The UK Economy in the Long Expansion and its Aftermath

doi:10.1017/CBO9781316556191

The financial crisis of 2007–11 has now been analysed and explained from almost every conceivable standpoint. Far less attention has been paid to the long business cycle expansion that started in 1992 and provided an exceptional period of macroeconomic stability in the UK. To many it seemed that the main problem of the UK economy had been solved: that of sustained non-inflationary economic growth. This book brings together senior macroeconomists from universities and the Bank of England to look at what policy-making lessons can be learned from looking at the period of expansion that preceded the financial crisis. It does so with the twin aims of encouraging more policy-focused research on the UK and encouraging policy debate in the aftermath of the financial crisis and the prolonged economic recession. Students, researchers and practitioners with an interest in the UK economy will need to absorb the lessons of this book.

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Contents

The UK Economy in the Long Expansion and its Aftermath
pp i-i
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Macroeconomic Policy Making - Series page
pp ii-ii
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The UK Economy in the Long Expansion and its Aftermath - Title page
pp iii-iii
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Copyright page
pp iv-iv
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Contents
pp v-vi
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Figures
pp vii-x
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Tables
pp xi-xii
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Contributors
pp xiii-xiii
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Preface
pp xiv-xiv
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Introduction
pp 1-16
- By Jagjit S. Chadha, Alec Chrystal, Joe Pearlman, Peter Smith, Stephen Wright
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1 - Prospects for UK growth in the aftermath of the financial crisis
pp 17-80
- By Nicholas Oulton
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2 - Labour market and monetary policy reforms in the UK: a structural interpretation of the implications
pp 81-110
- By Francesco Zanetti
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3 - Property income and the balance of payments
pp 111-130
- By Tomas Key, Varun Paul, Martin Weale, Tomasz Wieladek
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4 - UK broad money growth in the Long Expansion 1992–2007: what can it tell us about the role of money?
pp 131-209
- By Michael McLeay, Ryland Thomas
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5 - An old fashioned banking crisis: credit growth and loan losses in the UK 1997–2012
pp 210-243
- By Alistair Milne, Justine A. Wood
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6 - Household debt and spending in the United Kingdom
pp 244-293
- By Philip Bunn, May Rostom
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7 - MPC decision-making, the Long Expansion and the crisis: integration with the global economy, heterogeneity and network dynamics
pp 294-329
- By Arnab Bhattacharjee, Sean Holly
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8 - Nine votes, one view and the never-ending consensus on the MPC during the great stability
pp 330-396
- By Richard Barwell
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9 - Emerging markets and import prices during the Long Expansion
pp 397-408
- By John Lewis, Jumana Saleheen
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10 - UK fiscal policy before the crisis
pp 409-436
- By Paul Johnson
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Index
pp 437-450
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The UK Economy in the Long Expansion and its Aftermath

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Contents

The UK Economy in the Long Expansion and its Aftermath
pp i-i

Macroeconomic Policy Making - Series page
pp ii-ii

The UK Economy in the Long Expansion and its Aftermath - Title page
pp iii-iii

Copyright page
pp iv-iv

Contents
pp v-vi

Figures
pp vii-x

Tables
pp xi-xii

Contributors
pp xiii-xiii

Preface
pp xiv-xiv

Introduction
pp 1-16

1 - Prospects for UK growth in the aftermath of the financial crisis
pp 17-80

2 - Labour market and monetary policy reforms in the UK: a structural interpretation of the implications
pp 81-110

3 - Property income and the balance of payments
pp 111-130

4 - UK broad money growth in the Long Expansion 1992–2007: what can it tell us about the role of money?
pp 131-209

5 - An old fashioned banking crisis: credit growth and loan losses in the UK 1997–2012
pp 210-243

6 - Household debt and spending in the United Kingdom
pp 244-293

7 - MPC decision-making, the Long Expansion and the crisis: integration with the global economy, heterogeneity and network dynamics
pp 294-329

8 - Nine votes, one view and the never-ending consensus on the MPC during the great stability
pp 330-396

9 - Emerging markets and import prices during the Long Expansion
pp 397-408

10 - UK fiscal policy before the crisis
pp 409-436

Index
pp 437-450

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The UK Economy in the Long Expansion and its Aftermath

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