Stefan Gerlach's picture
Affiliation: 
BSI Bank
Credentials: 
Chief Economist

Voting history

Wages and economic recoveries

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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:
Confident
Comment:
Differences in real wage growth appear to reflect a combination of the need for labour market adjustment in different countries, coupled with the ability of national labour markets to deliver that adjustment, that is, their flexibility.

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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:
Confident
Comment:
While the UK does have more flexible labour markets than most of the euro area, the different behaviour of inflation is also important.

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:
Neither agree nor 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:
Neither agree nor disagree
Confidence level:
Very confident
Comment:
I don't know enough about this topic to have a view.

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:
Disagree
Confidence level:
Confident
Comment:
The lessons from the high-inflation period of the 1970s have been learned and governments now know that excessive meddling in monetary policy can lead to very poor and politically costly economic outcomes. That said, they may be less clear about what constitutes "meddling", as is suggested by the UK debate about the Bank of England and Brexit.

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