This US survey examines (a) When evaluating the consequences of any shifts in economic policy regimes, it is essential to consider potential changes in the behavior of economic agents due to revised expectations; (b) The empirical evidence on how monetary policy affects the economy in the short run is most consistent with the assumption that economic agents form rational expectations; (c) Economic research has established that the welfare consequences of differences in countries’ growth and level of development are substantially higher than the welfare costs of business cycles
Keyword: developing countries
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This European survey examines (a) The carbon border adjustment mechanism will ensure that the European Union’s green objectives are not undermined by the relocation of EU production in the sectors under the mechanism to non-EU countries with less ambitious climate policies (‘carbon leakage'); (b) To the extent that the carbon border adjustment mechanism is effective in reducing emissions and carbon leakage, it will impose substantial costs on the economies of poorer countries
This week's European Economic Experts Panel statements:
A) Under a fixed exchange rate and fully liberalized capital flows, a country loses domestic control of monetary policy.
B) For emerging and developing economies open to the world capital market, a flexible exchange rate confers little advantage over a pegged exchange rate in terms of economic stability.
C) The key feature making the US a more natural optimum currency area than the euro area is higher labor mobility.
This week's US Economic Experts Panel statements:
A) In an economy open to capital flows, monetary policy can only be effective with a floating exchange rate.
B) For emerging and developing economies open to the world capital market, a flexible exchange rate confers little advantage over a pegged exchange rate in terms of economic stability.
C) The key feature making the US a more natural optimum currency area than the euro area is higher labor mobility.
This week’s IGM 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.
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.
This week's IGM Economic Experts Panel statements:
A) The association between health and economic growth in poor countries primarily involves faster growth generating better health, rather than the other way around.
B) The decline in the fraction of people with incomes under, say, $1 per day is a good measure of whether well-being is improving amount low-income populations.
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