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What are the effects of tax changes in the United Kingdom? New evidence from a narrative evaluation

Cloyne, James - 2011

This paper estimates the effects of tax changes on the U.K. economy. Identification is achieved by isolating the … 'exogenous' tax policy shocks in the post-war U.K. economy using a narrative strategy as in Romer and Romer (2010). The resulting … and significant effects on the economy. Finally, 'exogenous' tax changes are shown to have contributed to major episodes …

Persistent link: https://www.econbiz.de/10010274733

Counterfactual analysis in macroeconometrics: An empirical investigation into the effects of quantitative easing

Pesaran, M. Hashem; Smith, Ron P. - 2012

This paper is concerned with ex ante and ex post counterfactual analyses in the case of macroeconometric applications where a single unit is observed before and after a given policy intervention. It distinguishes between cases where the policy change affects the model's parameters and where it...

Persistent link: https://www.econbiz.de/10010287195

To react or not?: fiscal policy, volatility and welfare in the EU-3

Malley, Jim; Philippopoulos, Apostolis; Woitek, Ulrich - 2007

This paper develops a dynamic stochastic general equilibrium model to examine the quantitative macroeconomic implications of countercyclical fiscal policy for France, Germany and the UK. The model incorporates real wage rigidity which is the particular market failure justifying policy...

Persistent link: https://www.econbiz.de/10010264070

What should fiscal councils do?

Calmfors, Lars; Wren-Lewis, Simon - 2011

The paper analyses theoretically what role fiscal councils could play and surveys empirically the activities of existing councils. Case studies of the Swedish Fiscal Policy Council and the UK Office for Budget Responsibility are done. It is concluded that fiscal councils should be advisory,...

Persistent link: https://www.econbiz.de/10010274971

Bank of England interest rate announcements and the foreign exchange market

Melvin, Michael; Saborowski, Christian; Sager, Michael; … - 2009

Since 1997, the Bank of England Monetary Policy Committee (MPC) has met monthly to set the UK policy interest rate. We examine evidence of systematic patterns in exchange rate movements on MPC days over the first decade of operation of the MPC. Daily data reveal significant differences in...

Persistent link: https://www.econbiz.de/10010264608

Monetary policy, model uncertainty and exchange rate volatility

Markiewicz, Agnieszka - 2010

This paper proposes an explanation of the shifts in the volatility of exchange rate returns that relies on standard present value exchange rate models. Agents are uncertain about the true data generating model and deal with the model uncertainty by making inference on the models and their...

Persistent link: https://www.econbiz.de/10010266075