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The Macroeconomic Impact of UK Withdrawal From the EU
Authors
External Authors
Pain, Nigel
Related Themes
Macro-Economic Modelling and ForecastingJEL Code
C3; F2; F4
Journal
Economic Modelling, No. 3, Vol. 21, Pages: 387-408
Publisher
Elsevier, Oxford
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. UK living standards would be adversely affected by withdrawal, largely due to a decline in the level of technical efficiency resulting from a lower future level of inward foreign direct investment.
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