Francesco Lippi's picture
Affiliation: 
LUISS
Credentials: 
Professor of Economics

Voting history

Post Covid-19 Potential Output in the Eurozone

Question 2: How much lower will the potential growth rate of GDP in the Eurozone in 2025 be due to Covid-19 relative to pre-Covid forecasts?

 

Answer:
No different
Confidence level:
Confident
Comment:
Hard to find a sound reason why the long run growth rate should change.

Question 1: How much lower will the potential level of GDP in the Eurozone in 2025 be due to Covid-19 relative to pre-Covid forecasts?

 

Answer:
Potential GDP will be higher in 2025 forecast pre-Covid
Confidence level:
Not confident
Comment:
The long run effects could be positive. The shock pushed many firms to adopt new technologies that may be cost effective in the medium run and increase potential output and welfare (less time commuting, more efficient meetings, etc). Such beneficial effects have to be weighted vs the medium run consequences of the scars that will be left by the shock (higher public and private debts, more unemployment). My main point is that there are forces pushing both ways, even though in the long run I do not see why the negative ones should we. It seems feasible to go back to doing whatever was done before the shock. Of course there is a lot of uncertainty on how things will work out as it depends on key policy choices.

Bitcoin and the City

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Question 2: Do you agree that the regulatory oversight of cryptocurrencies needs to be increased?

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Answer:
Disagree
Confidence level:
Confident
Comment:
None of the arguments reviews above proves more regulation is desirable, nor that it would be effective.

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Question 1: Do you agree that cryptocurrencies are currently a threat to the stability of the financial system, or can be expected to become a threat in the next couple of years?

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Answer:
Disagree
Confidence level:
Confident
Comment:
I agree with the ECB analysis that the overall volume of trades is too small to matter. The development of derivative markets based on cryptocurrencies might affect the stability of their prices either way (e.g. creating a market to absorb bursts in demand for a fixed supply factor (e.g. bitcoin) might stabilize its price).

Global risks from rising debt and asset prices

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Question 2: Is the loose monetary policy of major central banks responsible for the recent increase in global leverage or asset values?

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Answer:
Agree
Confidence level:
Not confident

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