In recent years the UK's macroeconomic policy framework has undergone a period of radical reform so as to deliver the economic stability necessary to achieve high levels of growth and employment. This book provides a comprehensive account of these reforms, which constitute a new and innovative approach to policy making. Radical changes to the monetary policy framework, the fiscal policy framework, the regime for public spending and financial regulation are presented. Together they represent a coherent strategy to deliver economic stability and benefits to the wider economy. As well as providing an unprecedented insight into UK Government economic policy, the book takes the reader through the intellectual foundations of policy reform and the translation of these to applied policy making. Reforming Britain's Economic and Financial Policy contains a foreword by the Chancellor, Gordon Brown.

Going for Growth 2021 identifies country-specific structural policy priorities for the recovery across OECD and key non-member countries (Argentina, Brazil, The People’s Republic of China, Costa Rica, India, Indonesia and South Africa). It frames the main policy challenges of the current juncture along three main areas: building resilience; facilitating reallocation and boosting productivity growth for all; and supporting people in transition.

This book takes an in-depth look at the enormous challenges facing UK public services and considers what might be done to resolve them. The authors are confident that more of the same over-centralised approaches to public policy and so-called "levelling-up" policies will just not work. Instead, they argue for an application of radical measures, involving the creation of elected regional governments in England similar to the devolved arrangements in Wales, Scotland and Northern Ireland. The book comprises four distinct parts: introduction and context; the need for major reform; policies for individual public services and cross-cutting themes. Following an introduction and discussion of the meaning of the terms public policy and public services, the first part goes on to discuss at length the substantial challenges to public policy and public services. The second part sets out the need for over-arching reforms, designed to address the issues discussed above, namely the development of elected regional governments. Each chapter in part three explores key themes concerning individual public policy areas and public services, while part four discusses a number of themes, which cut across all the public services already considered. Although the book is focused on and is of great relevance within the UK, it also has international appeal, as many of the themes discussed will have resonance in other countries and the analysis of public policy in regional administrations will also be of interest in other jurisdictions. It will appeal to students and academics in the fields of government and politics, economics, finance and accounting, public administration, public service management and social policy, as well as policymakers, practicing civil servants, public service managers and elected representatives.

This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.

This book explores Edmund Burke's economic thought through his understanding of commerce in wider social, imperial, and ethical contexts.

. . . this book provides a useful overview of the challenges facing the IT policy framework, both by pointing to the limitations of the underlying theory and, more importantly, by outlining the importance of a transparent policy framework for anchoring expectations. . . the book should be of interest to all central bankers and students of monetary policy. Colin Rogers, Economic Record Recent developments in macroeconomic and monetary thinking have given a new impetus to the management of the economy. The use of monetary policy by way of manipulating the rate of interest to affect inflation is now well accepted by both academic economists and central bank practitioners. Beginning with an assessment of new thinking in macroeconomics and monetary theory, this book suggests that many countries have adopted the New Consensus Monetary Policy since the early 1990s in an attempt to reduce inflation to low levels. It goes on to illustrate that the explicit control of the money supply, which was fashionable in the 1970s and 1980s in the UK, US, Europe and elsewhere, was abandoned in favour of monetary rules that focus on interest rate manipulation by the central bank. The objective of these rules is to achieve specific, or a range of, inflation targets. Bringing together a distinguished cast of international contributors, this book presents a collection of papers, which discuss the following issues amongst others: the stability of the macroeconomic equilibrium monetary policy divergences in the Euro area stock market prices the US post- new economy bubble the information economy inflation targeting. This useful analysis of New Consensus Monetary Policy will be of great interest to financial economists and international monetary economists, as well as students and scholars of macroeconomics and finance.

Microeconomic Reform in Britain: Delivering Opportunities for All provides a comprehensive guide to the extensive microeconomic reforms implemented over the last 6 years to realise the UK Government's goals: a stronger more enterprising economy and a fairer society. This companion volume to Reforming Britain's Economic and Financial Policy: Towards Greater Economic Stability , published in 2002, offers a detailed account of a programme of reforms which together constitute a comprehensive strategy to lock in the stability needed to support steady growth by pursuing both enterprise and fairness for all. Building on the foundations of monetary and fiscal reform, the reforms in microeconomic policy described in this volume provide the framework for improving Britain's overall productivity, expanding national wealth and protecting the environment. The government's approach to raising productivity across all sectors and income groups, supporting families, and tackling poverty is presented, together with a detailed account of the reform of the delivery of public services. This volume is a key resource for students of economics and politics, bringing together the work which will have a profound influence on the future of British economic policy making.