Ugo Panizza's picture
Affiliation: 
The Graduate Institute, Geneva (HEID)
Credentials: 
Pictet Chair and 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:
Neither agree nor disagree
Confidence level:
Not confident
Comment:
The argument may still be relevant, but it will be hard to test it as we are unlikely to see both less central bank independence AND a surge of inflation above target in the next 48 months

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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:
The Kydland-Prescott/Barro-Gordon argument remains valid.

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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:
Neither agree nor disagree
Confidence level:
Not confident at all

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:
Disagree
Confidence level:
Very confident

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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:
Strongly disagree
Confidence level:
Extremely confident
Comment:
Even if one believes that output is close to potential (I don't) inflation is still well below the ECB target.

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