This paper examines the impact of macroeconomic and financial sector policy announcements in the United States, the United Kingdom, the euro area, and Japan during the recent crisis on interbank credit and liquidity risk premia. Announcements of interest rate cuts, liquidity support, liability...

The United Kingdom showed impressive economic performance and low inflation owing to its strong policy frameworks. Executive Directors commended this development, and stressed the need to tighten fiscal and monetary stances, and accelerate structural reforms. They appreciated the steps to...

This 2002 Article IV Consultation highlights that the real GDP of the United Kingdom increased at an average rate of some 2.8 percent, and the unemployment rate halved to below 5 percent by April 2001. Inflation, which has been low since the mid-1990s, was—on a harmonized basis—about 1.5...

This 2009 Article IV Consultation highlights that economic growth in the United Kingdom has turned sharply negative since mid-2008. Housing prices have fallen by more than 20 percent from their peak, the unemployment rate has increased, and inflation has come down. In response to the crisis, the...

The downturn has accentuated strains on the financial system of Anguilla. The 2011 Article IV Consultation highlights that the growth outlook is improving with major tourism projects getting back on course, although a slow recovery is only expected to begin in 2012. Executive Directors have...

This 2012 Article IV Consultation reports that the United Kingdom's economic recovery has been sluggish, as the needed hand-off from public to private demand-led growth has not fully materialized. Economic activity is projected to gain modest momentum in future, but the pace of expansion is...

Strengthened macroeconomic and structural policies, underpinned by improved monetary and fiscal policy frameworks, have contributed to the United Kingdom's achievements. Executive Directors commended these developments, and supported the focus of policies to encourage innovation and...

This 2004 Article IV Consultation highlights that United Kingdom’s real GDP growth is estimated at about 3 percent in 2004 and is expected to stay stable at about 21⁄2 percent in 2005–06, in line with potential growth. Domestic demand remains the key driver of growth, underpinned by...

This paper develops a small analytical model to explore the relationship between the dynamics of macroeconomic adjustment and the timing of the implementation of an adjustment program featuring a nominal devaluation. The effects of postponing adjustment depend on the source of the original...

In pursuing a steady-state reserve target, policymakers in small open economies can resort to devaluation or to temporary increases in public saving. This paper contrasts the dynamic implications of these alternative policies in a model with optimizing agents who possess perfect foresight. In...