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wage workers could have passed on any higher labour costs resulting from the minimum wage in the form of higher prices …. This study looks at the effects of the minimum wage on the prices of UK goods and services by comparing prices of goods … produced by industries in which UK minimum wage workers make up a substantial share of total costs with prices of goods and …
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This paper analyses the design of carbon markets in time (i.e., intertemporally). It is part of a twin set of papers that ask, starting from first principles, what an optimal global carbon market would look like by around 2030. Our focus is on firm-level cap-and-trade systems, although much of...
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models. The recent financial crisis, however, shows that market prices can give very misleading signals for long periods, and … asymmetries and market power in distorting the wisdom of prices. …
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A well known result is that the Gaussian log-likelihood can be expressed as the sum over different frequency components. This implies that the likelihood ratio statistic has a similar linear decomposition. We exploit these observations to devise diagnostic methods that are useful for...
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