We characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. Our analysis is based on a unique data set of high-frequency futures returns for each of the markets. We find that news surprises produce conditional mean...

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...

[Preface ...] In this book, we examine how the public finances, and the plans for fiscal consolidation, have evolved during this parliament. We set out what has happened to the pay of different groups, and assess the current direction of travel as real earnings growth slowly returns. We consider...