The recent financial crisis and subsequent deterioration in macroeconomic outcomes have raised question marks over the framework for monetary policy in the United Kingdom. This paper examines the performance of the UK's monetary policy framework in the light of these questions. Far from...

During the Bretton Woods era, OECD countries grew at historically unprecedented rates. This Golden Age has many possible explanations, ranging from the return to liberal policies in international trade to a backlog of profitable growth opportunities after the neglect of the 1930s and wartime...

This paper examines the relationship between foreign ownership and productivity, paying particular attention to two issues neglected in the existing literature--the role of multinationals in service sectors and the importance of R&D activity conducted by foreign multinationals. We review...