Brexit and its possible implications for the UK economy and its regions: A post-Keynesian perspective

This paper discusses the implications of Brexit for both the UK and its regions, as the latter depends on the former. We concentrate on the forecasts by Her Majesty's Treasury (HMT), the Cambridge Centre for Business Research and the Economists for Brexit. It is argued that the estimates of HMT of the loss of GDP are likely to be overstated, but, nevertheless, there will probably be a fall in output. Given this, the effect on the UK regions is analysed using the regional balance-of-payments constrained growth model. This suggests that Brexit will cause regional disparities to widen

Measuring the efficiency of Britain's privatised train operating companies

Twentyfive operating companies (TOCs) were created between 19941997, as part of the restructing process of the railway industry in Great Britain. The TOC operate monopoly franchises for the provision of passengers of passenger rail services over certain routes some of which continue to receive government subsidies. This paper investigates how the efficiency of these train operating companies has evolved over the period since privatisation using data envelopment analysis (DEA) and corrected ordinary least squares (COLS). Our data allows us to look at the evolution of relative efficiency and productivity through the privatisation and to perform secondstage regression analysis of the effciency scores using safety, quality and environmental data. The analysis sheds some light on the success and failures of the UK's most controversial privatisation to dat

The Interest Rate Channel in the New Monetary Policy Framework

Is the current consensus about monetary policy valid? As the authors see it, current monetary policy is designed to use interest rates as a control on longterm inflation. The authors assess the concept, summarize the empirical data, and find that the theory may not work. Supply shocks may cause most inflation, not demand.

A Scheme to Coordinate Monetary and Fiscal Policies in the Euro Area

Il saggio esamina l'organizzazione del coordinamento tra le politiche fiscali e monetarie nell'area dell'euro, criticandone i contenuti attuali e proponendone una modifica sia ai meccanismi istituzionali, attraverso la creazione di un'Agenzia Fiscale Europea, dotata di un'indipendenza simile a quella della Banca Centrale Europea, sia di suoi strumenti operativi, come il Patto di Stabilità, i cui contenuti attuali appaiono contraddittori rispetto ai dati ufficiali riportati dalla BCE e relativi alle potenzialialità di crescita e al tasso di inflazione obiettivo dell'area dell'euro, e ai vincoli imposti dal Patto stesso ai rapporti deficit-PIl e debito pubblico-PIL