A large theoretical literature exists that suggests that differences in growth performance may be related to variations in the extent of international openness. This paper is concerned with quantifying measures of openness and examining their association with productivity growth across 19...

It is important for monetary policy makers to know how closely money market rates follow the policy rates they set. This paper looks at the volatility and persistence of divergences between short-term market interest rates away from policy rates. This may also offer insights into the...

We report the results of an experimental analysis of monetary policy decision-making under uncertainty. We used a large sample of economically literate undergraduate and postgraduate students from the London School of Economics to play a simple monetary policy game, both as individuals and in...

Theoretical models of growth and trade suggest that patterns of international specialization are dynamic and evolve endogenously over time. Initial comparative advantages are either reinforced or gradually unwound with the passage of time. This paper puts forward an empirical framework for...

This paper considers the role of international openness in facilitating the convergence of average income per capita between countries. The statistical technique of Discriminant Analysis is used to sort economies into groups of open and closed on the basis of a number of measures of the stance...

There is a strong partial correlation between openness and rates of productivity growth across UK manufacturing sectors. The paper investigates the relationship more formally, within a theoretical model of productivity catch-up. The model identifies three potential effects of international...

The theoretical literature on endogenous growth and international trade suggests that comparative advantage is endogenous. Sector-specific learning by doing and technology transfer respectively provide reasons why initial patterns of international specialization may persist or exhibit mobility...

This paper is concerned with the nature of economic growth in 19 manufacturing industries between 1970-92. There is substantial heterogeneity (both across sectors and time) in rates of growth of value-added, hours worked, labor productivity and Total Factor Productivity during the sample period....

This article reports the results of an experimental analysis of monetary policy decision-making under uncertainty. The experiment used a large sample of economically literate undergraduate and postgraduate students from the London School of Economics to play a simple monetary policy game, both...