Question 3: Which of the following best reflects your opinion on the following statement? “The ECB should explicitly recognize unemployment and/or economic growth as a secondary aim, secondary to its price stability mandate.”
Answer:
Agree
Confidence level:
Very confident
Comment:
More precisely, I would prefer to formulate the objective of ECB’s monetary policy as
“price stability and full employment without prejudice to the price-stability objective,”
where “without prejudice...” is clarified to mean that average inflation over a period such as 4-5 years shall be close to a symmetric inflation target of 2%.
As argued in section 2.1 of a paper in the Vitor Constancio Festschrift, https://larseosvensson.se/files/papers/the-future-of-monetary-policy-and-macroprudential-policy.pdf , this is fully consistent with the Treaty on the Functioning of the European Union, Article 127(1), as well as with clarifications of the objective on the ECB's website.
Question 2: Would you support increasing the ECB’s inflation target to a higher rate of inflation than the current 2% target?
Answer:
Oppose
Confidence level:
Confident
Comment:
First move to an average inflation target of 2%, to see how this works.
Question 1: Which of the following best reflects your opinion on the following statement? “The ECB should explicitly state that it will allow inflation to temporarily exceed the 2% target following extended periods of low inflation.”
Answer:
Strongly agree
Confidence level:
Extremely confident
Comment:
The ECB should have a symmetric inflation target of 2% and, in particular, keep average inflation over a few years (for example, 4-5 years) close to the target.
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).
Should the ECB Reformulate its Inflation Objective?
Question 3: Which of the following best reflects your opinion on the following statement? “The ECB should explicitly recognize unemployment and/or economic growth as a secondary aim, secondary to its price stability mandate.”
Question 2: Would you support increasing the ECB’s inflation target to a higher rate of inflation than the current 2% target?
Question 1: Which of the following best reflects your opinion on the following statement? “The ECB should explicitly state that it will allow inflation to temporarily exceed the 2% target following extended periods of low inflation.”
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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