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?
Why is the UK such an outlier in relation to the "wage gap"? Different competing explanations - failure to eliminate "zombie" firms post-2008 - surely this applies to other parts of Europe?; weaker labour market institutions - surely applied pre-2008?; substitution of labour for capital - why would this not apply elsewhere?
Question 2: Do you agree that quantitative well-being analysis should play an important role in guiding policy makers in determining macroeconomic policies?
I have an interest in this question in that I am a joint author of a paper on the well-being trade-off between inflation and unemployment (see below). We find that unemployment entails higher well-being costs than does inflation. Clearly this has a bearing on macroeconomic policy and we do feel that central bankers should take this kind of evidence into account when making decisions.
Blanchflower, D. G., Bell, D. N., Montagnoli, A., & Moro, M. (2014). The Happiness Trade‐Off between Unemployment and Inflation. Journal of Money, Credit and Banking, 46(S2), 117-141.
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).
Global risks from rising debt and asset prices
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Question 2: Is the loose monetary policy of major central banks responsible for the recent increase in global leverage or asset values?
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Question 1: Does the world economy face heightened risks arising from an excess of public and private debt and/or inflated asset prices?
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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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Question 1: Do you agree that lower real wage growth was beneficial for employment levels during the Great Recession?
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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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