Fiscal and monetary policy frameworks have become increasingly popular as disenchantment with active stabilization policy has increased. Frameworks need to be designed to achieve targets efficiently and stabilize the volatility of the economy. The current fiscal and monetary frameworks in the UK...

The issue of an independent central bank is assessed in the context of experience in the U.K. economy. The historical role of the Bank of England is examined, revealing that the success of anti-inflation policy depends on the exchange-rate regime as well as on the institutional arrangements...

We assess fiscal policy from the perspective of fairness between generations and the relationship between this and national saving, in the context where the United Kingdom is one of the lowest saving of all the OECD economies. Cross-section and pooled data suggest that governments are in a...