Pietro Reichlin's picture
Affiliation: 
Università LUISS G. Carli
Credentials: 
Professor of Economics

Voting history

Juncker's State of the Union Address

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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:
Disagree
Confidence level:
Confident
Comment:
I think that joining the EMU should be contingent to a large enough degree on convergence in terms of macro variables, such as inflation, nominal rates, governments budgets and debt levels. Local public opinion and political actors should also be sufficiently ready to accept some devolution of powers.

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:
Strongly agree
Confidence level:
Confident
Comment:
Yes. I would point out the smaller role of national negotiations and unions and the higher degree of competition in markets.

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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:
Neither agree nor disagree
Confidence level:
Confident
Comment:
I think the answer very much depends on countries characteristics, such as labor and goods market types, and the way in which the financial crisis has unfolded in each country.

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:
Disagree
Confidence level:
Confident
Comment:
Given the difficulty of defining well-being and, most importantly, understanding what is the value of aggregate measures of well-being, I doubt that policy makers should base their choices on quantitative well-being analysis. The danger is that political choices (that should be selected through the democratic process) may be disguised as technical solutions.

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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:
Disagree
Confidence level:
Confident
Comment:
My view is that these surveys are based on complex and heterogeneous criteria reflecting our own ethical, political value judgements as well as aspirations and transitory conditions. I am very skeptical about the meaning of an index derived from the aggregation across individuals of these type of evaluations.

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