Central bankers are raising interest rates on the assumption that wage-push inflation may lead to stagflation. This is not the case. Although unemployment is low, the labor market is not 'tight'. On the contrary, we show that what matters for wage growth are the non-employment rate and the...

Unemployment is notoriously difficult to predict. In previous studies, once country and year fixed effects are added to panel estimates, few variables predict changes in unemployment rates. Using panel data for 29 European countries collected by the European Commission over 444 months between...

Do entrepreneurs earn supernormal returns, or does competitive pressure ensure that entrepreneurs receive the same utility level as workers? If those who run their own businesses get supernormal returns (or 'rents') they should be happier than those who work as employees. The paper tests this...

The paper studies the factors which shape entrepreneurship among young adults. It finds, using data on a British birth cohort, that the probability of self-employment depends sensitively upon whether the individual ever received a gift or inheritance. Those who were given or inherited £5,000,...

IZA DP No. 3139 What Makes a Young Entrepreneur? David G. Blanchflower Andrew J. Oswald DISCUSSION P APER SERIES Forschungsinstitut zur Zukunft der Arbeit Institute for the Study of Labor November 2007 What Makes a Young Entrepreneur? David G. Blanchflower Dartmouth College, NBER,...

In this speech, Professor David Blanchflower, member of the Monetary Policy Committee, discusses the origins of the most recent influx of migrants to the United Kingdom. He also examines why the East of England has received a disproportionate number of these new workers and why employers choose...