Bruce Webb
Cardiff University
11 Papers
91 Citations
Bruce Webb is an academic researcher from Cardiff University. The author has contributed to research in topics: General equilibrium theory & Diversification (finance). The author has an hindex of 5, co-authored 11 publications.
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Papers
An Econometric Model of Merseyside: Validation and Policy Simulations
TL;DR: Minford et al. as discussed by the authors derived an econometric model of Merseyside on annual data, derived from a Heckscher-Ohlin framework for the traded sector, set beside a non-traded sector and facing a positively sloped supply curve of manual labour whose reservation wage is set by unemployment benefits.
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Nominal Contracting and Monetary Targets – Drifting into Indexation
TL;DR: In this article, the authors look for a theoretical justification of nominal wage contracts in household diversification of risk in a calibrated general equilibrium model and find from stochastic simulation that if both productivity and monetary shocks are temporary then optimal wage contracts are overwhelmingly nominal.
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•Posted Content
Britain and EMU: Assessing the Costs in Macroeconomic Variability
TL;DR: In this article, the effect of UK euro entry on macroeconomic stability in the UK has been investigated using stochastic simulations on the Liverpool Model of the UK and showed that the results are not highly sensitive to changes in assumptions about the degree of labour market flexibility, the use of fiscal policy, and increased convergence of monetary transmission.
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Britain and EMU: Assessing the costs in macroeconomic variability
TL;DR: In this article, the effect of the UK adopting the euro on its macroeconomic stability is assessed using stochastic simulations on the Liverpool Model of UK, and the results are not highly sensitive to changes in assumptions about the degree of labour market flexibility, the use of fiscal policy and increased convergence of monetary transmission.
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Estimating large rational expectations models by FIML—some experiments using a new algorithm with bootstrap confidence limits
TL;DR: In this paper, a guided grid search procedure is used to estimate large rational expectations models by FIML, and confidence limits are established by bootstrapping, and the required bootstrap number for the small model is less than 200 for convergence of the estimates.
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