Silver, mercantilism, and the impulse for colonization -- The first decades of English American settlement, 1607- -- Monetary upheaval, recovery and the Dutch infiltration, 1640- -- Mercantilism, mints, clipping, smuggling, and piracy, 1660- -- Empire in crisis and flux, 1670- -- Showdown in...

"Small businesses were at the heart of the economic growth and social transformation that characterized the industrial revolution in Britain. In towns across north-west England, shops and workshops dominated the streetscape, and helped to satisfy an increasing desire for consumer goods. Yet...

This paper reexamines some unsettled theoretical and empirical issues regarding the relationship between nominal exchange rates and interest rate differentials and provides a model for the behavior of exchange rates in the long run, where interest rates are determined in the bond market. The...

This paper examines the macroeconomic effects of different timing and composition of fiscal adjustment in the United Kingdom using the IMF’s Global Fiscal Model. Early consolidation dampens aggregate demand in the short term, but increases output in the long term as smaller primary surpluses...

The present formulation of the golden rule in the United Kingdom allows fiscal performance to be tested explicitly on an ex-post basis. However, it requires precise dating of the economic cycle, which can lead to significant controversy. Also, the need to aim for current balance or better ""over...

The United Kingdom allowed workers from the ten new European Union member countries immediate access to its labor market after the accession in 2004. This paper uses a general equilibrium framework to explore the dynamic adjustment of the UK economy to the postaccession surge in immigration....

This paper develops and estimates a game-theoretical model of inflation targeting where the central banker''s preferences are asymmetric around the targeted rate. Specifically, positive deviations from the target can be weighted more, or less, severely than negative ones in the central banker''s...