The big rise in UK house prices relative to incomes between 1985 and 2018 can be more than accounted for by the substantial decline in real risk-free interest rates over the period. This is slightly offset by net increases in home-ownership costs from higher rates of tax.
These are the findings of a new research report by David Miles of Imperial College London and Victoria Monro of the Bank of England. Their analysis predicts that a 1% sustained increase in index-linked gilt yields from current rates could ultimately result in a fall in real house prices of around 20%.
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Multinational firms headquartered in countries with strict environmental policies choose to conduct their polluting activities in foreign countries with relatively weaker policies. These effects are stronger for firms in pollution-intensive industries and firms with poor corporate governance. But while firms based in countries with strict policies are more likely to export pollution abroad, they nevertheless produce fewer overall carbon emissions globally.
These are among the findings of a new research report by Itzhak Ben-David (Ohio State University, Stefanie Kleimeier (Maastricht University) and Michael Viehs (University of Oxford). Their results highlight the importance of collective action to combat climate change given the global scale of many firms’ operations.
The European Union should abandon the fiscal rules intended to put constraints on national budgetary policies in favour of fiscal standards – qualitative prescriptions that leave room for judgment together with a process to decide whether the standards are met.
That is the central conclusion of a new research report by Olivier Blanchard (Peterson Institute), Alvaro Leandro (CaixaBank Research) and Jeromin Zettelmeyer (International Monetary Fund). The authors note that their proposals would mark a major departure from the status quo, requiring Treaty change.
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