We study the short-run macroeconomic effects of trade policies that are equivalent in a friction-less economy, namely a uniform increase in import tariffs and export subsidies (IX), an increase in value-added taxes accompanied by a payroll tax reduction (VP), and a border adjustment of corporate...

We use data from the British Household Panel Survey and Labour Force Survey to analyse the relationship between the demand for post compulsory education and prevailing labour market conditions in Britain. We explicitly incorporate the role of family resources by allowing effects to differ...

We examine whether financial capability has impacts on psychological health independent of income and financial resources more generally using a nationally representative survey. British Household Panel Survey data are used to construct a measure of financial capability, which we relate to...

We estimate the effects of initial labour market entry conditions on a range of subsequent job outcomes for men and women who entered the British labour market between 1991 and 2009, using data from the British Household Panel Survey and its successor Understanding Society. We find that the...

We describe the history of state pension policy in the UK since 1948 and calculate summary measures of the generosity of the system over time and the degree to which the it created implicit taxes on, or subsidies to, work at older ages. The time series of these measures, calculated separately...

We characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. Our analysis is based on a unique data set of high-frequency futures returns for each of the markets. We find that news surprises produce conditional mean...

In this paper we use the two waves of the British Retirement Survey (1988/89 and 1994) to quantify the relationship between socio-economic status and health outcomes. We find that, even after conditioning on the initial health status, wealth rankings are important determinants of mortality and...

We present theory and evidence that challenges the view that forward premia contain little information regarding subsequent spot rate movements. Using weekly dollar-mark and dollar sterling data, we find that spot and forward exchange rates together are well represented by a vector error...