Francesco Giovanardi

Assistant Professor of Economics @WisoUniCologne

[Francesco Giovanardi @GiovanardiFr]

@paberfaber @domsimonetti @micheleboldrin Mi sembra irrilevante chi abbia introdotto lo sconto in fattura e per quali misure. Ha chiesto evidenza per la regressività della misura Superbonus. Le è stata data.

[Francesco Giovanardi @GiovanardiFr]

@paberfaber @domsimonetti @micheleboldrin Il fatto che il Superbonus sia leggermente meno regressivo dell'Econbonus è dovuto alla possibilità di sconto in fattura e cessione del credito, ma la misura rimane regressiva.

[Francesco Giovanardi @GiovanardiFr]

@paberfaber @domsimonetti @micheleboldrin Audizione dell'Ufficio Parlamentare di Bilancio alla Camera dei Deputati, disponibile del 16 marzo 2023, fig. 9, pag.22. Più sei ricco, più incentivi hai utilizzato.

[Francesco Giovanardi @GiovanardiFr]

@FrankMacroecon @matthiaskaldorf @adrien_fabre @jvtklooster @SenniChiara @MSPagliari @suerf_org @IrvingSwisher @maxkrahe @heimbergecon @FairFinvzw @RenovateEurope @monica_dileo @emacampiglio @benoit_nguyen @FabioTamburrini @ArribaSellier @DanielaGabor @Jmhaas @tedfertik @INSPIREgreenfin @lilitpopoyan @fwred @apsmolenska @MonnetEric @FWicknig @Lagarde @YannisDafermos @M_Nikolaidi Non, a micro-founded model, as wrong and stupid you may think it is, allows me to evaluate these pros and cons from a normative perspective. That's what we do and show this is not a silver bullet. As, I said from the very beginning: same message, different hat that we put on it.

[Francesco Giovanardi @GiovanardiFr]

@FrankMacroecon @matthiaskaldorf @adrien_fabre @jvtklooster @SenniChiara @MSPagliari @suerf_org @IrvingSwisher @maxkrahe @heimbergecon @FairFinvzw @RenovateEurope @monica_dileo @emacampiglio @benoit_nguyen @FabioTamburrini @ArribaSellier @DanielaGabor @Jmhaas @tedfertik @INSPIREgreenfin @lilitpopoyan @fwred @apsmolenska @MonnetEric @FWicknig @Lagarde @YannisDafermos @M_Nikolaidi Great, I am not a fan a SFC models, but I do take them seriously. This paper makes the very same point we do. These policies can reduce emissions, but they do affect financial stability.

[Francesco Giovanardi @GiovanardiFr]

@jvtklooster @ArribaSellier @adrien_fabre @SenniChiara @MSPagliari @suerf_org @IrvingSwisher @maxkrahe @heimbergecon @FairFinvzw @RenovateEurope @monica_dileo @emacampiglio @benoit_nguyen @FabioTamburrini @DanielaGabor @Jmhaas @tedfertik @INSPIREgreenfin @lilitpopoyan @fwred @FrankMacroecon @apsmolenska @MonnetEric @matthiaskaldorf @FWicknig If you bothered to read the paper, you would not make these comments. Again, we are delivering the same message, it is just that we put a different hat on it.

[Francesco Giovanardi @GiovanardiFr]

@jvtklooster @ArribaSellier @adrien_fabre @SenniChiara @MSPagliari @suerf_org @IrvingSwisher @maxkrahe @heimbergecon @FairFinvzw @RenovateEurope @monica_dileo @emacampiglio @benoit_nguyen @FabioTamburrini @DanielaGabor @Jmhaas @tedfertik @INSPIREgreenfin @lilitpopoyan @fwred @FrankMacroecon @apsmolenska @MonnetEric @matthiaskaldorf @FWicknig I have a paper on the macropru dimension as well. But it is irrelevant here, I would argue that you are abstracting from important dimensions as well, such as dynamics and endogenous risk-taking, which are way more important to me than "risk mispricing", as you call it.

[Francesco Giovanardi @GiovanardiFr]

@jvtklooster @ArribaSellier @adrien_fabre @SenniChiara @MSPagliari @suerf_org @IrvingSwisher @maxkrahe @heimbergecon @FairFinvzw @RenovateEurope @monica_dileo @emacampiglio @benoit_nguyen @FabioTamburrini @DanielaGabor @Jmhaas @tedfertik @INSPIREgreenfin @lilitpopoyan @fwred @FrankMacroecon @apsmolenska @MonnetEric @matthiaskaldorf @FWicknig I am not a politician, it is not a random claim. It is a result of the model, that bears some economic intuition. I guess what @adrien_fabre was asking is why that claim would not hold in your model. I think it would hold as well, but it is your model, you know better.

[Francesco Giovanardi @GiovanardiFr]

@jvtklooster @ArribaSellier @adrien_fabre @SenniChiara @MSPagliari @suerf_org @IrvingSwisher @maxkrahe @heimbergecon @FairFinvzw @RenovateEurope @monica_dileo @emacampiglio @benoit_nguyen @FabioTamburrini @DanielaGabor @Jmhaas @tedfertik @INSPIREgreenfin @lilitpopoyan @fwred @FrankMacroecon @apsmolenska @MonnetEric @matthiaskaldorf @FWicknig This is something you recognize as well in your model, so I think we are on the same page here. I invite you to read the paper or our SUERF brief, which is shorter!
https://t.co/pR5HeZgmXg

[Francesco Giovanardi @GiovanardiFr]

@jvtklooster @ArribaSellier @adrien_fabre @SenniChiara @MSPagliari @suerf_org @IrvingSwisher @maxkrahe @heimbergecon @FairFinvzw @RenovateEurope @monica_dileo @emacampiglio @benoit_nguyen @FabioTamburrini @DanielaGabor @Jmhaas @tedfertik @INSPIREgreenfin @lilitpopoyan @fwred @FrankMacroecon @apsmolenska @MonnetEric @matthiaskaldorf @FWicknig Our "critique", if you want, is that these kind of instruments are there for other reasons. Differentiating instruments to pursue some other objectives, as noble as they are, may mess up the original objectives of the instrument, and thus requires some carefulness.

[Francesco Giovanardi @GiovanardiFr]

@adrien_fabre @FrankMacroecon @ArribaSellier @jvtklooster @SenniChiara @MSPagliari @suerf_org @IrvingSwisher @maxkrahe @heimbergecon @FairFinvzw @RenovateEurope @monica_dileo @emacampiglio @benoit_nguyen @FabioTamburrini @DanielaGabor @Jmhaas @tedfertik @INSPIREgreenfin @lilitpopoyan @fwred @apsmolenska @MonnetEric @matthiaskaldorf @FWicknig Here are also some references for theories of differentiated rates in macro-prudential settings:
https://t.co/u499IAanft

https://t.co/khK45nOD0Q

[Francesco Giovanardi @GiovanardiFr]

@adrien_fabre @jvtklooster @SenniChiara @MSPagliari @suerf_org @IrvingSwisher @maxkrahe @heimbergecon @FairFinvzw @RenovateEurope @monica_dileo @emacampiglio @benoit_nguyen @FabioTamburrini @ArribaSellier @DanielaGabor @Jmhaas @tedfertik @INSPIREgreenfin @lilitpopoyan @fwred @FrankMacroecon @apsmolenska @MonnetEric @matthiaskaldorf @FWicknig If you are familiar with the QE literature this effect has been observed there. Firms whose bond were involved in the QE did increase leverage and risk taking.

[Francesco Giovanardi @GiovanardiFr]

@adrien_fabre @jvtklooster @SenniChiara @MSPagliari @suerf_org @IrvingSwisher @maxkrahe @heimbergecon @FairFinvzw @RenovateEurope @monica_dileo @emacampiglio @benoit_nguyen @FabioTamburrini @ArribaSellier @DanielaGabor @Jmhaas @tedfertik @INSPIREgreenfin @lilitpopoyan @fwred @FrankMacroecon @apsmolenska @MonnetEric @matthiaskaldorf @FWicknig In your example, if you reduce borrowing costs of the wind companies they will also take more risk, on top of reducing their prices. In equilibrium this result into more defaults, involving resource costs for banks and regulators, implying a tradeoff for optimal policy.

[Francesco Giovanardi @GiovanardiFr]

@ArribaSellier @adrien_fabre @jvtklooster @SenniChiara @MSPagliari @suerf_org @IrvingSwisher @maxkrahe @heimbergecon @FairFinvzw @RenovateEurope @monica_dileo @emacampiglio @benoit_nguyen @FabioTamburrini @DanielaGabor @Jmhaas @tedfertik @INSPIREgreenfin @lilitpopoyan @fwred @FrankMacroecon @apsmolenska @MonnetEric @matthiaskaldorf @FWicknig Thanks @adrien_fabre for quoting our work. Indeed in that paper we show that, although differentiated treatment is an imperfect substitute of a carbon tax, it is welfare improving if taxes are below the efficient level.

[Vittorio Zucconi @vittoriozucconi]

Poichè siamo italiani, e dunque astutamente fessi, qualcuno storcerà il naso per l'Oscar. Maestri di tifo contro, anche contro noi stessi.