Monetary policy; questions of adequacy, design and presentation

Article Abstract:

It can be argued that the presentation of monetary policy in the UK would be more coherent if it were presented in terms of short interest rate forecasts. The Bank of England Monetary Policy Committee's currently targets inflation two years hence. An inflation forecast for the next two years is therefore appropriate, but while the inflation report indicates a fanning out of possible inflation rates over the future, the rates should present some convergence on the central target rate as inflation changes under the influence of policy reactions to forces regarded as likely to shift inflation away from its 2.5% target. It does not seem wise to use prudential controls as a financial regulator.

Currency Stabilization Programs, United Kingdom, Monetary policy, Currency stabilization

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Economic implications of European demographic change

Article Abstract:

The proportion of the population aged over 65-years-old is set to rise in developed economies and some 25% of the population of Western Europe will be over 65 by 2040. The United Kingdom savings rate is likely to drop in the 40 years from 1997, while the amount of capital per worker will increase. A drop in the productivity of capital will mean that interest rates will drop. The number of hours worked will also drop as a result of demographic change and due to an increased demand for leisure. Demographic change can be forecast more accurately than economic change in general, and is likely to have significant economic results.

Economic Planning & Research, Economic aspects, Economic conditions, Western Europe, Economic forecasting, Demography

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Benefit transfers: a cost-effective route from welfare to work

Article Abstract:

The UK Labour government's Benefit Transfer Programme offers a cost-effective solution to unemployment. The programme offers to the young and long-term unemployed the option of receiving, in place of benefits, vouchers which can be given to employers for employment. The programme requires no extra government spending, it is not inflationary, and, as it also offers a training subsidiary, it encourages appropriate training in needy localities. There are numerous pitfalls in the use of a benefit transfer programme, but careful programme design can minimize the problems.

Job Programs NEC, Youth Jobs Programs, Evaluation, Employment, Labour Party (United Kingdom), Unemployment, Manpower policy, Employment subsidies, Employment assistance, Youth employment

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