Nicola Borri Profile picture
Mar 20, 2020 6 tweets 4 min read Read on X
#coronavirus Update March 20 -- The number of infected in Italy increased by 5986 units (+14% previous day), and the number of deaths by 627 (+18% previuos day). Another dramatic day for #Italy. Growth rates not declining, but flat. ImageImage
1/ Good news is that the growth rate in the number of people admitted to ICU (6%) went down from yesterday, and has been flat in the last few days. Hopefully it declines even further soon #StayAtHome Image
2/ In terms of breakdown by regions, in terms of number of deaths, Piemonte, Liguria, Toscana seem to be following the path of Lombardia. For Puglia is too early to draw conclusions. Figures are both in levels and log scale ImageImage
3/ The evolution of the infected by regions tracks the evolution of the number of deaths. Veneto and Emilia seem to be fairing better than Piemonte. Image
4/ An interesting fact is that on average 20% of the tests ran daily nationally result in a new positive case. It is clear we are testing mostly individuals with synthoms Image
5/ Finally, we have a large number of open cases. Unfortunately, this indicates the number of deaths will keep increasing dramatically. We should be seeing the effects of the containment measures soon. #StayHome #StaySafeStayHome #StayStrong and we will make it. Image

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More from @nicolaborri

Jul 6, 2022
I am very excited to share my new working paper titled “#Crypto Risk Premia” (with Daniele Massacci, @RubinMirco and Dario Ruzzi). A short 🧵 follows. Please, share it if you like it. Comments are very welcome [1/n]

Link: tinyurl.com/yc7hbeeu

#EconTwitter
Before “crypto winter” hit markets at the beginning of 2022, cryptocurrency was getting “boring” as some of the craziness of the earlier times was fading out and institutional investors had started to pour in, allocating a part of their large portfolios to crypto. [2/n]
To inform investment and risk management decisions, and guide portfolio allocation to crypto assets, it is fundamental to i) identify the set of risk factors driving crypto returns and ii) correctly quantify the prices associated with these sources of risk. [3/n]
Read 20 tweets
Jul 20, 2021
I have a new working paper out on “#Crypto Premium and Jump Risk” with Paolo Santucci de Magistris #EconTwitter Link: ssrn.com/abstract=38891… [1/n]
The paper shows that sudden and large price moves in bitcoin prices (jumps) explain a large portion in the variation in bitcoin returns [2/n]
Study tail-risk in crypto markets is important for at least two reasons 1/ is tail-risk priced similarly to that in equity markets? 2/ to characterize the SDF of the marginal investor and price alternative cryptocurrencies and tokens and do risk-management [3/n]
Read 10 tweets
May 19, 2021
The narrative of the rollercoaster day for cryptocurrency markets centers around the fears of stricter regulation in China (which might want to push its future CBDC). I shamlessy take the opportunity to advertise some of my prior work [1/n] #EconTwitter
ft.com/content/c4c29b…
In Borri and Shakhnov (FRL 2019) we look at a similar big shock when China de facto ordered the closing of cryptocurrency exchanges. [2/n]

Link to paper: sciencedirect.com/science/articl…
The shock had a huge effect on the global share of trading volume that took place on Chinese cryptocurrency exchanges: in a matter of months it went from 90% to less than 1% (caveat: part of it could have been wash trading) [3/n] Image
Read 6 tweets
Mar 29, 2021
I am very happy that my paper with @KShakhnov “Global Risk in Long-Term Sovereign Debt” has been accepted in @RevOfAssetPric #EconTwitter

Thread 1/n
Our paper is motivated by recent work by @HannoLustig et al. (AER 2019) who found that currency carry trade strategies with T-bonds are different from those with T-bills because local currency term premia offset currency premia 2/n
Results in Lustig et al. (AER 2019) are for advanced economies with no/low default risk and imply that the volatility of the permanent component of investors’ SDF must be equalized across countries 3/n
Read 15 tweets
Sep 28, 2020
New wp with @FSobbrio @francedrago @ChSantantonio #EconTwitter
Many countries used lockdowns to control the pandemics. We provide quantitative estimates of benefits in terms of reduction of mortality by #COVID19👇
tinyurl.com/y5u6elxs
(also @cepr_org DP15317) 1/n
We focus on Italy -- one of the first country struck by #COVIDー19 -- where the lockdown design offers a source of exogenous variation in the intensity of the lockdown at a granular level 2/n
In the second (economic) lockdown (March 22) the Italian government defined a detailed list of essential economic activities. All other activities were either suspended or allowed to operate only remotely 3/n
Read 18 tweets
Sep 13, 2020
I am very happy to share that my paper "Optimal Taxation with Home Ownership and Wealth Inequality" with Pietro Reichlin has been now accepted for publication at the @RevEconDyn [1/n] #EconTwitter Image
In the paper we consider optimal taxation in a model with wealth-poor and wealth-rich households, where wealth derives from business capital and home ownership, and investigate the consequences of a rising wealth inequality at steady state on these tax rates [2/n]
We find that the optimal tax structure includes some taxation of labor, zero taxation of financial and business capital, and critically a housing wealth tax on the wealth-rich households and a housing subsidy on the wealth-poor households [3/n]
Read 8 tweets

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