In the 'overall outlook' section we focus on the influence of the Group of Five (G5) 'accord' on exchange-rate prospects, and compare the expected impact of an appreciating currency on growth prospects in Japan and Germany. The short-term forecast is then discussed in more detail in sections...

This paper explores the Labour government’s fiscal policy performance at the macroeconomic level. This analysis is in two halves. The first covers the period up until the Great Recession, which involved a single policy regime subject to two simple fiscal rules. After discussing the theoretical...

In the 'overall outlook' section we focus on the influence of the Group of Five (G5) 'accord' on exchange-rate prospects, and compare the expected impact of an appreciating currency on growth prospects in Japan and Germany. The short-term forecast is then discussed in more detail in sections...

The chapter contains detailed forecasts to the end of 1989 and medium-term projections to 1992. These are followed by two special sections. The first presents three forecast variants using simulations of our world model GEM. In variant A the G7 prevent the steady decline in the dollar assumed in...