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

Voting history

The future role of (un)conventional unconventional monetary policy

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Question 2:  Do you agree that central banks should operationalise the use of these alternative tools of unconventional monetary policy for use either in the near term, or in the future, as economic conditions warrant?

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Answer:
Strongly agree
Confidence level:
Extremely confident
Comment:
yes, as above

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Question 1: Do you agree that central banks should continue to use the unconventional tools of monetary policy deployed in response to the global financial crisis as part of monetary policy under normal economic conditions?

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Answer:
Strongly agree
Confidence level:
Extremely confident
Comment:
Monetary policy is not easy and the more tools that the central bank uses the more effective its policy will be. For example, there might be times in normal economic conditions when the central bank might want to reduce long rates without affecting short rates. Unconventional monetary measures are the most effective tools for this kind of action

National Living Wage and the UK economy

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Question 2: Do you agree that the new NLW will have a muted effect on wages and prices?

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Answer:
Agree
Confidence level:
Confident
Comment:
I agree that the main effect will be on prices but given the number of workers on the minimum wage and the overall share of labour in costs the impact will be "muted"

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Question 1: Do you agree that the new National Living Wage is likely to lead to significantly lower employment?

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Answer:
Disagree
Confidence level:
Confident
Comment:
I disagree with the word "significantly". Firms will absorb it or find other ways to counter it. But some small effect over and above the one that we have now should be expected

Brexit and financial market volatility

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Question 2: Do you agree that the possibility of Brexit significantly increases uncertainty and volatility in financial markets and the economy in general?

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Answer:
Strongly Agree
Confidence level:
Extremely confident
Comment:
The possibility of Brexit increases volatility because no one knows the response of the EU to Brexit and the new relations of the UK with its most important trading partner. Things might even turn out positive after Brexit but there will be a short time of volatility and uncertainty (I don't think the UK will be better off outside but how much worse off it will be is part of the uncertainty generated by the possibility of Brexit)

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