Finance, Investment and Productivity
Total Page：16
File Type：pdf, Size：1020Kb
Load more
Recommended publications
-
Bank of England Inflation Report November 2018
Inflation Report November 2018 Inflation Report November 2018 In order to maintain price stability, the Government has set the Bank’s Monetary Policy Committee (MPC) a target for the annual inflation rate of the Consumer Prices Index of 2%. Subject to that, the MPC is also required to support the Government’s economic policy, including its objectives for growth and employment. The Inflation Report is produced quarterly by Bank staff under the guidance of the members of the Monetary Policy Committee. It serves two purposes. First, its preparation provides a comprehensive and forward-looking framework for discussion among MPC members as an aid to our decision-making. Second, its publication allows us to share our thinking and explain the reasons for our decisions to those whom they affect. Although not every member will agree with every assumption on which our projections are based, the fan charts represent the MPC’s best collective judgement about the most likely paths for inflation, output and unemployment, as well as the uncertainties surrounding those central projections. This Report has been prepared and published by the Bank of England in accordance with section 18 of the Bank of England Act 1998. The Monetary Policy Committee: Mark Carney, Governor Ben Broadbent, Deputy Governor responsible for monetary policy Jon Cunliffe, Deputy Governor responsible for financial stability Dave Ramsden, Deputy Governor responsible for markets and banking Andrew Haldane Jonathan Haskel Michael Saunders Silvana Tenreyro Gertjan Vlieghe PowerPoint™ -
The Run on the Rock
House of Commons Treasury Committee The run on the Rock Fifth Report of Session 2007–08 Volume II Oral and written evidence Ordered by The House of Commons to be printed 24 January 2008 HC 56–II [Incorporating HC 999 i–iv, Session 2006-07] Published on 1 February 2008 by authority of the House of Commons London: The Stationery Office Limited £25.50 The Treasury Committee The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue & Customs and associated public bodies. Current membership Rt Hon John McFall MP (Labour, West Dunbartonshire) (Chairman) Nick Ainger MP (Labour, Carmarthen West & South Pembrokeshire) Mr Graham Brady MP (Conservative, Altrincham and Sale West) Mr Colin Breed MP (Liberal Democrat, South East Cornwall) Jim Cousins MP (Labour, Newcastle upon Tyne Central) Mr Philip Dunne MP (Conservative, Ludlow) Mr Michael Fallon MP (Conservative, Sevenoaks) (Chairman, Sub-Committee) Ms Sally Keeble MP (Labour, Northampton North) Mr Andrew Love MP (Labour, Edmonton) Mr George Mudie MP (Labour, Leeds East) Mr Siôn Simon MP, (Labour, Birmingham, Erdington) John Thurso MP (Liberal Democrat, Caithness, Sutherland and Easter Ross) Mr Mark Todd MP (Labour, South Derbyshire) Peter Viggers MP (Conservative, Gosport). Powers The Committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No. 152. These are available on the Internet via www.parliament.uk. Publications The Reports and evidence of the Committee are published by The Stationery Office by Order of the House. -
The Tempered Ordered Probit (TOP) Model with an Application to Monetary Policy William H.Greene Max Gillman Mark N.Harris Christopher Spencer WP 2013 – 10
ISSN 1750-4171 ECONOMICS DISCUSSION PAPER SERIES The Tempered Ordered Probit (TOP) Model With An Application To Monetary Policy William H.Greene Max Gillman Mark N.Harris Christopher Spencer WP 2013 – 10 School of Business and Economics Loughborough University Loughborough LE11 3TU United Kingdom Tel: + 44 (0) 1509 222701 Fax: + 44 (0) 1509 223910 http://www.lboro.ac.uk/departments/sbe/economics/ The Tempered Ordered Probit (TOP) model with an application to monetary policy William H. Greeney Max Gillmanz Mark N. Harrisx Christopher Spencer{ September 2013 Abstract We propose a Tempered Ordered Probit (TOP) model. Our contribution lies not only in explicitly accounting for an excessive number of observations in a given choice category - as is the case in the standard literature on in‡ated models; rather, we introduce a new econometric model which nests the recently developed Middle In‡ated Ordered Probit (MIOP) models of Bagozzi and Mukherjee (2012) and Brooks, Harris, and Spencer (2012) as a special case, and further, can be used as a speci…cation test of the MIOP, where the implicit test is described as being one of symmetry versus asymmetry. In our application, which exploits a panel data-set containing the votes of Bank of England Monetary Policy Committee (MPC) members, we show that the TOP model a¤ords the econometrician considerable ‡exibility with respect to modelling the impact of di¤erent forms of uncertainty on interest rate decisions. Our …ndings, we argue, reveal MPC members’ asymmetric attitudes towards uncertainty and the changeability of interest rates. Keywords: Monetary policy committee, voting, discrete data, uncertainty, tempered equations. -
Mankiw Coursebook
e Forward Guidance Forward Guidance Forward guidance is the practice of communicating the future path of monetary Perspectives from Central Bankers, Scholars policy instruments. Such guidance, it is argued, will help sustain the gradual recovery that now seems to be taking place while central banks unwind their massive and Market Participants balance sheets. This eBook brings together a collection of contributions from central Perspectives from Central Bankers, Scholars and Market Participants bank officials, researchers at universities and central banks, and financial market practitioners. The contributions aim to discuss what economic theory says about Edited by Wouter den Haan forward guidance and to clarify what central banks hope to achieve with it. With contributions from: Peter Praet, Spencer Dale and James Talbot, John C. Williams, Sayuri Shirai, David Miles, Tilman Bletzinger and Volker Wieland, Jeffrey R Campbell, Marco Del Negro, Marc Giannoni and Christina Patterson, Francesco Bianchi and Leonardo Melosi, Richard Barwell and Jagjit S. Chadha, Hans Gersbach and Volker Hahn, David Cobham, Charles Goodhart, Paul Sheard, Kazuo Ueda. CEPR 77 Bastwick Street, London EC1V 3PZ Tel: +44 (0)20 7183 8801 A VoxEU.org eBook Email: [email protected] www.cepr.org Forward Guidance Perspectives from Central Bankers, Scholars and Market Participants A VoxEU.org eBook Centre for Economic Policy Research (CEPR) Centre for Economic Policy Research 3rd Floor 77 Bastwick Street London, EC1V 3PZ UK Tel: +44 (0)20 7183 8801 Email: [email protected] Web: www.cepr.org © 2013 Centre for Economic Policy Research Forward Guidance Perspectives from Central Bankers, Scholars and Market Participants A VoxEU.org eBook Edited by Wouter den Haan a Centre for Economic Policy Research (CEPR) The Centre for Economic Policy Research is a network of over 800 Research Fellows and Affiliates, based primarily in European Universities. -
Re-Appointment of Sir Jon Cunliffe As Deputy Governor for Financial Stability at the Bank of England
House of Commons Treasury Committee Re-appointment of Sir Jon Cunliffe as Deputy Governor for Financial Stability at the Bank of England Twenty-Third Report of Session 2017–19 Report, together with formal minutes relating to the report Ordered by the House of Commons to be printed 17 October 2018 HC 1626 Published on 18 October 2018 by authority of the House of Commons The Treasury Committee The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue and Customs and associated public bodies Current membership Nicky Morgan MP (Conservative, Loughborough) (Chair) Rushanara Ali MP (Labour, Bethnal Green and Bow) Mr Simon Clarke MP (Conservative, Middlesbrough South and East Cleveland) Charlie Elphicke MP (Independent, Dover) Stephen Hammond MP (Conservative, Wimbledon) Stewart Hosie MP (Scottish National Party, Dundee East) Mr Alister Jack MP (Conservative, Dumfries and Galloway) Alison McGovern MP (Labour, Wirral South) Catherine McKinnell MP (Labour, Newcastle upon Tyne North) John Mann MP (Labour, Bassetlaw) Wes Streeting MP (Labour, Ilford North) Powers The committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No. 152. These are available on the internet via www.parliament.uk. Publication Committee reports are published on the Committee’s website at www.parliament.uk/treascom and in print by Order of the House. Evidence relating to this report is published on the inquiry -
London Financial Intermediation Workshop Agenda
London Financial Intermediation Workshop Thursday 16 February 2017 Bank of England 9:15 Welcome coffee 9:30 Opening Remarks Andy Haldane (Chief Economist, Bank of England) Chair: Andy Haldane (Chief Economist, Bank of England) Market Discipline and Systemic Risk 9:40 Presenter: Alan Morrison (Said Business School-Oxford) Co-authors: Ansgar Walther (Warwick Business School) Discussant: Max Bruche (Cass Business School) 10:30 Coffee Chair: Sujit Kapadia (Head of Research, Bank of England) 11:00 Bank Resolution and the Structure of Global Banks Presenter: Martin Oehmke (London School of Economics) Co-authors: Patrick Bolton (Columbia University) Discussant: Frederic Malherbe (London Business School) 11:50 The Political Economy of Bailouts Presenter: Vikrant Vig (London Business School) Co-authors: Markus Behn (Bonn), Rainer Haselmann (Bonn) and Thomas Kick (Deutsche Bundesbank) Discussant: Jose Luis Peydro (Imperial) 12:40 Lunch at Bank of England Chair: David Miles (Imperial and former member Monetary Policy Committee, Bank of England 14:10 How Sensitive is Entrepreneurial Investment to the Cost of Equity? Evidence from a UK tax Relief Presenter: Juanita Gonzalez-Uribe (London School of Economics) Co-authors: Daniel Paravisini (London School of Economics) Discussant: Ralph de Haas (EBRD) 15:00 Government Guarantees and Financial Stability Presenter: Franklin Allen (Imperial) Co-authors: Elena Carletti (Bocconi), Itay Goldstein (University of Pennsylvania) and Agnese Leonello (European Central Bank) Discussant: Vania Stavrakeva (London Business -
Minutes of the Monetary Policy Committee Meeting Held on 4 and 5 May 2011
Publication date: 18 May 2011 MINUTES OF THE MONETARY POLICY COMMITTEE MEETING 4 AND 5 MAY 2011 These are the minutes of the Monetary Policy Committee meeting held on 4 and 5 May 2011. They are also available on the Internet http://www.bankofengland.co.uk/publications/minutes/mpc/pdf/2011/mpc1105.pdf The Bank of England Act 1998 gives the Bank of England operational responsibility for setting interest rates to meet the Government’s inflation target. Operational decisions are taken by the Bank’s Monetary Policy Committee. The Committee meets on a regular monthly basis and minutes of its meetings are released on the Wednesday of the second week after the meeting takes place. Accordingly, the minutes of the Committee meeting to be held on 8 and 9 June will be published on 22 June 2011. MINUTES OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 4 AND 5 MAY 2011 1 Before turning to its immediate policy decision, and against the background of its latest projections for output and inflation, the Committee discussed financial market developments; the international economy; money, credit, demand and output; and supply, costs and prices. Financial markets 2 Markets had generally been stable on the month, against a backdrop of relatively thin trading conditions during the holiday periods. 3 Implied market expectations of the point at which Bank Rate would begin to rise had been pushed back, partly in response to data releases, notably the March CPI outturn. Information derived from overnight index swaps indicated that the market yield curve had fully priced in a 25 basis point increase in Bank Rate by early 2012. -
Economics Annual Review 2013-2014
Economics Review 2013/14 3 Contents Welcome to the Department of Economics 01 Faculty Profile: Gerard Padró i Miquel 02 Recognition for Economics faculty and alumni in the New Year Honours list 05 Social Media at the LSE Department of Economics 06 LSE awards Honorary Doctorate to Professor Janet Yellen 08 LSE Economics PhD student receives highest OeNB award for outstanding research 08 Economics alumnus Nemat Shafik appointed as new Deputy Governor of the Bank of England 09 Professor Lord Stern recognised for outstanding work in climate science communication 10 LSE Economics students awarded EEA Best Young Economist Awards - again! 11 Professor Charles Bean knighted in the Queen’s Birthday Honours 11 Nobel prizewinner’s inaugural Regius lecture focuses on the euro 12 Scottish referendum turns spotlight on the CFM monthly survey 14 Is it time to end the war on drugs? 15 LSE Economics PhD student first from UK to win Price Theory Scholar Award 16 The Economica Coase-Phillips Lectures 16 Public Events 2013-14 17 Regius Professor Christopher Pissarides knighted for his services to economics 19 The economist and the wider world: the Lionel Robbins digital exhibition 24 Austin Robinson memorial prize awarded to Dr Johannes Spinnewijn 22 Professor John Van Reenen wins 2014 EIB Prize 23 Major Review Teaching Prize: Dr Francesco Nava 23 Professor Lord Stern elected as Fellow of the Royal Society 24 Strong showing for Economics Department in Teaching Excellence Awards 24 Economics student wins Sir Robert Worcester Prize for exceptional academic -
Andrew G Haldane: Seizing the Opportunities from Digital Finance
Seizing the Opportunities from Digital Finance Speech given by Andy Haldane Chief Economist and Member of the Monetary Policy Committee TheCityUK 10th Anniversary Conference 18 November 2020 The views expressed here are not necessarily those of the Bank of England or the Monetary Policy Committee. I would like to thank Kathleen Blake, Shiv Chowla, Harvey Daniell, Rachel Greener, Rachel James, Jack Meaning, Varun Paul, Andrei Pustelnikov, Oliver Thew, Ryland Thomas, Cormac Sullivan and Michael Yoganayagam for their help in preparing the text. I would like to thank Andrew Bailey, Alex Brazier, Jon Cunliffe, Andrew Hauser, Alice Pugh, Christina Segal-Knowles, Silvana Tenreyro and Jan Vlieghe for their comments. 1 All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice Let me thank the TheCityUK for the opportunity to speak at this 10th Anniversary event at such a critical time for the financial services sector and the economy as a whole. We all live in hope of the three Rs that are the theme of the conference - Recovery, Rebalancing and Revitalisation. With the recent positive news about vaccines, that hope is now justified. I want to discuss today the three R’s in the context of financial services. Covid is a twin crisis, a health crisis and an economic crisis rolled into one. It has exposed every person and every business in every country in the world to that double jeopardy. In the UK, it has already resulted in over 50,000 deaths, more than 1 million people losing their jobs, around 9 million people seeing their incomes fall and almost the whole country feeling more anxious about the future. -
Speech by Martin Weale Delivered at the Department for Business
Speech by MARTIN WEALE MEMBER OF THE MONETARY POLICY COMMITTEE BANK OF ENGLAND AFTER THE RECESSION: THOUGHTS ON THE GROWTH POTENTIAL OF THE UNITED KINGDOM Speech delivered at the Department for Business, Innovation and Skills Analysts’ Conference, London, 12 November 2010 I am extremely grateful to Robert Gilhooly, Daniel Eckloff and Matthew Corder for their help with this speech, and to David Miles, Iain de Weymarn, Tony Yates, Simon Price, Jamie Bell, Gareth Ramsay and Rohan Churm for their helpful comments. Of course, this speech reflects my personal views. Thank you very much for inviting me to talk at this conference. I remember one of my economics lecturers saying in 1977 that Britain’s poor economic performance had been a matter of concern since the later part of Queen Victoria’s reign. During that time plenty of policies had been tried to improve things and, as far as one could tell, they had not worked. In this speech I would like to discuss first of all the impact that the recent crisis and its aftermath may have had on the potential level of output of the economy, secondly the effect it might have had on trend growth together with some of the other influences on trend growth and thirdly the particular question whether monetary policy is in a position to play any extra role in supporting the economy at the present time. The Potential Level of Output I should point out that there are plenty of precedents for arguing that periods of contraction result in semi-permanent loss of output. -
Working Paper Series
BANKWEST CURTIN ECONOMICS CENTRE WORKING PAPER SERIES 13/9: Estimating the Standard Errors of Individual- Specifi c Parameters in Random Parameters Models William Greene, Mark N. Harris, Christopher Spencer business.curtin.edu.au/bcec This paper was written by researchers affi liated with the Bankwest Curtin Economics Centre (‘the Centre’). While every eff ort has been made to ensure the accuracy of this document, the uncertain nature of economic data, forecasting and analysis means that the Centre, Curtin University and/or Bankwest are unable to make any warranties in relation to the information contained herein. Any person who relies on the information contained in this document does so at their own risk. The Centre, Curtin University, Bankwest, and/or their employees and agents disclaim liability for any loss or damage, which may arise as a consequence of any person relying on the information contained in this document. Except where liability under any statute cannot be excluded, the Centre, Curtin University, Bankwest and/or their advisors, employees and offi cers do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage suff ered by the reader or by any other person. The views in this publication are those of the authors and do not represent the views of Curtin University and/or Bankwest or any of their affi liates. This publication is provided as general information only and does not consider anyone’s specifi c objectives, situation or needs. Neither the authors nor the Centre accept any duty of care or liability to anyone regarding this publication or any loss suff ered in connection with the use of this publication or any of its content. -
Independent Review of UK Economic Statistics March 2016 Independent Review of UK Economic Statistics Professor Sir Charles Bean
Front cover Independent review of UK economic statistics Independent Review of UK Economic Statistics Professor Sir Charles Bean March 2016 March 2016 2904936 Cover and Dividers v1_0.indd 1 09/03/2016 13:43 Independent Review of UK Economic Statistics Professor Sir Charles Bean March 2016 ii Independent Review of UK Economic Statistics Contents Chapter 1: Introduction and overview 1 Background to the Review 1 A vision for the future provision of economic statistics 6 Recommendations: Measuring the economy 8 Recommendations: ONS capability and performance 10 Recommendations: Governance of statistics 13 Content outline 15 Chapter 2: Measuring the modern economy – established challenges 19 Measuring GDP 19 Measuring services 35 Measuring financial inter-connectedness 42 Regional statistics 47 Measuring the labour market 50 Physical capital 58 Land market statistics 62 Addressing established statistical limitations 68 Chapter 3: Measuring the modern economy – emerging challenges 71 Value added in the digital modern economy 71 The sharing economy 91 Intangible investment 98 Accounting for quality change 106 Understanding the international location of economic activity 112 Keeping abreast of an evolving economy 116 Chapter 4: Effectiveness of ONS 121 Recent history of ONS 121 ONS resources 124 Recent ONS performance 130 Culture, Capability and Collaboration 137 Survey data sources 156 Administrative data and alternative data sources 162 Contents iii Data science capability 167 Technology and data infrastructure 176 Dissemination of ONS statistics