The stock of housing in the UK includes privately owned and occupied houses and apartments, privately rented and local authority rented accommodation, and property managed by housing associations. Bythere were just over 27 million households in the UK As the chart shows, the significance of local authority housing has declined, while renting privately and through housing association schemes has increased. Privately owned property In the UK, privately owned property is either freehold or leasehold.
It is concerned not just with such issues as the behavior of interest rates and the determinants of policy actions, but also with subjects such as interactions between financial markets and the macroeconomy, inflation, and the cyclical behavior of labor markets.
The recession that lasted from December until June was the longest since World War II, and the collapse of GDP and employment at the end of and the start of dwarfed any declines since the demobilization at the end of that war.
Moreover, the character of the downturn was very different from that of other postwar recessions. Tight monetary policy intended to slow economic activity in order to reduce inflation played no role. Instead, the recession was intimately bound up with asset price fluctuations, financial market disruptions, and the effects of private debt accumulation.
And more than six years after the recession began, unemployment remains elevated in the United States, as well as in most other advanced economies. The Monetary Economics Program is one of three programs at the NBER that focus on macroeconomics, and whose work in recent years has therefore been largely devoted to issues related to the crisis; the other two are International Finance and Macroeconomics, and Economic Fluctuations and Growth.
The International Finance and Macroeconomics Program, as its name implies, focuses on international macroeconomics. The boundaries between the Economic Fluctuations and Growth and the Monetary Economics programs are less clear-cut.
Research on issues concerning long-run growth is the purview of Economic Fluctuations and Growth, and most work that is specifically devoted to monetary policy is done in Monetary Economics.
But the Monetary Economics Program also studies a wide range of issues that are central to macroeconomic fluctuations. Important topics include interactions between financial markets and the macroeconomy, the behavior of inflation and unemployment, fluctuations in consumption and investment, and the sources of macroeconomic fluctuations.
The NBER Monetary Economics Program follows the informal definition of monetary economics as anything that monetary policymakers should be interested in. Researchers in the NBER's Program in Monetary Economics contribute to our understanding of issues in monetary policy and macroeconomics by conducting empirical and theoretical studies of a wide range of subjects.
These studies are issued as NBER Working Papers, and are presented and discussed at regular meetings of the program and at special NBER conferences devoted to particular subjects related to monetary policy. The studies are subsequently published in academic journals and in NBER volumes.
Although the greatest long-run influence of the members of the Monetary Economics Program is surely through their research, they also have a tangible, immediate influence through an entirely different channel: Program members also interact frequently with macroeconomic policymakers.
These interactions serve to keep program members abreast of developments in policymaking, and allow policymakers to inform NBER researchers about issues that are currently important to them. However, for the past two years the program has taken this a step further by devoting an entire day to a symposium where current and former policymakers and NBER researchers discuss important policy issues.
Inthe event, which was conducted jointly with the International Finance and Macroeconomics Program, focused on the European crises. Init focused on the th anniversary of the Federal Reserve. The four background papers that were prepared for the meeting including 12and 3 were recently published in the Journal of Economic Perspectivestogether with the remarks at that meeting by Federal Reserve Chair Ben Bernanke and the interview that former NBER President Martin Feldstein conducted with former Federal Reserve Chair Paul Volcker.
The work of the Monetary Economics group is so extensive and varied that discussing all of it would be almost impossible. In the remainder of this report, we therefore highlight a few areas of work that are closely related to the recent financial crisis and the subsequent weak recovery and research areas where program members have been particularly active.
Finance and Macroeconomics Probably the biggest shift in the focus of researchers in the Monetary Economics Program in response to the crisis has been toward work on the interactions between financial markets and the macroeconomy.
Before the crisis, those interactions were merely one subject out of the many that were addressed by researchers in the program.
But since the crisis began, they have absorbed a large fraction of the program's attention. One indication of this greater emphasis on interactions between finance and macroeconomics is that the Monetary Economics Program now devotes a full day of its summer meeting to a joint session with researchers in finance to discuss research spanning the two fields.
These events attract large audiences and great interest.
The evolution in the subject matter of the program is related to an important ongoing methodological development in monetary economics - one whose beginnings considerably predate the crisis, but that has gathered strength in recent years. Researchers are increasingly using microeconomic data to study macroeconomic questions.
One obvious advantage of microeconomic data is that they allow for much larger samples: But a more important advantage of microeconomic data is that they often provide more compelling ways of untangling the difficult issues of causation that make much of economic research so challenging.
In microeconomic settings, it is often possible to identify "natural experiments" where it is clear that differences among economic actors are not the result of confounding factors.Business & Finance Dictionaries.
BUSINESS & FINANCE Law Dictionaries LAW ENCYCLOPEDIA - Legal Information Institute, Cornell Law School, Cornell University, Ithaca, New York Multimedia Law Encyclopedia (Text & Images).
For more information see Legal Information Institute or the Cornell University Law School LAW DICTIONARY - Merriam-Webster's Dictionary of Law & FindLaw . Microeconomics vs Macroeconomics There are differences between microeconomics and macroeconomics, although, at times, it may be hard to separate the functions of the two.
Impact of Macroeconomics on the Housing Industry - To better understand the real impact macroeconomics has in an economy or a particular industry, it is better to define what macroeconomics is and what it attempts to study. Related Degrees. Finance and Economics (Research) MA. Our Finance and Economics (Research) MA is designed to provide you with the essential skills, as well as an advanced knowledge and understanding of economics and finance, to proceed to doctoral research.
The Halifax has calculated that the average rise in house prices in the UK was 10% for House price rises in the UK appear to be a double-edged sword - for those who own their own home a persistent rise in its price will give the impression that their wealth is increasing.
The Impact of rising house prices. Jonny Clark 12 th April The NBER Monetary Economics Program. studies issues related to the effects and conduct of monetary policy. It is concerned not just with such issues as the behavior of interest rates and the determinants of policy actions, but also with subjects such as interactions between financial markets and the macroeconomy, inflation, and the cyclical behavior of labor markets.