Julius Probst, PhD 🌐

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Julius Probst, PhD 🌐

Julius Probst, PhD 🌐

@JuliusProbst

Senior economist @Appcast/Stepstone. PhD @LundUniversity. Stint @ECB. Macro/econ history wonk, blogger, wannabe stoic, chess hobbyist, Scifi nerd. Views my own.

London, England เข้าร่วม Kasım 2016
773 กำลังติดตาม1.5K ผู้ติดตาม
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Julius Probst, PhD 🌐
Julius Probst, PhD 🌐@JuliusProbst·
The business cycle is (mostly) driven by fluctuations in NGDP. Nominal income is nothing more than velocity adjusted money (M*V). It’s the Central Bank’s job to react to changes in M and V and therefore keep NGDP growing on a stable path. This is the most neutral monetary policy
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Judd Legum
Judd Legum@JuddLegum·
The “goal” of the Iran war is now reportedly to open the Strait of Hormuz, which was open before the war began
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Tom Forth
Tom Forth@thomasforth·
Gemini is more blunt than I am in explaining why. Brexit. As so often.
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Tom Forth
Tom Forth@thomasforth·
I learn that the UK has finally provided a post-Covid city-level productivity estimate for its cities to the OECD. (see France above us statsmogging us). I think this one should should be move past 2019 stats in some places.
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Julius Probst, PhD 🌐 รีทวีตแล้ว
Hayden
Hayden@the_transit_guy·
So you have a subway train that comes every 7 minutes and think that said service is better used to serve a literal field instead of homes for people?
Hayden tweet media
Neil Hudson@DrNeilHudson

🌳 A proposal has been submitted for 150 houses in #TheydonBois on #GreenBelt. Green Belt protects the nature of our precious village. I will continue to do everything I can working with community groups & residents to oppose this development & to stand up for our community. 🌳

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Julius Probst, PhD 🌐
Julius Probst, PhD 🌐@JuliusProbst·
@yieldsearcher @BoydBischke Money supply doesn’t drive inflation in a zero rate environment. It is widely acknowledged, shown by tons of studies that monetary policy was way too loose in the 70s. Nominal wages don’t increase of their own accord, was driven by high NGDP growth, a loose monetary/fiscal mix
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Mr. VIX
Mr. VIX@yieldsearcher·
@BoydBischke Money supply alone does not create inflation (look at the QE era of the 2010s). Inflation requires transmission into the real economy via credit/fiscal expansion, or sustained wage growth that drives demand beyond supply.
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Mr. VIX
Mr. VIX@yieldsearcher·
Why the 1970s oil shocks were stagflationary? Nominal wages rose 6-9% even with high UR (6-8%) during the era. Strong unions and COLA kept wages tracking inflation, creating a vicious cycle. We do not have that kind of labor market today. Wage growth is lowest since COVID.
Mr. VIX tweet media
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Julius Probst, PhD 🌐
Julius Probst, PhD 🌐@JuliusProbst·
@BenGrahamUK What if the people change their mind 10 years later ? Or 30 years later ? Many people in 20 years from now would not voted in the first referendum
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Tom Forth
Tom Forth@thomasforth·
Here's a graph of GDP/capita for Great Britain at a distance from London. Scotland has long broken the pattern of "further from London the weaker your economy" and that has deepened in the last three decades. And no, it's not just oil, it's not even oil very much.
Tom Forth tweet media
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Julius Probst, PhD 🌐
Julius Probst, PhD 🌐@JuliusProbst·
@xvrmdf @darioperkins Yep, given past 5 years, absolutely no household or business is expecting long run inflation to be anywhere close to the 2% target. But if you abandon now, transformation into Emerging Market is complete.
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Dario Perkins
Dario Perkins@darioperkins·
The UK has managed to combine the weakest economy with the most hawkish central bank. Bound to end well
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Angelos James Malpe
Angelos James Malpe@angelos42195·
@EconomyComments @Goosey30111568 They are to blame as they discouraged development in the North Sea, because it didn’t meet their net-zero mantra. Geo-political events will always happen, the key is to build resilience in the economy to manage these storms. Labour has removed this with all their socialism.
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Goosey
Goosey@Goosey30111568·
Diesel £1.71 per litre this morning. Labour has wrecked the UK
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Bob Elliott
Bob Elliott@BobEUnlimited·
Small Benefit to US from Rising Oil Prices While the US produces far more oil today than in past shocks, a study of ‘22 shows price rises are just accumulated as profits rather than spent on labor or capex, creating little economic lift. bobeunlimited.substack.com/p/small-benefi…
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Julius Probst, PhD 🌐
Julius Probst, PhD 🌐@JuliusProbst·
@MaMoMVPY Agreed, this is a monetary policy disaster waiting to happen, neither ECB nor BOE will want to look through this supply shock after being above target for so long.
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