Following the decline in global equity markets, the rise in bond prices and the downward revisions to assumed mortality rates between 2001 and 2003, the UK's defined benefit (DB)pensions industry went from a situation where surpluses and scheme sponsor contribution holidays were commonplace, to...

In this paper we determine how well a 'limited participation' model of the monetary transmission mechanism is able to match important aspects of the UK economy. Such models were developed initially by Lucas (1990), Fuerst (1992) and Christiano and Eichenbaum (1992, 1995), but our version...

In this paper we develop a model of the UK economy in which monetary growth determines inflation, but in which multiple shocks obscure the relationship between money and inflation. It is a general equilibrium model, calibrated to match certain key features of the data, and it falls into the...

In this paper a structural empirical model of the UK monetary transmission mechanism is estimated, which can be used for policy analysis and forecasting. A small system is estimated containing eight variables that theoretically have an important role in the transmission mechanism. The paper then...

This paper analyses how well a 'limited participation' model of the monetary transmission mechanism is able to match important aspects of the UK economy. Given that the endogenous monetary policy rule being followed by the monetary authority is not explicitly modelled, the model might not be...

In this paper, a model of the UK economy is developed in which monetary growth determines inflation, but in which multiple shocks obscure the relationship between money and inflation. The model is a Dynamic Stochastic General Equilibrium model in which consumers can only participate in financial...