Sean Holly's picture
Affiliation: 
Cambridge University

Voting history

Labour Markets and Monetary Policy

======================================================================

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?

======================================================================

Answer:
Disagree
Confidence level:
Very confident

======================================================================

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

======================================================================

Answer:
Neither agree nor disagree
Confidence level:
Confident

House Prices and the UK economy

======================================================================

Question 2: Do you agree that a more widespread weakening of the UK housing market will slow UK GDP growth significantly?

======================================================================

Make sure to save each question separately

Answer:
Disagree
Confidence level:
Confident

======================================================================

Question 1: Do you agree that the phenomenon of declining house prices will ripple out from the London property market leading more UK regions to experience falling prices?

======================================================================

Answer:
Strongly agree
Confidence level:
Very confident
Comment:
There is some empirical evidence in Holly, Pesaran and Yamagata (2011) - at least up to the start of the great recession - that a ripple effect emanates from London, and in time spreads out to other regions. We found also that bubbles in London house prices are associated with a prior boom in New York house prices, presumably because of closely connected financial markets. However, more recently the boom in London house prices has been affected also by Chinese and Russian buyers as well as New York. Holly, S., M. Hashem Pesaran and Takashi Yamagata (2011),"The Spatial and Temporal Diffusion of House Prices in the UK”. Journal of Urban Economics, 69, 1, 2-23.

Global risks from rising debt and asset prices

======================================================================

Question 2: Is the loose monetary policy of major central banks responsible for the recent increase in global leverage or asset values?

======================================================================

Answer:
Agree
Confidence level:
Confident

Pages