Macroeconomic performance in the United Kingdom has been disappointing in recent years: for most of the post-crisis period, GDP growth has been unexpectedly weak, and inflation unexpectedly strong. That unexpected weakness in GDP reflects a combination of weaker growth in the United Kingdom's...

Macroeconomic performance in the United Kingdom has been disappointing in recent years: for most of the post-crisis period, GDP growth has been unexpectedly weak, and inflation unexpectedly strong. That unexpected weakness in GDP reflects a combination of weaker growth in the United Kingdom’s...

Dwellings investment (house building and home improvements) can have a large impact on GDP growth. This article presents an economic framework that helps explain movements in UK dwellings investment. House building responded sluggishly to rising house prices in the earlier part of this decade....

This article uses household-level survey data on income and employment to compare labour market dynamics across a range of advanced economies, including Australia. The analysis focuses on how changes in employment status are distributed within countries and how those distributional patterns vary...

The path of labour supply is a key consideration for the Monetary Policy Committee (MPC). It helps to determine the overall supply capacity of the economy and therefore the amount of output that can be produced without generating excess inflationary pressure. Labour supply appears to have grown...

Employment has fallen during this recession but by much less than the fall in output. This article examines how the behaviour of the labour market compares with previous recessions. A number of factors, including greater flexibility in real wages, may have helped to mitigate the fall in...