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Examines pension finance in a calibrated model of saving and income distribution in Great Britain. Traditional macroeconomic models and concept of single representative consumer; Construction of a dynamic general equilibrium economic model representing the behavior of consumers spread out along income distribution; Distributional impact of policy changes.

Offers information on public finance in the United Kingdom, with reference to the government's Economic and Fiscal Strategy Report, published June 11th, 1998. Analysis of government expenditure; Forecast on the assessment of public finances; Allocation of tax revenues between taxes paid at the expense of consumption and those paid from savings; Comments on the allocation of direct taxes.

Offers information on the financial status of the public sector in the United Kingdom, citing an improvement in their financial position in 1997. Comments on action being taken by the government; Description of the fiscal policy measures affecting the economy; Assessment of the economy.

Focuses on the comparative properties of models in the United Kingdom's economy. Indepth look at the properties of five leading macroeconometric models; Discussion of the explicit channels of the monetary policy transmission mechanism.

Focuses on the United Kingdom's economy, pretaining to monthly estimates of Gross Domestic Product. Indepth look at a alternative approach to a monthly indicator of GDP in constant prices; Information on the disaggregation of output for interpolation purposes; Statistical information on the United Kingdom's real GDP.

Focuses on the effects of British industrial relations legislation between 1979 and 1997. Discussion on the cumulative effect of the legal changes since 1979; Indepth look at the growing influence of the European community; Statistical information on the trade union membership in the United Kingdom between 1971 to 1996.

Focuses on the performance of pupils from English schools in mathematics. Indepth look at the achievements of top attaining pupils; Statistical information on mathematics attainments by average 13 and 14 year old pupils; Information on the attainments of pupils age 14 at the top five, twenty-five and median percentages of the distribution of mathematics scores, with England compared with other countries.

Presents information of economic events in the United Kingdom for 1996.

Discusses the recession in Great Britain from 1990-1992 using a vector autoregression approach to identify the causes of such recession. Quantifying of the relative magnitude of the different demand shocks with the decomposition into monetary and expectational factors; Role of non-monetary shocks in bringing about the recession.

Assesses the evidence for an improvement in the underlying growth rate of output and productivity in Great Britain. Improvement in British labor productivity growth in both manufacturing and services; Factors that have masked the extent of economic improvement; Effect of trade unions on productivity growth; Failings of the educational and training system; Macroeconomic policy errors.

Focuses on the initial effects of mass higher education on graduate employment and salary prospects in Great Britain. Graduate supply and utilization; Graduate recruitment and utilization in steel and financial services; Developments in the British graduate labor market; Development of problems regarding `quality control' in higher education and underemployment.

Analyses the accuracy of economic forecast and asymptomatic variance of inflation and growth on the United Kingdom economy by using a stochastic simulation empirical model. Background on stochastic simulation; Inflation dynamics, monetary policy and fiscal policy; Main interest in stochastic simulation; Standard errors and event probabilities.

Examines the developments in the United Kingdom's economic recovery and determines the changes in the labor market behavior. Reforms of the UK labor market; Macroeconomic developments; Comparison of labor market outcomes; Responsiveness of employment to economic conditions; Reasons for the non-participation of citizens to the labor force; Regional pattern of economic recovery.

Assesses the leading indicators of the business cycle produced by the Organization for Economic Cooperation (OECD) for all its member states. Cyclical business indicators of the United Kingdom; Construction of cyclical indicators; Identification or generation of the cycle; Non-parametric test of the OECD and UK indicators; Tests of regression models using OECD indicators; Regression results for the UK indicators.

Criticizes the structure and mechanism behind corporate governance in Great Britain and its ability to remain accountable to its shareholders. Nature of the corporation; Description of the principal-agent model of corporate governance; Evaluation of the British company law; Recommendations for the effective and accountable governance by managers.

Opinion. Assesses the Labour Party's economic policy position based on the consultation document `A New Economic Future for Britain: Economic and Employment Opportunities for all,' presented by the Labour Party's Economic Policy Commission. Investment; Partnership; Social justice; Macro and micro economic policies.

Discusses whether Great Britain's price indexes overstate inflation. Concepts of price indexes; Price collection process; Substitution bias; Treatment of quality change; Importance of new goods; Reservation price approach.

Suggests strategies to achieve and maintain full employment status in Great Britain. Reasons for full employment achieved in the 1950s and 1960s; Impact of investment on employment; Wage-flexibility and its limitations; Incentives for investment.

Discusses the provision of vocational education by vocational schools in Great Britain. Comparisons with vocational schools in other European countries; Importance of vocational education to career guidance.

Appraises the problem of errors in the estimation of the value of capital stock in the United Kingdom. Improvement of the estimates using existing methods; Use of direct estimation to derive improved current and retrospective estimates; Uses of capital stock estimates of a country; Methods of estimation; Definition of capital stock; Time series profile; Estimation of scrapping.

Focuses on the fiscal policy and the national debt of the United Kingdom. Decline of national debt as measured against the gross domestic product (GDP); Effect of a high budget deficit on debt servicing; Crowding out of domestic and foreign assets by the national debt; Distortion of the economy by taxes needed to service the debt; Interaction of monetary and fiscal policy. INSETS: Definitions.;A numerical illustration of crowding out.;The debt burden..

Discusses the effects of childcare on mothers' earnings in Great Britain and the resource costs of providing the care. Simulation of lifetime earnings under a variety of childcare regimes; Costs of childcare alternatives; Components of earning costs of children.

Presents an analysis of economic developments in Great Britain in the 1990s and a comprehensive forecast. Gross domestic product; Trade volumes; Fixed investments forecast; Balance of payments output and employment; Wages and prices; Public sector finances.

The article focuses on the significant fiscal problem faced by Great Britain and the way it is dealt with through making an important change in its policy. It cites the removal of a structural deficit of six percent of gross domestic product (GDP), which requires notable increases in taxes as well as cuts in public spending. The author stresses the importance of making quick extension of working lives as a way to increase consumption and to reduce the burden on future generations.

Discusses the monetary policy in Great Britain. Relationship between sterling and the euro or dollar currencies; Dollar block's trade pattern and income flows; Exchange rate policy; Reduction of overall currency volatility.

Discusses the increasing exchange rate in the United Kingdom, making reference to the increase of the sterling in October of 1996. Information on the possible causes of the increase of the sterling; Effects of the increase of the sterling on the United Kingdom; What are the budgetary implications.

The author discusses Great Britain's finance and Europe. The European Union (EU) is Great Britain's most essential economic partner. More than half of exports are sold to the EU, almost 60 per cent of inward foreign direct investment originate in the continent and almost half of the migration happens in EU.

The article provides an overview of Great Britain's labour market whose overall employment growth has been healthy. Topics discussed include the sustained structural improvements in the functioning of its labour market and the sensible macroeconomic response to the financial crisis and reasons why wages have not increased despite the drop in the unemployment rate including the gap between the fall in the unemployment rate and rise in wages and low interest rates and impact of globalisation.

The Coalition's record on working age social security is reviewed under the headings of continuity (with the policies of the previous government), retrenchment and reform. Under continuity, the Coalition's decision to proceed with the previous government's planned reassessment of incapacity benefit claims was a notable policy mistake which led to the near-collapse of the assessment system by 2014. Retrenchment measures are dominated by benefit uprating changes which, along with measures targeting higher-income groups, have been less regressive than alternative approaches to expenditure reduction. However these changes were accompanied by a number of smaller-scale retrenchment measures, with substantial cumulative impacts on income. Retrenchment has thus been less regressive than it might have been but more regressive than it needed to be, taking the retrenchment targets as given. Policy failure and exogenous economic factors have offset the effect of retrenchment measures, with the result that expenditure by 2014/15 was little different to that planned in the Labour government's last budget. Full implementation of major reforms has been deferred to the next parliament. The main achieved policy change has been an unprecedented tightening of the benefit sanctions regime. [ABSTRACT FROM PUBLISHER]

This article summarises the 2010–15 Coalition government's education policy, contrasting their attempts to liberalise education markets with the desire to impose a highly traditional curriculum. The government's quite radical reforms have not been easy to implement, taking place against severe budgetary constraints and a minority Coalition partner with ambitions to improve the educational outcomes of children from low income families. It could be argued that the reforms have been successfully implemented, and there is little prospect of wholesale reversal by any future government. However, their combative approach to reform leaves a demotivated teacher workforce, a possible impending teacher recruitment crisis as the economy recovers, and a tangled web of accountability structures that will need to be resolved. [ABSTRACT FROM PUBLISHER]

The production of this forecast is supported by the Institute's Corporate Members: Bank of England, HM Treasury, Mizuho Research Institute Ltd, Santander (UK) plc and by the members of the NiGEM users group. [ABSTRACT FROM PUBLISHER]

UK workers have been experiencing unprecedented falls in real wages and living standards. Taking a balanced view of the available data suggests that since 2008 real weekly wages have fallen by around 8 per cent, which amounts to a fall in annual earnings of about £2000 for the typical (median) worker. Three factors are important drivers of these unprecedented real wage falls. First, unemployment has been exerting a larger downward pressure on wages than in previous recessions. Second, low wages and low business investment have created the conditions for an extremely poor productivity record through both the recession and recovery, though this has been good news for jobs. Third, and pre-dating the recession, due to rising inequality the wages of typical British workers are no longer keeping up with productivity gains made in the economy. If sustained increases in real wages are to occur, this requires a return to strong productivity growth and a re-coupling of median wages to productivity. [ABSTRACT FROM PUBLISHER]

The article presents a commentary on the possible meanings of the term "intergenerational fairness" introduced by David Willetts to the British economic policy debate. Topics discussed include the evolution of the relative incomes of different cohorts, the burden of austerity and the provision of public services. Also provided are geographical representations of the growth in household income and the payment of basic pensions.

The article comments on the economic implications of the possibility that Great Britain will leave the European Union (EU). The author analyzes a referendum that will give British citizens a chance to express their position on whether EU membership remains a national interest. Withdrawal from the EU is expected to reduce the level of output in the British economy. Also discussed is the impact of withdrawal on the country's exports, labor market and financial services industry.

This note responds to the recent critique by Goodridge, Haskel and Wallis (GHW) of our 2012 study of Britain's productivity puzzle. We show that a correct reworking of the latest official data on changes in labour composition overturns GHW's main criticism. We also question the strength of the empirical evidence offered by GHW in support of their alternative explanations of the productivity puzzle. [ABSTRACT FROM PUBLISHER]

A major objective of the government during the Great Recession has been severely to restrict public sector real wage growth. One potential advantage of performance-related pay schemes is that they naturally offer greater wage responsiveness to fluctuations in the business cycle. Based on evidence from engineering and allied industries during the Great Depression we show that piecework wages exhibited more flexibility than their timework equivalents. We compare and contrast southern/midland engineering districts of Britain with northern districts. The former region was dominated by piece-rated workers and by modern sections of the industry, such as vehicle and aircraft manufacture. Time-rated work predominated in northern districts where older sections – for example, marine and textile engineering – were clustered‥ [ABSTRACT FROM PUBLISHER]

If official figures overstated the growth of banking output in the UK in the recent boom, does this mean that GDP growth was overstated too? The answer is no. It is truer to say that if banking output was overstated then the output of some other industry or industries must have been understated, leaving GDP relatively unaffected. The reason is that the Office for National Statistics measures the real growth of GDP primarily from the expenditure side. And from the expenditure side most of the problematic part of banking output drops out since it constitutes intermediate consumption not final expenditure. Consequently, the effect of any mismeasurement of banking output on GDP growth in the boom of 2000–7 is likely to have been small; GDP growth might have been overstated by about 0.1 per cent per annum. [ABSTRACT FROM PUBLISHER]

The author calls on the need for a better housing finance system wherein real economic transactions are matched by funding with similar characteristics and long-term utility investment projects are funded by long term debt contracts. He argues that putting the needs of households at the center of the financial system requires reform of the retail and wholesale mortgage markets. The author also looks at the failures in the mortgage securitization markets and suggests the case for reform.

The article assesses the implication of labor force macroeconomic projections for the composition of the population in Great Britain. The impact of these projections on both labor productivity and participation between immigrants and residents, and on the country's gross domestic product (GDP), is evaluated. Future wages, inflationary effect and labor productivity are computed based on low and high net migration variants.

The article presents an economic forecast for Great Britain. Based on the National Institute Global Econometric Model (NiGEM), Great Britain will recover from a weak labor, capital and energy productivity, with gross domestic product (GDP) fixed at around 2% per year. It is expected that the corporate and household sectors will maintain high levels of saving, despite a deficit in the public sector in 2012 and 2013. Estimates for prices and earnings are offered.

The article attempts to answer the questions with respect to the record-breaking pump prices in Great Britain and shed light on key drivers of pump prices. It examines the pass-through effects of crude oil prices into pump prices and show that fluctuations in costs and profit margins of the production and distribution chain have small impacts on pump prices. It points to the government as the only agent with the incentive and capacity to lower or minimise pump prices increases significantly.

The production of this forecast is supported by the Institute's Corporate Members: Bank of England, HM Treasury, Mizuho Research Institute Ltd, the Office for National Statistics, Santander (UK) plc and by the members of the NiGEM users group. [ABSTRACT FROM PUBLISHER]

The production of this forecast is supported by the Institute's Corporate Members: Bank of England, HM Treasury, Mizuho Research Institute Ltd, the Office for National Statistics, Santander (UK) plc and by the members of the NiGEM users group. [ABSTRACT FROM AUTHOR]

The article outlines the response of the Chancellor of the Exchequer and Secretary of State for Business, Innovation and Skills of Great Britain to the Final Report on promoting stability and greater competition in the British banking system from the Independent Commission on Banking (ICB). It suggests steps to encourage banks to reduce their exposure to the shadow banking system. It highlights the failure of the ICB to consider the interaction between regulated and shadow banking.

This article explains the role of evidence in determining the recommendations made by the Low Pay Commission (LPC) for the National Minimum Wage (NMW). First, it sets out the process of recommending the minimum wage including the role of evidence. Second, it summarises the evidence available on the impact of the minimum wage before discussing how that evidence has informed the recommendations for the adult rate of the minimum wage in the LPC's reports. It concludes by assessing the extent to which the NMW might be regarded as a success and considers whether the recent financial crisis will alter the evidence-based approach so far adopted by the LPC. [ABSTRACT FROM AUTHOR]

The article presents an overview of the national monetary policies of countries around the globe. It maintains its forecast of a 50 percent chance of recession in Great Britain and a 30 percent probability of recession in the euro area. It predicts a 1.9 percent economic growth in the U.S. and Canada and 1.8 percent growth in Japan. It discusses the possible resolution to the euro area crisis.

The article addresses the need for a fiscal consolidation plan in Great Britain. An overview of the reduction of government borrowing as well as trends in spending and tax receipts is provided. Also included is a discussion of the long-term real interest rates on British government debt. According to the author, the decline of national wealth has happened despite current forecasts of increasing old age dependency rates.

This article uses a dataset covering ten advanced economies (Australia, Belgium, Canada, France, Germany, Netherlands, Norway, Sweden, United Kingdom and the United States) to explore the role of real wages as an influence on employment and unemployment in the Great Depression and more generally in the 1920s and 1930s. The distinction between employment and unemployment movements during the Great Depression helps to clarify the role of supply side influences on the national heterogeneity of unemployment increases during the Great Depression. We find little general econometric evidence for the idea that movements in product wages had strong influences on employment either during the period of rising unemployment associated with the depression of the 1930s or more generally with the data which exist for the 1920s and 1930s. [ABSTRACT FROM PUBLISHER]

The production of this forecast is supported by the Institute’s Corporate Members: Abbey plc, Bank of England, Barclays Bank plc, HM Treasury, Nomura Research Institute Europe Ltd, and the Office for National Statistics. [ABSTRACT FROM PUBLISHER]

The article discusses alternative ways to reduce the deficit in Great Britain as of October 2010 that would aid growth and lessen unemployment. Although the British government is seen to benefit from borrowing rather than cutting spending and raising taxes, this reduces the resources available to future generations. The author stresses the provision of allowance for future crises which would increase deficit and debt stock more. The suggestion that retirement age is increased instead of implementing the government's consolidation plans is presented.