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作者：Algan, Yann
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作者：Bean, Charles
作者单位：Bank of England
摘要：In his Nobel Prize lecture, Meade advocated allocating demand management policies to pursuing price stability, reformed wage-fixing institutions to achieving full employment and foreign exchange policies to maintaining balance-of-payments equilibrium. But with respect to the first, he advocated a target for nominal income rather than the price level. I evaluate Meade's programme with the benefit of hindsight and in the light of experience with inflation targets. I also discuss some of the issu...
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作者：Corden, W. Max
作者单位：University of Melbourne
摘要：This article is stimulated by current criticisms of Chinese exchange rate policy. The concern is really about China's current account surplus. The article discusses the factors that determine the surplus, and the reasons why the surplus increased sharply from 2005. The international implications of China's surplus and growth are discussed, and how it has affected the world real interest rate, and through that the US current account deficit. The surplus has had various international relative pr...
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作者：Kirsanova, Tatiana; Leith, Campbell; Wren-Lewis, Simon
作者单位：University of Exeter; University of Glasgow; University of Oxford
摘要：In the last few years papers have begun to analyse optimal monetary and fiscal policy in models incorporating nominal rigidities where social welfare is derived from the utility of agents. This article examines whether this analysis provides support for the consensus assignment, where monetary policy controls demand and inflation and fiscal policy controls government debt. We argue that the basic structure of New Keynesian models implies that monetary policy dominates fiscal policy as a means ...
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作者：Disney, Richard; Emmerson, Carl; Tetlow, Gemma
作者单位：University of Nottingham; University of London; University College London
摘要：We measure accruals in defined benefit (DB) pension plans for public and private sector workers in Britain, using typical differences in scheme rules and sector-specific lifetime age-wage profiles by sex and educational group. We show not just that coverage by DB pension plans is greater in the public sector but that median pension accruals as a percentage of salary are more than 6% higher among DB-covered public sector workers than covered private sector workers. This is largely driven by ear...
