Sir Charles Bean's picture
Affiliation: 
London School of Economics
Credentials: 
MA Cambridge
PhD MIT

Voting history

Towards a High-Wage, High-Productivity Economy

Question 2: What is your evaluation of the following statement: “A well-designed government-stipulated wage increase can lead to higher productivity”?

Answer:
Agree
Confidence level:
Not confident

Question 1: Which of the following statements most closely reflects your understanding of the relationship between productivity and wages.

Answer:
Wage increases can in some cases increase long-run productivity
Confidence level:
Confident

ECB Monetary Policy and Catch-up Inflation

Question 2: Which of the following policies is the most desirable to meet the ECBs objective to achieve its mandate of “price stability” as you understand this term.

Answer:
Inflation targeting
Confidence level:
Confident

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.”

Answer:
Disagree
Confidence level:
Confident

Monetary Policy and Inequality

Question 2: What role should inequality play in the monetary policy decisions (interest rate policy and quantitative easing)?

Answer:
No role
Confidence level:
Extremely confident
Comment:
Distributional issues are at the heart of politics and distributional questions should be decided by politicians not the unelected technocrats who staff central bank policy committees. If the distributional consequences of meeting the central bank's policy objectives (monetary and financial stability) are unacceptable, then in the first instance the government should use its fiscal tools to offset them. In the UK context, if the Chancellor were unhappy with the distributional consequences of setting monetary policy at the level necessary to meet the inflation target then he could also choose to exercise his override option. But in that case it would be clear that the decision was being made to 'aim off' the inflation target for distributional reasons and the responsibility for that decision lay with the political rather than the monetary authorities.

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