The national debt stock of the UK is rising sharply as a result of the economic crisis, and equilibrium output is falling, with the capital stock contracting. Both problems could be alleviated by the rapid introduction (but slow implementation) of a policy to extend working lives. The paper...

 The economy will experience its biggest decline in 60 years in 2009.  Consumer spending will fall this year by 3.8 per cent as household saving recovers.  Net trade will cushion the economy from an even more severe setback in 2009 and drive the subsequent recovery in 2010.  Public...