There is no consensus about the causes of the reduction in business cycle volatility seen in many major economies over the last decade. Using stylised models of the economies of the US, Euro area, UK and Japan, we argue that economic stability has been fostered by improved monetary policy and by...

Many measurements of consumer welfare have been proposed to reflect the income equivalent of a welfare change Measures used in policy evaluations are compensating variation, equivalent variation, Paasche variation, Laspeyres variation, and consumer's surplus This research presents an empirical...