Richard Portes's picture
Affiliation: 
London Business School and CEPR

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:
Strongly Agree
Confidence level:
Confident

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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:
Neither agree nor disagree
Confidence level:
Not confident

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:
Disagree
Confidence level:
Very confident
Comment:
Financial regulators have many more important things to worry about. Cryptocurrencies have no systemic significance, and if (when) individual investors lose money, that's their problem - no justification for 'consumer protection' here.

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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:
Disagree
Confidence level:
Very confident
Comment:
Not big enough. Key: no significant systemic interconnections. Bitcoin bubble will deflate, and everyone will wonder why it inflated in the first place. The technology may turn out to be useful, if they can reduce the energy consumption. But the 'cryptocurrencies' have few attributes of money.

House Prices and the UK economy

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Question 2: Do you agree that a more widespread weakening of the UK housing market will slow UK GDP growth significantly?

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Make sure to save each question separately

Answer:
Strongly disagree
Confidence level:
Confident
Comment:
‘Weakening’ might be consequence of expansion of supply, which would overall be expansionary. In any case, stabilization or even some fall (not a large fall) in house prices not likely to have ‘significant ‘ negative effect on aggregate GDP growth.

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