Economic data are regularly revised, leading to a number of alternative vintages being available fo a given data series over a particular time period. This paper confronts this problem, building on the model validity and data accuracy tests of Hendry (1994) to develop the concept of model and...

Papers by Thomas (1989, 1992) have noted how the often recounted `stylised history' of the consumption function differs from the true sequence of events in its early history. Thomas notes many interesting applied studies and debates which the stylised history overlooks. To these can be added the...

This paper proposes a dynamic model of bargaining to analyze decentralized markets where buyers and sellers obtain information about past deals through their social network. There is a unique equilibrium outcome which depends crucially on the peripheral (least connected) individuals in each...

The framework proposed by Ofgem, OFT and CMA invokes a well-functioning market, but the Competition Commission has not always used such a concept, and when it has done so it has been problematic. Here, the well-functioning market is Ofgem's vision of a successful market, not anchored in any...

Increasingly, local opposition to new electricity grid development projects cause lengthy delays and places financial and practical strain on the projects. The structure of the electricity industry is in transition due to the emergence of smaller but more numerous electricity generation...

The UK Government has developed a carefully designed Capacity Mechanism to ensure security of supply in the GB electricity system. This paper criticises the methods used to determine the amount of capacity to procure, and argues that the amount finally proposed is likely to be excessive,...

This paper models the US dollar as a global currency and focuses on the effects of US money supply shock upon China's economy. The special roles of US dollar as a global currency and the special institutional arrangements of China are investigated. Given a positive US money supply shock, both...

There is evidence that suggests that one of the channels through which the exchange rate could have an impact on growth is export product diversification. I distinguish between the variety and concentration dimensions of export diversification and review the theoretical and empirical literature...

In an article published in Development and Change in 2011, I suggested an alternative measure of inequality to the Gini - a "19th Century statistic" - which has subsequently become known as the ´Palma Ratio'. In this new article, I revisit the argument for such a measure. Using new data, I...

During a natural disaster, the negative supply shock due to the destruction of productive capacity is counteracted by a positive demand shock due to public grants for assistance and reconstruction positing an identification issue in empirical work. Focusing on the 2009 'Aquilano' earthquake in...