The growing pressures for protection in industrialised countries against manufactured exports from developing countries appear to threaten the rapid rate of growth and market penetration of these countries' exports. An examination of the evidence suggests that whilst protection appears to have...

In this paper a simple model of aggregate supply and demand for labour is developed which includes a "surprise" supply function and imposes labour market clearing. This model is estimated on British data for 1857 to 1938, an important period for the original Phillips curve estimates. For...

This paper provides a general review of recent developments in the application of control theory to macroeconomic policy design. It starts by highlighting the crucial difference between the engineering and economic control problem, in that the latter, unlike the former, is concerned with the...

This Paper evaluates alternative designs of indicator regimes for monetary policy in a small stochastic macromodel of the small open economy with rational expectations. The paper first derives methods for deriving optimal control rules and optimal simple feedback rules in rational expectations...

This paper emphasises some of the outstanding issues on the agenda for research on the labour force in Britain. It surveys topics but not results and does not attempt to review the literature or current research. Human resources are defined as the potential for creating economic welfare through...

Dornbusch's overshooting model of the exchange rate has proved a very influential alternative to the monetary model. The original Dornbusch model was specified in continuous time and assumed perfect foresight. It also imposed the restriction of a sticky price level which does not respond...

This paper examines the international financial relations of the interwar period to see what light this experience sheds on current concerns over international policy coordination. The analysis proceeds in three parts. The first part considers the role for policy coordination as viewed by...

The paper studies the effects of alternative financing policies in the open economy. There is a non-trivial role for financing policy because of the failure of first-order debt neutrality due to uncertain private lifetimes. Both the single-country case and the interdependent two-country case are...

The way in which economic development transforms the material basis of human social interaction and the widespread belief that the advanced industrial countries suffer from some kind of "social malaise" make it increasingly important to develop good indicators of the hitherto unmeasurable...

Although for the most part this paper is concerned with others' work, it is not a survey of the literature. Notable omissions are: the shoe-leather effect, the Tobin effect, the real effects of nominal (government) institutions. The first part looks at the relationship between inflation,...