Theoretical predictions of the effect of TFP growth on employment are ambiguous, and depend on the extent to which new technology is embodied in new jobs. We estimate a model for employment, wages and investment with an annual panel for the United States, Japan and Europe and find that TFP...

This article develops a model of unemployment fluctuations. The model keeps the architecture of the general-disequilibrium model of Barro and Grossman (1971) but takes a matching approach to the labor and product markets instead of a disequilibrium approach. On the product and labor markets,...

The Story of the Hats is a puzzle in social epistemology. It describes a situation in which a group of rational agents with common priors and common goals seems vulnerable to a Dutch book if they are exposed to different information and make decisions independently. Situations in which this...

At the Lisbon summit of 2000 the European Union (EU) set an agenda for making Europe the most competitive economy in the world. The targets that were set then are unlikely to be achieved. European countries need to concentrate on change in the lower productivity, more labour-intensive service...

While recent research has explored the phenomenon of drug parallel trade in regulated environments such as the European Union (EU), or the European Economic Area, little is known about the mechanisms that explain its origin or the role of the distribution chain in exporting and importing...

We use a new industry-level dataset to quantify the role of ICT in explaining productivity growth in the UK, 1970-2000. The dataset is for 34 industries covering the whole economy (31 in the market sector). Using growth accounting, we find that ICT capital played an increasingly important, and...

What policies and institutions are needed to sustain long-run growth in the UK? We describe an optimistic story of the UK economy over the past 30 years. From the late 1970s, the UK reversed a century of relative decline in terms of per capita GDP with our main counterparts in the US, France and...

The paper provides a quantitative analysis of the armed confrontation that took place in Greece between the Communist Party and the Centre-Right Government during 1946-1949. Using monthly data for battle casualties a dynamic Lotka-Volterra framework is estimated, pointing to the existence of a...

Processes of transition to democracy and country break up stand out as ideal experiments to estimate the impact of wide institutional reform on well-being. Changes in population heights are regarded as virtuous pointers of well-being improvements in psycho-social environments, which improve with...

The US has experienced a sustained increase in productivity growth since the mid-1990s, particularly in sectors that intensively use information technologies (IT). This has not occurred in Europe. If the US “productivity miracle” is due to a natural advantage of being located in the US then...