Ramon Marimon's picture
Affiliation: 
European University institute and UPF-BarcelonaGSE
Credentials: 
Professor of Economics
Pierre Werner Chair

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:
From the perspective of the labour market there is no reason to increase interest rates, from the perspective of still indebted economies in need to rebuild their capital even less. Nevertheless, from the international perspective of capital markets one also needs to take into account what others do.

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Question 1: Do you agree that a strong labour market is a good indicator of building inflationary pressure?

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Answer:
Disagree
Confidence level:
Confident
Comment:
If by "a strong labour market" means "low unemployment" I disagree in two respects. First, "low unemployment" is not a good indicator of a labour market being strong, high employment rate is a better one and even better if it takes into account of which type of employment (e.g. stable, productive, etc.). Second, even with a better measure, the causality effect on 'inflationary pressure' is weak theoretically and empirically. In any case, and in almost any measure of 'strength", in many European countries we are far from having "strong labour markets", unless 'strong' means burdensome...

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:
Not confident
Comment:
No more than the oversight of 'fake news'. Unless the right answer to Question 1 turns out to be NO.

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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:
Strongly disagree
Confidence level:
Confident
Comment:
Cryptocurrencies are marginal now but their potential growth rate (in total value) is subject to diminishing returns, unless the appreciation race continues, but if it does it will attract more entry (already happening) and competition will slow down the appreciation race.

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:
Agree
Confidence level:
Very confident
Comment:
The main cost has been the euro crisis, which could have been managed better, but not by having 'stressed countries' with their own currencies, even if not having benefited from low euro interest rates they probably would have not accumulated so much debt.

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