Fabrizio Coricelli's picture
Affiliation: 
University of Siena and Paris School of Economics
Credentials: 
Professor of Economics

Voting history

ECB Monetary Policy and Catch-up Inflation

Question 2: Which of the following policies is the most desirable to meet the ECBs objective to achieve its mandate of “price stability” as you understand this term.

Answer:
Hybrid policies
Confidence level:
Confident
Comment:
In exceptional times (crises) achieving desired rates of inflation may require complementing traditional monetary policy tools with unorthodox policies (incomes policies or direct intervention on controlled prices). In normal times, inflation targeting is likely to work relatively well.

Question 1: To what extent do you agree with the following statement? “The European Central Bank should systematically allow for inflation to exceed its target to compensate for periods of below target inflation.”

Answer:
Disagree
Confidence level:
Confident
Comment:
I believe one has to distinguish normal from exceptional times (crisis episodes). Prolonged periods of below-target inflation, as observed after the Global financial crisis, may reveal an instrument problem rather than a target problem. The question is why central banks were unable to boost inflation through massive increase in money supply? In such circumstances, announcing that inflation would be allowed to overshoot the target is unlikely to have effects on inflation expectations.

Fiscal Rules in the European Monetary Union

Question 2: Which of the following is the one reform you would choose to improve fiscal rules?

Answer:
More flexible, countercyclical, or expenditure-based rules
Confidence level:
Extremely confident
Comment:
Expenditure rules based on nominal expenditure targets related to expected GDP would be automatically countercyclical and would ensure debt stability. The transparency of the rule would justify stricter and more rigid enforcement and penalties, such as losing access to EU funds.

Proposition 1: The existing fiscal rules for European Monetary Union members require revision.

Answer:
Strongly agree
Confidence level:
Extremely confident

The ECB’s Green Agenda

Question 2: Would you support changing the ECB’s mandate to incorporate the EU’s target of carbon neutrality by 2050, if such a change is deemed legally necessary to adopt your preferred approach?

Answer:
Yes
Confidence level:
Confident

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