Working papers

The system GMM estimator in dynamic panel data models combines moment conditions for hte differenced equation with moment conditions for the model in levels.

Recent studies have found a negative relationship between voluntary labour market activity and the opportunity cost of time, measured by the individual's net wage.

This paper presents an hedonic model of the price of a sample of new cars available in the UK during the period 1986 to 1995.

When an income tax or tax-benefit system is applied to the distribution of personal incomes, three effects on the distribution of peoples' living standards can be discerned.

Much of the dramatic change in skill and wage structure observed in recent years in the United States is believed to stem from the impact of new technology.

The question of how inequality is generated and how it reproduces over time has been a major concern for social scientists for more than a century.

Perceptions of private benefits from hypothecated tax increases may be correlated with income either because individuals with different incomes are more or less interested in public services or because they anticipate bearing different shares of the implied tax burden.

The paper estimates the returns to education for a cohort of individuals born in Britain in March 1958 who have been followed since birth until

Recent studies have explored the possibility that limited participation in asset markets,

In this paper we argue that only when one uses data and arguments relating to the life-time experiences of individuals or households within an economy can one understand recent trends and patterns in saving rates.

This paper uses microeconomic data from the UK Family Expenditure Surveys (FES) and the General Household Surveys (GHS) to describe and explain changes in the distribution of male wages.

For small group sizes, the Generalised Least Squares (CLS) estimator in multilevel models is biased and inconsistent when the random cluster effects are correlated with the regressors.

The life-cycle hypothesis predicts that the cross-sectional variance of the marginal utility of consumption is equal to its own lag plus a constant and a random component.

We investigate the finite sample performance of a Lagrange Multiplier specification test for competing-risks duration models developed by Pudney and Thomas (1995).

In this paper we show how estimates of aggregate spending in the UK would be affected by using grossing weights that take account of the known dimensions of non-representativeness of the Family Expenditure Survey.

This paper uses the General Household Survey data for the UK to study earnings

A common feature of federal systems is that tax bases are joint property.

This paper investigates whether the impact of financing constraints on company investment spending differs between firms in Belgium, France, Germany and the UK.

It is well known that over the next few decades there will be significant changes in the demographic structures of nearly all developed countries; in the absence of massive immigration, or of catastrophic new fatal illnesses, by the middle of the next century the ratio of people of working age to those of retirement age will, in many countries, be only around one half the current level.