Roel Beetsma's picture
Affiliation: 
University of Amsterdam
Credentials: 
Professor of Economics

Voting history

Labour Markets and Monetary Policy

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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
Comment:
I think there are transition shifts (such as inflow of new workers, intensifying global competition) hiding the effects of falling unemployment rate on price and wage pressures.

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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:
Disagree
Confidence level:
Not confident
Comment:
I am not too familiar with the specific situation in the UK, but if I understand correctly, there are signals about increasing inflationary pressures in particular increasing costs of imports, while at the same time monetary policy changes take about one-and-a half years to feed through into real activity.

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:
Important reasons are already mentioned above: to reduce money laundering, tax evasion and the like.

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:
I answered this under 1

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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:
Confident
Comment:
Asset prices, especially stock prices, are at a historical high relative to earnings. Bond yields extremely low at least for core Eurozone debt. We are starting to depart from the current expansionary monetary policies, which will raise risks for asset prices.

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