This article looks at the impact on a small outside country if a larger, outsider country were to join a nearby monetary union, exemplified by the likely effects on Norway of the UK deciding to join the Euro. We construct a theoretical model to capture such effects, which focuses on the effect...

In this paper we consider a range of topics which connect exchange rates to the economic growth process. In particular, we first of all outline the basic properties of exchange rates when they are flexible. One key feature of flexible exchange rates is that they are highly volatile and such...

Central to an understanding of how foreign exchange markets work is the nature of the expectations formation process. Of particular interest are the potentially stabilising of destabilising nature of these expectations. In this paper we use a unique disaggregate expectations data base to model...

Theoretical investigations, relying mainly on numerical solutions of the non-linear differential equations of the reorientation angle, are conducted for a wide range of parameters and for a number of physical configurations which include self-diffraction and fast transients. The experiments are...

This paper investigates the impact of the distribution sector on the real exchange rate, controlling for the Balassa-Samuelson effect, as well as other macro variables. Long-run coefficients are estimated using a panel dynamic OLS estimator. The main result is that an increase in the...

In this paper, we rebut the case that Ashcroft, Christie and Swales (2006) make in favour of the status quo fiscal settlement in Scotland that stems from the Scotland Act 1998. This Act in creating the Scottish Parliament and Executive effectively separated public spending by the Scottish...