Tony Yates's picture
Affiliation: 
University of Birmingham
Credentials: 
Professor of Economics

Voting history

Bitcoin and the City

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Question 2: Do you agree that the regulatory oversight of cryptocurrencies needs to be increased?

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Answer:
Disagree
Confidence level:
Confident
Comment:
I think the existing regulations governing financial intermediaries give the authorities the scope they need to monitor investments in these assets, which obviously should be deemed highly risky, with potentially no value whatsoever in the event of a crisis.

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Question 1: Do you agree that cryptocurrencies are currently a threat to the stability of the financial system, or can be expected to become a threat in the next couple of years?

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Answer:
Disagree
Confidence level:
Confident
Comment:
The crypto currency market is much too small at the moment, and banks/investment banks are not much involved in it as yet. I doubt the situation would change much in two years. Perhaps in 10.

Happiness and well-being as objectives of macro policy

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Question 2: Do you agree that quantitative well-being analysis should play an important role in guiding policy makers in determining macroeconomic policies?

 
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Answer:
Disagree
Confidence level:
Confident
Comment:
I think the study of well being is an interesting field, and perhaps useful for assessing the quality of delivery of key public services like health and social care, where one can measure well being for an individual before and afterward. But I don't feel that the measures are instructive enough to be targets for macro policy instruments.

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Question 1: Do you agree that subjective well-being measures, or at least some of the subindices from the typical survey measures, are now reliable enough to give useful insights when used in macroeconomic empirical analysis?

 
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Answer:
Neither agree nor disagree
Confidence level:
Confident
Comment:
They are interesting enough to give us insights into how they relate to macro measures, but not yet, in my view, useful for policy analysis. In other words, I would not yet want to invite policy makers to put any weight on these measures as against stabilising resource utilization conventionally measured.

A “new” UK industrial strategy ?

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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:
Not confident
Comment:
Agree in two respects. First that regional policy should emerge from a kind of social insurance, in that market incompleteness and social justice demand that we don't force individuals to bear all the costs of volatilty in the regional distribution of jobs and income. And second, that there can be coordination and network effects in whether a region is prosperous or not [see literature on Chicago, and clusters] which government policy instruments may be able to affect.

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