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Author: Andrew Scott

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CEP discussion paper
In Search of a Theory of Debt Management

A growing literature integrates debt management into models of optimal fiscal policy. One promising theory argues the composition of government debt should be chosen so that fluctuations in its market value offsets chang...Read more...

Elisa Faraglia, Albert Marcet and Andrew Scott

26 October 2011

CEP discussion paper
Does Tax Smoothing Imply Smooth Taxes?

Using a stochastic growth model subject to shocks to productivity, government expenditure and tastes we derive analytical expressions for optimal labour and capital tax rates. We find labour taxes are driven by two facto...Read more...

Andrew Scott

June 1999

CEP discussion paper
Fickle Investors: An Impediment to Growth

The aim of this paper is to construct theoretical models which help to shed light on the recent criticisms of volatile investment flows. We do not make any empirical attempt to establish the exisitence or gauge the impor...Read more...

Andrew Scott and Harald Uhlig

February 1999

CEP discussion paper
Sticky Prices and Volatile Output: or when is a Phillips Curve not a Phillips Curve?

We examine the effect of introducing price stickiness into a stochastic growth model subject to a cash in advance constraint. As has been previously documented the introduction of price rigidities provides a substantial ...Read more...

M Ellison and Andrew Scott

July 1998

CEP discussion paper
The Labour Market over the Business Cycle: Can Theory Fit the Facts?

We examine the ability of six labour market models to account for the business cycle behaviour of UK labour markets when embedded in a stochastic growth model. WE assess the models in terms of : (i) their ability to mimi...Read more...

S Millard, Andrew Scott and Marianne Sensier

September 1997

CentrePiece article
Does money talk and is it persuasive?

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Andrew Scott

February 1997

CEP discussion paper
Why is Consumption so Seasonal?

UK and US data suggest that consumption seasonality is both stochastic and characterised by permanent changes, that is there are seasonal unit roots in consumption. This paper explains the changes in the seasonal pattern...Read more...

Andrew Scott

October 1995

CEP discussion paper
Seasonality in Dynamic Regression Models

This paper examines the implications of treating seasonality as an unobserved component which changes slowly over time. This approach simplifies the specification of dynamic relationships by separating non-seasonal from ...Read more...

Andrew C Harvey and Andrew Scott

January 1994

CEP discussion paper
A Theory of Economic Fluctuations: Increasing Returns and Temporal Agglomerations

A competitive business cycle model is developed in which internal increasing returns translate a white noise random shock into temporarily agglomerated economic activity. Te qualitative nature of the economy varies over ...Read more...

Daron Acemoglu and Andrew Scott

July 1993

CEP discussion paper
Asymmetries in the Cyclical Behaviour of UK Markets

Using a simple state-space approach, this paper documents widespread non-linearities in the UK labour market and shows that these non-linearities can be successfully modeled using the notion of cyclical asymmetries. The ...Read more...

Daron Acemoglu and Andrew Scott

May 1993

CEP discussion paper
Consumer Confidence and Rational Expectations: Are Agents' Beliefs Consistent with the Theory?

Consumer confidence is found to have predictive content for a wide range of macroeconomic variables including consumption growth, contrary to standard REPIH. We find that on UK data the REPIH is rejected due to the predi...Read more...

Daron Acemoglu and Andrew Scott

February 1993