Kevin Hjortshøj O'Rourke's picture
Affiliation: 
Oxford University
Credentials: 
Professor of Economics

Voting history

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:
Disagree
Confidence level:
Very confident
Comment:
Interest rates were completely inappropriate for the periphery in the run-up to the crisis. What happened in Cyprus and Greece is indefensible.

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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:
Extremely confident
Comment:
It isn't an optimal currency area as it stands. Broadening it won't help. I see no sign of the EU wishing to put in place a genuine fiscal union, or even a genuine US-style banking union. The actually existing EMU is a force for generating anti-European sentiment.

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

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Question 1: Do you agree that lower real wage growth was beneficial for employment levels during the Great Recession?

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Answer:
Neither agree nor disagree
Confidence level:
Confident
Comment:
It depends on context, for example levels of debt in the economy in question, and whether the lower real wage growth is due to lower nominal wage levels or lower nominal wage growth or higher inflation. Wage declines don't seem to have helped Greece a lot, though you could make a case that wage developments maintained employment in low productivity growth Britain.

Happiness and well-being as objectives of macro policy

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Question 2: Do you agree that quantitative well-being analysis should play an important role in guiding policy makers in determining macroeconomic policies?

 
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Answer:
Agree
Confidence level:
Confident
Comment:
If economists are going to persist in being utilitarians then they should think about what actually makes human beings happy! I'm not saying that we have a clear enough handle on this yet, but I am answering yes in an aspirational sense.

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