The Assessment: The Economic Record of the Labour Government Since 1997

Nickell, Stephen

doi:10.1093/oxrep/18.2.107

Cited by 24 publications

(4 citation statements)

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“…The other side of this coin is the huge rise in claims for disability benefit, which represents powerful evidence of hidden unemployment. 148 It is also wholly plausible to argue that these policies have had a considerable adverse effect on competitiveness. 149 But that is another issue.…”

Section: N E W L a B O U R A N D K E Y N E S I A N I S M : A T A L E mentioning

confidence: 99%

Credible Keynesianism? New Labour Macroeconomic Policy and the Political Economy of Coarse Tuning

Clift

Tomlinson

2006

Brit. J. Polit. Sci.

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This article questions prevailing interpretations of New Labour's political economy and challenges the assumption within the comparative and international political economy literatures of the exhaustion of the Keynesian political economic paradigm. New Labour's doctrinal statements are analysed to establish to what extent these doctrinal positions involve a repudiation of Keynesianism. Although New Labour has explicitly renounced the ‘fine tuning’ often (somewhat problematically) associated with post-war Keynesian political economy, we argue that they have carved out policy space in which to engage in macroeconomic ‘coarse tuning’ inspired by Keynesian thinking. This capacity to ‘coarse tune’ is precisely what is being sought in New Labour's quest for credibility through the redesign of British macroeconomic policy framework and institutions. Our empirical focus on New Labour in government since 1997 offers considerable evidence that this search for the capacity to ‘coarse tune’ has been successful.

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Section: N E W L a B O U R A N D K E Y N E S I A N I S M : A T A L E mentioning

confidence: 99%

Credible Keynesianism? New Labour Macroeconomic Policy and the Political Economy of Coarse Tuning

Clift

Tomlinson

2006

Brit. J. Polit. Sci.

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“…Some of the improved macroeconomic performance in recent years is attributable to Conservative policy changes following the country's withdrawal from the EU's Exchange Rate Mechanism (Nickell 2002;Nickell and Quintini 2002), but New Labor also deserves significant credit. In 1997 Chancellor Gordon Brown gave the power to alter interest rates-the key monetary policy instrument-to an independent committee of Bank of England officials and outside experts.…”

Section: Macroeconomic Stabilitymentioning

confidence: 99%

Britain’s Labor Market Under the Blair Governments

Shackleton

2007

J Labor Res

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“…106 The principles of fiscal prudence were spelt out in 1998, with two key rules enunciated. 107 The first, the 'golden rule', stated that the government would, over the cycle, borrow only to invest and not to fund current spending.…”

Section: French Fiscal Policymentioning

confidence: 99%

Fiscal policy and capital mobility: the construction of economic policy rectitude in Britain and France

Clift¹,

Tomlinson²

2004

New Political Economy

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IntroductionIt is a commonplace of both political and academic argument that the last quarter of twentieth century saw major diminution of national economic policy autonomy, with increased capital mobility identified as the key explanatory variable. Despite such qualification regarding capital mobility impact, the idea of 1970s as a watershed for national policy autonomy is still pervasive. 9 This article looks at how that credibility is constructed in the contemporary period (1997)(1998)(1999)(2000)(2001)(2002)(2003), and goes on to analyse the degree of enduring fiscal policy autonomy in two cases -Britain and

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The Assessment: The Economic Record of the Labour Government Since 1997

Cited by 24 publications

References 0 publications

Credible Keynesianism? New Labour Macroeconomic Policy and the Political Economy of Coarse Tuning

Credible Keynesianism? New Labour Macroeconomic Policy and the Political Economy of Coarse Tuning

Britain’s Labor Market Under the Blair Governments

Fiscal policy and capital mobility: the construction of economic policy rectitude in Britain and France

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