This paper provides estimates of the effect of activity in the housing market on aggregate consumer spending and indirectly on personal saving behaviour. During the last three years consumer spending has grown very rapidly, and the dramatic fall in the savings rate has been given widespread...

Commentators have suggested that the winning companies in the UK 3G mobile telephone auction overpaid for their licences. However, event-study method using the market model under ordinary least squares (OLS), robust and structural time-series estimation yields no systematic evidence of the...