Question A:
Following the UK election result, the certainty that the country is going to leave the European Union will provide a substantial short-term boost to the UK economy.
Responses
© 2025. Kent A. Clark Center for Global Markets.
14%
5%
5%
21%
40%
14%
2%
Responses weighted by each expert's confidence
© 2025. Kent A. Clark Center for Global Markets.
9%
24%
48%
12%
7%
Question B:
The near certainty that the UK will leave the European Union’s customs union and single market in 2020 offers a sizeable export market opportunity for American business.
Responses
© 2025. Kent A. Clark Center for Global Markets.
14%
5%
5%
23%
40%
14%
0%
Responses weighted by each expert's confidence
© 2025. Kent A. Clark Center for Global Markets.
9%
35%
41%
14%
0%
Question A Participant Responses
Participant |
University |
Vote |
Confidence |
Bio/Vote History |
|---|---|---|---|---|
 Daron Acemoglu |
MIT | Bio/Vote History | ||
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 Alberto Alesina |
Harvard | Bio/Vote History | ||
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very hard to predict
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 Joseph Altonji |
Yale | Bio/Vote History | ||
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 Alan Auerbach |
Berkeley | Bio/Vote History | ||
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 David Autor |
MIT | Bio/Vote History | ||
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 Katherine Baicker |
University of Chicago | Bio/Vote History | ||
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 Abhijit Banerjee |
MIT | Did Not Answer | Bio/Vote History | |
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 Marianne Bertrand |
Chicago | Bio/Vote History | ||
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 Markus Brunnermeier |
Princeton | Bio/Vote History | ||
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Answer depends on benchmark. The uncertainty is not removed since the new treaty btw EU and UK still has to be negotiated.
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 Raj Chetty |
Harvard | Did Not Answer | Bio/Vote History | |
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 Judith Chevalier |
Yale | Did Not Answer | Bio/Vote History | |
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 David Cutler |
Harvard | Bio/Vote History | ||
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 Angus Deaton |
Princeton | Bio/Vote History | ||
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It did! For a few days.
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 Darrell Duffie |
Stanford | Bio/Vote History | ||
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The election news could have had either effect, in principle. The pound strengthened, possibly signaling the impact of reduced uncertainty.
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 Aaron Edlin |
Berkeley | Bio/Vote History | ||
|
There remains much uncertainty including how economy will respond.
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 Barry Eichengreen |
Berkeley | Bio/Vote History | ||
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Disagree with substantial. If it's large, the BoE will take offsetting action. And there's still great trade uncertainty going forward.
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 Liran Einav |
Stanford | Bio/Vote History | ||
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 Ray Fair |
Yale | Bio/Vote History | ||
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 Amy Finkelstein |
MIT | Bio/Vote History | ||
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 Austan Goolsbee |
Chicago | Bio/Vote History | ||
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What could possibly go wrong?
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 Michael Greenstone |
University of Chicago | Did Not Answer | Bio/Vote History | |
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 Robert Hall |
Stanford | Bio/Vote History | ||
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There is some evidence that resolution of uncertainty with preserved mean is good, but remain might deliver a better mean.
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 Oliver Hart |
Harvard | Bio/Vote History | ||
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 Bengt Holmström |
MIT | Bio/Vote History | ||
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 Caroline Hoxby |
Stanford | Did Not Answer | Bio/Vote History | |
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 Hilary Hoynes |
Berkeley | Bio/Vote History | ||
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 Kenneth Judd |
Stanford | Bio/Vote History | ||
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I doubt that any benefit would be substantial.
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 Steven Kaplan |
Chicago Booth | Bio/Vote History | ||
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 Anil Kashyap |
Chicago Booth | Bio/Vote History | ||
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the ambiguity over the future relationship is still going to be important. if that were resolved positively, a bump is possible
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 Pete Klenow |
Stanford | Bio/Vote History | ||
 Jonathan Levin |
Stanford | Bio/Vote History | ||
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 Eric Maskin |
Harvard | Did Not Answer | Bio/Vote History | |
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 William Nordhaus |
Yale | Bio/Vote History | ||
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 Maurice Obstfeld |
Berkeley | Bio/Vote History | ||
|
Uncertainty about the UK's ultimate trading relationships will persist beyond December 2020.
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 Emmanuel Saez |
Berkeley | Bio/Vote History | ||
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 Larry Samuelson |
Yale | Bio/Vote History | ||
|
Economies loathe uncertainty. Making a departure nearly certain will boost the economy; "significantly" is more difficult to predict.
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 José Scheinkman |
Columbia University | Bio/Vote History | ||
|
Although Brexit seems decided, uncertainty about final trade deal remains.
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 Richard Schmalensee |
MIT | Bio/Vote History | ||
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 Carl Shapiro |
Berkeley | Bio/Vote History | ||
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 Robert Shimer |
University of Chicago | Bio/Vote History | ||
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Lots of uncertainty and, more importantly, downside risk, remains
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 James Stock |
Harvard | Bio/Vote History | ||
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 Richard Thaler |
Chicago Booth | Bio/Vote History | ||
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I have no idea what the market will do but whatever happens the cause will not be “certainty”. No one knows what Brexit will bring.
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 Christopher Udry |
Northwestern | Bio/Vote History | ||
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