Economics discussion papers

Discussion papers

Our discussion papers share the findings of our research projects, and are meant to encourage dissemination with a wide audience of readers.

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Title	Authors	Series
The Causal Effects of Heterogeneous Expectation Formation in General Equilibrium	Alistair Macaulay	DP 03/26 (PDF)
The Macroeconomic Consequences of Government Investment Revisited	Paul Levine	DP 02/26 (PDF)
Monetary Policy Narratives and the Transmission of Monetary Policy	Alistair Macaulay	DP 01/26 (PDF)

Title	Authors	Series
Managing Financial Crises	Aliaksandr Zaretski	DP 06/25 (PDF)
Fiscal Austerity and Sovereign Debt Restructurings	Hyungseok Joo	DP 05/25 (PDF)
Ambiguity Aversion, Portfolio Choice, and Life Expectancy	Alistair Macaulay	DP 04/25 (PDF)
Optimal Macroprudential Policy with Preemptive Bailouts	Aliaksandr Zaretski	DP 03/25 (PDF)
Optimal Credit Market Policy	Ricardo Nunes	DP 02/25 (PDF)
The Tails of Gravity: Using Expectiles to Quantify the Trade-Margins Effects of Economic Integration Agreements	Joao M.C. Santos Silva	DP 01/25 (PDF)

Title	Authors	Series
Financial Constraints, Risk Sharing, and Optimal Monetary Policy	Aliaksandr Zaretski	DP 06/24 (PDF)
A General Theory of Tax-Smoothing	Anastasios G. Karantounias	DP 05/24 (PDF)
Estimation and Inference of the Forecast Error Variance Decomposition for Set-Identified SVARs	Joe Marlow & Alessio Volpicella	DP 04/24 (PDF)
Sovereign Default and FDI Transactions: Evidence from Argentina	Moonhee Cho & Hyungseok Joo	DP 03/24 (PDF)
Repo, Sponsored Repo and Macro-prudential Regulation	Miguel Fernandes & Mario Pascoa	DP 02/24 (PDF)
Misspecified Exponential Regressions: Estimation, Interpretation, and Average Marginal Effects	Joao M.C. Santos Silva	DP 01/24 (PDF)

Title	Authors	Series
The Effect of Dengue Fever on Schooling Outcomes	Martin Foureaux Koppensteiner	DP 14/23 (PDF)
Optimal Liquidity Provision and Interest Rate Rules: A Tale of Two Frictions	Paul Levine	DP 13/23 (PDF)
Imperfect Information and Hidden Dynamics	Paul Levine	DP 12/23 (PDF)
Sovereign Defaults and Public Investment (Capital)	Hyungseok Joo	DP 11/23 (PDF)
Short-term Rentals and Housing Market: Evidence from Portuguese Metropolitan Areas	Francisco Nobre	DP 10/23 (PDF)
Interest Rate Surprises: A Tale of Two Shocks	Ricardo Nunes	DP 09/23 (PDF)
House Price Expectations and Inflation Expectations: Evidence from Survey Data	Vedanta Dhamija, Ricardo Nunes, Roshni Tara	DP 08/23 (PDF)
Victimisation and Birth Outcomes	Martin Foureaux Koppensteiner	DP 07/23 (PDF)
Maternal Dengue and Health Outcomes of Children	Martin Foureaux Koppensteiner	DP 06/23 (PDF)
Business Improvement Districts and Housing Markets: Evidence from Neighborhoods in London	Stefano Cellini & Francisco Nobre	DP 05/23 (PDF)
Doubts About the Model and Optimal Policy	Anastasios G. Karantounias	DP 04/23 (PDF)
Sovereign Defaults and Debt Restructurings: Public Capital and Fiscal Constraint Tightness	Hyungseok Joo	DP 03/23 (PDF)
Negotiating the Wilderness of Bounded Rationality through Robust Policy	Paul Levine	DP 02/23 (PDF)
Identifying Monetary Policy Shocks Through External Variable Constraints	Francesco Fusari	DP 01/23 (PDF)

Title	Authors	Series
Do professional year placements matter for job quality? The case of economics graduates	Panagiotis Arsenis	DP09/22 (PDF)
Maternal Dengue and Health Outcomes of Children	Martin Foureaux Koppensteiner	DP08/22 (PDF)
Monetary Policy and Exchange Rate Dynamics in a Behavioural Open Economy Model	Sahil Ravgotra	DP07/22 (PDF)
Effects of Information Quality on Signaling through Sovereign Debt Issuance	Hyungseok Joo	DP06/22 (PDF)
The Use and Mis-Use of SVARs for Validating DSGE Models	Paul Levine & Alessio Volpicella	DP05/22 (PDF)
Maternal Displacements during Pregnancy and the Health of Newborns	Martin Foureaux Koppensteiner	DP 04/22 (PDF)
Generalizing the Max Share Identification to multiple shocks identification: an Application to Uncertainty	Alessio Volpicella	DP 03/22 (PDF)
Import Liberalization as Export Destruction? Evidence from the United States	Holger Breinlich	DP 02/22 (PDF)
Protests and Police Militarization	Maurizio Zanardi	DP 01/22 (PDF)

Title	Authors	Series
A Toolbox for Monetary Rule Mandates in a New Keynesian Framework	Paul Levine	DP 10/21 (PDF)
Limited Asset Market Participation and Monetary Policy in a Small Open Economy	Paul Levine	DP 09/21 (PDF)
Hysteresis in the New Keynesian Three Equation Model	Paul Levine	DP 08/21 (PDF)
Trade, Gravity and Aggregation	Holger Breinlich & J.M.C. Santos Silva	DP 07/21 (PDF)
Public Capital and Fiscal Constraint in Sovereign Debt Crises	Hyungseok Joo	DP 06/21 (PDF)
Machine Learning in International Trade Research - Evaluating the Impact of Trade Agreements	Holger Breinlich, Valentina Corradi & J.M.C. Santos Silva	DP 05/21 (PDF)
Optimal Lockdown in an Epidemiological-Macroeconomic Model	Paul Levine & Neil Rickman	DP 04/21 (PDF)
Imperfect Exchange Rate Pass-through: Empirical Evidence and Monetary Policy Implications	Maryam Mirfatah, Vasco J. Gabriel & Paul Levine	DP 03/21 (PDF)
Police Militarization and Local Elections	Maurizio Zanardi	DP 02/21 (PDF)
The Log of Gravity at 15	Joao Santos Silva	DP 01/21 (PDF)

Title	Authors	Series
Inside the White Box: Unpacking the Determinants of Quality and Vertical Specialization	Esteban Jaimovich	DP 06/20 (PDF)
DSGE Models under Imperfect Information: A Dynare-based Toolkit	Paul Levine	DP 05/20 (PDF)
The Allocation OF Talent: Finance versus Entrepreneurship (Conditionally accepted at Review of Economic Dynamics)	Kirill Shakhnov	DP 04/20 (PDF)
Individual Incentives and Workers’ Contracts: Evidence from a Field Experiment	Vasco J. Gabriel and Neil Rickman	DP 03/20 (PDF)
Monetary Growth Rules in an Emerging Open Economy	Maryam Mirfatah, Vasco J. Gabriel and Paul Levine	DP 02/20 (PDF)
Mandates and Monetary Rules a New Keynesian Framework	Paul Levine and Son T. Pham	DP 01/20 (PDF)

Title	Authors	Series
Information, VARs and DSGE models	Paul Levine	DP 16/19 (PDF)
Sovereign debt overhang, expenditure composition and debt restructurings	Hyungseok Joo	DP 15/19 (PDF)
On the strategic benefits of diversity	Martin Kaae Jensen	DP 14/19 (PDF)
Understanding access barriers to public services: lessons from a randomised domestic violence intervention	Martin F. Koppensteiner	DP 13/19 (PDF)
Designing robust monetary policy using prediction pools	Szabolcs Deák, Paul Levine	DP 12/19 (PDF)
Sovereign debt restructurings: delays in renegotiations and risk averse creditors	Hyungseok Joo	DP 11/19 (PDF)
Violence and human capital investments	Martin F. Koppensteiner	DP 10/19 (PDF)
No-trade and refined equilibria for secured loans in infinite horizon	Mario Pascoa	DP 09/19 (PDF)
Crashing of efficient stochastic bubbles	Mario Pascoa	DP 08/19 (PDF)
Recourse loans and Ponzi schemes	Mario Pascoa	DP 07/19 (PDF)
Endogenous discounting, wariness, and efficient capital taxation	Mario Pascoa	DP 06/19 (PDF)
Standard setting organizations, information flows and business strategies: an empirical investigation	Paul Temple	DP 05/19 (PDF)
Policy mandates and institutional architecture	Ioannis Lazopoulos, Vasco J. Gabriel	DP 04/19 (PDF)
The state of DSGE modelling	Paul Levine	DP 03/19 (PDF)
Behavioural new Keynesian models	Robert Calvert Jump, Paul Levine	DP 02/19 (PDF)
Optimal taxation and debt management without commitment	Ricardo Nunes	DP 01/19 (PDF)

Title	Authors	Series
Effects of market structure and patient choice on hospital quality for planned patients	Giuseppe Moscelli, Hugh Gravelle, Luigi Siciliani	DP 11/18 (PDF)
Inflation expectations and non-linearities in the Philips curve	Ricardo Nunes	DP 10/18 (PDF)
The economic effects of Brexit - evidence from the stock market	Holger Breinlich, Elsa Leromain, Dennis Novy, Thomas Sampson, Ahmed Usman	DP 09/18 (PDF)
Merger policy in a quantitative model of international trade	Holger Breinlich, Volker Nockez, Nicolas Schutzx	DP 08/18 (PDF)
Institutional setups of monetary policy and banking regulation and supervision - a survey	Diana Lima	DP 07/18 (PDF)
Bootstrap inference for penalized gmm estimators with oracle properties	Lorenzo Camponovo	DP 06/18 (PDF)
Relative error accurate statistic based on non-parametric likelihood	Lorenzo Camponovo, Taisuke Otsu	DP 05/18 (PDF)
Predictability hidden by anomalous observations	Lorenzo Camponovo, Olivier Scaillet, Fabio Trojani	DP 04/18 (PDF)
Non-parametric likelihood for volatility under high frequency data	Lorenzo Camponovo, Yukitoshi Matsushita, Taisuke Otsu	DP 03/18 (PDF)
Roadways, input sourcing, and patterns of specialisation	Esteban Jaimovich	DP 01/18 (PDF)

Title	Authors	Series
Reconciling Jaimovich-Rebello preferences, habit in consumption and labour supply	Tom Holden, Paul Levine, Jonathan Swarbrick
Internal rationality, heterogeneity, and complexity in the new Keynesian model	Cars Hommes, Robert Calvert Jump, Paul Levine
Internal rationality, learning and imperfect information	Szabolcs Deák, Paul Levine, Joseph Pearlman, Bo Yang
Determinants of repo haircuts and bankruptcy	Jean-Marc Bottazzi, Mario Pascoa, Guillermo Ramirez
The impact of free early childhood education and care on educational achievement: a discontinuity approach investigating both quantity and quality of provision	Jo Blanden, Emilia Del Bono, Kirstine Hansen, Birgitta Rabe	DP 06/17 (PDF)
Equilibrium in fx swap markets: funding pressures and the cross-currency basis	Jean-Marc Bottazzi, Jaime Luque, Mario Pascoa	DP 05/17 (PDF)
Regulating the repo market: implications for leverage dynamics and bubbles	Jean-Marc Bottazzi, Jaime Luque, Mario Pascoa	DP 04/17 (PDF)
Student academic performance and professional training year	Panagiotis Arsenis, Miguel Flores
Optimal fiscal and monetary policy, debt crisis and management	Cristiano Cantore, Paul Levine, Giovanni Melina, Joseph Pearlman
Unravelling the skill premium	Peter mcadam, Alpo Willman

Title	Authors	Series
Delphic and Odyssean monetary policy shocks: evidence from the euro-area	Philippe Andrade, Filippo Ferroni
Velocity in the long run: money and structural transformation	Antonio Mele, Radoslaw Stefanski
Quality growth: from process to product innovation along the path of development	Esteban Jaimovich
Truth-tracking judgment aggregation over interconnected issues	Irem Bozbay
Exact likelihood inference in group interaction network models	Grant Hillier, Federico Martellosio
Exact properties of the maximum likelihood estimator in spatial autoregressive models	Grant Hillier, Federico Martellosio
The effect of financial regulation mandate on inflation bias: a dynamic panel approach	Diana Lima, Ioannis Lazopoulos, Vasco Gabriel
Short sales and shareholders' unanimity	Jean-Marc Bottazzi, Mario R. Pascoa and Guillermo Ramírez	DP 05/16 (PDF)
On the efficiency of monetary equilibrium when agents are wary	Aloisio Araujo, Juan Pablo Gama-Torres, Rodrigo Novinski and Mario R. Pascoa
An estimated DSGE open-economy model of the Indian economy with financial frictions	Vasco Gabriel, Paul Levine and Bo Yang
On the persistence of cross-country inequality measures	Dimitris Christopoulos and Peter mcadam
Agent-based macroeconomics and dynamic stochastic general equilibrium models: where do we go from here?	Özge Dilaver, Robert Jump and Paul Levine

Title	Authors
Optimal fiscal and monetary policy, debt crisis and management	Cristiano Cantore, Paul Levine, Giovanni Melina and Joseph Pearlman
Efficiency, inefficiency and the mena frontier	Dimitris Christopoulos and Peter mcadam
Consistent estimation in large heterogeneous panels with multifactor structure and endogeneity	Giovanni Forchini, Bin Jiang and Bin Peng
On the perils of stabilising prices when agents are learning	Antonio Mele, Krisztina Molnár and Sergio Santoro
Military aid, direct intervention and counter terrorism	Maria Garcia-Alonso, Paul Levine and Ron Smith

Title	Authors
Diffusion of multiple information	Nicole Tabasso
The international policy trilemma in the post-Bretton woods era	Alex Mandilaras
Deep versus superficial habit: it’s all in the persistence	Cristiano Cantore, Paul Levine and Giovanni Melina
Transitions in exchange rate regimes in the aftermath of the global economic crisis	Graham Bird and Alex Mandilaras
Does tenure make researchers less productive? The case of the “specialist”	João Ricardo Faria and Peter mcadam
CES technology and business cycle fluctuations	Cristiano Cantore, Paul Levine, Joseph Pearlman and Bo Yang
Risk aversion in a model of endogenous growth	Christian Chiglino and Nicole Tabasso
Kant’s endogenous growth mechanism	Gabriel Fagan, Vitor Gaspar and Peter mcadam
A general result on observational equivalence in a class of nonparametric structural equations models	Giovanni Forchini

Title	Authors
Shocking stuff: technology, hours, and factor substitution	Cristiano Cantore, Miguel A. León-Ledesma, Peter mcadam and Alpo Willman
From social contract to Arab spring: macroeconomic adjustment under regime change	João Ricardo Faria and Peter Mc Adam
On habit and the socially efficient level of consumption and work effort	Paul Levine, Peter mcadam and Peter Welz
Standards, learning and growth in Britain 1901-2009	Christopher Spencer and Paul Temple
Monetary and fiscal rules in normal and abnormal times	Cristiano Cantore, Paul Levine, Giovanni Melina and Joseph Pearlman
The RBC view of Pakistan: a declaration of stylized facts and essential models	M. Ali Choudhary and Farooq Pasha
Wage growth and human capital in the UK finance sector	Joanne Lindley
Sticky wages in a developing country: lessons from structured interviews in Pakistan	Waqas Ahmed, M. Ali Choudhary, Sajawal Khan, Saima Mahmood and Gylfi Zoega
Bootstrapping tests for jumps with an application to test averaging	Ana-Maria Dumitru

Title	Authors
Efficient simulation of DSGE models with inequality constraints	Tom Holden and Michael Paetz
Learning from learners	Tom Holden
Medium-frequency cycles and the remarkable near trend-stationarity of output	Tom Holden
Explaining shifts in exchange rate regimes	Graham Bird, Alex Mandilaras and Helen Popper
Will Europe’s fiscal compact help avoid future economic crises?	Graham Bird and Alex Mandilaras
Measuring financial contagion with extreme co-exceedances	Apostolos Thomadakis
Imperfect information, optimal monetary policy and informational consistency	Paul Levine, Joseph Pearlman and Bo Yang
Technology, utilisation and inflation: what drives the new Keynesian-Philips curve?	Peter mcadam and Alpo Willman
Openness, efficiency and technology: an industry assessment	Dimitris Christopoulos and Peter mcadam
Endogenous growth and consumption aggregation	Nicole Tabasso
Contagion or flight-to-quality phenomena in stock and bond returns	Apostolos Thomadakis
A fiscal stimulus with deep habits and optimal monetary policy	Cristiano Cantore, Paul Levine, Giovanni Melina and Bo Yang
A new perspective on the gold standard: inflation as a population phenomenon	Joao Ricardo Faria and Peter mcadam
Structural equations and invariance	Giovanni Forchini
Bank lending and monetary shocks: an empirical investigation	Amjad Ali, M. Ali Choudhary, Shah Hussain and Vasco J. Gabriel
Consistent estimation of panel data models with a multi-factor error structure	Ben Ping and Giovanni Forchini

Title	Authors
A fiscal stimulus and jobless recovery	Cristiano Cantore, Paul Levine and Giovanni Melina
Formal sector price discoveries: results from a developing country	M. Ali Choudhary, Saima Naeem, Abdul Faheem, Nadim Haneef and Farooq Pasha
Delegation to independent regulators and the ratchet effect	Joanne Evans, Paul Levine, Neil Rickman and Francesc Trillas
Identification of monetary policy in SVAR models: a data-oriented perspective	Matteo Fragetta and Giovanni Melina
Informality, frictions and monetary policy	Nicoletta Batini, Paul Levine, Emanuela Lotti and Bo Yang
Is there a Beijing consensus on international macroeconomic policy?	Graham Bird, Alex Mandilaras and Helen Popper
Getting normalisation right: dealing with 'dimensional constants' in macroeconomics	Cristiano Cantore and Paul Levine
Aggregate stability and balanced-budget rules	Matteo Ghilardi and Raffaele Rossi
Trilemma stability and international macroeconomic archetypes in developing economies	Helen Popper, Alex Mandilaras and Graham Bird
The costs and benefits of informality	Nicoletta Batini, Paul Levine and Emanuela Lotti
The gender dimension of technical change and task inputs	Joanne Lindley

Title	Authors
An estimated DSGE model of the Indian economy	Vasco J Gabriel, Paul Levine, Joseph Pearlman and Bo Yang
An efficient test of fiscal sustainability	Vasco J Gabriel and Pataaree Sangduan
The cost channel reconsidered: a comment using an identification-robust approach	Vasco J Gabriel and Luis F Martins
Cointegration tests under multiple regime shifts: an application to the stock price-dividend relationship	Vasco J Gabriel and Luis F Martins
A comparison of earnings and occupational attainment of refugees and asylum seekers and economic immigrants in the UK	Rukhsana Kausar and Stephen Drinkwater
Optimal intermediation under aggregate consumption uncertainty	Ioannis Lazopoulos
Migration, skill composition and growth	Young-Bae Kim, Paul Levine and Emanuela Lotti
The gender dimension of technical change and job polarisation	Jo Lindley
A floating versus managed exchange rate regime in a dsge model of india	Nicoletta Batini, Vaco Gabriel, Paul Levine and Joseph Pearlman
Endogenous persistence in an estimated dsge model under imperfect information	Paul Levine, Joseph Pearlman, George Perendia and Bo Yang
Monetary policy in an uncertain world: probability models and the design of robust monetary rules	Paul Levine
Is the over-education wage penalty permanent?	Joanne Lindley and Steven mcintosh

Title	Authors
Informal labour and credit markets: a survey	Nicoletta Batini, Young-Bae Kim, Paul Levine and Emanuela Lotti
Once bitten: the effect of IMF programs on subsequent reserve behaviour	Graham Bird and Alex Mandilaras
Reform and competitive selection in china: an analysis of firm exits	Qing Gong Yang and Paul Temple
Assessing fiscal sustainability subject to policy changes: a Markov switching cointegration approach	Vasco Gabriel and Pataaree Sangduan
Military expenditure and economic growth literature: a meta-analysis	Aynur Alptekin and Paul Levine
Conflict, growth and welfare: can increasing property rights really be counterproductive?	Aynur Alptekin and Paul Levine

Title	Authors
Is there a trade-off between regional growth and national income? Theory and evidence from the EU	Young-Bae Kim
Happiness inertia: analytical aspects of the Easterlin paradox	Ali Choudhary, Paul Levine, Peter mcadam and Peter Welz
Neural network models for inflation forecasting: an appraisal	Ali Choudhary and Adnan Haider
Entrepreneurship, spillovers and productivity growth in the small firm sector of UK manufacturing	Hany El Shamy and Paul Temple
Taylor-type rules versus optimal policy in a Markov-switching economy	Fernando Alexandre, Pedro Bassao and Vasco Gabriel
How forward-looking is the fed? Direct estimates from a 'calvo-type' rule	Vasco Gabriel, Paul Levine and Christopher Spencer
On the (ir)relevance of direct supply-side effects of monetary policy>	Vasco Gabriel, Paul Levine, Christopher Spencer and Bo Yang
Panic on the streets of London: police, crime and the July 2005 terror attacks	Mirko Draca, Stephen Machin and Robert Witt
Robust inflation-targeting rules and the gains from international policy coordination>	Paul Levine, Joseph Pearlman and Peter Welz
Determining constituency marginality in the UK using the expense claims of MPS	Tim Bale, Barry Reilly and Robert Witt

Title	Authors
The determinants of base pay and the role of race in major league soccer: evidence from the 2007 league season	Barry Reilly and Robert Witt
The credibility problem revisited: thirty years on from Kydland and Prescott	Paul Levine, Joseph Pearlman and Bo Yang
Fiscal policy in a monetary union: can fiscal cooperation be counterproductive?	Luisa Lambertini, Paul Levine and Joseph Pearlman
Estimating DSGE models under partial information	Paul Levine, Joseph Pearlman and George Perendia
Growth and welfare effects of east-west European migration	Paul Levine, Emanuela Lotti, Joseph Pearlman and Richard Pierse
What macroeconomics conditions best explain southeast Asian capital flows?	Alex Mandilaras and Helen Popper
Foreign exchange pressures in Latin America: does debt matter?	Graham Bird and Alex Mandilaras
Revisiting Mrs. Machlup's wardrobe: the accumulation of international reserves, 1992-2001	Graham Bird and Alex Mandilaras
Channel trading and imperfect competition: good trades and bad trades	Paul Levine and Neil Rickman
Optimal administered incentive pricing of spectrum	Paul Levine and Neil Rickman
Monetary policy coordination revisited in a two-block DSGE model	Paul Levine, Joseph Pearlman and Richard Pierse
Monetary rules in emerging economies with financial market imperfections	Nicoletta Batini, Paul Levine and Joseph Pearlman
Robust monetary rules under unstructured and structured model uncertainty	Paul Levine and Joseph Pearlman
Spectrum property rights versus a commons model: exploitation of mesh networks	Paul Levine, Klaus Moessner and Neil Rickman
Anglo-Dutch, split-award spectrum actions with a downstream market	Parimal Bag, Paul Levine and Neil Rickman
The IMF: a bird's eye view of its role and operations	Graham Bird
Accounting for intergenerational income persistence: noncognitive skills, ability and education	Jo Blanden, Paul Gregg and Lindsey MacMillan
The IMF's role in mobilizing private capital flows: are there grounds for catalytic conversion?	Graham Bird and Dane Rowlands
The analysis of catalysis: IMF programs and private capital flows	Graham Bird and Dane Rowlands

Title	Authors
Lobbies, delegation and the under-investment problem in regulation	Joanne Evans, Paul Levine and Fransesc Trillas
Labour market and investment effects of remittances	Stephen Drinkwater, Paul Levine and Emanuela Lotti
What determines the implementation of IMF programs?	Ozlem Arpac, Graham Bird and Alex Mandilaras
Poles apart? Eu enlargement and the labour market outcomes of immigrants in the UK	Stephen Drinkwater, John Eade and Michal Garapich
Explaining IMF arrangements: was Asia different?	Graham Bird and Dane Rowlands
The implementation of IMF programs: a conceptual framework	Graham Bird
Measurement, technological capability, and intra-industry trade: evidence from the EU	Ali Choudhary, Paul Temple and Lei Zhao
Mind the gap: a comment on aggregate productivity and technology	Ali Choudhary and Vasco Gabriel
Dynamics and diversity: ethnic employment differences in England and Wales, 1991 - 2001	Kenneth Clark and Stephen Drinkwater
The dynamic wage bargaining problem	Renuka Metcalfe
Terminal conditions in forward-looking economics model	Richard Pierse
Optimal control in nonlinear models: a generalised gauss-newton algorithm with analytic derivatives	Richard Pierse
Central bank independence and the "free lunch puzzle": a new perspective	Ali al-Nowaihi, Paul Levine and Alex Mandilaras
Necessary and sufficient conditions for latent separability	Ian A. Crawford
Reaction functions of Bank of England MPC members: insiders versus outsiders	Christopher Spencer
The 24/7 society and multiple habits	Ali Choudhary and Paul Levine
Public debt maturity and currency crises	Paul Levine, Alexandros Mandilaras and Jun Wang
The dissent voting behaviour of bank of Bank of England MPC members	Christopher Spencer
Robust estimates of the new Keynesian Phillips curve	Luis Martins and Vasco Gabriel
Price regulation and the commitment problem: can limited capture be beneficial?	Paul Levine, Neil Rickman and Francesc Trillas

Title	Authors
A note on: jury size and the free rider problem	Parimal Kanti, Paul Levine and Christopher Spencer
The hazard of being an English football league manager: empirical estimates from the 2002/3 season	Ray Bachan, Barry Reilly and Robert Witt
Consensus formation in monetary policy committees	Christopher Spencer
On the stability of the wealth effect	Fernando Alexandre, Pedro Bagco and Vasco Gabriel
IMF quotas: constructing an international organisation using inferior building blocks	Graham Bird and Dane Rowlands
A nonparametric test of stochastic dominance in multivariate distributions	Ian Crawford
The IMF and the mobilization of foreign aid	Graham Bird and Dane Rowlands
Identifying externalities in UK manufacturing using direct estimation of an average cost function	Ciaran Driver, Paul Temple and Giovanni Urga
Should it be curtains for some of the IMF 's lending windows?	Graham Bird and Dane Rowlands
Contrasts between classes of assets in fixed investment equations as a way of testing real option theory	Ciaran Driver, Paul Temple and Giovanni Urga
Bi-polar disorder: exchange rate regimes, economics crises and the IMF	Graham Bird and Dane Rowlands
The viability of economics reform programs supported by the international financial institutions	Graham Bird, Wolfgang Mayer and Alex Mourmouras
Over-optimism and the IMF	Graham Bird
Explaining the diversity of industry investment responses to uncertainty using long run panel survey data	Ciaran Driver, Paul Temple and Giovanni Urga
Revealed preference analysis of characteristics models	Laura Blow, Martin Browning and Ian Crawford
Beneficial collusion in corruption control: the case of nonmonetary penalties	Mehmet Bac and Parimal Kanti Bag
Favouritism and financial incentives: a natural experiment	Neil Rickman and Robert Witt

Title	Authors
Everyone's a winner? Union effects on persistence in private sector wage settlements: longitudinal evidence from Britain	Donna Brown, Peter Ingram and Jonathan Wadsworth
Institutions and long-run growth in the UK: the role of standards	Paul Temple, Robert Witt and Chris Spencer
Strategic procurement, openness and market structure	Maria Garcia-Alonso and Paul Levine
Robust inflation-forecast-based rules to shield against indeterminacy	Nicoletta Batini, Alejandro Justiniano, Paul Levine and Joseph Pearlman
Can risk aversion in firms reduce unemployment persistence?	Ali Choudhary and Paul Levine
Migration and labour market differences: the case of wales	Stephen Drinkwater and David Blackaby
The transition from welfare to work	Robert J. Lemke, Robert J. Witt and Ann Dryden Witte
Connecting people	Ali Choudhary
Liability, insurance and defensive medicine: new evidence	Paul Fenn, Alastair Gray and Neil Rickman
Indeterminacy with inflation-forecast-based rules in a two-bloc model	Nicoletta Batini, Paul Levine and Joseph Pearlman
Shareholder value or competitive advantage? Evidence from hurdle rates	Ciaran Driver and Paul Temple

Title	Authors
Estimating the willingness to move within Great Britain: importance and implications	Stephen Drinkwater
Are performance conditions on executive options driven by fundamentals?	Ali Choudhary and J. Michael Orszag
The implementation of IMF programmes: a conceptual framework and a policy agenda	Graham Bird
Have industrial relations in the UK really improved?	Stephen Drinkwater and Peter Ingram
Pay settlements and nominal wage rigidity in Britain	Donna Brown, Peter Ingram and Jonathan Wadsworth
Determinants of employee crime in the UK	Neil Rickman and Robert Witt
Price regulation, investment and the commitment problem	Neil Rickman and Paul Levine
Go west? Assessing the willingness to move from central and eastern European counties	Stephen Drinkwater
Independent utility regulators: lessons from monetary policy	Paul Levine, Jon Stern and Francesc Trillas
Self-stabilizing firms and unemployment persistence	Ali Choudhary and Paul Levine
The immigration surplus revisited in a general equilibrium model with endogenous growth	Paul Levine, Emanuela Lotti and Joseph Pearlman
The economics impact of migration: a survey	Stephen Drinkwater, Paul Levine, Emanuela Lotti and Joseph Pearlman

Title	Authors	Series
Back from the dead? The return of energy policy	Colin Robinson	SEEDS 104

Title	Authors	Series
An empirical analysis of the long-run energy demand in japan: 1887-1998	Yasushi Ninomiya	SEEDS 103
Efficiency and performance in the gas industry	David Hawdon	SEEDS 102
A general approach to the solution of nonlinear rational expectations models	Andrew P. Blake and Richard G. Pierse	ECON 4/00
Crime causation: economic theories	Ann Dryden Witte and Robert Witt	ECON 3/00
Public debt and inflation: the role of inflation-sensitive instruments	Alexandros Mandilaras and Paul Levine	ECON 2/00
Patient choice and primary care	Heather Gage and Neil Rickman	ECON 1/00
Moving towards competition in water: lessons from gas and electricity regulation	Colin Robinson	SEEDS 101
UK privatisation: retrospect and prospect	Clare Spottiswoode, Eileen Marshall, Michael Parker and Frank Cronin	SEEDS 100
Modelling technical progress: an application of the stochastic trend model to UK energy demand	Lester C. Hunt, Guy Judge and Yasushi Ninomiya	SEEDS 99

Title	Authors	Series
Regional variations of the demand for arms trade: an empirical study of global panel data	Fotis Mouzakis	ECON 2/99
The influence of uncertainty of investment in the UK: a macro or micro phenomenon?	Paul Temple, Ciaran Diver and Giovanni Urga	ECON 1/99
Regulatory reform of the UK gas market - the case of the storage auction	David Hawdon and Nicola Stevens	SEEDS 98
Estimating the demand for energy in Jordan: a Stock-Watson dynamic OLS (DOLS) approach	Ahmed Al-Azzam and David Hawdon	SEEDS 97
Catalysis of direct borrowing: the role of the IMF in mobilising private capital	Graham Bird and Dane Rowlands	SCIES 99/7
IMF lending: how is it affected by economic, political and institutional factors?	Graham Bird and Dane Rowlands	SCIES 99/6
Does IMF conditionality signal policy credibility to markets?	Graham Bird and Dane Rowlands	SCIES 99/5
Does the World Bank catalyse other financial flows?	Graham Bird and Dane Rowlands	SCIES 99/4
The catalyzing role of policy-based lending by the IMF and the World Bank: fact or fiction?	Graham Bird, Antonella Mori and Dane Rowlands	SCIES 99/3
Do the multilaterals catalyse other capital flows? What evidence does the case study evidence show?	Graham Bird, Antonella Mori and Dane Rowlands	SCIES 99/2
Reforming the IMF: long term lessons from short-term crises	Graham Bird	SCIES 99/1

Title	Author	Series
The policy of power and the power of policy: energy policy in Honduras	Lester C. Hunt, Claudio Salgado and Andy Thorpe	SEEDS 96
Efficiency considerations in the Electricity supply industry: the case of Iran	Ali Emami Meibodi	SEEDS 95
Economic models of OPEC behaviour and the role of Saudi Arabia	Nourah A. Al-Yousef	SEEDS 94
Growing at different rates	Thomas Krichel	ECON 01/98
Modelling Saudi Arabia behaviour in the world oil market 1976-1996	Nourah A. Al-Yousef	SEEDS 93
The socio-economic impact of renewable energy technologies	Hayley Myles	SEEDS 92
Pressure groups and political forces in Britain's privatisation programme	Colin Robinson	SEEDS 91
Mutual deposit taking: a welfare analysis	Alistair Milne	SCIES 98/2
Bank capital and risk taking	Alistair Milne and A. Elizabeth Whalley	SCIES 98/1

Title	Authors	Series
The welfare economics of rural to urban migration: the Harris-Todaro model revisited	Thomas Krichel and Paul Levine	(PDF)
Fiscal policy after Maastricht	Marco Catenaro	(PDF)
Environmental information and the demand for super unleaded petrol in the UK	Roger Fouquet	SEEDS 90
Monetary union: the ins and outs of strategic delegation	Paul Levine and Joseph Pearlman	SCIES 97/6
Domestic procurement, subsidies and the arms trade	Mary Carmen Garcia-Alonso and Paul Levine	SCIES 97/5
Conditionally, credibility and catalysis: a theory discredited	Graham Bird	SCIES 97/4
How important is sound domestic macroeconomics in attracting capital inflows to developing countries?	Graham Bird	SCIES 97/3
The catalytic effect of lending by the international financial institutions?	Graham Bird and Dane Rowlands	SCIES 97/2
Is Asian growth a threat to the West?	Paul Levine	SCIES 97/1

Title	Authors	Series
Contingent fees and litigation settlement	Neil Rickman	ECON 09/96
The arms trade: some theories and econometrics	Paul Levine, Fotis Mouzakis and Ron Smith	ECON 08/96
Are higher long-term unemployment rates associated with higher crime?	Robert Witt, Alan Clarke and Nigel Fielding	ECON 07/96
Common stochastic trends, cycles and sectoral fluctuations: a study of output in the UK	Anthony Garratt and Richard G. Pierse	ECON 06/96
Explaining breast cancer mortality in England: the effect of socio-economic factors and health care services	Heather Gage and Roger Fouquet	ECON 05/96
The role of screening in reducing invasive cervical cancer registrations in England	Roger Fouquet and Heather Gage	ECON 4/96
Crime, regions and the labour market	Robert Witt, Alan Clarke and Nigel Fielding	ECON 3/96
Population health outcome indicators and public health policy formation in England	Heather Gage and Roger Fouquet	ECON 2/96
The level and power of the bootstrap t-test in the trend model with AR(1) errors	John C. Nankervis and N. E. Savin	ECON 1/96
Buffer stock saving with uninsurable income shocks	Alistair Milne and A. Elizabeth Whalley	Online 9604
New analysis of a model of time to build	Alistair Milne and A. Elizabeth Whalley	Online 9603
Dynamic aspect of growth and fiscal policy	Thomas Krichel and Paul Levine	Online 9601
Petrol price asymmetries revisited	Barry Reilly and Robert Witt	SEEDS 89
UK energy policy: findings from two surveys	Peter J G Pearson and Roger Fouquet	SEEDS 87
The effectiveness of conditionality and the political economy of policy reform: is it simply a matter of political will?	Graham Bird	SCIES 96/0
The rise and fall of the SDR: the political economy of an international reserve asset	Graham Bird	SCIES 96/9
Phases of imitation and innovation in a North-South endogenous growth model	David Currie, Paul Levine, Joseph Pearlman and Michael Chui	SCIES 96/8
Independent but accountable: Walsh contracts and the credibility problem	Ali al-Nowaihi and Paul Levine	SCIES 96/7
Does pre-commitment raise growth? Dynamic aspects of growth and fiscal policy	Paul Levine and Thomas Krichel	SCIES 96/6
The arms trade and the stability of regional arms races	Paul Levine	SCIES 96/5
External financing and balance of payments adjusting in developing countries: how to get the right mix	Graham Bird	SCIES 96/4
Can neoliberalism survive in Latin America?	Graham Bird and Ann Helwege	SCIES 96/3
Financing constraints and reordering rules	Alistair Milne	SCIES 96/2
Recidivism and borrowing from the IMF: how to kick the habit	Graham Bird	SCIES 96/1

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