Question 2: What is the best mechanism to pay for economic support provided by and to EU member states to combat the COVID-19 crisis?
Answer:
Other or no opinion
Confidence level:
Not confident
Comment:
I think the proposal of Roberto Perotti, which does not seem to fit under any of your answers, is the right way to go. It will provide plenty of support and but requires no new institutional structures or changes in EU treaties.
Question 1: What is the total size of funding that you would advocate at the EU level in support of its members to weather the COVID-19 crisis this year?
Answer:
5-10% of GDP
Confidence level:
Not confident
Comment:
It is very difficult to predict the need since there is a risk of a second wave of infections.
Question 2: Do you agree that, in a period of great uncertainty and after a prolonged period of weak real wage growth, monetary policy makers can afford to wait for greater certainty about real wage developments and building inflationary pressure before raising interest rates?
Monetary policy is exceptionally expansionary in many countries, which has been appropriate given economic conditions. But they have a long way to go before interest rates have been "normalised" and there is a risk that they might fall behind the curve. That suggests to me that a little bias in favour of higher rates might be appropriate.
I believe that the relationship between the state of the labour market and inflation remains unchanged; what has changed is how best to measure the strength of the labour market. In the past when part-time work was limited, the level of unemployment worked well. These days, when many firms want to have some part-time staff and many workers prefer part-time employment, other measures, such as the number of workers that are involuntarily part-time employed or working shorter hours than they would like, might work better.
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).
The Eurozone COVID-19 Crisis: EU Policy Options
Question 2: What is the best mechanism to pay for economic support provided by and to EU member states to combat the COVID-19 crisis?
Question 1: What is the total size of funding that you would advocate at the EU level in support of its members to weather the COVID-19 crisis this year?
Labour Markets and Monetary Policy
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Question 2: Do you agree that, in a period of great uncertainty and after a prolonged period of weak real wage growth, monetary policy makers can afford to wait for greater certainty about real wage developments and building inflationary pressure before raising interest rates?
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Question 1: Do you agree that a strong labour market is a good indicator of building inflationary pressure?
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Bitcoin and the City
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Question 2: Do you agree that the regulatory oversight of cryptocurrencies needs to be increased?
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