fed should do, but the whole brake metaphor is as unhelpful as saying austerity is needed to avoid sovereign bankruptcy.
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Jens van 't Klooster 🟦🟦🟦
4 years
My famous friend @clemfon is on holiday so I had to stand in for him on @France3tv
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Jens van 't Klooster 🟦🟦🟦
2 years
How the @ECB implements its rate hike will profoundly shape the EU economy and its 2030 objectives - My take @ProSyn on the 2021 strategy, long time horizons, and a proposal for an unconventional multi-interest rate hike
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Jens van 't Klooster 🟦🟦🟦
2 years
Out Now! For #COP27 New report on the future of finance: "A supervisory playbook for prudential authorities'' - with @NVJRobins1 @UliVolz @apsmolenska and Simon Dikau Why do we think transition plans are the key supervisory technology of the 2020s?
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Jens van 't Klooster 🟦🟦🟦
11 months
I mean I don't disagree but he could have chosen a better chair
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Jens van 't Klooster 🟦🟦🟦
2 years
The French model of postwar interinstitutional coordination was well-known to the drafters of the ECB statutes and 1990s efforts to prohibit coordination were simply unsuccessful. In my comments on @MonnetEric 's recent work I show there is ample scope for an ECB Credit Council
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Jens van 't Klooster 🟦🟦🟦
4 years
"There’s a strange denial — even in supposedly informed policy circles — about the scale of the wealth that’s been permanently destroyed. Only the output gap can properly illustrate the damage", according to @FTAlphaville
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Jens van 't Klooster 🟦🟦🟦
2 years
A dreary vision of an EU that only has this to offer to member states: being an object of bond market investors and subjecting public policy to their desire for safe returns
@robin_j_brooks
Robin Brooks
2 years
So the question ("why doesn't the ECB just cap spreads?") is really the wrong one. The right question is: "what needs to be done to bring private investors back into buying Euro periphery government debt?" The answer is presumably a mix of higher yields and structural reforms...
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Jens van 't Klooster 🟦🟦🟦
1 year
Really interesting debates @ecb 2023 Legal Conference, slides on effective monetary sovereignty and a more ambitious international strategy for the euro 🧵
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Jens van 't Klooster 🟦🟦🟦
1 year
People don’t believe @DEhnts but they just awarded the Econ Nobel prize for a flat world, where people pay with gold coins
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@DEhnts
Dirk Ehnts
1 year
#MMT describes a fiat world, where people pay with digital promises of payments in the state's currency (bank deposits, credit cards, ApplePay, etc.). Neoclassical economics describes a flat world, where people pay with gold coins. Time to move on, people.
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Jens van 't Klooster 🟦🟦🟦
5 years
My review of Paul Tucker’s Unelected Power is online open access at Economics & Philosophy Wrestled through its 600+ pages so that all you lovely people don’t have to. /1
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Jens van 't Klooster 🟦🟦🟦
4 years
Just realized that the virus will be allowed to mutate freely until the end of 2023
@verboom
Ben Verboom 🍉
4 years
This should horrify all of us.
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