The paper evaluates the performance of three popular monetary policy rules when the central bank is learning aboutthe parameter values of a simple New Keynesian model. The three policies are: (1) the optimal non-inertial rule; (2)the optimal history-dependent rule; (3) the optimal price-level...

Traditional theories of the origins of the welfare state have emphasized the financial weakness of Britain’s largest provider of mutual insurance in the late 19th century, the friendly societies. These theories share common implications with contemporary theories of institutional change...

New data on individual worker’s outputs show that New England ring spinners exhibited substantial on the job learning c. 1905. Despite this, variable capital-labour ratios meant high labour turnover reduced aggregate labour productivity only fractionally. The combination of variable...

This report covers the second year of the ESRC Research Centre for Analysis ofSocial Exclusion (CASE) from October 1998 to September 1999. The year sawincreased activity and output from the previous year.The Centre’s objectives are to develop understanding within five broad areas:income...