National Institute Economic Review articles from July 2003

National Institute Economic Review archives from July 2003

The world economy. (At A Glance ...).
July 1, 2003... * The recovery in the global economy has stalled: world GDP will grow by only 2.9 per cent this year, a little lower than in 2002, and by 3.2 per cent in 2004. * American GDP will increase by 2.4 per cent in 2003--no higher than last...

The UK economy. (Economic Overview).
July 1, 2003... * We expect GDP to grow by 1.9 per cent in 2003 and by 2 3/4 per cent in 2004 and 2005. * Consumer spending will increase by 2.2 per cent this year and by 1.5 per cent in 2004. * If world trade growth does not accelerate next year,...

Commentary: the UK economy.
July 1, 2003... Data cumulating over the past few weeks suggest that there has certainly been some improvement in the rate of economic growth, as compared to the rate of 0.1 per cent identified in the first quarter of this year. We expect the acceleration to...

Fiscal demand management. (Commentary).
July 1, 2003... Introduction The assessment of membership of the Euro Area included the suggestion that fiscal policy could be used systematically as a means of demand management, in order to replace a national monetary policy (HM Treasury 2003). This...

The world economy.
July 1, 2003... Section I. Recent economic developments The outlook for world growth this year has deteriorated since April, due to a sharp contraction in world trade in the first quarter of the year and failure to sustain the revival in private sector...

The UK economy.
July 1, 2003... The production of this forecast is supported by the Institute's Corporate Members: Bank of England, Barclays Bank plc, Ernst and Young LLP, GlaxoSmithKline, INVESCO Europe Ltd, Marks and Spencer plc, Morgan Stanley Dean Witter (Europe) Ltd,...

Changing the inflation target.
July 1, 2003... Since May 1997, when the Bank of England was given operational independence to set monetary policy, the Monetary Policy Committee (MPC) has been responsible for setting short-term interest rates to ensure that the Government's inflation target...

Benchmarks and targets under the SGP: evaluating safe deficit targets using NiGEM.
July 1, 2003... Fiscal pacts and automatic stabilisers are widely discussed in the policy debate. Pacts put bounds on borrowing, and the bounds have to be evaluated. We use our model, NiGEM, to set safe targets for European deficits. Although there are many...

Annualised hours contracts: the way forward in labour market flexibility?
July 1, 2003... Under annualised hours' contracts (AHCs), workers and management agree to the length and scheduling of working hours over a 12-month period. Such contracts have been widely seen as a potentially important way of achieving greater labour market...

The domestic performance of UK multinational firms.
July 1, 2003... This paper analyses the domestic performance of UK multinational firms from two perspectives: (i) their productivity relative to foreign multinationals, domestic exporters and non-exporters, and (ii) their ability to benefit newly acquired...

Foreign ownership, microelectronic technology and skills: evidence for British establishments.
July 1, 2003... This paper uses the Workplace Employee Relations Survey panel for 1990-1998 to investigate the relationship between foreign ownership, skill-structure and use of microelectronic technologies in British establishments. We find that foreign-owned...

Statistical appendix.(Illustration)
July 1, 2003... STATISTICAL APPENDIX Data are included up to the end of the latest quarter, if they are available at the time of going to press. Table 1. Gross domestic product billion [pounds sterling], 1995 prices, seasonally adjusted ...