The USA suffers a large and growing balance of payments deficit in the telecommunications sector, a phenomenon often blamed on the international accounting rate system. The experience of other countries suggests that this explanation is too simple, however. This article concludes from a new...

This paper makes a case for compiling a new set of industry statistics based upon MiTT -- minutes of telecommunications traffic. For most countries, telecommunication flows are a statistical 'lack hole'. Annual reports are the rule; there is no common unit of account; and data on traffic flows is...

Although the economic recovery in the UK has been disappointing, it is inappropriate to either assert that Japan's two lost decades illustrate the ineffectiveness of stimulative monetary policy or that the UK is predestined to perform as badly as Japan. Recall that the UK has, so far, avoided...

Although the economic recovery in the UK has been disappointing, it is inappropriate to either assert that Japan’s two lost decades illustrate the ineffectiveness of stimulative monetary policy or that the UK is predestined to perform as badly as Japan. Recall that the UK has, so far, avoided...

The question whether the US equity market is overvalued is important from a policy perspective because a significant derating could interact adversely with the realisation of risks of recession. A simple dividend based model suggests that the market is two or three times overvalued. Allowing for...

The question whether the US equity market is overvalued is important from a policy perspective because a significant derating could interact adversely with the realisation of risks of recession. A simple dividend based model suggests that the market is two or three times overvalued. Allowing for...