Costas Milas's picture
Affiliation: 
University of Liverpool
Credentials: 
Professor of Economics

Voting history

Happiness and well-being as objectives of macro policy

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Question 2: Do you agree that quantitative well-being analysis should play an important role in guiding policy makers in determining macroeconomic policies?

 
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Answer:
Agree
Confidence level:
Confident

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Question 1: Do you agree that subjective well-being measures, or at least some of the subindices from the typical survey measures, are now reliable enough to give useful insights when used in macroeconomic empirical analysis?

 
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Answer:
Agree
Confidence level:
Confident

The Future of Central Bank Independence

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Question 3: More generally, do you agree that it is desirable to maintain central bank independence? Again focus on the near future, say next 48 months.

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Answer:
Agree
Confidence level:
Confident

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Question 2: Do you agree that the traditional argument that less central bank independence leads to higher inflation will (still) be relevant over the next 48 months in Western economies?

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Answer:
Agree
Confidence level:
Confident

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Question 1: Do you agree that central bank independence in the Eurozone and the UK will decline over the next 48 months?

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Answer:
Disagree
Confidence level:
Confident
Comment:
I disagree because Central Bank independence has already declined dramatically in Europe. Why is that? For almost 4 years now (since January 2013), we have been witnessing a massive (and repeated) undershooting of ECB’s inflation target. ECB’s latest projections reveal that its inflation target won’t be “hit” even by…2019. Such spectacular target undershooting for as many as six years(!) would have definitely called for replacing the boss in any other high profile job! That said, the long-lasting target undershooting should not necessarily call into question ECB’s ability to deliver on its mandate. Rather, mainly triggered by lack of political consensus (that is, German policy-makers versus the “rest”), it calls into question ECB’s willingness to “hit” its target. This is exactly the reason why Central Bank independence is almost dead in Europe.

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