David Miles's picture
Affiliation: 
Imperial College
Credentials: 
Professor of economics

Voting history

The future role of (un)conventional unconventional monetary policy

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Question 2:  Do you agree that central banks should operationalise the use of these alternative tools of unconventional monetary policy for use either in the near term, or in the future, as economic conditions warrant?

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Answer:
Disagree
Confidence level:
Confident
Comment:
If the question is asking about helicopter drops I do not agree that they are likely to be a useful tool. "Printing money” under helicopter drops really means financing purchases of government bonds by creating reserves, which may well be interest bearing. Distributing newly printed bank notes in exchange for government debt would, in fact, almost immediately be turned back into reserves. If reserves pay interest - as they do now and as I think they should - then "printing money" is just financing government spending by the government borrowing at Bank Rate, something it can do anyway by issuing Treasury Bills.

National Living Wage and the UK economy

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Question 2: Do you agree that the new NLW will have a muted effect on wages and prices?

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Answer:
Agree
Confidence level:
Not confident

Brexit and financial market volatility

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Question 2: Do you agree that the possibility of Brexit significantly increases uncertainty and volatility in financial markets and the economy in general?

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Answer:
Agree
Confidence level:
Confident
Comment:
It seems likely that uncertainty and volatility will rise; of course that does not prove that having a referendum on Brexit is a bad thing.

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Question 1: The value of the pound fell sharply this week. Do you agree that the public debate on Brexit can be expected to (continue to) lead to a substantially higher level of exchange rate volatility in the upcoming months?

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Answer:
Agree
Confidence level:
Confident

Autumn Statement & Charter for Budgetary Responsibility

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Question 2: Do you agree that the Charter for Budgetary Responsibility is helpful in underpinning the credibility of fiscal policy?

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Answer:
Neither agree nor disagree
Confidence level:
Confident
Comment:
Once again fiscal rules that make no distinction between capital and current spending are hard to interpret.

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