Using data for the United Kingdom, the author shows that investors in six different wealth ranges hold mean-variance efficient portfolios of financial assets. This result permits him to estimate coefficients of relative risk aversion for investors in each wealth range. The author finds that...

As a result of population ageing and declining fertility, the UK state pension system is unlikely to continue to be able to deliver the current level of pensions without some combination of a higher state pension age and a steady inflow of young immigrant workers from abroad. However, with...

Existing models of currency competition and monetary union ignore network effects and switching costs. This paper develops a simple model that incorporates these features and shows how it can be used to shed light on observed monetary experience and current issues in international monetary...

This paper suggests how the price level could be stabilized by the Bank of England adopting a rule to peg the price of a new financial instrument. This new instrument would be similar but not identical to a price-index futures contract. The paper explains how the scheme would work, assesses...