Jordi Galí's picture
Affiliation: 
CREI, Universitat Pompeu Fabra and Barcelona GSE
Credentials: 
Senior Researcher and Professor

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:
Agree
Confidence level:
Not 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:
Neither agree nor disagree
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:
Very confident
Comment:
Central bank independence, combined with a high level of transparency and accountability, is in my view the best arrangement for advanced economies. Appointments of Governors/Presidents are still too partisan in many countries. Parliamentary hearings, possibly with the participation of external experts, and a significant multipartisan support for a candidate, would be highly welcome.in my view.

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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:
I think it would be a serious mistake to link the degree of indepence of central banks with the (circumstantial) fact that inflation is currently below target in many advanced economies. A more expansionary fiscal policy, supported by monetary policy, would be a more suitable way to tighten labor markets and capacity and raise inflation where it needs to.

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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:
To the extent that the current "extraordinary" policy measures persist over time, and that significant decisions continue to be made involving transfers of one sort or another (e.g. bank support) central decisions may be subject to growing political scrutiny and raise legitimate concerns. In that environment there may be pressures to limit the level of central bank independence. The pressures may intensify if the central bank is perceived make a serious mistake in some front, which has not been the case until now as far as I can tell.

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