Jordi Galí's picture
Affiliation: 
CREI, Universitat Pompeu Fabra and Barcelona GSE
Credentials: 
Senior Researcher and Professor

Voting history

Labour Markets and Monetary Policy

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Question 2: Do you agree that, in a period of great uncertainty and after a prolonged period of weak real wage growth, monetary policy makers can afford to wait for greater certainty about real wage developments and building inflationary pressure before raising interest rates?

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Answer:
Agree
Confidence level:
Confident
Comment:
But it would be a mistake to wait too long and be forced to increase rates too rapidly.

Bitcoin and the City

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Question 2: Do you agree that the regulatory oversight of cryptocurrencies needs to be increased?

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Answer:
Agree
Confidence level:
Confident
Comment:
In what pertains to their potential use for money-laundering and other criminal activilties. Otherwise they should be treated as any other high risk asset. Prices of goods and services are quoted in "conventional" currencies, and so are interest rates set by central banks or in private financial contracts. That remains key for the effectiveness of monetary policy.

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Question 1: Do you agree that cryptocurrencies are currently a threat to the stability of the financial system, or can be expected to become a threat in the next couple of years?

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Answer:
Neither agree nor disagree
Confidence level:
Confident
Comment:
It depends on the volumes they end up representing relative to the size of the economy and the characteristics (e.g. degree of leverage) of their holders. In their current state they seem largely innocuous for financial stability.

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:
Agree
Confidence level:
Confident
Comment:
It must be true, even if it is only part of the explanation.

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:
Yes, but largely because it was accompanied with a taylor-made monetary policy and a milder fiscal consolidation.

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