Ricardo Reis's picture
Affiliation: 
London School of Economics
Credentials: 
AW Phillips Professor of Economics

Voting history

Post-Covid Fiscal Rules for the UK

Question 2: What impact has the sequence of fiscal rules adopted in the UK since 1997 had on the conduct of fiscal policy in the UK?

Answer:
Improved
Confidence level:
Confident
Comment:
Fiscal rules usually strengthen the credibility of public finances, raising fiscal space and lowering the chances of a debt crisis (https://www.imf.org/en/Publications/FM/Issues/2021/10/13/fiscal-monitor-october-2021). Given the shocks and state of public finances during 2010-12, I would expect these average effects to have been particularly relevant for the UK

Question 1:  What impact has the sequence of fiscal rules adopted in the UK since 1997 had on the level of UK public debt? 

Answer:
Reduced
Confidence level:
Not confident
Comment:
Bak in time, part of the motivation for introducing the rules was to limit over-spending and over-borrowing, so prima facie they would be expected to lower the debt relative to the counterfactual. But, I am not confident on their effectiveness in reaching this goal.

ECB Monetary Policy and Catch-up Inflation

Question 2: Which of the following policies is the most desirable to meet the ECBs objective to achieve its mandate of “price stability” as you understand this term.

Answer:
Average inflation targeting
Confidence level:
Confident
Comment:
Not a big difference between price level targeting and average inflation targeting in practice. https://voxeu.org/content/ecb-strategy-2021-review-and-its-future

Question 1: To what extent do you agree with the following statement? “The European Central Bank should systematically allow for inflation to exceed its target to compensate for periods of below target inflation.”

Answer:
Strongly agree
Confidence level:
Very confident
Comment:
https://voxeu.org/article/ecb-strategy-2021-review-and-its-future

Monetary Policy and Inequality

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

Answer:
Substantive role
Confidence level:
Very confident

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