Christos Pierros

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.

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.

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.

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.

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.

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.

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

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…

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...

📢 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

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.

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.

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.

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.

Final_Version_of_Tarrifs_actualFINALcopy_version7_USETHISONE.docx

EU revives capital markets union plan to unlock trillions in savings Financial services commissioner says Europeans need better incentives to invest rather than save

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.
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1/11

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

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?

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.

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

Done. Good luck

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...

📢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-...

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

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

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...

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.

🙃

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.

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

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.

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

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)

Welcome to the Godley club

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

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)_/¯

👉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.