Jorge Braga de Macedo's picture
Affiliation: 
Nova School of Business and Economics, Lisbon
Credentials: 
Emeritus Professor of Economics

Voting history

Effects of an embargo on Russian gas

Question 3: By how much would an immediate EU-wide import ban on Russian gas reduce EU GDP growth per annum in 2022-3, in percentage points (pp), absent other policies?

Answer:
Between 1pp and 3pp
Confidence level:
Not confident
Comment:
the lack of confidence stems from the additional difficulty on defining well-targeted fiscal policies in a timely fashion among so many different countries and energy mixes

Question 2: By how much would an immediate EU-wide import ban on Russian gas reduce German GDP growth per annum in 2022-3, in percentage points (pp), if the government offset the costs with a well-targeted fiscal policy?

Answer:
Between 1pp and 3pp
Confidence level:
Not confident
Comment:
the lack of confidence stems from the difficulty on defining well-targeted fiscal policies fast enough

Question 1: By how much would an immediate EU-wide import ban on Russian gas reduce German GDP growth per annum in 2022-3, in percentage points (pp), absent other policies?

Answer:
Between 3pp and 5pp
Confidence level:
Not confident
Comment:
the lack of confidence stems from the unprecented nature of such an embargo and the assumption that all EU countries agree on the ban which seems unlikely especially in the absence of agreement on well-targeted fiscal policies

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:
Average inflation targeting
Confidence level:
Very confident
Comment:
While other policies targeting the "price level" or "nominal GDP" let alone a "hybrid" may be more appealing in theory this one is the least complicated to adjust to

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:
Agree
Confidence level:
Very confident
Comment:
As this remains a more controversial issue in the euro area than elsewhere I hesitated on whether I agree or strongly agree

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