Journal article/book/chapter

Financial Liberalisation, Consumption and Wealth Effects in 7 OECD countries

We estimate the impact of financial liberalisation on consumption in seven major industrial countries, and find a marked shift in behaviour, notably a decline in short-run income elasticities and a rise in short-run wealth and interest rate elasticities. A corollary is that consumption equations estimated over both pre- and post-liberalisation regimes may be misleading, and either a form of testing as presented here or a shortening of the sample period may be appropriate for accurate forecasting and simulation.

The macroeconomic impact of UK withdrawal from the EU

We contribute to the ongoing debate about the benefits to the UK economy of membership of the European Union by assessing the macroeconomic consequences of withdrawal using simulation analyses on the NIESR macroeconometric model of the UK economy under endogenous fiscal and monetary policies. We draw on research that highlights the role of EU policies in the level of international trade and investment undertaken by Member States, and the implications of those international linkages for long-term productive potential.

University strategy in an age of uncertainty: the effect of higher education funding on old and new

This paper explores the effects of changes in funding arrangements, particularly fees, on universities, and their strategic responses to these changes. Using data from interviews with senior managers in four universities, it finds the most prestigious, pre1992, university largely unaffected by tuition fees and the others responding to changes in application patterns and intake.