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Reposted by Christos Pierros

ETUI @etui.bsky.social · 06/05/2026

📖 The #DraghiReport highlights the need to strengthen private-sector investment across Europe. In this paper, @cpierros.bsky.social investigates how dividend policies of non-financial firms influence their investment activity within the EU. 🔗 Read the full paper here: etui.org/4q5

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Christos Pierros @cpierros.bsky.social · 20/11/2025

Finally, we supplement our econometric analysis by examining the development of the cost factors of production and their impact on the GDP deflator adjusted for imports. The current phase of inflation has been both supply-driven and profit-led.

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Christos Pierros @cpierros.bsky.social · 20/11/2025

When the sample is discriminated between Industry and Services, the econometric model performs better for both sectors. This indicates that the Eichner-based pricing model becomes more robust when the structural dimension is taken into account.

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Christos Pierros @cpierros.bsky.social · 20/11/2025

When firms engage in a deleveraging process the explanatory power of the cost-plus pricing framework somehow weakens, as firms are not willing to take up more debt.

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Christos Pierros @cpierros.bsky.social · 20/11/2025

Our findings indicate that the Greek economy suffers from a weak productive structure, which allows a large pass through from intermediate inputs to output prices. The productive structure has been weakened significantly since the austerity measures that took place in the 2010′s.

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Christos Pierros @cpierros.bsky.social · 20/11/2025

In order to gain further insights we divide the sample with respect to both its time and cross-section dimensions. In turn, we apply two different panel estimation techniques to each sample. Results for each sample are almost identical in all panel estimation approaches.

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Christos Pierros @cpierros.bsky.social · 20/11/2025

Using sectoral data for the period 1995–2023, we apply this model to the Greek economy so as to investigate the root causes of the current inflation episode, but also to assess the structural effects of internal devaluation that was implemented during the past decade.

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Christos Pierros @cpierros.bsky.social · 20/11/2025

we draw on post-Keynesian price theory to extend the standard markup pricing formula within the context of conflict inflation. We develop a pricing framework that captures the pass through of profit margin, , net indirect taxes, wage and material costs on output prices

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Christos Pierros @cpierros.bsky.social · 20/11/2025

New paper out at Structural Change and Economic Dynamics co-authored with Dimitris Paitaridis. We investigate empirically the root causes of the recent inflation episode in Greece, by focusing on the cost factors of production sciencedirect.com/science/arti...

sciencedirect.com

A synthetic investigation at the root causes of inflation in Greece

In this paper, we examine the elasticities of the cost factors that drive prices in Greece. Based on Eichner, we apply an extended cost-plus pricing a…

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Reposted by Christos Pierros

Hellenic Observatory @ho-centre.bsky.social · 17/10/2025

📢 Read our latest GreeSE Paper by Michalis Nikiforos, Vlassis Missos, Christos Pierros and Nikolaos Rodousakis: 'The café economy: Structural transformation in Greece in the wake of austerity and “reforms”' ➡ tinyurl.com/4py3pbav

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Reposted by Christos Pierros

Pavlos Roufos @proufos.bsky.social · 25/09/2025

Followed by brilliant work by @mnikiforos.bsky.social @cpierros.bsky.social & others on the incredible proliferation of the food/accommodation sector in Greece after the crisis, its contradictions & consequences that further undermine talk of “recovery” or expressed goals of the structural reforms.

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Reposted by Christos Pierros

WIRED @wired.com · 29/05/2025

A glacier partially collapsed in Switzerland, burying the village of Blatten in a huge landslide of ice, rock, and mud after residents had been evacuated. Scientists called the collapse of the glacier “unprecedented” in the Swiss Alps.

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Reposted by Christos Pierros

The Washington Post @washingtonpost.com · 29/05/2025

Irreversible tipping points in the climate system — like the melting of Arctic ice sheets or the wide-scale collapse of coral reefs — are closer than scientists previously believed.

washingtonpost.com

Earth is likely to cross a key climate threshold in two years

A new World Meteorological Organization report spells the end of the world’s most famous climate goal.

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Reposted by Christos Pierros

Jeva Lange 🫎 @jeva.bsky.social · 09/04/2025

Final_Version_of_Tarrifs_actualFINALcopy_version7_USETHISONE.docx

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Reposted by Christos Pierros

Andrew Watt @andrewwatteu.bsky.social · 20/03/2025

on.ft.com/41HZ5t1 There is merit in trying to overcome fragmentation in Europe's financial sector. But policymakers need to stop kidding themselves and citizens that there is s huge pool of inert savings that regulatory changes will enable to be transformed into a torrent of real investment. 🧵 1/11

on.ft.com

EU revives capital markets union plan to unlock trillions in savings

Financial services commissioner says Europeans need better incentives to invest rather than save

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Christos Pierros @cpierros.bsky.social · 18/03/2025

I'm trying to figure out how the argument 'margins responded to direct costs, not to markups' plays out in this figure, while inflation is easing off. That's why I'm asking whether there's deflation eg in energy prices or a drop of interest rates in the UK

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Christos Pierros @cpierros.bsky.social · 18/03/2025

With constant profit margins and stable prices one would expect the share to return to 22%, which is clearly not the case here. Is there some sort of deflation going on?

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Reposted by Christos Pierros

Andrew Watt @andrewwatteu.bsky.social · 11/03/2025

For as long as this administration is in power, at least, the sad truth is that the USA is the primary threat to our welfare and indeed to all life on the planet. It's not enough to shield Europe from the economic/defence fallout. We need to build new global alliances to weaken America's hand.

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Reposted by Christos Pierros

PEIPolitical 🇨🇦 @peipolitical.bsky.social · 05/03/2025

Mexico President: 🇲🇽 "US Customs and Border Protection data show that 80% of those arrested for fentanyl trafficking at US ports of entry were US citizens" #cdnpoli

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Reposted by Christos Pierros

Tom Bauermann @bauermann-tom.bsky.social · 05/03/2025

📢Call for Papers📅 We happily announce the #29FMM conference, entitled „Gendering Macroeconomics“ 👩📈 It is scheduled from 23 to 25 October 2025 in Berlin. Deadline for paper proposals: 31 May We really look forward to receiving your abstract. More information www.boeckler.de/de/aktuelle-...

imk-boeckler.de

Gendering Macroeconomics

Das Institut für Makroökonomie und Konjunkturforschung (IMK) hat es sich zum Ziel gesetzt, der gesamtwirtschaftlichen Perspektive in der ökonomischen Forschung und in der wirtschaftspolitischen Diskus...

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Reposted by Christos Pierros

George Monbiot @georgemonbiot.bsky.social · 21/02/2025

They are deliberately crossing the red lines, in order to make the unacceptable commonplace and, eventually, acceptable again.

Steve Bannon makes a Nazi salute at the end of his speech at CPAC

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Reposted by Christos Pierros

Prof. Eliot Jacobson @climatecasino.net · 18/02/2025

Your 'moment of doom' for Feb. 18, 2025 ~ With canaries! "We are not sleepwalking into the apocalypse—we’re charging toward it with full awareness of what’s at stake." climateuncensored.com/has-global-w...

climateuncensored.com

Has Global Warming Accelerated – a short response to Hansen et al - Climate Uncensored

I was asked by Bob Berwyn of Inside Climate News for my thoughts on James Hansen and colleagues’ recent paper Global Warming Has Accelerated: Are the

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Reposted by Christos Pierros

Andrew Watt @andrewwatteu.bsky.social · 10/02/2025

Gas futures are around five times (!) more expensive in the EU than the US. Clearly, in order to restore Europe's #competitiveness we urgently need to reform the rules restricting access to the legal profession in Portugal. 🙃

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Reposted by Christos Pierros

jamelle @jamellebouie.net · 06/02/2025

i'll be blunt, if you are someone who is vocal about the ways that diversity efforts "divide the working class" but silent about the ways that *actual racism and discrimination* divide the working class, then i think you're just an opportunist

nytimes.com

Trump’s Attacks on DEI Get Approval From Some in the Left Wing

Many Democrats and activists are rallying to defend diversity programs, but others say they distract from deeper efforts to address inequality.

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Reposted by Christos Pierros

Jo Michell @jomichell.bsky.social · 31/01/2025

A paper that would not have been published in a top 5 journal 20 years ago. academic.oup.com/qje/advance-...

Exploitation Through Racialization*
Dan McGee
The Quarterly Journal of Economics, qjaf007, https://doi.org/10.1093/qje/qjaf007
Published: 20 January 2025

Abstract
I develop a model of the social construction of race. Racial categories emerge from labour conflict when elites privilege intrinsically irrelevant traits to divide workers against each other and extract workers’ surplus. I show that elites use colour to grant unequal rights and track these rights across generations because it is heritable, observable, and relatively immutable. Depending on the demographic conditions the elites face, the system of racialization manifests either as ‘ancestry-based’ or ‘colour-based’ categories. This approach to the social construction of race provides a unified explanation of skin tone inequality, racial homophily in marriage, the social status of mixed-race people, the ‘psychological wage’ of Jim Crow, and legal restrictions on manumission. I test for historical variations in racial boundaries using census data from the United States and Brazil and for differential patterns of skin tone inequality between ancestry-based and colour-based systems using survey data from across the Americas.

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Christos Pierros @cpierros.bsky.social · 07/01/2025

Analytically speaking Godley had quite a rigid and consistent view on the economy which apparently is not evident in a non academic paper. Maybe try the one for the US, written in 1999 and foreseeing the 2008 GFC (7 unsustainable processes)

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Christos Pierros @cpierros.bsky.social · 21/12/2024

In the case of Greece net lending positions are far from accurate. The stat agency is very sloppy in distinguishing NFCs from HHs. In ex. B9 of NFCs is positive but B9F is negative and the opposite holds for HHs. Discrepancies could be as high as 10%GDP

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Reposted by Christos Pierros

Gabriel Zucman @gabrielzucman.bsky.social · 20/12/2024

Funny how 5 years ago we had all these debates about wealth taxation, and a big argument was that billionaires don't have that much power really—and right after that Musk bought Twitter for $44B, used it to get Trump win, and now to prop up the global neo-nazi movement ¯\_(ツ)_/¯

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Christos Pierros @cpierros.bsky.social · 16/12/2024

👉Greece’s predicament is that negotiated solutions away from the current growth model require better industrial relations and stronger collective bargaining institutions than are currently available, following the deregulation of the 2010s.

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Christos Pierros @cpierros.bsky.social · 16/12/2024

👉The latest #CostofLiving crisis suggests that Greece is no more resilient to shocks than it was before the 2010s. The Greek economy proved to be highly vulnerable to the recent inflationary shock, a vulnerability ultimately linked to its lasting competitiveness issues.

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Christos Pierros @cpierros.bsky.social · 16/12/2024

👉 To ease the impact of inflation on households and firms, the Greek government spent far more than other #OECD countries but resorted to mostly untargeted support measures with a regressive distributional impact.

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Christos Pierros @cpierros.bsky.social · 16/12/2024

👉 On the other hand, the profit share of non-financial corporations continued growing during the inflation episode. Greek households faced the highest pre-tax electricity prices in the EU, as oligopolistic structures persisted in key product markets.

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Christos Pierros @cpierros.bsky.social · 16/12/2024

Result of reforms: the coverage rate of collective bargaining had declined from 100% in 2011 to 14% by 2017, far from the 80% target set by the EU's #AdequateMinimumWagesDirective. 👉 The statutory real min wage increased during inflation, though, by 2024, it was still lower than 2010.

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Christos Pierros @cpierros.bsky.social · 16/12/2024

the purchasing power of average wages declined by 4.5% in 2022-2023 despite gains in real labour productivity per HW. 👉 The weak response of Greek wages to inflation can be understood in a context of significantly weakened collective bargaining institutions, following the reforms of the 2010s.

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Christos Pierros @cpierros.bsky.social · 16/12/2024

We examined how the episode played out, its drivers and the responses it elicited from price- and wage-setters. We also examined the response of the government and its distributional impact. Findings: 👉 Far from triggering any wage-price spiral, the response of wages to inflation was anaemic

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Christos Pierros @cpierros.bsky.social · 16/12/2024

This is part of a forthcoming special issue on the new comparative politics of inflation management in Europe. According to European Parliament's post-electoral Survey 2024, rising prices and the #CostofLiving were the main topics that motivated European citizens to vote in the last EU elections.

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Reposted by Christos Pierros

Michael Thrower Chowdhury @bevansadvocate.bsky.social · 15/12/2024

Interesting Milanovic passage on Adam Smith's love of low interest rates. Smith both viewed low interest rates as a sign of capital abundance, and helpfully, that it made it difficult for people to live purely off capital income. Similar to Keynes' "Euthanasia of the rentier"

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Christos Pierros @cpierros.bsky.social · 14/12/2024

Impressive work, impressive diagrams!

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Christos Pierros @cpierros.bsky.social · 28/11/2024

Leaving aside whether this is feasible, isn't this the goal in terms of geopolitics? Switch import dependence from CH to the US? In any case EU is the main loser in both scenarios

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Marius Bickhardt @mbickhardt.bsky.social · 26/11/2024

Holy christ. In 2025, Chinese solar/wind capital expenditures (478$bn) will exceed, for the first time, the total sum of global (non-Chinese) investments. And is hydro power retreating due to intense droughts? www.ft.com/content/4afd...

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Christos Pierros @cpierros.bsky.social · 24/11/2024

- Lots of work have been done on the financial side of the model, while currently there is an effort to enhance the productive sector. Much more is needed regarding the labour market. /End

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Christos Pierros @cpierros.bsky.social · 24/11/2024

- There is a trade-off between the complexity of the model and its ability to replicate actual data efficiently. The more complex the structure of the model becomes the highest the discrepancy between in-sample projections and actual data, mainly in the financial domain.

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Christos Pierros @cpierros.bsky.social · 24/11/2024

- The research question should determine the structure of the model. NC models are better suited for medium-term projections, while HC can address issues related to green transition and financialization.

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Christos Pierros @cpierros.bsky.social · 24/11/2024

b) the Godley/Lavoie type which employs the 5 standard sectors and usually one capital asset and 5-6 financial assets, and c) the models of higher complexity (HC) with higher numbers of sectors and assets.

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Christos Pierros @cpierros.bsky.social · 24/11/2024

My review on empirical SFC models has been published very recently in EJEEP. Main takeaways: - Based on number of institutional sectors, physical and financial assets, empirical SFC models can be divided into three types, a) the New Cambridge (NC) in which households, firms and banks are aggregated,

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ETUI @etui.bsky.social · 18/11/2024

🗞️ The latest #CollectiveBargaining newsletter is out - with a particular focus this month on #MinimumWage developments 🪙 Read the highlights here ➡️ etui.org/ZB2 Subscribe here ➡️ etui.org/ZAT

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