Question 1:Do you agree that the economics profession needs an institutional change that promotes the ability to communicate more effectively with policy-makers and the public at large and to make clear when economists have a united view; and do you agree that we need to introduce leadership to help achieve this improvement through coordinated efforts?
Question 2: Do you agree that central banks should operationalise the use of these alternative tools of unconventional monetary policy for use either in the near term, or in the future, as economic conditions warrant?
Question 1:Do you agree that central banks should continue to use the unconventional tools of monetary policy deployed in response to the global financial crisis as part of monetary policy under normal economic conditions?
While the literature on the short run effects of increasing the minimum wage is interesting , I think the longer run implications of the National Living Wage policy are more important. The performance of the UK economy will ultimately depend on the productivity of its workforce. As is well known, the market by itself will not provide the optimal level of investment in training in an economy. Individuals and firms need to be given help and incentives to increase their productivity. A low minimum wage combined with a welfare safety net in effect subsidises low skilled/low productivity jobs, i.e. gives precisely the wrong incentives. The new National Living Wage should end, or at least reduce, these perverse incentives. If the National Living Wage causes firms to invest in the productivity of their workforce and workers to invest in themselves then it will have a significantly positive effect on UK economic performance in the longer run.
While the literature on the short run effects of increasing the minimum wage is interesting , I think the longer run implications of the National Living Wage policy are more important. The performance of the UK economy will ultimately depend on the productivity of its workforce. As is well known, the market by itself will not provide the optimal level of investment in training in an economy. Individuals and firms need to be given help and incentives to increase their productivity. A low minimum wage combined with a welfare safety net in effect subsidises low skilled/low productivity jobs, i.e. gives precisely the wrong incentives. The new National Living Wage should end, or at least reduce, these perverse incentives. If the National Living Wage causes firms to invest in the productivity of their workforce and workers to invest in themselves then it will have a significantly positive effect on UK economic performance in the longer run.
The CFM surveys informs the public about the views held by prominent economists based in Europe on important macroeconomic and public policy questions. Some surveys focus specifically on the UK economy (as the CFM is a UK research centre), but surveys can in principle focus on any macroeconomic question for any region. The surveys shed light on the extent to which there is agreement or disagreement among these experts. An important motivation for the survey is to give a more comprehensive overview of the beliefs held by economists and in particular to include the views of those economists whose opinions are not frequently heard in public debates.
Questions mainly focus on macroeconomic and public policy topics. Although there are some questions that focus specifically on the UK economy, the setup of the survey is much broader and considers questions related to other countries/regions and also considers questions not tied to a specific economy.
The surveys are done in collaboration with the Centre for Economic Policy Research (CEPR).
Are academic economists ‘in touch’ with voters and politicians?
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Question 1: Do you agree that the economics profession needs an institutional change that promotes the ability to communicate more effectively with policy-makers and the public at large and to make clear when economists have a united view; and do you agree that we need to introduce leadership to help achieve this improvement through coordinated efforts?
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The future role of (un)conventional unconventional monetary policy
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Question 2: Do you agree that central banks should operationalise the use of these alternative tools of unconventional monetary policy for use either in the near term, or in the future, as economic conditions warrant?
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Question 1: Do you agree that central banks should continue to use the unconventional tools of monetary policy deployed in response to the global financial crisis as part of monetary policy under normal economic conditions?
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National Living Wage and the UK economy
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Question 1: Do you agree that the new National Living Wage is likely to lead to significantly lower employment?
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Question 2: Do you agree that the new NLW will have a muted effect on wages and prices?
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