Sean Holly's picture
Affiliation: 
Cambridge University

Voting history

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:
Disagree
Confidence level:
Confident

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Question 1: Do you agree that the phenomenon of declining house prices will ripple out from the London property market leading more UK regions to experience falling prices?

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Answer:
Strongly agree
Confidence level:
Very confident
Comment:
There is some empirical evidence in Holly, Pesaran and Yamagata (2011) - at least up to the start of the great recession - that a ripple effect emanates from London, and in time spreads out to other regions. We found also that bubbles in London house prices are associated with a prior boom in New York house prices, presumably because of closely connected financial markets. However, more recently the boom in London house prices has been affected also by Chinese and Russian buyers as well as New York. Holly, S., M. Hashem Pesaran and Takashi Yamagata (2011),"The Spatial and Temporal Diffusion of House Prices in the UK”. Journal of Urban Economics, 69, 1, 2-23.

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

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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:
Neither agree nor disagree
Confidence level:
Extremely confident

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:
Confident

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