The focus of this paper is on the extent to which the macroeconomic models developed by the European Central Bank (ECB) and the Bank of England (BoE) are consistent with the 'New Consensus Macroeconomics' (NCM for short). The macroeconometric models are important in two respects. First, they are...

The paper discusses a range of considerations as to whether the new member countries would benefit from joining EMU, and then to propose alternative criteria for their membership. It begins by rehearsing the 'optimal currency area' arguments, and then consider one aspect of those arguments,...

The aim of this paper is to show that there are clear advantages in forecasting overall market trends and in policy analysis in treating the US housing market as homogeneous. This study differs from the traditional approach and other studies that attempt to deal with US house prices in a...