The Spring 2003 Quarterly Bulletin contained a report on modelling and forecasting at the Bank of England by Adrian Pagan. This article is a postscript to Professor Pagan's original report, and covers the introduction of the Bank's new macroeconomic model (the Bank of England Quarterly Model, or...

We extend a small New Keynesian structural model used for monetary policy analysis to address a richer class of policy issues that arise in open economy analysis. We draw a distinction between absorption and domestic output, and as the difference between the two is effectively the current...

We extend a small New Keynesian structural model used for monetary policy analysis to address a richer class of policy issues that arise in open economy analysis. We draw a distinction between absorption and domestic output, and as the difference between the two is effectively the current...