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Assessing the Economy�?Wide Effects of Quantitative Easing
This paper examines the macroeconomic impact of the first round of quantitative easing (QE) by the Bank of England which started in March 2009. Although Bank Rate, the UK policy rate, was reduced toExpand
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The Bank of England's forecasting platform: COMPASS, MAPS, EASE and the suite of models
This paper introduces the Bank of England's new forecasting platform and provides examples of how it can be applied to practical forecasting problems. The platform consists of four components:Expand
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Financial structure and economic growth
Recent empirical work on financial structure and economic growth analyzes multi-country dataset in panel and/or cross-section frameworks and concludes that financial structure is irrelevant. WeExpand
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The Impact of Uncertainty Shocks under Measurement Error: A Proxy SVAR Approach
A growing literature considers the impact of uncertainty using SVAR models that include proxies for uncertainty shocks as endogenous variables. In this paper, we consider the impact of measurementExpand
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Forecasting UK GDP growth and inflation under structural change. A comparison of models with time-varying parameters
Evidence from a large and growing body of empirical literature strongly suggests that there have been changes in the inflation and output dynamics in the United Kingdom. The majority of these papersExpand
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Common and country specific economic uncertainty
We use a factor model with stochastic volatility to decompose the time-varying variance of macroeconomic and financial variables into contributions from country-specific uncertainty and uncertaintyExpand
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Unconventional monetary policies and the macroeconomy: the impact of the United Kingdom's QE2 and Funding for Lending Scheme
In this paper we assess the macroeconomic effects of two of the flagship unconventional monetary policies used by the Bank of England during the later stages of the global economic crisis: additionalExpand
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The Changing Transmission of Uncertainty Shocks in the U.S.
This article investigates if the impact of uncertainty shocks on the U.S. economy has changed over time. To this end, we develop an extended factor augmented vector autoregression (VAR) model thatExpand
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Do contractionary monetary policy shocks expand shadow banking
Using vector autoregressive models with either constant or time-varying parameters and stochastic volatility for the United States, we find that a contractionary monetary policy shock has aExpand
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A structural model for policy analysis and forecasting: NZSIM
We describe the underlying structure of the new forecasting and policy model used at the Reserve Bank of New Zealand. This paper outlines the dynamic stochastic general equilibrium part of the model,Expand
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