This technical note and manual (TNM) addresses the following main issues: •Interaction between treasury cash management and monetary policy operations within the wider context of the respective economic responsibilities of the ministry of finance and the central bank. •Institutional...

"The book explores the vital role played by the financial service industries in enabling the poor to consume over the last hundred and fifty years. Spending requires means, but these industries offered something else as well - they offered practical marketing devices that captured, captivated...

It has recently been suggested that allowing for switches between different inflationary regimes produces a much better fit for the Fisher relationship between interest rates and inflation, at least for U.S. data. The paper assesses the merits of the regime-switching theory as an explanation for...

This paper investigates, using cointegration and Granger-causality techniques, whether a stable long-run co-movement exists between world commodity prices and U.K. retail prices, and whether short-run changes in commodity prices convey information about future movements in U.K. retail prices....

In this paper, the IMF''s new Global Economy Model (GEM) is used to estimate the relative importance of a number of factors argued to explain the differences in the trends in core inflation and relative prices in the United Kingdom, the Euro Area and the United States. The simulation results...

Countries compiling quarterly estimates for gross domestic product (GDP) often use alternative approaches simultaneously. This may result in the publication of different measures of quarterly GDP and discrepancies between these measures. Such discrepancies are unavoidable, unless reconciliation...

In the context of the U.K. government’s EMU entry condition of cyclical convergence, this paper (i) provides further evidence suggesting that historically the U.K.’s business cycle has been more volatile than, and relatively independent of, the cycles in the euro-area countries; and (ii)...

This paper provides evidence that cross-sectional wage inequality in the U.K. rose sharply in the 1980s, continued to rise moderately through the mid-1990s and has remained essentially unchanged since then. As in the U.S., increases in within-group inequality account for a substantial fraction...