Olivier Blanchard ✓
@ojblanchard1 · Washington DC · joined 18 Nov 2015
Robert Solow Professor of economics emeritus, MIT, Senior Fellow, Peterson Institute for International Economics Professor, Paris School of Economics
364 305Followers
452Following
2 059Posts total
848.3KViews on collected posts
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@ojblanchard1 You could have said the same thing 150 years ago, when doctors were responsible for more excess deaths on average over their careers than serial killers. Or, for that matter, about Marxism today. Going to need something better than arguments-from-large-knowledge-tra
887 views · 29 likes
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@ojblanchard1 Because you are not practising a science. Neoclassical economics is just ideology in disguise.
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@ojblanchard1 Keep explaining the earth is round.
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@ojblanchard1 I fully share your frustration, but, somehow, I still believe the best course of action is to try to explain what gravity is and why it implies the Earth is round.
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@ojblanchard1 Perhaps the round-earth guy should be less conciliatory and more willing to expose the absurdity of flat-earthers. More generally, yes, economists can’t impose normative choices. But retreating too often behind that line risks fueling bad-faith actors.
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@ojblanchard1 Not that I disagree about people being often opinionated on economics while understanding nothing, but comparing medical research with economics makes you look kinda retarded nonetheless.
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A propos nothing (or maybe not).
First, an oped arguing the earth is flat.
Journalists, who smell a good fight, set up a debate. They invite the flat earth guy and find a round earth one willing to come and debate.
The flat earth guy explains that, if the earth was round,
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It takes at least 10 years after high school to get to the frontier of economic research, or to the frontier of medical research.
Except for a few kooks, most people, smartly, do not try to engage and question medical researchers.
Unfortunately, this is not true for economics.
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Il est grave que le gouverneur de la banque de France diffuse ainsi de fausses informations.
1) Rien dans les traités européens ne dit ce que la BCE doit faire des titres de dettes des États dont elle dispose. Les mêmes arguments d’illégalité étaient utilisés contre le rachat
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A very good and clear article on debt cancellation, and why the arguments of people like Nicolas Dufrene, Jezabel Cuppey-Soubeyran do not hold water. https://t.co/S1270Z8fib
What makes it particularly interesting is the fact that its author, Henri Steryniak, is very much to the
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It is indeed nitpicking, and the effect is a net decrease in demand, and a decrease in reserves. But, yes, I should have been more precise.
The ECB indeed not selling, it is letting bonds mature and not buying new ones: this leads to a steady decline in ECB bond holdings and
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@kebabroyal_ @ojblanchard1 But sales would increase the float in times of higher issuance. His statement is simply wrong.
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Separate and interesting discussion. True, the ECB (BDF) is slowly reducing its holdings of sovereign bonds, including French bonds (this is called QT, quantitative tightening).
By selling those bonds, it decreases their price (not very much, but a bit) and thus increases the
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@ojblanchard1 Quand un économiste commence son raisonnement en comparant le gouvernement à un particulier ( type " bon père de famille"), je ne perds pas de temps à lire: soit il est totalement incompétent soit il ment sciemment
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@ojblanchard1 It's beyond that... it's exploiting the truth what you fear.
https://t.co/rip65tP5OB
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@ojblanchard1 1/ la BdF fait partie de l’Etat donc 2/ l’histoire ne tient pas sauf à imaginer que Pierre soit le gouv, 3/ si Paul, dont ce n’est pas le rôle, veut contrer la politique de Pierre, il remet les titres sur le marché, le taux d’intérêt grimpe, 4/ congeler a donc du se
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Quelle eloquence !
Quelle incomprehension de l'economie ! (ou peut-etre quel cynisme? Comment distinguer entre les deux?)
Je me permets de reproduire le debut mon article du Monde, avec Quentin Vandeweyer, sur l'annulation de la dette detenue par la banque centrale. Le
141.4K views · 1K likes
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Repetition, I am afraid, is the key to convincing.... So let me repeat (Reaction to comments about Greece and the like. )
The argument that the cancelling of the public debt by the central bank has either zero or a negative effect, the argument that I have made this week, is
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@ojblanchard1 At the consolidated-government level the cash flow nets. The remaining question is distribution and duration: who holds the liabilities, when they reprice, and whether transfers fall on the same households that receive the interest.
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@ojblanchard1 Dear Professor Blanchard,
if consolidation leaves the public deficit unchanged, does it not abstract from the institutional separation of monetary and fiscal authority imposed by EMU?
If that separation has economic significance, how can consolidation alone establi
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@ojblanchard1 Not quite. The ecb must still pay interest on reserves. It gives profits back to the government not receipts. And cancelling principal leaves a bit balance sheet hole
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There were some long (too long) tweets earlier which stated it carefully. The basic point is that the decrease in interest payments is offset by a decrease in transfers from the central bank, leaving the deficit unchanged. This is the sense in which it makes no difference,
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Olivier: I know tweets are short, but you really should qualify “makes no difference”. To what—and not to what else? Inflation? Can all countries and banks default on all assets held by ecb with “no difference?” You don’t mean that of course. Don’t let them misquote you!
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Against accounts of the same size
23 posts from the last 90 days, next to the 100K–1M follower range. shown to more people than peers of the same size.
Median views15 094this account5 983median for 100K–1M
Reach, %4.14%this account1.49%median for 100K–1M
Engagement, %0.93%this account0.93%median for 100K–1M
| Metric | This account | Median for 100K–1M | Ratio |
|---|---|---|---|
| Median views per post | 15 094 | 5 983 | 2.52× |
| Reach (views ÷ followers) | 4.14% | 1.49% | 2.78× |
| Engagement rate | 0.93% | 0.93% | 1.00× |
Others in this range → Compare with another account → How these benchmarks are built →
Growth & engagement
How the posts we collected actually performed: views and reaction rate post by post, what the audience did with them, and where the follower count goes.
Views per post
8936 Sep
30.7K7 Sep
12.4K
11.9K
28.7K
232.8K11 Sep
148.8K
51.6K
2.4K
229
1.9K
1.6K
3.3K
88712 Sep
Last 14 collected posts, oldest on the left. The scale is logarithmic: one post can outrun the rest a hundred times over.
Engagement rate per post
2.46%6 Sep
0.41%7 Sep
0.02%
0.35%
1.09%
1.10%11 Sep
0.62%
0.93%
3.49%
2.62%
2.16%
1.41%
4.04%
3.38%12 Sep
Reactions — likes, reposts, replies and quotes — divided by views. Median for 100K–1M accounts is 0.93%.
What the audience does
Likes65.7%5 082 in total
Reposts17.9%1 383 in total
Replies5.0%384 in total
Quotes0.6%47 in total
Bookmarks10.8%836 in total
Share of every reaction we collected for this account. Replies mean argument, reposts mean endorsement, bookmarks mean the post was worth keeping.
The follower curve appears once this account has two daily snapshots — we take one a day, and this one is on its first.
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