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