Presented at the workshop ''The conduct of monetary policy in open economies'' on 26-27 October 2000;The most popular simple rules for the interest rate, due to Taylor (1993a) and Henderson and McKibbin (1993), are both meant to inform monetary policy in economies that are closed. On the other hand,...

Globally, food systems have become heavily industrialized and are currently threatening both environmental sustainability and human health. Feeding a growing world while remaining within safe social-ecological planetary boundaries, as dictated by the UN Social Development Goals and the Paris...

Denmark has a highly ambitious goal of reducing greenhouse gas emissions 70 percent below 1990 levels by 2030. While there is general agreement that carbon pricing should be the centerpiece of Denmark’s mitigation strategy, pricing needs to be effective, address equity and leakage concerns,...

This paper presents evidence on the lag between monetary policy actions and the response of inflation in the euro area as a whole as well as in Germany, Italy and France. In line with previous findings for the US and the UK, results here show that this lag is longer than one year both in the...

We examine the performance of forward-looking inflation-forecast-based rules in open economies. In a New Keynesian two-bloc model, a methodology first employed by Batini and Pearlman (2002) is used to obtain analytically the feedback parameters/horizon pairs associated with unique and stable...

In recent years UK real wages have been growing faster than labour factor productivity, implying that the labour share has been rising. This paper looks at various definitions of the labour share and derives a measure for the UK, which appears positively correlated with the growth rate of the UK...

This paper extends the existing literature on the uniqueness and stability conditions for an equilibrium under inflation-forecast-based (IFB) rules. It shows that, for a variety of New Keynesian sticky-price and sticky-inflation models, these are a function not just of the degree of...

This paper derives alternative measures of the short-run NAIRU (SRN) for the UK, the rate for unemployment at which inflation will neither increase nor decrease in the short-run. We estimate the NAIRU jointly with price equations by using the Kalman filter. Our work suggests that both structural...

Industrial prices of goods and services are a function of costs of production and of the mark-up that firms apply on those costs. If these prices relate to goods that are traded internationally, they will also be influenced by the price at which those goods are exchanged in international...

We follow Fuhrer (2000) in estimating via Maximum Likelihood a log-linear consumption function on UK data. In doing so we consider various habit formation assumptions. We show that a model of purely "external" habits as in Fuhrer (2000) fits the UK data remarkably well, and possibly in a...