Jagjit Chadha's picture
Affiliation: 
National Institute of Economic and Social Research
Credentials: 
Professor of economics

Voting history

Migration and the UK economy August 2014

Question 2: Do you agree that current government policies with respect to non-EU migration (including policies on students, skilled workers, and family migration) are effective in maximizing the gains to the economy from migration while minimizing any possible negative impact to specific groups?

Answer:
Disagree
Confidence level:
Confident

Question 1: Do you agree that migration to the UK can be expected to be beneficial for the average income of current UK inhabitants in the upcoming decade?

Answer:
Strongly Agree
Confidence level:
Very confident

UK House Prices and Macro-Prudential Policy July 2014

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Question 2: When housing-related risk is deemed excessive from the viewpoint of financial stability, do you agree that the correct response is to deploy macro-prudential tools, leaving interest rates focused on the needs of inflation and aggregate real activity?

 
Answer:
Neither agree nor disagree
Confidence level:
Confident
Comment:
Whilst macro-prudential instruments, if properly designed, may help prevent both excessive movements in asset prices and limit the wider economic consequences that can arise from financial instability, it is not clear that we understand their likely impact well enough yet to employ them in a precipitous manner in response to a current policy problem. If we observe a current boom in asset prices, it tells us that policy has failed in the past.

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Question 1: Do you agree it is time for more robust policy action to prevent a build-up of excessive housing-related risk?

 

 
Answer:
Agree
Confidence level:
Very confident
Comment:
Weaning people away from their addiction to property market as an asset class, perhaps their only asset, will not be easy. But reforms to both supply (housing building) and demand (bank lending and taxes) may help. We do though need to move very carefully as the distributional effects arising from reform in the property sector are likely to be large.

Economic Consequences of an Independent Scotland June 2014

Question 2

Assuming that Scotland becomes an independent country, do you agree that the UK government's position of ruling out a monetary union is in the economic interests of the continuing UK? 

Answer:
Strongly Agree
Confidence level:
Very confident
Comment:
Other than as an interim or transitional measure, an Independent Scotland needs to develop its own currency because a monetary union between the continuing UK and an independent Scotland would undermine the very notion of Independence. The example of the Euro Area is fairly clear as it has had to develop a fiscal compact and banking union, as well as a lender of last resort function for the whole Euro Area, in an attempt to deal with its recent existential crisis.

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