The document provides an overview of macroeconomic trends and policies in the UK following the Labour government coming to power in 1997. Key points discussed include the Bank of England being made independent and given a mandate to target 2% inflation, the creation of the Monetary Policy Committee to set interest rates, and the fiscal rules introduced including the Golden Rule and Sustainable Investment Rule. It also discusses inflation targeting, the role of the Treasury and fiscal policy, and macroeconomic performance under Labour.
The early effects of the reform programme have triggered a surge in the Japanese stock market, accelerated by the anticipation of growth revival. So far, so good for the markets and traders. But how will Abenomics accommodate public debt of over 200% GDP, and will Abe’s radical policies inspire a long-term economic recovery in Japan? Do you think fiscal stimulus, monetary policy and structural reforms will revitalise the Japanese economy? Check out Saxo’s latest infographic and join the debate on Twitter @SaxoMarkets.
The early effects of the reform programme have triggered a surge in the Japanese stock market, accelerated by the anticipation of growth revival. So far, so good for the markets and traders. But how will Abenomics accommodate public debt of over 200% GDP, and will Abe’s radical policies inspire a long-term economic recovery in Japan? Do you think fiscal stimulus, monetary policy and structural reforms will revitalise the Japanese economy? Check out Saxo’s latest infographic and join the debate on Twitter @SaxoMarkets.
Fiscal policy consists of measures related to central and local government revenue and expenditure. Monetary policy consists of the measures which affect the supply of money and credit and the rate of interest. Changes in the supply of money and in the rate of interest are generally closely interrelated in the sense that, other things being equal, an increase in the supply of money and credit is likely to produce a fall in the rate of interest, and vice versa. A broader definition of monetary policy adopted here includes also measures taken to change the exchange rate.
Fiscal policy consists of measures related to central and local government revenue and expenditure. Monetary policy consists of the measures which affect the supply of money and credit and the rate of interest. Changes in the supply of money and in the rate of interest are generally closely interrelated in the sense that, other things being equal, an increase in the supply of money and credit is likely to produce a fall in the rate of interest, and vice versa. A broader definition of monetary policy adopted here includes also measures taken to change the exchange rate.
At an event at its central London Headquarters, chaired by The Times’ Economics Editor Philip Aldrick, Resolution Foundation Chief Economist Matthew Whittaker presented new analysis on the impact of monetary policy during the downturn. Former MPC member Kate Barker and Chief Economics Commentator at the Financial Times Martin Wolf then debated the future role of monetary policy, before taking part in a wider Q&A.
A comment on the Economic Policy Council 2017 report by professor emeritus Lars Jonung, former Chairman of the Swedish Fiscal Policy Council 2012-2013.
Prof. Jonung gave his remarks at Finland's Economic Policy Council 2017 report launch seminar. Launch was held in Helsinki on 23rd January, 2018.
See also:
http://www.talouspolitiikanarviointineuvosto.fi/en/reports/report-2017/
(Positive Money) - The Bank of England has created £375 billion through Quantitative Easing (QE). The money created has strengthened bank balance sheets and boosted the stock market, but has had limited effect on the rest of the economy. But there’s no reason QE can’t be put to better use – some simple reforms proposed by the New Economics Foundation could allow the Bank of England to put the money directly where it’s needed: building new homes, lending to small businesses and investing in green infrastructure.
A new report entitled “Strategic Quantitative Easing” published by the New Economics Foundation (nef) is calling for a strategic QE – investing in home building and energy efficiency, infrastructure and small business lending. If you have always wondered how exactly does QE work, and how it could work differently - this report will give you the answers.
Read the report here
Postive Money
I’m a young Pakistani Blogger, Academic Writer, Freelancer, Quaidian & MPhil Scholar, Quote Lover, Co-Founder at Essar Student Fund & Blueprism Academia, belonging from Mehdiabad, Skardu, Gilgit Baltistan, Pakistan.
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Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Las economías de la eurozona recuperan su velocidad de crecimiento. La mejora iniciada este año alcanzó un +0,4% en el primer cuatrimestre, y actualmente ha superado el crecimiento de USA y UK en el mismo periodo.
Etude PwC Global Economy Watch (juin 2015)PwC France
Dans leur dernière étude « Global Economy Watch », les économistes du cabinet d’audit et de conseil PwC ont analysé les performances économiques des cinq premiers pays d’Afrique du Nord – Egypte, Algérie, Maroc, Soudan et Tunisie, près de cinq ans après les débuts du « Printemps arabe » qui a entraîné de grands bouleversements dans toute la région. Cette étude révèle les défis et les opportunités qui attendent les entreprises et les dirigeants politiques en Afrique du Nord.
AS Macro: The Effectiveness of UK Macro-Economic Policiestutor2u
We have considered the three key areas of macroeconomic policy – monetary policy, fiscal policy and supply-side policies.
In the longest essay questions on data response papers examiners often ask students to consider how effective these are when they are used to manage the economy. How can we judge whether the performance of the economy is improving as a result of them? In this session we will remember how to assess macroeconomic performance, think about some of the issues with measuring growth,
and focus on ways to evaluate the effectiveness of different policies
The EAFS and the policy mix - Marco ButiADEMU_Project
The recovery of the euro area has been particularly slow both by historical and international standards. Nine years after the economic and financial crisis struck, economic activity in the euro area is expanding at a moderate rate. However, the persistence of crisis legacies ─ such as the still-high unemployment rate and weak investment ─ suggest the recovery is not complete.
So far policy actions to support growth have excessively relied on monetary policy, resulting in an unbalanced policy mix. If monetary policy alone cannot lead to balanced growth, is there a case for an expansionary fiscal stance at the aggregate euro area level? Can this be reconciled with the Stability and Growth Pact?
The presentation explores the concept of fiscal space and the effectiveness of fiscal expansion in surplus countries for the euro area’s internal and external adjustment. Finally, it discusses the build-up over the medium term of a fiscal stabilisation function at the central level.
The New Forex Fundamentals: Effectively Scanning Global Markets - Vantage FXVantage FX
Are you scanning the markets in a manner that is getting you ahead of the crowd? Are you reading sentiment correctly? Still doing things the old way? Abe Cofnas’ New Forex Fundamentals seminar module showed our clients a unique way to detect global sentiment to reshape their forex trading strategies.
You can view the presentation slides here!
Presentation by Leszek Balcerowicz, Warsaw School of Economics at the Conference "Have We Learnt Anything from the Crisis?" in Riga, Latvia. 17.10.2014
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
1. EC-111 British Economy
Recent UK Macroeconomic
Trends
Dr Catherine Robinson
F26, Richard Price Building
Office Hours: Mondays 10.30-11.30 and Thursdays 9.30-10.30
Appointments: c.robinson@swansea.ac.uk
3. Today…
We begin from 1997-ish
Focus on the changes that the New Labour Government
brought in
Institutional changes
Policy focus
What did the UK look like?
Employment, prices, balance of payments, economic
performance?
What about macro policy?
After leaving the ERM, what filled the void?
Week 4:1
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4. Post ERM For the rest of Europe, it was business as usual
A strong belief in a stable European currency, pegged to the
German Deutschmark
Not all plain sailing; Spain had to devalue also but remained
in, Italy left and then rejoined
For the UK, a medium term framework was still viewed as
important
Successful because it influenced expectations
A clear-cut policy stance allows for planning
A belief that stable and predictable policy will lead to longer
term prosperity
INFLATION TARGETING
Week 4:1
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5. Inflation targeting continued
1995 – 2.5% inflation became THE target
Bank of England required to produce a quarterly report – the Inflation Report
Contains charts, forecasts and general information on the performance of the economy
:
Money, interest rates and exchange rates
Demand and output
The labour market
Costs and prices
(Monetary policy)
Prospects for inflation
Minutes from MPC meetings
The first real Inflation Report of the Labour Government is still available online:
http://www.bankofengland.co.uk/publications/inflationreport/ir97aug.pdf
Subsequent ones are also available…here’s the link to the latest…
http://www.bankofengland.co.uk/publications/inflationreport/ir13feb.pdf
Week 4:1
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7. New Labour innovations
Election in May 1997 saw:
Hangover hair….
Bank of England independence
Week 4:1
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8. Bank of England
Independence
1998 Bank of England Act
Made the Bank accountable to parliament and the wider public –
(NOT the government)
In extreme circumstances, the government can instruct the Bank
for short periods of time
Responsibility to set interest rates
Creation of the Monetary Policy Committee
Who set the interest rate
Objectives of the BoE:
To deliver price stability
To support the government’s economic objectives for economic
growth and employment
Week 4:1
8
9. But the Chancellor still sets the
parameters..
Identifies the target inflation rate in his annual budget
statement
Currently set at 2% (previously 2.5%)
Too low inflation seen as a problem as much as too
high….take now for example
Week 4:1
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11. Current MPC (2013)
Sir Mervyn King, Governor
Charles Bean, Deputy Governor
Paul Tucker, Deputy Governor
Ben Broadbent
Spencer Dale
Paul Fisher
David Miles
Ian McCafferty
Martin Weale
Week 4:1
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12. Monetary Policy Committee
Experts in the field of economics and monetary policy
Independent
Each member has a vote to set the interest rate at a level they think will best
achieve the target level of inflation
One person, one vote
Treasury representative sits in
May discuss issues, but doesn’t vote
To ensure the MPC is fully briefed on current fiscal policy and other aspects of
government policy
Feeds back to the Chancellor
Meet monthly, but receive Bank briefing throughout
Half-day meeting – pre-MPC on the Friday before the setting
Week 4:1
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13. Meetings
2-day meetings
Begin with an update of recent economic data
Identify issues for discussion
Day 2 – MPC members explain their position
Governor puts his favoured view to the meeting
One which he thinks has the greatest degree of support
MPC vote
Minority view has an opportunity to clarify their position and
their preferred outcome – minuted
Interest rate decision announced at 12noon the following day
Week 4:1
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14. Public accountability
Minutes are published a fortnight later
Highlight all the different views and votes
Blanchflower was in favour of cuts before the financial
crisis hit…
Committee has to explain its actions regularly to
parliamentary committees
Especially the Treasury Committee
Week 4:1
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15. Missed target
In the event of the target being missed by more than 1
percentage point (either way), the Governor has to
write an open letter to the Chancellor
To explain why inflation is where it is and what the Bank
plans to do about it
The MPCs job is to maintain price levels without
creating undue instability within the eocnomy
Remit letters
Week 4:1
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16. ..and fiscal policy?
to support monetary policy
Required because of the convergence criteria from the
Maastricht Treaty, for fiscal policy for monetary union
EU Stability and Growth Pact
PSBR should not exceed 3% of GDP
Total public debt should not exceed 60% of GDP
Whilst not binding, the UK was comfortably meeting these
criteria by the mid 1990s
Not especially pro-European, more consistent with the
passive fiscal policy of the ‘monetarists’
Week 4:1
16
17. New Labour Innovations
Two fiscal rules:
Share the burden of public spending fairly between
current and future tax payers
No bias against investment spending if policy had to be
tightened
Keep public finances on course to be sustainable
THE GOLDEN RULE
SUSTAINABLE INVESTMENT RULE
Enshrined in the 1998 Finance Act
Week 4:1
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18. 1998 Finance Act ‘Code of Fiscal Stability’
Any government must spell out how it intends to run fiscal policy
and publish twice yearly forecasts illustrating how the setting of
policy at any given time is consistent with its approach
Growth in importance of macro modelling
Up to the government whether to set itself operating rules and to
decide if they’ve been kept
No penalty if missed though
GOLDEN RULE
Government will only borrow to fund investment
Tax revenues should equal or exceed current spending
Future taxpayers should only be asked to repay debt from which
they are likely to benefit – fairness provision
Week 4:1
18
19. Golden rule continued…
It limits current (not overall) spending
Reducing incentive for policymakers to make cuts in
public investment when spending plans have to be cut
Traditionally, government cuts have fallen on the
investment rather than current side
Where genuine economies are more likely to be made
Week 4:1
19
20. Sustainable investment rule
Public sector debt should be kept at stable and prudent
levels
Public sector net debt must be below 40% of national
income (at the end of every fiscal year of the current
economic cycle)
When a government borrows to fund an investment
project, it effectively taxes in the future to fund borrowing
costs
Sets a ceiling on funding today’s investments by
tomorrow’s taxpayers
More fair?
Week 4:1
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21. In summary
Has it worked?
Well, Chancellors 1993 until 2007 were very capable of
prudent economic management
Exceptional global economic stability over this period
Remit letter stating action was not required until 2007
Is inflation the key to stable macroeconomic policy?
A role for expectations?
And in the cold light of the financial crisis?
Week 4:1
21
22. And since the coalition?
Last month, the Chancellor, George Osborne, changed
the remit of the MPC
Offers them a little more flexibility in targets
So far, no noticeable change in the MPC’s behaviour..
Despite some dissent, they have chosen to keep things the
same this month
A (significant) minority wanted to introduce a further QE
round
They forecast inflation as being around 3% mid-year and
highlight threats from the Euro Zone crisis and the
government’s fiscal squeeze
Yesterday’s unemployment figures for the UK showed a rise
from 7.8 to 7.9%
Week 4:1
22
23. Tomorrow…
Focus on the supply-side a bit and explore what has
been happening to productivity since the 1990s
US productivity miracle
The current productivity paradox
Next week:
macro policy since 2007: the financial crisis
Week 4:1
23
24. References
Wealth of information on the Bank of England website:
The Monetary Policy Committee: 10 years on
They have good working papers too, although quite
technical
Barrell, R. and M. Weale (2003) ‘Designing and choosing
macroeconomic frameworks: The position of the UK
after four years of the Euro’, Oxford Review of
Economic Policy, 19 (1), 132-148.
Week 4:1
24