Sir Christopher Pissarides's picture
Affiliation: 
London School of Economics
Credentials: 
Professor of economics

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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Answer:
Agree
Confidence level:
Confident
Comment:
It is difficult to say whether the slowing down of house prices will cause a slowdown in GDP growth. I believe it is more likely that the same causes of the weakening of the housing market will cause a slowdown of GDP growth. If house prices actually fall they will contribute further to the slowdown

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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:
Agree
Confidence level:
Confident
Comment:
London is traditionally a leader in house price movements. I believe the cooling off is due to uncertainty about the Brexit deal and I do not see any reason why the rest of the country would be immune to that - although I also think that Brexit will have a bigger impact on the London economy than elsewhere

A “new” UK industrial strategy ?

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Question 1: Do you agree that the UK needs a new industrial policy?

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Answer:
Agree
Confidence level:
Very confident
Comment:
Industrial policy should be directed to new technology and new industries, not to preserving jobs in established industries. A good policy internalised the externalities of new technologies

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Question 2: Do you agree that the UK needs a new regional policy?

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Answer:
Agree
Confidence level:
Very confident
Comment:
A successful regional policy raises incomes and jobs in depressed regions and keeps immigration flows to the South East and other booming regions down

The Future of Central Bank Independence

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Question 2: Do you agree that the traditional argument that less central bank independence leads to higher inflation will (still) be relevant over the next 48 months in Western economies?

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Answer:
Agree
Confidence level:
Very confident
Comment:
As soon as it becomes known that central bank independence is reduced financial markets will interpret it as political meddling with inflation targets and will adjust inflation expectations upward. This will be immediately reflected in lower real interest rates

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