David Bell's picture
Affiliation: 
University of Stirling
Credentials: 
Professor of Economics

Voting history

China’s growth slowdown: likely persistence and effects

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Question 1:

Do you agree that the Chinese economy is likely (say more than 50% probability) to maintain in the medium term (say, for at least ten years) a rate of annual growth exceeding 6%.

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Answer:
Disagree
Confidence level:
Confident
Comment:
institutional impediments, sectoral and financial imbalances are likely to reduce China's sustainable rate of growth

ECB's quantitative easing

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Question 2:

Do you agree that the structure of the ECB's QE programme makes the Eurozone more fragile and increases the risk of one country leaving the euro?

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Answer:
Agree
Confidence level:
Confident
Comment:
This follows from the previous answer

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Question 1:

Do you agree that the design of the ECB's QE programme reduces its effectiveness? 

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Answer:
Agree
Confidence level:
Not confident
Comment:
It is fanciful to expect that the market will ignore the allocation of risk.

Monetary policy and the zero lower bound (ZLB)

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Question 2: Do you agree that the benefits of reforming the monetary system to allow materially negative policy interest rates outweigh the possible costs?

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Answer:
Neither agree nor disagree
Confidence level:
Not confident
Comment:
Again unclear whether negative interest rates would have a positve effect on aggregate demand. We have little understanding as to how this development would affect consumer expectations.

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Question 1: Do you agree that it is feasible for the UK authorities to change the monetary system so that materially negative policy interest rates could be safely implemented? (In answering, you may wish to explain your reasons and define your view of 'material')

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Answer:
Disagree
Confidence level:
Confident
Comment:
My response reflects my risk aversion and uncertainty as to how the public would respond to these relatively unconventional policy measures

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