Kevin Hjortshøj O'Rourke's picture
Affiliation: 
Oxford University
Credentials: 
Professor of Economics

Voting history

Should the ECB Reformulate its Inflation Objective?

Question 2: Would you support increasing the ECB’s inflation target to a higher rate of inflation than the current 2% target?

Answer:
Support
Confidence level:
Not confident
Comment:
Low equilibrium real rates won't last for ever though they could last for a good while. Policy has to be able to adjust according to the circumstances. Having said that I would prefer government investment programmes that we need for other reasons anyway and that might as a bonus raise the equilibrium real rate.

Question 3: Which of the following best reflects your opinion on the following statement? “The ECB should explicitly recognize unemployment and/or economic growth as a secondary aim, secondary to its price stability mandate.”

Answer:
Agree
Confidence level:
Confident

Question 1: Which of the following best reflects your opinion on the following statement? “The ECB should explicitly state that it will allow inflation to temporarily exceed the 2% target following extended periods of low inflation.”

Answer:
Agree
Confidence level:
Confident

COVID-19 and UK Public Finances

Question 2: What is the best way to (eventually) reduce public deficits and debt?

Answer:
None of the above, other, or no opinion
Confidence level:
Confident
Comment:
Corner solutions are typically inefficient and I suppose that a mix of strategies will be optimal.

Question 1: How urgently should the UK government address the rise in public debt?

Answer:
Budgetary policy should not be used to address public deficits and debts in the foreseeable future
Confidence level:
Not confident
Comment:
None of the suggested responses really reflected my view, which is that (1) right now the budget is not an issue; (2) of course in the long run it will be an issue; (3) we don't know how long the present crisis will last or for how long fiscal policy will need to remain accommodative, so what we can say right now is very limited.

Pages