This European survey examines (a) A period of high inflation is substantially more electorally damaging to incumbent governments in advanced countries than a period of high unemployment; (b) Voters are more likely to punish incumbents for what they perceive as poor national economic performance than they are to reward incumbents for a good economy
Keyword: unemployment
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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.
This week's US Economic Experts Panel statement:
The Fed's revised strategy to focus on employment shortfalls and a more flexible interpretation of the inflation target will make little practical difference to monetary policy outcomes over the next decade.
This week's IGM Economic Experts Panel statements:
A) The concept of “maximum sustainable employment” is well defined enough to be used beneficially in economic policymaking.
B) Right now the US economy is operating below maximum sustainable employment.
This week’s IGM Economic Experts Panel statements:
A) Holding labor market institutions and job training fixed, rising use of robots and artificial intelligence is likely to increase substantially the number of workers in advanced countries who are unemployed for long periods.
B) Rising use of robots and artificial intelligence in advanced countries is likely to create benefits large enough that they could be used to compensate those workers who are substantially negatively affected for their lost wages.
This week's IGM European Economic Experts Panel statements:
A) Holding labor market institutions and job training fixed, rising use of robots and artificial intelligence is likely to increase substantially the number of workers in advanced countries who are unemployed for long periods.
B) Rising use of robots and artificial intelligence in advanced countries is likely to create benefits large enough that they could be used to compensate those workers who are substantially negatively affected for their lost wages.
This week’s European Economic Experts Panel statements:
A) Revising France’s labor market policies — by reducing employment protection, decentralizing labor negotiations to the firm level, and making training programs more accessible and responsive to labor demands — would, all else equal, increase productivity in France’s economy.
B) Reducing employment protection would reduce the equilibrium unemployment rate in France.
This week's IGM Economic Experts Panel statement:
An important reason why many workers in Michigan and Ohio have lost jobs in recent years is because US presidential administrations over the past 30 years have not been tough enough in trade negotiations.
This week’s IGM Economic Experts Panel statements:
A) If the federal minimum wage is raised gradually to $15-per-hour by 2020, the employment rate for low-wage US workers will be substantially lower than it would be under the status quo.
B) Increasing the federal minimum wage gradually to $15-per-hour by 2020 would substantially increase aggregate output in the US economy.
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