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

Voting history

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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Question 1: Do you agree that central bank independence in the Eurozone and the UK will decline over the next 48 months?

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Answer:
Disagree
Confidence level:
Very confident
Comment:
In the Eurozone I strongly disagree because (a) loss of independence means that someone else will have to take some of monetary policy making and there is no institution capable of doing that, (b) transfer of power to national central banks is incompatible with having a single currency, (c) loss of some independence inevitably means more German influence on monetary policy and many European nations would veto it outright. For the Bank of England it is less certain although I think it will not happen because the government does not seem to support it. But I expect the government to be careful to choose the next governor amongst the people who wholly support what it is doing and so follow its policies even from an "independent" platform

German Council of Economic Experts' view of ECB policy

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Question 2: Do you agree that the ECB's monetary policy masks structural problems of member states?

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Answer:
Strongly disagree
Confidence level:
Extremely confident
Comment:
It helps the reform process by providing breathing space. If fiscal policy did the same we would be there by now

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