Gianluca Benigno's picture
Affiliation: 
London School of Economics
Credentials: 
Associate Professor in Economics

Voting history

The future role of (un)conventional unconventional monetary policy

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Question 2:  Do you agree that central banks should operationalise the use of these alternative tools of unconventional monetary policy for use either in the near term, or in the future, as economic conditions warrant?

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Answer:
Neither agree nor disagreee
Confidence level:
Not confident
Comment:
There might be a scope for expanding tools but my impression is that they might less effective as the current situation of low growth and inflation persists. For example the current Japanese experience with negative rates raises questions on its effectiveness and might suggest that alternative policy tools should be adopted (i.e. fiscal policy).

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Question 1: Do you agree that central banks should continue to use the unconventional tools of monetary policy deployed in response to the global financial crisis as part of monetary policy under normal economic conditions?

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Answer:
Neither agree nor disagree
Confidence level:
Not confident
Comment:
as long as these unconventional policies are useful in achieving Central Banks' target (i.e. inflation), they could be used even in normal times even though it is not clear to me to what extent in normal time there is more substitutability between conventional and unconventional monetary policy tools.

Brexit and financial market volatility

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Question 2: Do you agree that the possibility of Brexit significantly increases uncertainty and volatility in financial markets and the economy in general?

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Answer:
Agree
Confidence level:
Confident

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Question 1: The value of the pound fell sharply this week. Do you agree that the public debate on Brexit can be expected to (continue to) lead to a substantially higher level of exchange rate volatility in the upcoming months?

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Answer:
Agree
Confidence level:
Confident

Market Turbulence and Growth Prospects

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Question 2: Do you agree that the falls in share prices, low oil prices and the slowdown in some emerging market economies will have a significant negative impact on the UK’s economic recovery?

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Answer:
Agree
Confidence level:
Confident
Comment:
The FTSE is very much exposed to the commodity sector and the fall in oil prices and commodities puts pressure on the index. Moreover the nature of the UK economy, as a small open economy, will make it prone to outside development. Most likely these recent development will push forward any rate increase by the Bank of England and might force a rethinking of the current stance of fiscal policy.

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