Francesco Caselli's picture
Affiliation: 
London School of Economics
Credentials: 
Norman Sosnow Chair in Economics

Voting history

Wages and economic recoveries

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Question 2: Do you agree that the different behaviour of UK real wages relative to Eurozone wages during the Great Recession is in large part due to the UK having different labour market policies?

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Answer:
No opinion
Confidence level:
Confident

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Question 1: Do you agree that lower real wage growth was beneficial for employment levels during the Great Recession?

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Answer:
No opinion
Confidence level:
Very confident

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:
Neither agree nor disagree
Confidence level:
Confident
Comment:
I don't think we are anywhere near the position of being able to predict the impact of various policies on well being. Hell, we are finding it hard enough to predict it for economic activity or consumption or labor supply! So I don't think the maximization problem solved by the government to set specifici policies should (yet) have quantitative measures of well being as the objective function. However I am sympathetic to using these measures as one (among many) criteria to give weights to varous "intermediate" targets, such as consumption, unemployment, inflation, etc.

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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
Comment:
An exclusive focus on well-being measures would be madness, but as part of a dashboard of indicators it could alert us of things the more standards measures are missing. If I was forced to pick a uniqeu measure of economic performance, however, it would be neither GDP nor well-being, but median household income.

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:
Confident

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