This article sets out to study whether the dramatic events that took place in the U.K. economy since 1979 can be shown to have had any effects on certain crucial parameters that determine the export performance of the U.K. manufacturing sector. A number of export models are examined over the...

This paper presents a two-party model of fiscal and debt policy in which the parties do not care about policy outcomes when out of office. Unlike other models of this type, the authors' model has predictions that are largely consistent with existing empirical findings about partisan and...

This paper compares trading costs for institutional investors subject to liquidity shocks, in auction and dealer markets. The batch auction restricts the institutions' ability to exploit informational advantages because of competition between institutions when they simultaneously submit orders....

This paper investigates the determinants of price quote revisions on the London Stock Exchange for a sample of highly liquid stocks over a two-week settlement period in September 1990. In our theoretical model the level of optimal price quotes set by market makers are a function of the expected...

This article considers a two-period optimal contracting model in which firms make new hires in the second period subject to the constraint that they cannot pay discriminate either against or in favour of the new hires. In the absence of fully contingent contracts, it is shown that wages are less...