Romanos Priftis
Economics
- Division
Forecasting and Policy Modelling
- Current Position
-
Senior Economist
- Fields of interest
-
Macroeconomics and Monetary Economics,Financial Economics,Mathematical and Quantitative Methods
- Education
- 2010-2015
PhD in Economics, European University Institute, Italy
- 2010-2011
MRes in Economics, European University Institute, Italy
- 2008-2010
MPA in Public and Economic Policy, London School of Economics, United Kingdom
- 2005-2008
BSc in Economics and Econometrics, University of Nottingham, United Kingdom
- Professional experience
- 2021-
Senior Economist, Forecasting and Policy Modelling Division, Directorate General Economics, European Central Bank
- 2020-2022
Principal Researcher, Projection Division, Department of Canadian Economic Analysis, Bank of Canada
- 2017-2020
Senior Economist, Projection Division, Department of Canadian Economic Analysis, Bank of Canada
- 2014-2017
Economic Analyst, Macroeconomic Modelling Division, Directorate General for Economic and Financial Affairs, European Commission
- Awards
- 2010
Doctoral Scholarship from the Greek Scholarship Foundation (I.K.Y.)
- Teaching experience
- 2013
PhD Macroeconomics and Monetary Economics, European University Institute
- 17 May 2023
- WORKING PAPER SERIES - No. 2819Details
- Abstract
- We use scenario analysis to assess the macroeconomic effects of carbon transition policies aimed at mitigating climate change. To this end, we employ a version of the ECB’s New Area-Wide Model (NAWM) augmented with a framework of disaggregated energy production and use, which distinguishes between “dirty” and “clean” energy. Our central transition scenario is that of a permanent increase in carbon taxes, which are levied as a surcharge on the price of dirty energy. Our findings suggest that increasing euro area carbon taxes to an interim target level consistent with the transition to a net-zero economy entails a transitory rise in inflation and a lasting, albeit moderate decline in GDP. We show that the short and medium-term effects depend on the monetary policy reaction, on the path of the carbon tax increase and on its credibility, while expanding clean energy supply is key for containing the decline in GDP. Undesirable distributional effects can be addressed by redistributing the fiscal revenues from the carbon tax increase to low-income households.
- JEL Code
- C54 : Mathematical and Quantitative Methods→Econometric Modeling→Quantitative Policy Modeling
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
H23 : Public Economics→Taxation, Subsidies, and Revenue→Externalities, Redistributive Effects, Environmental Taxes and Subsidies
Q43 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Energy→Energy and the Macroeconomy
- 26 November 2018
- WORKING PAPER SERIES - No. 2209Details
- Abstract
- This paper finds that debt-financed fiscal multipliers vary depending on the location of the debt buyer. In a sample of 33 countries fiscal multipliers are larger when government purchases are financed by issuing debt to foreign investors (non-residents), compared to when they are financed by issuing debt to home investors (residents). In a theoretical model, the location of the government creditor produces these differential responses through the extent that private investment is crowded out. International capital mobility of the resident private sector decreases the difference between the two types of financing both in the model and in the data.
- JEL Code
- F41 : International Economics→Macroeconomic Aspects of International Trade and Finance→Open Economy Macroeconomics
H3 : Public Economics→Fiscal Policies and Behavior of Economic Agents
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
- 2023
- SUERF Policy Brief No. 633
- 2023
- European Economic Review
- 2021
- The Economic Journal
- 2021
- Staff Discussion Paper 2021-4, Bank of Canada
- 2020
- Journal of Banking & Finance
- 2020
- Staff Discussion Paper 2020-16, Bank of Canada
- 2019
- Empirical Economics
- 2019
- Journal of Economic Dynamics and Control
- 2018
- Journal of Economic Dynamics and Control
- 2018
- Discussion Paper 76, Directorate General for Economic and Financial Affairs, European Commission
- 2018
- Discussion Paper 77, Directorate General for Economic and Financial Affairs, European Commission
- 2017
- Open Economies Review
- 2017
- Discussion Paper 43, Directorate General for Economic and Financial Affairs, European Commission
- 2016
- The Manchester School
- 2016
- Institutional Paper 25, Directorate General for Economic and Financial Affairs, European Commission
- 2016
- Quarterly Report on the Euro Area, Directorate General for Economic and Financial Affairs, European Commission