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

Voting history

Monetary Policy and Inequality

Question 1: How large is the impact of monetary policy on the joint distribution of income and wealth?

Answer:
Large
Confidence level:
Confident
Comment:
Good monetary policy which managers cycles well will support less inequality stemming from hysteresis. Poor monetary policy would have the opposite effect. The persistent decline in long-term real interes rates may well be due to other factors and only somewhat to active monetary policy = some aspects of the weather monetary policy cannot change.

Question 2: What role should inequality play in the monetary policy decisions (interest rate policy and quantitative easing)?

Answer:
Minimal role
Confidence level:
Confident

Asset Prices and Monetary Policy

Proposition 2: Asset prices and financial imbalances are best addressed using macroprudential tools and left out of the monetary policy decision making process.

 

Answer:
Strongly disagree
Confidence level:
Extremely confident
Comment:
Macroprudential are best for addressing directly - but to ignore financial imbalances and their potential long-run effects when setting monetary policy would be to repeat the error of the mid-2000s.

Proposition 1: The Bank of England’s mandate should be officially modified to take housing or other asset prices into account in its monetary policy decisions.

Answer:
Strongly disagree
Confidence level:
Very confident
Comment:
Housing and asset prices affect demand (and sometimes supply) and so clearly should be given appropriate weight - there is no reason to make any special reference to them.

The ECB’s Green Agenda

Question 2: Would you support changing the ECB’s mandate to incorporate the EU’s target of carbon neutrality by 2050, if such a change is deemed legally necessary to adopt your preferred approach?

Answer:
Yes
Confidence level:
Confident

Pages