Silvana Tenreyro's picture
Affiliation: 
London School of Economics

Voting history

Secular Stagnation

Question 1: Do you agree- making your own definition of secular stagnation clear if you disagree with that offered here- that it is more likely than not that the advanced Western economies have entered into a period of secular stagnation?

Answer:
Neither agree nor disagree
Confidence level:
Confident
Comment:
I agree we are currently in a period of stagnation; I am not convinced it is 'secular'---understood as persisting for a very long period. Some of the trends that arguably drove this stagnation including the decline in the price of investment (Thwaites, 2013), or high savings rates in Asia, may revert as productivity growth in the investment sector slows down and/or emerging economies' growing middle classes decide to consume more, pushing up demand in Western economies.

Migration and the UK economy August 2014

Question 2: Do you agree that current government policies with respect to non-EU migration (including policies on students, skilled workers, and family migration) are effective in maximizing the gains to the economy from migration while minimizing any possible negative impact to specific groups?

Answer:
Strongly Disagree
Confidence level:
Very confident
Comment:
There is still untapped potential in, for example, university students from non EU countries---higher education 'exports' could increase far more; similarly, skilled workers with great creative capacity end up opting for the US or Canada.

Question 1: Do you agree that migration to the UK can be expected to be beneficial for the average income of current UK inhabitants in the upcoming decade?

Answer:
Strongly Agree
Confidence level:
Confident

UK House Prices and Macro-Prudential Policy July 2014

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Question 2: When housing-related risk is deemed excessive from the viewpoint of financial stability, do you agree that the correct response is to deploy macro-prudential tools, leaving interest rates focused on the needs of inflation and aggregate real activity?

 
Answer:
Strongly Agree
Confidence level:
Very confident
Comment:
Unlike interest rate policy, macro prudential tools can be effectively tailored to address the specific risks faced by the housing market.

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Question 1: Do you agree it is time for more robust policy action to prevent a build-up of excessive housing-related risk?

 

 
Answer:
Agree
Confidence level:
Confident
Comment:
This is the right time for the Financial Policy Committee to use macro prudential policies to prevent a housing crisis.

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