Ugo Panizza's picture
Affiliation: 
The Graduate Institute, Geneva (HEID)
Credentials: 
Pictet Chair and Professor of Economics

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:
Disagree
Confidence level:
Confident
Comment:
I am worried about a variation of "Goodhart's law" (When a measure becomes a target, it ceases to be a good measure). As mentioned in the text, measures of subjective well-being have become better and better with time. However, such indicators they are easier to manipulate than standard macro variables (such as GDP, unemployment etc.). If such indicators were to become policy objectives or become important element of policy evaluation there would be strong incentives to manipulate them.

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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