iiinova — where your digital self keeps evolving

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Brendan Greeley @bhgreeley.bsky.social · 04/07/2026

Never forget they gave a Riksbank Nobel to the guy who said we could calculate the magnitude and consequences of global warming with such precision it would be possible to decide how much of it we wanted.

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Fabian Schmidt @fabschmidt.bsky.social · 15/05/2026

Two crucial differences between China shocks #1 and #2: - Export prices falling instead of rising - Imports flatlining instead of rising www.ft.com/content/4687...

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Benjamin Braun @benbraun.social · 05/05/2026

In a world of fossil price shocks and Chinese cleantech dominance, carbon shock therapy emerges as the default stance of states unwilling, or unable, to support their industries through a green transformation. New with @danielagabor.bsky.social on green macrofinancial regimes in the Hormuz crisis.

phenomenalworld.org

Against Carbon Shock Therapy | Daniela Gabor & Benjamin Braun

The war in Iran has sent oil prices skyrocketing. Daniela Gabor and Benjamin Braun argue the ripple effects and states (non)responses to the crisis represent a

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Olan McEvoy @olanmcevoy.bsky.social · 08/04/2026

It’s the same with Trump’s comment at Davos about wind turbines in China: they aren’t just ignorant, they’re sowing misinformation on purpose. A world order that isn’t reliant on fossil fuels is a world order that isn’t reliant on America and the dollar.

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Steffen Murau @steffenmurau.bsky.social · 27/03/2026

📣 Call for Papers 📣 The OBFA-TRANSFORM research group is hosting a workshop on 12-13 June at the Freie Universität Berlin! The title is "Monetary Architecture. Mapping the Web of Interlocking Balance Sheets in Times of Change". See the CfP here: tinyurl.com/5n7aab2r ▶️ Apply by 10 April

Call for Papers: "Monetary Architecture. Mapping the Web of Interlocking Balance Sheets in Times of Change"

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Jens van 't Klooster 💸💸💸 @jvtk.bsky.social · 21/03/2026

"How does hiking rates help with oil price shocks" It's not that central bankers don't have any answers to such questions. It's more they often seem embarrassed to give those answers

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Olan McEvoy @olanmcevoy.bsky.social · 06/03/2026

While the DFC is unlikely to prevent domestic energy price increases (a better policy would be to stop military adventurism), expect to see more of this type of governing through OBFAs as geopolitical fragmentation deepens. /end 🧵 meme courtesy of @leon-heckmann.de

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Rosie Collington @rosiecollington.bsky.social · 25/02/2026

I have a new review paper out in @environmentalpol.bsky.social! ✨ What would it actually take for states to pursue green transformations? I identify 5 capacities — planning, disciplinary, strategic, legitimation and adaptive — and their respective policy elements, capabilities and institutions

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Friederike Reimer @rikereimer.bsky.social · 13/02/2026

At the OBFA-TRANSFORM group, we sometimes do videos on our publications - now it was my turn, with @olanmcevoy.bsky.social interviewing me on our paper on the Recovery and Resilience Facility and the limits to incremental fiscal integration in Europe! www.youtube.com/watch?v=qT7P...

youtube.com

The Recovery and Resilience Facility: Schrödinger's Off-Balance Sheet Fiscal Agency?

YouTube video by OBFA-TRANSFORM

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herman mark schwartz @thunen.bsky.social · 08/02/2026

Excellent summary of the large body of work @steffenmurau.bsky.social and colleagues have done on the Offshore (US) Dollar Syatem www.phenomenalworld.org/analysis/tru... @phenomenalworld.bsky.social Look here for the bigger body of work: steffenmurau.com/portfolio/in...

phenomenalworld.org

Trump's Dollar | Steffen Murau

Trump’s economic policy and the future of the world dollar

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Phenomenal World @phenomenalworld.bsky.social · 07/02/2026

“Those who want to translate their nativist politics into monetary precepts have failed to reckon with the credit-based, offshore, nature of money today.” @steffenmurau.bsky.social on year one of Trump’s economic policy and the future of the world dollar www.phenomenalworld.org/analysis/tru...

phenomenalworld.org

Trump's Dollar | Steffen Murau

Calls to weaken the dollar have become a feature of Trump's second term. But in today's credit-based system, where the US currency is often created offshore, nativist politics cannot be translated int...

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Jo Michell @jomichell.bsky.social · 19/01/2026

I'm don't think we should get too excited about this. Eurodollar structure is dollar assets funded by dollar liabilities. If Europe moves to dump dollar assets it's left with ... large dollar liabilities. Not a great position to be in, particularly if access to dollar swap lines is questionable.

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Steffen Murau @steffenmurau.bsky.social · 10/12/2025

📝 Our report on the transformation of South Africa’s monetary architecture (1983-2024) co-authored with Mark Swilling for the National Planning Commission of South Africa has been launched last week! 📝 Find the full report here: www.nationalplanningcommission.org.za/assets/Docum...

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Steffen Murau @steffenmurau.bsky.social · 04/12/2025

We recently published a study on the transformation of the Eurozone architecture (🔗 papers.ssrn.com/sol3/papers...., with Alex Goghie, Matteo Giordano & @rikereimer.bsky.social) and launched an accompanying interactive online tool (🔗 monetary-architecture.com). This is how it came to be 👇

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Steffen Murau @steffenmurau.bsky.social · 26/11/2025

📝 New publication 📝 We have now published our study on the Transformation of the Eurozone Architecture, co-authored with Alex Goghie, Matteo Giordano, and @rikereimer.bsky.social papers.ssrn.com/sol3/papers....

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Steffen Murau @steffenmurau.bsky.social · 24/11/2025

📣 News from the OBFA-TRANSFORM project 📣 Our Emmy Noether research group is fast approaching its halfway point and we’ve recently received confirmation of funding from @dfg.de for the second project period from 2026 to 2029 🎊 That's why we are launching our new website at obfa-transform.eu

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Friederike Reimer @rikereimer.bsky.social · 21/11/2025

things are happening in the OBFA-TRANSFORM film studio today... 👀 @steffenmurau.bsky.social @olanmcevoy.bsky.social @ fanny without bluesky

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moritz @moritzkapff.bsky.social · 14/11/2025

+++ Neuer Artikel für die SWP +++ 🌍 Viele Staaten stehen heute vor großen geoökonomischen Herausforderungen, von resilienter Energieinfrastruktur bis zur Handelspolitik. Historisch wurden hierfür immer wieder bilanzexterne Fiskalagenturen geschaffen, für dringend benötigten finanziellen Spielraum.

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Dezernat Zukunft @dezernatzukunft.bsky.social · 14/11/2025

Der US-Dollar verliert an Dominanz. Schlägt die Stunde des Euro? Unser Report zeigt: Eine stärkere Euro-Internationalisierung bringt nur kleine Nettoeffekte für's BIP. Globarer Euro ist nicht automatisch ein Vorteil. Zum Report von Nils Gerresheim, @maxkrahe.bsky.social, @jvtk.bsky.social ⬇️

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Aaron Sahr @aaronsahr.bsky.social · 24/10/2025

Da ist der endlich: Der neue Leviathan-Sonderband "Politische Theorien öffentlicher Finanzen - Zur (De-)Politisierung von Geld, Eigentum und Steuern" ist ausgepackt! @nomosverlag.bsky.social www.nomos-shop.de/de/p/politis...

Leviathan-Sonderband "Politische Theorien öffentlicher Finanzen" wird ausgepackt

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Max Hauser @maxhsr.bsky.social · 31/10/2025

Was macht nachhaltige Staatsfinanzen wirklich aus? @steffenmurau.bsky.social und @moritzkapff.bsky.social wissen weiter 👇

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Sander Tordoir @sandertordoir.bsky.social · 08/10/2025

Brad of course agrees Important point as German industrial production drops to 2005 levels. I can think of no better way for the German government to spend money than a few billion on EV demand subsidies Beats all the other spending outlays I’ve seen hands down - it’s Germanys key industry u know

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Sander Tordoir @sandertordoir.bsky.social · 08/10/2025

It is a pretty dire indictment on the quality of German policy-making if we blast billions on stay-at-home subsidies and gastronomy tax cuts. And do nothing for our most important industry bringing in 90bn in tax receipts, other than killing the ICE phaseout cuz we want to stay in the 20th century

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Brett Christophers @brettchristophers.bsky.social · 19/09/2025

"China is the only large country driving the energy transition at anything close to the necessary speed and scale." It's also the only one whose energy transition is not hamstrung by reliance on the motive force of renewables profitability. Coincidence? I think not.

adamtooze.substack.com

Chartbook 409 Beyond the "Marshall Plan": China's solar boom as world-changing industrial policy.

In the first six months of 2025 China installed more than 250GW of solar power capacity.

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Kelly Hereid @kellyhereid.bsky.social · 17/09/2025

Energy sector advantage by continent 2/

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Sander Tordoir @sandertordoir.bsky.social · 02/09/2025

Not sure that some in Germany understood that more issuance of their own would imply more market discipline on France. Not sure some in France fully realised that Germany's big fiscal experiment also has sharp downsides for them.

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Titus Blome @derlampenputzer.bsky.social · 01/09/2025

beantrage vier monate sabbatical um meinem lesestapel hinterherzukommen

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Clem Fon @clemfon.bsky.social · 28/08/2025

CBI is legitimised by 2 arguments. Progressives should defend 1 and keep fighting against 2. 1. Classic separations of powers. The king should not held the purse directly 2. The inflation nutter credibility argument (k&p77,b&g82,rogoff85) whereby the cb plays a discipline role against labor demands

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Dave Jones @cleanpowerdave.bsky.social · 26/08/2025

NEW: The first evidence of a solar take-off in Africa☀️✈️ x33 rise in Algeria solar panel imports in the 12 mths to June 2025, compared to previous 12 mths. x8 in Zambia x7 in Botswana x6 in Sudan x3 in each of Liberia, DRC, Benin, Angola, Ethiopia 🧵

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Sander Tordoir @sandertordoir.bsky.social · 22/08/2025

None of this is to say the US tariffs won’t hurt European exports — they will. Europe had legit cause to retaliate now. But I doubt a militarily more independent future Europe has the will, impetus and import-competition concern to reopen a broad trade war on the US. 6/

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Kate Mackenzie @katemac.bsky.social · 21/08/2025

The whole China green manufacturing thing is understood - I think? - as a key factor in the energy complex, geopolitics, and climate. People have heard of the Pakistan story; where a quarter of electricity is now solar compared to >10% in 2023. But, like: things keep happening!

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Max Krahé @maxkrahe.bsky.social · 22/08/2025

Die EZB hat dafür kein gutes Werkzeug: Laufen lassen ist sozialer Sprengstoff. Mit dem Zinshammer draufhauen bremst die ganze Wirtschaft und löst das grundsätzliche Problem nicht. dezernatzukunft.org/en/der-zinsh...

dezernatzukunft.org

Der Zinshammer – Wie Zentralbanken Inflation bekämpfen - Dezernat Zukunft

Institut für Makrofinanzen

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Oliver Weber @oliverbweber.bsky.social · 18/08/2025

Im September erscheint ein von @huhnholz.bsky.social, @aaronsahr.bsky.social und Eva Weiler herausgegebener Sonderband zur Politischen Theorie öffentlicher Finanzen. Es geht darum, ökonomische, geldpolitische und fiskalische Fragen endlich wieder zum Gegenstand politischen Denkens zu machen.

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Jens van 't Klooster 💸💸💸 @jvtk.bsky.social · 24/07/2025

Ha-Joon Chang on the neglect of climate and the environment in today's economics degree @financialtimes.com www.ft.com/content/9aab...

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Jonas Schaible @beimwort.bsky.social · 01/07/2025

Ganz eindrücklich, in diesen Tagen sein Fahrrad in der Werkstatt zu haben: Man ist urplötzlich aufgeschmissen in Berlin, wo es immer wunderbar ging mit Nextbike. Wie einsam ist Berlin jetzt unter Metropolen mit Anspruch auf Welt- oder wenigstens Westgeltung ohne taugliches Leihradsystem?

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Surplus | Das Wirtschaftsmagazin @surplusmagazin.de · 18/06/2025

Schattenhaushalte sind keine Ausnahme, sondern seit Jahrzehnten fester Bestandteil der Staatsfinanzen. Sie spiegeln die deutsche Geschichte, schreiben @steffenmurau.bsky.social und Moritz Kapff.

surplusmagazin.de

Das fiskalische Ökosystem

Schattenhaushalte sind keine Ausnahme, sondern seit Jahrzehnten fester Bestandteil der Staatsfinanzen. Sie spiegeln die deutsche Geschichte.

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moritz @moritzkapff.bsky.social · 18/06/2025

they need to just spend one day in shanghai and that problem would be solved

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Surplus | Das Wirtschaftsmagazin @surplusmagazin.de · 16/06/2025

🚨 Out now: Die dritte Surplus-Ausgabe »Wir kümmern uns« ist da. Neoliberale schaffen einen Staat, der die Menschen allein lässt. Doch es braucht gemeinsame Fürsorge. In den nächsten Tagen im Briefkasten, am Kiosk oder sofort online auf: 👉 www.surplusmagazin.de/surplus-3-wi...

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Steffen Murau @steffenmurau.bsky.social · 17/06/2025

Very happy to see that the article @moritzecon.bsky.social and I have written on Germany's "fiscal ecosystem" has just been published online and in print in Surplus Magazine www.surplusmagazin.de/staat-schatt...

surplusmagazin.de

Das fiskalische Ökosystem

Schattenhaushalte sind keine Ausnahme, sondern seit Jahrzehnten fester Bestandteil der Staatsfinanzen. Sie spiegeln die deutsche Geschichte.

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Jens van 't Klooster 💸💸💸 @jvtk.bsky.social · 13/06/2025

Striking back hard at MAGA's Miran/Bessent plans, @steffenmurau.bsky.social and I propose a SUERF User's guide for euro internationalisation (based on our recent JEPP article) www.suerf.org/publications...

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Dom White @domw.bsky.social · 12/06/2025

Might start referring to myself as having been 'radicalised by the macro intelligentsia'.

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Benjamin Braun @benbraun.social · 12/02/2025

We propose a typology organized around 1. the scale of green public spending 2. the degree of discipline imposed on private capital: This yields four green macrofinancial regimes:

Screenshot of table 1 in the paper:
Discipline
Low High
Low Derisking (weak) Carbon shock therapy
High Derisking (robust) Big green state

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Jens van 't Klooster 💸💸💸 @jvtk.bsky.social · 24/05/2025

Really great piece by @katie0martin.ft.com on our recent euro internationalisation paper, rightly concluding that fear of "industrial amounts of arguing" remains the EU's biggest obstacle www.ft.com/content/16e7...

ft.com

The EU needs to step up its challenge to the dollar

The euro should be developed more as a haven asset for times of market stress

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Todd Tucker @toddntucker.com · 23/05/2025

Droughts could wipe out nearly 15 per cent of economic output in the Eurozone, the European Central Bank has warned. Via @kenzabryan.ft.com. www.ft.com/content/2b19...

ft.com

Droughts are major threat to Eurozone economy, warns ECB

Eurozone banks hold €1.3tn in loans to sectors most exposed to severe water shortages, including farming

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Sander Tordoir @sandertordoir.bsky.social · 14/05/2025

Here's a couple, from various pieces of research with @elisabettaco.bsky.social, @johnspringford.bsky.social and Brad Setser, that I've been sharing at conferences: Clean technology exports already account for 4% of Germany's GDP, a figure unmatched by any other G7 country or even China. 2/

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Steffen Murau @steffenmurau.bsky.social · 14/05/2025

🚨 New open access article 🚨 Out now in Journal of Financial Regulation with Alex Goghie and Matteo Giordano 'Encumbered Security? Vertical and Horizontal Repos in the Euro Area and Their Inherent Ambiguity' academic.oup.com/jfr/advance-...

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Sander Tordoir @sandertordoir.bsky.social · 05/05/2025

Nils' point is accurate. The math is simple: no, even with Germany doing its part, Europe can't fill the gap left by fading US demand. The US accounts for ~50% of global trade deficits. DEU's expected trade surplus decline will provide incremental demand to the global economy similar to FRA.

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Jonas Nahm @jonasnahm.com · 26/04/2025

Dear WSJ Editorial Board, your April 25th piece on Germany's energy transition fundamentally misunderstands both renewable energy systems and modern grid architecture. Your "hostage to weather" narrative misses the mark. 1/

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