Money, inflation and employment: essays in honour of James Ball
This festschrift celebrates not only the personal achievements of Jim Ball, but also the contributions to macroeconomic policymaking and analysis of the Centre for Economic Forecasting at the London Business School which he founded and led. Andrew Britton, The Manchester School . . . this volume is a valuable collection that will provide much interest to both policymakers and academics. Simon Sosvilla-Rivero, Economic Journal Money, Inflation and Employment examines issues of economic policy and theory through a series of original essays written in recognition of Sir James Ball s seminal contribution to macroeconomic modelling, forecasting and economic policy making. Contributions by leading policymakers focus primarily on the UK economy, with papers by Jeremy Bray, MP, on managing the economy, Alan Budd, Chief Economic Adviser to the Treasury, on exchange rate policy, Sir Terence Burns, Permanent Secretary to the Treasury, on the Treasury s responsibilities and character, and Bill Robinson on the effects of North Sea oil. Later contributions address technical questions, with papers by David Currie and Steven Hall on expectations and learning, D.F. Hendry and M.P. Clements on a theory of intercept corrections in macroeconomic forecasting, Lawrence Klein on economic forecasting and decision making under uncertainty, Ken Wallis and Keith Church on price homogeneity and the supply side in a number of models of the UK economy.
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The game of managing the economy
Some reflections on the Treasury
8 other sections not shown
actual adaptive expectations adjustment agents aggregate analysis approach assets assumption average balance of payments bank behaviour Bray cent changes classical unemployment coefficient component consumer prices correlation costs countries devaluation dynamic econometric econometric models economic policy Economic Review effect empirical equilibrium estimated example exchange rate exports Figure fixed exchange rate forecast error function Hendry import prices improvement income increase inflation intercept corrections interest rates Journal Keynesian labour demand labour force linear London Business School long-run Lucas Lucas critique Macroeconomic Modelling manufacturing mark-up ministers monetary policy NAIRU natural rate North Sea oil OEF model officials oil revenues parameters period policy optimization price equation problem production rational expectations real wage relative residuals response Retail price index retail prices rise role sector simulation solution stochastic structural theory Treasury model Treasury's UK economy unem unemployment rate variables wage gap weights