European Economic Experts Panel

The Clark Center for Global Markets explores economists’ views on vital policy issues via our US and European Economic Experts Panels. We regularly poll over 80 economists on a range of timely and relevant topics. Panelists not only have the opportunity to respond to a poll’s statements, but an opportunity to comment and provide additional resources, if they wish. The Clark Center then shares the results with the public in a straightforward and concise format.

Please note that from September 2022, the language in our polls will use just two modifiers to refer to the size of an effect:

‘Substantial’: when an effect is large enough that it would make a difference that matters for the behavior involved.
‘Measurable’: when the direction of the effect is clear, but perhaps experts would differ as to whether it is substantial.

Auction Theory

Europe

Auction Theory

The practical application of auction theory to the licensing of rights to use public assets like radiospectrum and other natural resources has generated substantially higher government revenues and better allocative efficiency worldwide than would have happened under previous arrangements.

Responses

Source: European Clark Center Economic Experts Panel
Methodology

Clark Center Economic Experts Panel

October 21, 2020

Foreign Competition and Domestic Innovation

Europe

Foreign Competition and Domestic Innovation

Strong competition from foreign producers is likely to encourage greater private sector expenditure on research and development in the home market.

Responses

Source: European Clark Center Economic Experts Panel
Methodology

Business Cycles, Recessions, & Crises

October 13, 2020

Objectives of the European Central Bank

Europe

Objectives of the European Central Bank

This week's European Economic Experts Panel statements:

A) The ECB should aim to achieve an inflation rate that averages 2% over time.

B) The ECB should take account of the environmental implications of its policy decisions.

C) The objectives set for the ECB by Treaty should make maximum sustainable employment of equal importance as price stability.

Clark Center Economic Experts Panel

September 24, 2020

European Economic Recovery

Europe

European Economic Recovery

This week’s IGM European Economic Experts Panel statements:

A) Right now, the central focus of fiscal policy should be on temporary measures to provide protection and promote rapid economic recovery rather than trying to advance other objectives, such as reducing debt, tackling climate change or addressing inequality.

B) Cutting taxes on firms (or delaying tax collection) will allow more of them to survive and be more effective than public spending for triggering a rapid economic recovery.

C) European recovery fund disbursements to crisis-hit countries should be primarily in the form of grants rather than loans.

D) European recovery fund disbursements to crisis-hit countries should not be made on condition of commitments to reform by recipients.

Business Cycles, Recessions, & Crises

July 23, 2020

The Search for a Vaccine

Europe

The Search for a Vaccine

This week’s IGM European Economic Experts Panel statements:

A) Given the social and regulatory pressures to keep prices down for drugs and vaccines to treat Covid-19, the financial incentives for pharmaceutical companies to invest in such products are below the value of the investment to society.

B) Government commitments to pay developers and manufacturers above average costs for an effective vaccine or drug treatments for Covid-19 would accelerate production.

C) Given the positive externalities from vaccination, an effective Covid-19 vaccine should have priority in public healthcare funding even in countries where other diseases cause more death and disability.

Clark Center Economic Experts Panel

June 23, 2020

Political Economics

Europe

Political Economics

Alberto Alesina, a founding member of the IGM economic experts panel, passed away in May 2020 – a sad loss for the whole research community. As the remembrances posted by the IGM directors on our website illustrate, Alberto was a fantastic economist, a wonderful person and a friend to many of the panelists.

Clark Center Economic Experts Panel

June 8, 2020

Prices of Medical Supplies

Europe

Prices of Medical Supplies

This week’s IGM European Economic Experts Panel statements:

A) Clearing the market for surgical face masks using prices is detrimental to the public good.

B) Laws to prevent high prices for essential goods in short supply in a crisis would raise social welfare.

C) Governments should buy essential medical supplies at what would have been the market price and redistribute according to need rather than ability to pay.

Clark Center Economic Experts Panel

May 20, 2020

COVID-19 and the World Economy

Europe

COVID-19 and the World Economy

This week’s IGM European Economic Experts Panel statements:

A) Economic damage from the virus and lockdowns will ultimately fall disproportionately hard on low- and middle-income countries.

B) A temporary standstill on sovereign debt payments by low- and middle-income countries to all official and private creditors to give those countries space to cover the immediate costs of the crisis would benefit advanced economies.

C) Export restrictions on food and medical supplies, and other protectionist measures, are likely to cost lives and slow economic recovery in all countries.

Business Cycles, Recessions, & Crises

May 5, 2020

Supporting European Businesses in the COVID-19 Crisis

Europe

Supporting European Businesses in the COVID-19 Crisis

This week’s IGM European Economic Experts Panel statements:

Government support to private firms in the form of debt (either directly or with the help of public guarantees) is desirable, but risks leaving them with too much leverage to invest and grow in the future.

Providing funds to viable businesses in the form of equity injections is a vital complement to debt support.

With the EU ban on state aid suspended, government capital injections should be provided via a newly created pan-European equity fund, rather than be left to national governments acting independently.

Business Cycles, Recessions, & Crises

April 21, 2020

Inequality and the COVID-19 Crisis

Europe

Inequality and the COVID-19 Crisis

This week’s IGM European Economic Experts Panel statements:

A) Even with the support policies implemented by European governments in response to the crisis, low-income workers will suffer a relatively bigger hit to their incomes than those further up the distribution.

B) With schools across Europe closed in the lockdown, existing gaps in access to quality education between high- and low-income households will be exacerbated.

C) Combating the effects of the pandemic on inequality should be a priority for policy interventions.

Clark Center Economic Experts Panel

April 14, 2020