The UK Economy in the Long Expansion and its Aftermath

Jagjit S. Chadha, Alec Crystal, Joe Pearlman, Peter Smith, Stephen Wright

• Publisher: Cambridge University Press
• Year: 2016
• Print ISBN:
  9781107147591
• eBook ISBN:
  9781316655719
• Topic: Economics
• Subtopic: Macroeconomics
• Index: Economics

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.

Table of contents

• Cover
• Half Title
• Title
• Copyright
• Contents
• List of Figures
• List of Tables
• List of Contributors
• Preface
• Introduction
• 1 Prospects for UK growth in the aftermath of the financial crisis
• 2 Labour market and monetary policy reforms in the UK: a structural interpretation of the implications
• 3 Property income and the balance of payments
• 4 UK broad money growth in the Long Expansion 1992–2007: what can it tell us about the role of money?
• 5 An old fashioned banking crisis: credit growth and loan losses in the UK 1997–2012
• 6 Household debt and spending in the United Kingdom
• 7 MPC decision-making, the Long Expansion and the crisis: integration with the global economy, heterogeneity and network dynamics
• 8 Nine votes, one view and the never-ending consensus on the MPC during the great stability
• 9 Emerging markets and import prices during the Long Expansion
• 10 UK fiscal policy before the crisis
• Index