Given the increase in world economic integration we wish to examine whether there is a case for coordinating monetary policy across some of the major economies. In late 1998 and early 1999, US monetary policy responded to global economic conditions and interest rates were cut in response to the...

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The US current account deficit is in excess of 6 per cent of GDP, and is leading to an accumulation of debts. We use NiGEM to evaluate the causes of the decline, and suggest that domestic absorption in the US has increased markedly. Nominal realignments and monetary expansions elsewhere are...

In this paper we report the results of a series of internal and external shocks on the Euro Area, using the National Institute's Global Econometric Model, NiGEM. The differences in impacts across countries are discussed, stressing the role of openness to the rest of the world, the nature of...