The Great Recession originated from the collapse of the financial sector, which can be defined as a supply shock. Higher wages would have worsened the initial liquidity squeeze on firms, with adverse consequences for employment.
Question 2: Do you agree that quantitative well-being analysis should play an important role in guiding policy makers in determining macroeconomic policies?
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?
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.
The risks of breakdown of the Eurozone will force the ECB to be less independent. However, beyond the issue of independence, credibility of ECB policies are undermined by the past several years of erratic policy and several commitments to do "whatever it takes." Future policies driven to achieve inflation objectives are likely to have low credibility. This will imply undesirable effects of policies irrespective of the degree of independence of the ECB.
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).
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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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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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?
The Future of Central Bank Independence
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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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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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