John VanReenen's picture
Affiliation: 
London School of Economics
Credentials: 
Professor of economics
Director of Centre for Economic Performance

Voting history

Global risks from rising debt and asset prices

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Question 2: Is the loose monetary policy of major central banks responsible for the recent increase in global leverage or asset values?

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Answer:
Disagree
Confidence level:
Not confident

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Question 1: Does the world economy face heightened risks arising from an excess of public and private debt and/or inflated asset prices?

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Answer:
Agree
Confidence level:
Not confident

Juncker's State of the Union Address

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Question 2: Do you agree that the euro has had more benefits than costs?

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Answer:
Neither agree nor disagree
Confidence level:
Confident
Comment:
The Euro has had benefits, especially for core countries. But for peripheral countries the effect has been adverse as exemplified by Greece where an extreme adverse shock could not be partially offset by exchange rate flexibility. In the absence of great labor mobility and larger fiscal transfers from the rest of the EU, the hit on real incomes in Greece was extremely hard and destabilizing.

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Question 1; Do you agree that euro membership should be compulsory for all EU member states?

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Answer:
Disagree
Confidence level:
Confident
Comment:
A multi-speed Europe is viable and desirable for economic and political reasons

Wages and economic recoveries

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Question 2: Do you agree that the different behaviour of UK real wages relative to Eurozone wages during the Great Recession is in large part due to the UK having different labour market policies?

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Answer:
Agree
Confidence level:
Confident
Comment:
See previous answers. The New Deal and active labour market policy reforms from the mid 1990s onwards have been particularly important in keeping those on benefits actively seeking jobs. See “Evaluating the Employment Impact of a mandatory job search assistance programme” (with Richard Blundell, Monica Costa Dias and Costas Meghir) Journal of the European Economics Association (2004) 2(4) 569-606. http://cep.lse.ac.uk/textonly/people/vanreenen/papers/0305.pdf and more recently “Can helping the sick hurt the able?” (with Nitika Bagaria and Barbara Petrongolo), CEP Discussion Paper 1347 http://cep.lse.ac.uk/pubs/download/dp1347.pdf for causal evidence.

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