Since the breakdown of the Bretton-Woods system in the early 1970’s, the debate about coordinating the macroeconomic policies of the major countries in the world economy has intensified. There is a perception that the current “non-system” has lead to macroeconomic policies in major...

The world is in the midst of a significant demographic transition with important implications for the macroeconomic performance of the global economy. This paper summarizes the key features of the current and projected future demographic change that are likely to have macroeconomic effects. It...

Expectations play an important role in the recent literature on the theory of macroeconomic policy. Rather than approaching the problem of macroeconomic policy formulation from the point of view of a policymaker mechanically controlling an economy, the recent literature has focussed on the...

This paper explores the impacts of more rapid growth in labor productivity in the service sector in Asia based on an empirical general equilibrium model. The model allows for input–output linkages and capital movements across industries and economies, and consumption and investment...

This paper explores the impacts of more rapid growth in labor productivity in the service sector in Asia based on an empirical general equilibrium model. The model allows for input–output linkages and capital movements across industries and economies, and consumption and investment...

The Economics of an Ageing Population studies the effects of demographic transition on the economies of industrialised countries. The authors demonstrate that an ageing population does not necessarily lead to a reduction in growth, providing that the working population are more productive and...

This paper studies the implications of adaptive learning in the modelling of international linkages in a two-region MSG-Cubed (MSG3) model built on micro-founded behaviours of firms and households. The nature of the transmission process under rational expectations versus the adaptive learning...

This paper explores the failure of countries to coordinate climate policies as an equilibrium outcome of a game where countries optimize in the face of both unprecedented economic and environmental uncertainty. Because issues associated with climate change are historically unprecedented and thus...

Economic growth projections are fundamental to long term investment planning by businesses and government. There is an extensive and well developed literature concerned with methodologies for projecting economic growth over short time horizons, but over long horizons, where the goal is to...