In the article we explain the basis of a series of comparisons of the explanations of the major macroeconomic variables in the UK economy which we are undertaking in a research project financed by HM Treasury. We seek to explain why it is that, despite the apparent objectivity of econometric...

Beginning with an assessment of new thinking in macroeconomics and monetary theory, this book suggests that many countries have adopted the New Consensus Monetary Policy since the early 1990s in an attempt to reduce inflation to low levels. It goes on to illustrate that the explicit control of...

The existence of uncertainty influences the investment, production and pricing decision of firms. Therefore, capacity expansion models need to take into account uncertainty. This uncertainty, may arise because of errors in the specification, statistical estimation of relationships and in the...