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

Voting history

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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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:
Agree
Confidence level:
Not confident
Comment:
A lot depends on how independence is defined and measured

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:
Neither agree nor disagree
Confidence level:
Not confident at all
Comment:
Structural problems there are, but "masks" and "member states" make statement pointless

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Question 1: Do you agree that exceptionally loose monetary policy by the European Central Bank is no longer appropriate?

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Answer:
Disagree
Confidence level:
Extremely confident
Comment:
Inflation expectations and investment need to be a lot more solid.

German current account surpluses

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Question 2: Do you agree that the German government should increase public spending given its persistently large current account surplus and given that it is part of the Eurozone?

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Answer:
Strongly agree
Confidence level:
Very confident
Comment:
When the private sector's reluctance to spend threatens any economy with a bad equilibrium, governments should correct the coordination failure. Higher public spending and nontraded sector inflation in Germany would be good for all the eurozone, Germany included.

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