In this paper, we review the well-known problem of how to measure price developments when the quality of the underlying goods and services is changing over time. The importance of appropriate methods to take account of quality change is highlighted from the perspective of monetary policy. In...

Eight years have passed since the European Central Bank (ECB) launched its Survey of Professional Forecasters (SPF). The SPF asks a panel of approximately 75 forecasters located in the European Union (EU) for their short- to longer-term expectations for macroeconomic variables such as euro area...

The National Institute produces four World Economy forecasts each year based on the output of the Global Model, NiGEM. We have rebased and expanded the model. The trade and competitiveness system is now based on the pattern of trade in 1987, and we have adapted the model in order that we can...