Kate Barker's picture
Affiliation: 
British Coal Staff Superannuation Scheme
Credentials: 
former member of the Bank of England Monetary Policy Committee

Voting history

The UK Productivity Puzzle

Question 2: Which of the following was the second most important cause for the slowdown in UK productivity growth?

Answer:
None of the above, other, or no opinion
Confidence level:
Not confident
Comment:
Other - low investment generally and weak diffusion of the benefits of the R and D that is undertaken.

Question 1: Which of the following was the most important cause for the slowdown in UK productivity growth?

Answer:
Labour market factors
Confidence level:
Not confident
Comment:
Hared to make a choice here - but the loss of labour bargaining power and the apparent erosion for some young people of a skills premium may be linked. The labour market does seem to be working differently and as often discussed this is positive as work is positive for most people - but there are negative impacts too

Labour Markets and Monetary Policy

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Question 2: Do you agree that, in a period of great uncertainty and after a prolonged period of weak real wage growth, monetary policy makers can afford to wait for greater certainty about real wage developments and building inflationary pressure before raising interest rates?

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Answer:
Disagree
Confidence level:
Confident
Comment:
Wages are not the only thing that matters. we learned about the dangers from credit imbalances in the 2000s. Monetary policymakers should worry about the risks of economic volatility as well as just the inflation target. This is all supposed to be taken care of by the FPC - but unlike Ben Broadbent my view is that the FPC and MPC should be one - though I have not always thought that.

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Question 1: Do you agree that a strong labour market is a good indicator of building inflationary pressure?

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Answer:
Strongly Agree
Confidence level:
Very confident
Comment:
yes - it's hard to think that if people can get jobs and are able to pick and choose a little - this won't put upward pressure on wages, ceteris paribus. This could of course be offset if it prompts a productivity response.

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:
Strongly disagree
Confidence level:
Confident
Comment:
The modest weakening which I expect would not have more than a very modest impact on GDP in the short-term, and long-term might be mildly positive.

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