This paper examines some salient features of the balances of payments of the developed countries outside the Group of Ten since 1968, first comparing their current accounts to those of the other main groups in the world, then relating their export performance to that of the OECD area as a whole...

The City reaction to Mr Major's first Budget was generally one of disappointment, partly because fiscal policy was perceived as lax, partly because nothing new was said about the European Monetary System (EMS). Subsequent ministerial speeches gave a more positive tone to the Government's...

The two-good model (consumer and capital goods) suggested by J. Tobin and W. C. Brainard (1969) and formalized in a static model by D. W. Henderson and T. Sargent (1973, 1979) is generalized to a dy namic model with rational expectations. Financial markets determine r elative goods prices. With...