Giuseppe Bertola's picture
Affiliation: 
Università di Torino
Credentials: 
Professor of Economics

Voting history

Global risks from rising debt and asset prices

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Question 1: Does the world economy face heightened risks arising from an excess of public and private debt and/or inflated asset prices?

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Answer:
No opinion
Confidence level:
Extremely confident

Juncker's State of the Union Address

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Question 2: Do you agree that the euro has had more benefits than costs?

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Answer:
Agree
Confidence level:
Confident
Comment:
Answer depends, not only on different countries and what else is going on, but also on how it is used and what else comes with it. For the typical continental European country a decently configured euro is better than the alternatives.

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Question 1; Do you agree that euro membership should be compulsory for all EU member states?

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Answer:
Strongly agree
Confidence level:
Extremely confident
Comment:
Obvious.

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:
Neither agree nor disagree
Confidence level:
Very confident
Comment:
The three possibilities are equally important components of the reason why real wages grew little in the UK. The crisis and recovery were different across countries depending on sector structure, monetary policy, and wage flexibility. To disentangle possiblities for the UK it would be interesting to look at labor market segments separately, "the" labor market oversimplifies a country that features London, financial and non-financial services, public employment, and some manufacturing.

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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:
Agree
Confidence level:
Very confident
Comment:
It was, in relative wage-growth terms, to the extent that the Great Recession was an international phenomenon. The demand-side aspects that make the answer ambiguous in principle are relevant globally and for the non-traded sector. But after the initial global impact the crisis had asymmetric implications across advanced countries with different sectoral output composition and international asset positions, and country-specific counterfactuals with higher wage growth would have lower employment.

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