The views expressed are those of the authors and do not necessarily reflect those of the Bank of England. I am grateful to Sushil Wadhwani for much encouragement and numerous helpful discussions and insightful comments. I have also benefited from the comments of Paul Stoneman and an anonymous referee, of colleagues in the Bank of England, particularly and… (More)
The views expressed in this paper are those of the authors, and not necessarily those of the Bank of England. We would like to thank two anonymous referees for helpful comments and suggestions. Contents Abstract 5 Summary 7 1 Introduction 11 Capital wealth and capital services 11 Previous studies 12 Plan of the paper 13 2 Theory of capital measurement 14… (More)
The views expressed in this paper are those of the author and do not necessarily reflect those of the Bank of England. The Bank of England's working paper series is externally refereed.
Price and two anonymous referees for helpful comments and suggestions.
and an anonymous referee for helpful comments.
We are very grateful to Andrew Brigden for the work he did developing computer programs used in this paper. Comments from materially improved this paper. All remaining errors are ours alone. The views expressed in this paper are those of the authors and not necessarily those of the Bank of England.
We would like to thank the Bank of England, and Jens Larsen in particular, for help in compiling the data. We thank two anonymous referees, seminar participants at the Bank of England and the Money Macro Finance Conference, for helpful comments. We are specially indebted to Jordi Galí and Mark Gertler, who provided the foundations for our analysis and whose… (More)
(*)The External MPC Unit Discussion Paper series reports on research carried out by, or under supervision of, the External Members of the Monetary Policy Committee and their dedicated economic staff. Papers are made available as soon as practicable in order to share research results and stimulate further discussion of key policy issues. The views expressed… (More)
I would like to thank Jens Larsen and Jan Vlieghe for their excellent research support and for many of the ideas in this lecture. I am grateful also to Luca Benati for help with interpreting the macroeconomic statistics, to Richard Geare and James Cookson for their efforts in compiling the data on historic Harrods prices and to Kath Begley for help in… (More)