Evi Pappa's picture
Affiliation: 
European University institute
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:
Disagree
Confidence level:
Not confident

A “new” UK industrial strategy ?

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Question 2: Do you agree that the UK needs a new regional policy?

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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:
Disagree
Confidence level:
Confident
Comment:
Expectations about increases in fiscal policy can overturn disinflationary pressures. News about fiscal policy can actually increase demand even when the central bank maintains its independence. Previous research I have conducted using different methodologies to identify news shocks about fiscal policy, with Markus Brueckner, “News Shocks in the Data: Olympic Games and Their Macroeconomic Effects,” and with Nadav Ben Zeev “Chronicle of a War Foretold: The Macroeconomic Effects of Anticipated Defense Spending Shocks”, shows exactly that! Even when we control for monetary policy, news about increases in defense spending induces significant and persistent increases in output, hours worked, inflation and the interest rate, and significant increases in investment and consumption. If one can take Trump's announcements seriously, should expect increases in inflation in the US that would be driven by news about active fiscal policy and non loss of central bank's independence.

German Council of Economic Experts' view of ECB policy

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Question 2: Do you agree that the ECB's monetary policy masks structural problems of member states?

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Answer:
Disagree
Confidence level:
Very confident

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