Suchergebnisse

This paper is based upon detailed research that has taken place in the UK and Italy, on the implementation strategies for urban road pricing schemes. In the UK, both in London and Durham, the Road User Charging schemes required new legislation, and were implemented rapidly. The time from announcement to implementation took three years and the schemes were introduced after short periods of intensive planning, consultations and stakeholder networking. In Italy, the situation has been very different. The road pricing schemes in Rome and Genoa were not introduced under specific legislation but rather evolved from access control zones originally implemented in historic urban centres. The incremental introduction of the Italian road pricing experiments has taken approximately ten years. The paper undertakes a comparison of these different strategies to introduce urban road pricing and the lessons they contain for the development of similar measures elsewhere. The comparison of the different implementing experiences is undertaken using Strategic Policy Niche Management, a method designed to explore, among other factors, the dynamics of the stakeholder networks involved in planning, introducing, marketing and managing radical urban Travel Demand Management policies.

The production of this forecast is supported by the Institute's Corporate Members: Bank of England, HM Treasury, Mizuho Research Institute Ltd, Office for National Statistics, Santander (UK) plc and by the members of the NiGEM users group.

The production of this forecast is supported by the Institute's Corporate Members: Bank of England, HM Treasury, Mizuho Research Institute Ltd, Office for National Statistics, Santander (UK) plc and by the members of the NiGEM users group.

At the zero lower bound, the scale and scope of non-conventional monetary policies have become the key decision variables for monetary policy makers. In the UK, quantitative easing has involved the creation of a fund to purchase medium term dated government bonds with borrowed central bank reserves and so has increased the liquidity of the non-bank financial sector and temporarily eased the budget constraint of HMT. Some of these reserves have been used to increase the extent of capital held by banks and there have also been direct injections of capital into the banking system. We assess some of the issues arising from the three policies by using three separate DSGE models, which take seriously the role of financial frictions. We find that it is possible to correct the effects of a lower zero bound in DSGE models, by (i) offsetting the liquidity premium embedded in long term bonds and/or (ii) adopting countercyclical subsidies to bank capital able and/or (iii) the creation of central bank reserves that reduce the costs of loan supply. But the correct quantitative response and ongoing interaction with standard monetary policy remains an open question.