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Patrick Minford
Anthony Patrick Leslie Minford (born 17 May 1943) is a British macroeconomist who is professor of applied economics at Cardiff Business School, Cardiff University, a position he has held since 1997. He was Edward Gonner Professor of Applied Economics at the University of Liverpool from 1976 to 1997. In 2016, Minford was a notable member of the Economists for Brexit group which, in opposition to the consensus view of economists, advocated the UK leaving the European Union. Early career Born in Shrewsbury, Minford was educated at Horris Hill School, Winchester College, Balliol College, Oxford (BA), and the London School of Economics (MSc; PhD). He is the elder brother of John Minford, who is an academic and translator of Classical Chinese. He worked at the Ministry of Overseas Development and then as an economic adviser to the Ministry of Finance of Malawi. He then took a position as an economic adviser to HM Treasury's External Division. He was appointed as economics ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Classical Macroeconomics
New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework. Specifically, it emphasizes the importance of rigorous foundations based on microeconomics, especially rational expectations. New classical macroeconomics strives to provide neoclassical microeconomic foundations for macroeconomic analysis. This is in contrast with its rival new Keynesian school that uses microfoundations such as price stickiness and imperfect competition to generate macroeconomic models similar to earlier, Keynesian ones. History Classical economics is the term used for the first modern school of economics. The publication of Adam Smith's ''The Wealth of Nations'' in 1776 is considered to be the birth of the school. Perhaps the central idea behind it is on the ability of the market to be self-correcting as well as being the most superior institution in allocating resources. The c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Institute Of Economic And Social Research
The National Institute of Economic and Social Research (NIESR), established in 1938, is Britain's oldest independent economic research institute. The institute is a London-based independent UK registered charity that carries out academic research of relevance to business and policy makers, both nationally and internationally. The institute receives no core funding from government or other sources. The bulk of funding comes from research projects awarded or commissioned by a variety of sources, including government, all acknowledged in full in their published materials. The terms of their grants prohibit any involvement from funding bodies in determining or influencing content. Funders include government departments and agencies, the research councils (particularly the Economic and Social Research Council (ESRC)), charitable foundations, the European Commission, and the private sector. The institute is a partner with the ESRC's Centre for Macroeconomics), and also with the Eco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
German Mark
The Deutsche Mark (; English: ''German mark''), abbreviated "DM" or "D-Mark" (), was the official currency of West Germany from 1948 until 1990 and later the unified Germany from 1990 until the adoption of the euro in 2002. In English, it was typically called the "Deutschmark" (). One Deutsche Mark was divided into 100 pfennigs. It was first issued under Allied occupation in 1948 to replace the Reichsmark and served as the Federal Republic of Germany's official currency from its founding the following year. On 31 December 1998, the Council of the European Union fixed the irrevocable exchange rate, effective 1 January 1999, for German mark to euros as DM 1.95583 = €1. In 1999, the Deutsche Mark was replaced by the euro; its coins and banknotes remained in circulation, defined in terms of euros, until the introduction of euro notes and coins on 1 January 2002. The Deutsche Mark ceased to be legal tender immediately upon the introduction of the euro—in contrast to the o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pound Sterling
Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO 4217, ISO code: GBP) is the currency of the United Kingdom and nine of #Crown Dependencies and British Overseas Territories, its associated territories. The Pound (currency), pound (pound sign, sign: £) is the main unit of account, unit of sterling, and the word "pound" is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling. Sterling is the world's oldest currency that is still in use and that has been in continuous use since its inception. It is currently the fourth most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and Renminbi, it forms the basket of currencies which special drawing rights#Value definition, calculate the value of International Monetary Fund, IMF special drawing rights. As of mid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nigel Lawson
Nigel Lawson, Baron Lawson of Blaby, (born 11 March 1932) is a British Conservative Party politician and journalist. He was a Member of Parliament representing the constituency of Blaby from 1974 to 1992, and served in the cabinet of Margaret Thatcher from 1981 to 1989. Prior to entering the Cabinet, he served as the Financial Secretary to the Treasury from May 1979 until his promotion to Secretary of State for Energy. He was appointed Chancellor of the Exchequer in June 1983, and served until his resignation in October 1989. In both Cabinet posts, Lawson was a key proponent of Thatcher's policies of privatisation of several key industries. Lawson oversaw the sudden deregulation of financial markets in 1986, commonly referred to as the 'Big Bang', which decisively strengthened London's place as a financial capital. Lawson was a backbencher from 1989 until he retired in 1992, and now sits in the House of Lords but has announced his intention to retire with effect on 31 Decem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mont Pelerin Society
The Mont Pelerin Society (MPS) is an international organization composed of economists, philosophers, historians, intellectuals and business leaders. Michael Novak, 'The Moral Imperative of a Free Economy', in '' The 4% Solution: Unleashing the Economic Growth America Needs'', Bush Institute, Crown Business, 2012, p. 294 The members see the MPS as an effort to interpret in modern terms the fundamental principles of economic society as expressed by classical Western economists, political scientists and philosophers. Its founders included Friedrich Hayek, Frank Knight, Karl Popper, Ludwig von Mises, George Stigler and Milton Friedman. The society advocates freedom of expression, free market economic policies and the political values of an open society. Further, the society seeks to discover ways in which the private sector can replace many functions currently provided by government entities. Aims In its "Statement of Aims" on 8 April 1947, the scholars were worried about the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Milton Friedman
Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler and others, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. Several students, young professors and academics who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, Thomas Sowell and Robert Lucas Jr. Friedman's challenges to what he called "naive Keynesian theory" began with his interpretatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Times
''The Times'' is a British daily national newspaper based in London. It began in 1785 under the title ''The Daily Universal Register'', adopting its current name on 1 January 1788. ''The Times'' and its sister paper '' The Sunday Times'' (founded in 1821) are published by Times Newspapers, since 1981 a subsidiary of News UK, in turn wholly owned by News Corp. ''The Times'' and ''The Sunday Times'', which do not share editorial staff, were founded independently and have only had common ownership since 1966. In general, the political position of ''The Times'' is considered to be centre-right. ''The Times'' is the first newspaper to have borne that name, lending it to numerous other papers around the world, such as '' The Times of India'', ''The New York Times'', and more recently, digital-first publications such as TheTimesBlog.com (Since 2017). In countries where these other titles are popular, the newspaper is often referred to as , or as , although the newspaper is of na ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Margaret Thatcher
Margaret Hilda Thatcher, Baroness Thatcher (; 13 October 19258 April 2013) was Prime Minister of the United Kingdom from 1979 to 1990 and Leader of the Conservative Party from 1975 to 1990. She was the first female British prime minister and the longest-serving British prime minister of the 20th century. As prime minister, she implemented economic policies that became known as Thatcherism. A Soviet journalist dubbed her the "Iron Lady", a nickname that became associated with her uncompromising politics and leadership style. Thatcher studied chemistry at Somerville College, Oxford, and worked briefly as a research chemist, before becoming a barrister. She was elected Member of Parliament for Finchley in 1959. Edward Heath appointed her Secretary of State for Education and Science in his 1970–1974 government. In 1975, she defeated Heath in the Conservative Party leadership election to become Leader of the Opposition, the first woman to lead a major poli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scott Sumner
Scott B. Sumner (born 1955) is an American economist. He is the Director of the Program on Monetary Policy at the Mercatus Center at George Mason University, a Research Fellow at the Independent Institute, and professor who teaches at Bentley University in Waltham, Massachusetts. His economics blogThe Money Illusion popularized the idea of nominal GDP targeting, which says that the Federal Reserve and other central banks should target nominal GDP, real GDP growth plus the rate of inflation, to better "induce the correct level of business investment". In May 2012, Chicago Fed President Charles L. Evans became the first sitting member of the Federal Open Market Committee (FOMC) to endorse the idea. After Ben Bernanke's announcement on September 13, 2012, of a new round of quantitative easing, which open-endedly committed the FOMC to purchase $40 billion agency mortgage-backed securities per month until the "labor market improves substantially", some media outlets began ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Level Targeting
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often as an attempt to reduce inflation or the interest rate, to ensure price stability and general trust of the value and stability of the nation's currency. Monetary policy is a modification of the supply of money, i.e. "printing" more money, or decreasing the money supply by changing interest rates or removing excess reserves. This is in contrast to fiscal policy, which relies on taxation, government spending, and government borrowing as methods for a government to manage business cycle phenomena such as recessions. Further purposes of a monetary policy are usually to contribute to the stability of gross domestic product, to achieve and maintain low unemployment, and to maintain predictable exchange rates with other currencies. Monetary ec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dynamic Stochastic General Equilibrium
Dynamic stochastic general equilibrium modeling (abbreviated as DSGE, or DGE, or sometimes SDGE) is a macroeconomic method which is often employed by monetary and fiscal authorities for policy analysis, explaining historical time-series data, as well as future forecasting purposes. DSGE econometric modelling applies general equilibrium theory and microeconomic principles in a tractable manner to postulate economic phenomena, such as economic growth and business cycles, as well as policy effects and market shocks. Terminology As a practical matter, people often use the term "DSGE models" to refer to a particular class of econometric, quantitative models of business cycles or economic growth called real business cycle (RBC) models.Christiano (2018) Considered to be classically quantitative, DSGE models were initially proposed by Kydland & Prescott, and Long & Plosser;Long & Plosser (1983) whereby Charles Plosser described RBC models as a precursor for DSGE modeling. As mentioned ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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