15,072 research outputs found
Royaume-Uni : réforme et transformation
No full textBarrell Ray. Royaume-Uni : réforme et transformation. In: Revue de l'OFCE, n°71, 1999. pp. 223-245
Sustainable Adjustment of Global Imbalances
Get PDFThis paper uses NIESR’s global econometric model, NiGEM, to analyse possible adjustment paths for the US current account, if its current level of 6 per cent of GDP proves unsustainable. Nominal exchange rate shifts have only a transitory impact on current account balances, so any long-term improvement of the US current account balance would require a real and sustained reduction in domestic absorption, or a rise in foreign absorption. This could be effected through a sequence of exchange rate movements driven by a gradual rise in the risk premium on US assets. This would induce a permanent change in the real exchange rate, and would also reduce domestic absorption in the US due to a rise in real interest rates. Global policy coordination, which involved raising domestic demand in countries such as China and Japan, could speed the process of adjustment and ease the negative impact on the US economy.global imbalances, real exchange rate realignment, risk premia, US current account
Financial Regulation
No full textThe financial crisis that engulfed the world in 2007 and 2008 has led to a wave of re-regulation and discussion of further regulation that has culminated in the proposals from the Basel Committee as well as those in the Vickers Committee report on Banking Regulation and Financial Crises. This issue of the Review contains a number of papers on Banking Regulation, covering many aspects of the debate, and we can put that debate in perspective through these papers and also by discussing our work on the relationship between bank size and risk taking, which is reported in Barrell et al. (2011). We addressed the causes of the crisis in the October 2008 Review, and began to look at the costs and benefits of bank regulation in Barrell et al. (2009). In that paper we argued that we needed to know the causes of crises and whether the regulators could do anything to affect them before we discussed new regulations. It is now generally agreed that increasing core capital reduces the probability of a crisis occurring, and most changes in regulation that are being discussed see this as the core of their toolkit. The work by the Institute macro team in Barrell et al. (2009) and in Barrell, Davis, Karim and Liadze (2010) was the first to demonstrate that there was a statistically important role for capital in defending against the probability of a crisis occurring, and our findings were widely used in the policy community in the debate over reform.</jats:p
[Letter from Alex Bradford to Lieutenant and Mrs. Ray Starner - November 4, 1940]
No full textLetter from Alex Bradford to Lieutenant and Mrs. Ray Starner describing the the current state of affairs that the author was experiencing, including: the London blitz, the moral of the troops on the ground, and the collective company of men opposing the Nazi regime
Benchmarks and targets under the SGP; evaluating safe deficit targets and automatic stabilisers using NiGEM
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World trade and global integration in production processes: a re-assessment of import demand equations
Get PDFIt is common to observe that demand elasticities in trade equations for imports are implausibly large, and that they differ between countries. Both of these present us with problems, as they imply trade will rise without bound as a proportion of GDP. The research reported here looks for alternative empirical evidence of possible factors driving the increase in trade as a proportion of GDP. We show that the inclusion of the ratios of outward and inward FDI to GDP as additional openness and globalisation indicators appear to remove the spurious accuracy with which we are measuring demand elasticities. JEL Classification: F10, F23FDI, international trade
The student's guide to completing an author study
No full textThe 'Student's guide to completing an author study' emerged during the early development of the school library resource center program at Glen Stewart Elementary School in Stratford Canada on Prince Edward Island. This research process centered on an author study, with direct teaching and clear assignment. The resulting model has been adapted to various grade levels and subject areas in different schools.Source type: Electronic(1)http://proquest.umi.com/pqdweb?did=49237063&Fmt=7&clientId=65345&RQT=309&VName=PQ
Trend Output and the Output Gap in the UK
No full textThis note looks at estimates of the current scale of the output gap in the UK and at the factors that affect estimates of the trend rate of growth. These issues are central to the debate on macroeconomic policy, both in the short and the long run. The speed at which the economy returns to full capacity, along with the scale of the output gap, will be important factors affecting average growth over the next five years. In the longer term, trend growth at full capacity is not immutable, but rather depends upon the rate of labour augmenting technical progress and the growth of the labour force. In the medium term these factors can be added to by temporary bursts of capital augmenting technical progress and by changes in the user cost of capital that may change the optimal capital-output ratio. Other factors, such as the cost of materials, also affect potential output. Over the past few months there has also been a significant rise in oil prices, and we judge this to have a strong permanent component which will reduce trend growth in the short term and trend output in the longer term. Its implications are more fully discussed in Barrell, Delannoy and Holland in this Review.</jats:p
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