We use available methods for testing macro models to evaluate a model of China over the period from Deng Xiaoping's reforms up until the crisis period. Bayesian ranking methods are heavily influenced by controversial priors on the degree of price/wage rigidity. When the overall models are tested...

A rational expectations model estimated for the UK is used to simulate macroeconomic policy under fixed and floating exchange rates. Under fixed rates inflation and interest rates are effectively set internationally; monetary policy only affects the reserves even in the short run and cyclical...

I have given this review article its provocative title, not because the book with which it is associated is bad or should be buried. On the contrary, the book, as one would expect from the authors, is an extremely intelligent and well‐argued application of available techniques to the problem...

Development and convergence is explained as the transfer of technology embodied in machinery, to the manufacturing sector of those developing countries that institute the necessary property rights. The process is modelled within a Heckscher-Ohlin-Samuelson framework with capital mobility and...

Previous empirical studies have found the gains from international policy coordination to be small relative to the imprecision with which policy can be framed. This paper investigates whether there are larger gains to strategic behavior (interpreted as Nash noncooperative equilibria), as...

This article considers the impact of minimum wage legislation on wages, employment and gross domestic product. Using the Liverpool quarterly model of the UK to calculate the total effects in the economy, the authors suggest that unemployment would increase along with the real wages of low paid...