Macroeconomics

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qui donne: ou encore : ! yo-(r + a) (i) Ct = Yt — It =y0Pt — iPt aPt + by0Pt _ 1 = yQPt — fPt by0Pt_t = y0Pt — iPt — aPt by0Pt _ t rt -1 i/O \l a) En partant de valeurs réelles, on peut arriver à un résultat identique (voir Ackley (G.), Macroeconomic theory, 1963, pp. 431-433). \ CIBLE DE CONSOMMATION 683 L'expression (1 ) nous apprend que la hausse des prix par période dépend positivement de b et de (i -r a) et négativement de yo puis qu'une augmentation de y0 élèverait le numérateur

failures At the start, many analysts failed to grasp fully the character of the crisis. The focus was almost exclusively on market regulation and the supervision of financial institutions, whereas little attention was devoted to the root global macroeconomic causes of the crisis. Indeed, as late as November last year, when the Group of Twenty (G-20) leading industrial and emerging market economies issued a communiqué at the end of an emergency meeting in Washington, D.C., the main focus was on failures

Moreover, the UK's comparative macroeconomic performance has improved since the implementation of Thatcherite economic policies. Since Thatcher resigned as British Prime Minister in 1990, UK economic growth was on average higher than the other large EU economies (i.e. Germany, France and Italy). Additionally, since the beginning of the 2000s, the UK has also possessed lower unemployment, by comparison with the other big EU economies. Such an enhancement in relative macroeconomic performance is perhaps another