Recent theoretical developments relating to investment under uncertainty have highlighted the importance of irreversibility for the timing of investment expenditures and their expected returns. This has subsequently stimulated a growing empirical literature which examines uncertainty and...

This paper examines the impact of housing equity and occupational pension scheme membership on job tenure. Using job duration data from the 1985 General Household Survey, appropriate hazard functions are constructed and estimated. Housing equity data is constructed from the General Household...

Recent work on the econometric specification of the consumption function by London Business School (LBS) forecasters has argued that the inclusion of a variable capturing movements in demographic structure is essential to the explanation of the recent sharp drop in the UK personal savings ratio....

CARRUTH A., GIBSON H. and TSAKALOTOS E. (1999) Are aggregate consumption relationships similar across the European Union?, Reg. Studies 33 , 17-26. The answer to the question posed in the title of the paper may have some bearing on whether consumer spending will respond in similar ways to common...

This paper augments the Granger and Lee (Journal of Applied Econometrics, 4, 1989) non-symmetric error (equilibrium) correction model to assess the possibility that, in the aggregate, consumers respond differently to different types of disequilibrium error. This idea is illustrated using an...