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

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:
Strongly disagree
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:
Strongly disagree
Confidence level:
Confident

The Future of Central Bank Independence

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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:
Not confident
Comment:
In the current environment there can be political pressure for low inflation (e.g. from creditors) and it is not a foregone conclusion that those who prefer high inflation will win all elections

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