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

Voting history

Economic Consequences of an Independent Scotland June 2014

Question 2

Assuming that Scotland becomes an independent country, do you agree that the UK government's position of ruling out a monetary union is in the economic interests of the continuing UK? 

Answer:
Strongly Disagree
Confidence level:
Extremely confident
Comment:
Ruling out monetary union before we learn what policies will be followed in the new Scotland is silly (and politically driven). The UK does not like monetary unions but the situation vis-à-vis an independent Scotland is so peculiar that a monetary union could be in the interests of both. Given the size difference the impact on the rest of the UK will not be much either way but this does not justify ruling it out before the event

Question 1

Do you agree that that Scotland would better off in economic terms as an independent country?

Answer:
Neither agree nor disagree
Confidence level:
Not confident
Comment:
I would have agreed if the question asked if Scotland could be better off. So much depends on what policies are followed immediately after and how much foreign investment it attracts. As an independent nation it will lose the transfers (or possibilities of transfers) from the UK. But if it adopts innovating investment policies it could attract large foreign investments that make it better off (as Ireland did)

Euro Area Deflation and Risk for UK Economy May 2014

Question 1

Do you agree that there is a significant risk of a sustained deflation across the Euro Area in the coming two years?

Answer:
Agree
Confidence level:
Not confident
Comment:
If the ECB continues with its current policies there will be a significant risk of sustained deflation. But recent talk from the ECB indicates that they are aware of the risks. A change of ECB policy can surely avert deflation so my expectation is that when we reach the precipice under present policies there will be a change of policy (e.g., further fall in interest rates or QE) to avert it

Question 2

Do you agree that a deflation in the Euro area (as defined in Question 1) would pose a considerable risk to the UK recovery?

Answer:
Agree
Confidence level:
Very confident
Comment:
The UK depends on Europe and anything negative in Europe indicates a significant risk to the UK economy

Prospects for Economic Growth in the UK April 2014

Question 2

Do you agree that, in the wake of the financial crisis, any downward adjustment to the expected average annual long-term growth rate of the UK economy is likely to be by less than 0.25 percentage points?

Answer:
Strongly Agree
Confidence level:
Extremely confident
Comment:
I don't think the confidence in the financial sector has much of an influence on 10-year growth prospects and I see revival in confidence, anyway.

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