Macroeconomic factors in the birth and death of U.K. firms: evidence from quarterly VAT registrations
Article Abstract:
The high growth of GDP and growth of personal wealth in real terms provided the impetus for the high rate of business growth in UK during the 1980s. Increasing levels of house ownership and soaring real estate prices helped the new entrepreneurs to raise capital. Analysis of the quarterly records of VAT registration also highlights that new registrations were more responsive to the macroeconomic changes rather than the business dissolutions. Hence, decline in the entry of new firms due to unfavorable macroeconomic conditions in 1990 resulted in a considerable fall in the rate of growth of firms.
Publication Name: The Manchester School of Economic and Social Studies
Subject: Social sciences
ISSN: 0025-2034
Year: 1996
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Credibility and the effectiveness of inflation targeting regimes
Article Abstract:
The formulation of a coherent monetary policy demands a simple feedback rule that relates the changes in interest rate to deviations in inflation from its target level, and to output level. A stylized calibrated model shows that it is possible to prescribe simple rules, which can effectively control inflation in a stochastic environment. Moreover, the feedback rule provide the benchmark for inflationary expectations if the policy makers deviate from the policy in a practical situation. The research can be extended to larger and more realistic empirical models of inflation targeting.
Publication Name: The Manchester School of Economic and Social Studies
Subject: Social sciences
ISSN: 0025-2034
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
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