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The Regional Implications of Macroeconomic Policy

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  • Blake, Neil

Abstract

This article examines the relative impact of changes in UK fiscal and monetary policy on the economies of the UK regions. This is done by first considering the relative importance of fiscal flows and balances to the UK regions and then assessing their sensitivity to fiscal policy changes. Second, the impact of monetary policy on the regions is considered in four cases. These are: direct effects on spending, exchange-rate effects, income effects, and asset price effects. The conclusions are that different policy levers have markedly different regional implications, with southern regions being more sensitive to changes in income taxes and government consumption and investment, while northern regions are more sensitive to changes in national insurance and transfer payments. All regions have become more sensitive to interest-rate changes over the past decade, but regions in the south are considerably more vulnerable, particularly to any knock-on effect on house prices. Copyright 1995 by Oxford University Press.

Suggested Citation

  • Blake, Neil, 1995. "The Regional Implications of Macroeconomic Policy," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 11(2), pages 145-164, Summer.
    • Handle: RePEc:oup:oxford:v:11:y:1995:i:2:p:145-64
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    Cited by:

    1. Marta Espasa, 2001. "Territorial redistribution through the EU budget. Empirical evidence at national and regional levels," Working Papers 2001/1, Institut d'Economia de Barcelona (IEB).
    2. Richard Harris & Aying Liu, 1998. "Input-Output Modelling of the Urban and Regional Economy: The Importance of External Trade," Regional Studies, Taylor & Francis Journals, vol. 32(9), pages 851-862.

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