Ricardo Reis's picture
Affiliation: 
London School of Economics
Credentials: 
AW Phillips 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:
Average inflation targeting
Confidence level:
Confident
Comment:
Not a big difference between price level targeting and average inflation targeting in practice. https://voxeu.org/content/ecb-strategy-2021-review-and-its-future

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:
Strongly agree
Confidence level:
Very confident
Comment:
https://voxeu.org/article/ecb-strategy-2021-review-and-its-future

Monetary Policy and Inequality

Question 2: What role should inequality play in the monetary policy decisions (interest rate policy and quantitative easing)?

Answer:
Substantive role
Confidence level:
Very confident

Question 1: How large is the impact of monetary policy on the joint distribution of income and wealth?

Answer:
Large
Confidence level:
Very confident

Central Bank Digital Currency for the UK

Question 2: What effect will the introduction of a CBDC have on UK banks?

Answer:
No or little effect
Confidence level:
Very confident
Comment:
Banks in the last few years have already suffered great competition from fin-techs in the operation of payments. The counterfactual of no CBDC is not the status quo of ten years ago. Also, as the BIS excellent research output in this area has shown, the ultimate impact depends on which type of CBDC comes to life, and in some of them banks benefit greatly.

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