balance of payments UK presentation + pdf (t2u feb 2010)
world trade imbalances (t2u feb 2009)
balance of payments intro (the times feb 2010)
UK Trade deficit widens (the guardian aug 2009)
UK trade deficit narrows (the guardian oct 2009)
evan davis of widening trade gap (bbc 2006)
financing a deficit (t2u pdf)
capital flows (imf)
world recession (guardian jan 2010)
trade as a % gdp (oecd)
Sunday 28 February 2010
crisis and europe
learning lessons from the crisis (imf blog)
soveriegn debt risk (wsj 3/2010)
greece crisis (wsj video)
Wednesday 24 February 2010
wto background
wto profile (the guardian)
wto profile (bbc)
trade talks deal (bbc 2006 video 2.5 mins)
http://www.wto.org/
doha round q&a (bbc)
background videos:
the routes of trade 10 mins
case studies in trade
gatt to wto (17 mins) real media player
to the heart of the WTO 23 mins
a virtual tour 27 mins
why is it important to liberalise?
poor countries and trade (bbc)
trade quiz bbc:
ldc perspective
mdc perspective
Tuesday 23 February 2010
RES Essay Competition 2010
The 2010 Royal Economic Society essay competition for young economists is now launched. Last year more than two hundred schools and colleges from across the UK and beyond submitted entries from their students and we are hoping that this year’s competition will prove equally popular. For the competition this year students can choose from one of five essay questions (shown below). The deadline for submitting entries is midnight (2400 hrs) on Monday 17th May.
Please go to
http://tutor2u.net/
for further details about the competition, details of how to upload entries and some advice on the word limit and other guidelines for entrants.
Here are the five essay titles for 2010 which provide plenty for students to research and write about both at a micro and macroeconomic level.
1. What are the best economic policies to curb alcohol consumption?
2. The pursuit of lower income inequality is irrational and counterproductive. Discuss.
3. Foreign aid hinders development. Discuss.
4. Would the world economy function better with a single global currency?
5. How do we prevent house price bubbles in the future?
Here is the link to the online application process
https://tutor2u.wufoo.com/forms/res-young-economist-of-the-year-2010/
The judging panel meets in late June and we currently expect to announce the results of the 2010 competition in late July/early August. Details of the final shortlist will be published by tutor2u once they are available.
Please go to
http://tutor2u.net/
for further details about the competition, details of how to upload entries and some advice on the word limit and other guidelines for entrants.
Here are the five essay titles for 2010 which provide plenty for students to research and write about both at a micro and macroeconomic level.
1. What are the best economic policies to curb alcohol consumption?
2. The pursuit of lower income inequality is irrational and counterproductive. Discuss.
3. Foreign aid hinders development. Discuss.
4. Would the world economy function better with a single global currency?
5. How do we prevent house price bubbles in the future?
Here is the link to the online application process
https://tutor2u.wufoo.com/forms/res-young-economist-of-the-year-2010/
The judging panel meets in late June and we currently expect to announce the results of the 2010 competition in late July/early August. Details of the final shortlist will be published by tutor2u once they are available.
Monday 22 February 2010
environmental issues
climate change presentation (t2u) handout (pdf)
tu2 blog posts related to externalities
environmental performance graphic (the times )
carbon trading revision note
carbon trading presentation (t2u) + pdf
house of commons investigation into carbon trading
tragedy of the commons and sustainable development
t2u links
IMF blog climate change
green growth + development
economics of climate change
slideshow climate and macro
tu2 blog posts related to externalities
environmental performance graphic (the times )
carbon trading revision note
carbon trading presentation (t2u) + pdf
house of commons investigation into carbon trading
tragedy of the commons and sustainable development
t2u links
IMF blog climate change
green growth + development
economics of climate change
slideshow climate and macro
Sunday 21 February 2010
Friday 19 February 2010
inventionists respond to sunday times letter
keynes biographer and others respond to the call for fiscal tightening:
Letter: First priority must be to restore robust growth (ft 18/02)
economists reject call for budget cuts (ft 18/02)
economists v economists (tim harford ft)
bbc view
stephanomics:
men of letters
men of letters II
men of letters III
Letter: First priority must be to restore robust growth (ft 18/02)
economists reject call for budget cuts (ft 18/02)
economists v economists (tim harford ft)
bbc view
stephanomics:
men of letters
men of letters II
men of letters III
Thursday 18 February 2010
economic history of britain: thatcher
Wednesday 17 February 2010
euro links
single european currency (t2u presentation) handout (pdf)
Basic Euro History
1991: Maastricht Treaty – pathway for Euro
1999: Euro starts life as a currency
1999-2001: Original members of system lock their currencies for two years
2002: Notes and coins come into circulation
2007: Slovenia becomes first of the new member states to enter the currency union
2008-09: Three new nations – Slovakia, Cyprus and Malta – the Euro Area extends to 16 nations
Euro essentials
Monetary union is a deepening of economic integration between participating countries
A single currency requires a common interest rate for the Euro Zone – i.e. a common monetary policy
Countries have locked their currencies together forever and adopted one currency as a medium of exchange
Euro as a currency floats against US dollar and sterling
Member nations are also required (in principle) to keep control of government borrowing i.e. They are not allowed to run large budget deficits > 3% of their GDP (in normal times)
Challenges facing the Euro Zone
1/Little common fiscal policy
Big differences in size of fiscal deficits and debt levels
Fiscal stability pact has effectively collapsed
2/ Growing risk of one or more Euro Area countries defaulting on some of their debts
Will Euro Area nations bail out fellow members?
Years of fiscal austerity for some nations will create deep economic and social pressures
3/ Doubts about the likely strength of recovery
Unemployment high and rising
4/ Longer term challenges
Growth and employment creation in the Euro Area has not been noticeably higher than in countries outside the currency union
2008-10 crisis has highlighted the problems of setting a common interest rate for 16 nations
Larger economic imbalances within the 16 nation currency union over wage levels, trade balances and productivity will also need to be addressed if the Euro Zone is to avoid future crises
Several weaker countries have become uncompetitive inside the Euro and this requires painful corrective policies which will be unpopular
Rising cost-push inflation could lead to higher interest rates and choke off confidence as recovery starts
business daily podcast on the euro feb 2010 (mp3)
euro slumps to 5 year low
1/ The Guardian: Greece’s euro dilemma - what might happen if Greece left the Euro?
2/ Telegraph - UK jobless rate would be 15pc if Britain had joined euro, says CEBR - an interesting counterfactual!
3/ The Times - Greece use of derivatives puts more pressure on euro
4/ Independent - Greece faces tough measures in bid to save ‘Titanic’ economy
5/ Independent - Hamish McRae: Eurozone countries really must start running a surplus – sharpish
http://www.guardian.co.uk/business/interactive/2008/dec/15/pound-euro
Basic Euro History
1991: Maastricht Treaty – pathway for Euro
1999: Euro starts life as a currency
1999-2001: Original members of system lock their currencies for two years
2002: Notes and coins come into circulation
2007: Slovenia becomes first of the new member states to enter the currency union
2008-09: Three new nations – Slovakia, Cyprus and Malta – the Euro Area extends to 16 nations
Euro essentials
Monetary union is a deepening of economic integration between participating countries
A single currency requires a common interest rate for the Euro Zone – i.e. a common monetary policy
Countries have locked their currencies together forever and adopted one currency as a medium of exchange
Euro as a currency floats against US dollar and sterling
Member nations are also required (in principle) to keep control of government borrowing i.e. They are not allowed to run large budget deficits > 3% of their GDP (in normal times)
Challenges facing the Euro Zone
1/Little common fiscal policy
Big differences in size of fiscal deficits and debt levels
Fiscal stability pact has effectively collapsed
2/ Growing risk of one or more Euro Area countries defaulting on some of their debts
Will Euro Area nations bail out fellow members?
Years of fiscal austerity for some nations will create deep economic and social pressures
3/ Doubts about the likely strength of recovery
Unemployment high and rising
4/ Longer term challenges
Growth and employment creation in the Euro Area has not been noticeably higher than in countries outside the currency union
2008-10 crisis has highlighted the problems of setting a common interest rate for 16 nations
Larger economic imbalances within the 16 nation currency union over wage levels, trade balances and productivity will also need to be addressed if the Euro Zone is to avoid future crises
Several weaker countries have become uncompetitive inside the Euro and this requires painful corrective policies which will be unpopular
Rising cost-push inflation could lead to higher interest rates and choke off confidence as recovery starts
business daily podcast on the euro feb 2010 (mp3)
euro slumps to 5 year low
1/ The Guardian: Greece’s euro dilemma - what might happen if Greece left the Euro?
2/ Telegraph - UK jobless rate would be 15pc if Britain had joined euro, says CEBR - an interesting counterfactual!
3/ The Times - Greece use of derivatives puts more pressure on euro
4/ Independent - Greece faces tough measures in bid to save ‘Titanic’ economy
5/ Independent - Hamish McRae: Eurozone countries really must start running a surplus – sharpish
http://www.guardian.co.uk/business/interactive/2008/dec/15/pound-euro
Monday 15 February 2010
higher inflation acceptable?
inflation spikes at 3.5% (bbc feb 2010)
boe inflation report feb 2010
letter to the chancellor
letter to the governor
The reasons behind the latest surge in inflation look fairly clear cut
1/ The lagged effects of the fall in sterling on import prices
2/ Much higher oil and gas prices and rising import prices for metals and other raw materials
3/ The effects of the reversal of the temporary cut in VAT
4/ Less discounting in the January 2010 sales compared to the same time last year when the UK retail sector looked close to meltodown!
And we can always blame the snow ........!!!!!
5/ Snow last month raised the price of certain seasonal vegetable prices, with cauliflowers rising by the highest amount since at least 1996 and the cost of carrots doubling
Guardian: More inflation may be better after all, says IMF
Paul Krugman: The Case For Higher Inflation
Economist Blog: Reorienting macroeconomic policy
boe inflation report feb 2010
letter to the chancellor
letter to the governor
The reasons behind the latest surge in inflation look fairly clear cut
1/ The lagged effects of the fall in sterling on import prices
2/ Much higher oil and gas prices and rising import prices for metals and other raw materials
3/ The effects of the reversal of the temporary cut in VAT
4/ Less discounting in the January 2010 sales compared to the same time last year when the UK retail sector looked close to meltodown!
And we can always blame the snow ........!!!!!
5/ Snow last month raised the price of certain seasonal vegetable prices, with cauliflowers rising by the highest amount since at least 1996 and the cost of carrots doubling
Guardian: More inflation may be better after all, says IMF
Paul Krugman: The Case For Higher Inflation
Economist Blog: Reorienting macroeconomic policy
Sunday 14 February 2010
fiscal tightening
times letter
bbc article
t2u questions:
364 economists - the budget 1981 (bbc video)
reflection on 1981 letter and context (pdf)
bbc article
t2u questions:
“The bulk of this fiscal consolidation should be borne by reductions in government spending, but that process should be mindful of its impact on society’s more vulnerable groups. Tax increases should be broad-based and minimise damaging increases in marginal tax rates on employment and investment”
1/ What is a structural budget deficit?
2/ Why do the economists favour cuts in government spending over higher taxes?
3/ Can you think of broadly-based tax increases that might be introduced?
4/ Why are the economists concerned about the impact of higher marginal tax rates on employment and investment?
echoes of 1980 with economists writing an open letter to Mrs Thatcher :
364 economists - the budget 1981 (bbc video)
reflection on 1981 letter and context (pdf)
Friday 12 February 2010
Thursday 11 February 2010
Wednesday 10 February 2010
Sunday 7 February 2010
Thursday 4 February 2010
MPC Decision - QE
introduction:
qe explained (ft 05/02/09) excellent starting point
Q&A QE (bbc 07/12/09)
guardian glossary
qe explained (ft 05/02/09) excellent starting point
Q&A QE (bbc 07/12/09)
guardian glossary
qe explained - simple
bank of england monetary policy home page
boe asset purchase facility home page
boe pamphlet on qe
ex ante:
Bank of England may halt QE (bbc 04/02/10)
Questions for QE (Stephanomics 07/01/10) read comments
Intriguing economic questions for 2010 (Stephanomics 23/12/09)
what happens if interest rates rise (bbc 04/02/10)
ex post:
bank of england statement
bank stops qe (bbc 04/02/10)
easy does it (stephanomics 04/02/10)
bank of england monetary policy home page
boe asset purchase facility home page
boe pamphlet on qe
ex ante:
Bank of England may halt QE (bbc 04/02/10)
Questions for QE (Stephanomics 07/01/10) read comments
Intriguing economic questions for 2010 (Stephanomics 23/12/09)
what happens if interest rates rise (bbc 04/02/10)
ex post:
bank of england statement
bank stops qe (bbc 04/02/10)
easy does it (stephanomics 04/02/10)
how effective is qe? (ft 04/02/10)
bank puts qe on hold (ft 04/02/10)
the day after:
chancellors letter
govenors letter
chancellor and asset purchase facility
background reading:
bernake us qe (bloomberg 02/12/09)
QE by bank of japan (Fed 2001)
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