We use a full general equilibrium 2-country, 2-period model with perfect capital markets, and intertemporal optimization and perfect foresight underlying private consumer behaviour in both countries to analyse the effects of pure fiscal policy. We demonstrate that higher government budget...

Assessments of the changing pattern of health in the present century are made on the basis of very limited evidence. Problems in evaluating such evidence as age specific mortality rates are considered. Fuller exploitation of morbidity records is advocated. But this data is notoriously difficult...

The Paper deals with the principles that should govern the design of budgetary and financial policy. The analytical divorce between stabilisation policy, which concerns deviations from full employment (or full information) equilibrium and allocative policy which concerns the full employment (or...

This paper extends Svensson and Razin's two period analysis of the Laursen-Harberger-Metzler effect to the important case where labour supply and output are variable. A terms of trade shift alters the relationship between the product and the consumption wage and so induces a change in output....

The measurement of national income has added greatly to our understanding of economic and social change in Europe over the past hundred years. But national income analysis does not take full account of changes in welfare and particularly of the causes and effects of long-term changes in the...

This essay attempts to use the pure theory of welfare economics to address the ethical issues that underlie the choice of future population size. The essay begins with a summary of welfare economic theory as it pertains to situations where population size is not subject to choice, and notes that...

The paper summarizes what is currently known about the history of old age in Britain in relation to the economy, in particular to labour supply; and the areas in which this history could most usefully be developed in order to contribute to current and future policy discussions. It describes the...

The paper develops a forward-looking comprehensive accounting framework for the public sector. By integrating the public sector budget constraint forward in time the government's present value budget constraint (PVBC) is obtained. In addition to the familiar financial assets and liabilities,...

In this paper the Maximum Principle is used to derive optimal policies for linear-quadratic, continuous-time economic systems where there may be more than one policy-maker and where the private sector may have rational expectations. The analogy between solving full-information differential games...

In this paper we view the tax schedule applied to the profits of a Multinational Enterprise (MNE) as the outcome of a sequential bargaining process and show, using modern game theory developments (the "perfect equilibrium" solution concept) that tax holidays will emerge from such a process if a...