Question 4: Which of the following policies would be your second choice of policy to boost private sector productivity, in addition to or absent your first choice?
Answer:
Investments in human capital including education and job retraining.
Confidence level:
Confident
In the last two questions you are asked which government policies are best suited to help the UK emerge from its productivity growth slowdown. Question 3 asks for your most preferred policy option, while question 4 asks for your second choice. You may use the comment section to outline specific policy recommendations.
Question 3: Which of the following policies would best help improve private sector productivity?
Answer:
Regulatory and competition policies, possibly including financial regulation
Confidence level:
Confident
Question 2: Which of the following was the second most important cause for the slowdown in UK productivity growth?
Answer:
Labour market factors
Confidence level:
Confident
Comment:
The UK economy did well in terms of the decline in the unemployment rate following the massive downturn. But the downside of this is that workers will not always find the best match and reach their potential
Question 1: Which of the following was the most important cause for the slowdown in UK productivity growth?
Answer:
None of the above, other, or no opinion
Confidence level:
Confident
Comment:
I think that productivity growth was hampered by disruptions in the financial sector which reduced investment and efficient reallocation of capital
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?
yes, central banks have built enough credibility and inflation expectations seem well anchored. So it makes sense to be cautious and wait for convincing evidence of significant wage and inflation pressure.
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 UK Productivity Puzzle
Question 4: Which of the following policies would be your second choice of policy to boost private sector productivity, in addition to or absent your first choice?
In the last two questions you are asked which government policies are best suited to help the UK emerge from its productivity growth slowdown. Question 3 asks for your most preferred policy option, while question 4 asks for your second choice. You may use the comment section to outline specific policy recommendations.
Question 3: Which of the following policies would best help improve private sector productivity?
Question 2: Which of the following was the second most important cause for the slowdown in UK productivity growth?
Question 1: Which of the following was the most important cause for the slowdown in UK productivity growth?
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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