Question 1: To what extent do you agree with the following statement? “The European Central Bank should systematically allow for inflation to exceed its target to compensate for periods of below target inflation.”
Question 2: Which of the following is the one reform you would choose to improve fiscal rules?
Answer:
More flexible, countercyclical, or expenditure-based rules
Confidence level:
Extremely confident
Comment:
National fiscal rules should focus on real exchange rate (price level) harmonisation among EZ countries using national fiscal stimulus or contraction. If this is achieved then national debt will look after itself. If the EZ wants to reduce aggregate government debt, or increase it at the interest rate lower bound, it should be done uniformly across countries.
Proposition 1: The existing fiscal rules for European Monetary Union members require revision.
Answer:
Strongly agree
Confidence level:
Extremely confident
Comment:
Fiscal rules that focus on national government debt have caused the Eurozone great harm. It is time to rethink the whole basis of those rules, so they allow aggregate fiscal stimulus when interest rates hit their lower bound.
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).
ECB Monetary Policy and Catch-up Inflation
Question 1: To what extent do you agree with the following statement? “The European Central Bank should systematically allow for inflation to exceed its target to compensate for periods of below target inflation.”
Monetary Policy and Inequality
Question 2: What role should inequality play in the monetary policy decisions (interest rate policy and quantitative easing)?
Question 1: How large is the impact of monetary policy on the joint distribution of income and wealth?
Fiscal Rules in the European Monetary Union
Question 2: Which of the following is the one reform you would choose to improve fiscal rules?
Proposition 1: The existing fiscal rules for European Monetary Union members require revision.
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