لایب سان

Author(s): Trevor Williams, Victoria Turton

Series: The Wiley Finance Series

Publisher: Wiley, Year: 2014

ISBN: 1118766415,9781118766415

Figure 3.3 Changes in employment since 2008. Figure 3.4 Earnings growth in comparison with price inflation. Figure 3.5 No link between unemployment and wage inflation over time? Figure 3.6 The NAIRU suggest that the inflation backdrop is benign. Figure 3.7 UK labour market. Figure 3.8 Length of unemployment – period ending February 2013. Figure 3.9 Length of unemployment – comparison between February 2003 and February 2013. Figure 3.10 Longer-term demographic trends in the UK, by age. Figure 3.11 Working-age population. Figure 3.12 Growth slowing rapidly in working- age population. Figure 3.13 Unemployment rate by age. Figure 3.14 Young people in the labour market. Figure 3.15 Summary of labour market statistics, April 2013. Figure 3.16 Number of claimants (excluding clerical claims) by age and sex for March 2013, seasonally adjusted.15 Figure 3.17 Unemployment rate by gender. Figure 3.20 How the inactivity numbers break down. Figure 3.21 Economic inactivity rate (aged 16– 64), seasonally adjusted. Figure 3.22 UK labour participation rate. Figure 3.23 UK vacancies. Figure 3.24 Employment growth by occupation. Figure 3.25 Employment statistics by sector. Figure 3.26 Public sector employment by industry for December 2012, seasonally adjusted. Figure 3.27 Hours worked. Figure 3.28 Unit labour costs and productivity (output per worker). Figure 3.29 Unemployment rate by region, February 2013. Figure 3.30 UK unemployment trends since 2000. Figure 3.31 UK harmonised unemployment rate in 2011. Chapter 4 Figure 4.1 Price index over time. Figure 4.2 A history of the increase in RPI. Figure 4.3 Changes in goods prices explain overall16 UK price inflation. Figure 4.4 UK import prices vs goods price inflation. Figure 4.5 UK CPI vs foreign exchange rate. Figure 4.6 Cost-push inflation as a result of OPEC increasing its prices 10-fold in the 1970s. AD, aggregate demand; AS, aggregate supply; Y, real output. Figure 4.7 Demand-pull inflation – arises when aggregate demand in an economy outpaces aggregate supply. AD, aggregate demand; AS, aggregate supply; Y, real output. Figure 4.8 Average earnings and consumer prices annual growth rates. Figure 4.9 GDP deflator showing percentage increase in a year. Figure 4.10 Factory gate output price inflation. Figure 4.11 Factory input price inflation. Figure 4.12 Difference between RPI and RPIJ, percentage year on year. Figure 4.13 Gap wedge between CPI and RPI. Figure 4.14 Inflation against the Bank of England's inflation target. Chapter 5 Figure 5.1 Long-term trends in broad money17 growth. Figure 5.2 The velocity of money. Figure 5.3 August 2013 CPI fan chart, based on constant nominal interest rates.4 Figure 5.4 August 2013 GDP fan chart, based on constant interest rates.55 Figure 5.5 Selection of central bank policies. Figure 5.6 Asset prices and money supply. Figure 5.7 Money supply and house prices. Figure 5.8 UK monetary policy is the loosest in its history. Figure 5.9 QE transmission channels. Figure 5.10 Velocity of broad money (ratio of nominal spending to nominal broad money holdings). Figure 5.11 M4ex trend since 2007. Figure 5.12 UK liabilities and assets of the banking sector. Figure 5.13 Counterparts to broad money growth M4. Figure 5.14 The impact of QE on the size of the UK central bank balance sheet. Figure 5.15 Quantitative easing has had little impact on UK growth.18 Figure 5.16 Interest rates and inflation. Figure 5.17 M4 and inflation. Figure 5.18 The longer-term relation between CPI and M4. Figure 5.19 UK M4 broad (adjusted) vs narrow money M0. Figure 5.20 Nominal GDP growth is analogous to broad M4 money supply. Figure 5.21 Twelve-month percentage growth in M4 deposits by sector. Figure 5.22 Twelve-month percentage increase in M4 lending by sector. Figure 5.23 The value of deposits and lending in the UK over the 2012–13. Figure 5.24 M4 and UK economic growth. Chapter 6 Figure 6.1 A history of UK debt from 1692 to 2011 (public sector net debt). Figure 6.2 UK debt has risen sharply since 2000. Figure 6.3 Real GDP growth vs government debt to GDP ratio. Higher debt ratio, slower growth. Figure 6.4 New regulatory framework at the Bank of England. FPC, Financial Policy Committee; FCA, Financial Conduct Authority; PRA, Prudential Regulation Authority.g19 Figure 6.5 Major statutory decision-making responsibilities of the Bank of England. For further detail on the Special Resolution Regime, see www.bankofengland.co.uk/financialstability/Pages/role/ www.hm- treasury.gov.uk/d/fin_fs_bill_mou_financial_crisis_ma Figure 6.6 Membership of the Bank of England bodies. Figure 6.7 UK interest payments on the government debt. Figure 6.8 UK debt has moved up sharply but is still below euro average. Figure 6.9 UK up the debt ranking? Figure 6.10 UK government debt compared with other countries. Figure 6.11 UK budget deficit will improve only slowly. Figure 6.12 It will be hard to cut government spending. Chapter 7 Figure 7.1 Exports and imports as a share of UK GDP. Figure 7.2 UK current account balance as a per cent of GDP. Figure 7.3 UK trade in services and goods. Figure 7.4 Investment income: credits less debits.20 Figure 7.5 Current account deficits internationally. Figure 7.6 UK external deficit widens further in 2012. Figure 7.7 A chronic deficit is trade in goods but a surplus in services. Figure 7.8 Changes in investment. Figure 7.9 The transfers deficit worsened. Figure 7.10 The surplus on the financial account is necessary to fund the UK's current account deficit. Figure 7.11 A structural deficit in goods is not quite offset by a structural surplus in services. Figure 7.12 UK trade position by region – Europe our biggest market. Figure 7.13 UK exports by country (per cent). Figure 7.14 UK visible exports by country (£ billion). Figure 7.15 UK visible goods import shares (per cent). Figure 7.16 UK visible goods import shares (£ billion). Figure 7.17 UK visible goods exports. Figure 7.18 UK service exports. Figure 7.19 UK exchange rate – does it need to21 weaken to help exports? Chapter fintro Figure I.1 US data surprise vs US equities. Figure I.2 Japanese data surprise vs Japanese equities. Figure I.3 G10 data surprise vs Japanese equities. Figure I.4 G10 data surprise vs UK equities. Figure I.5 UK data surprise vs UK equities. Figure I.6 Chinese data surprise vs Chinese equities. Figure I.7 G10 data surprise vs Chinese equities. Figure I.8 US inflation surprise vs 10-year nominal yields. Figure I.9 US inflation surprise vs 10-year break- even rate. Chapter p05 Figure A5.1 UK bank rate since 1694 and it would go below the voting record March 2009 to January 2014.22

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