The interaction between housing wealth, the financial portfolio of the consumer and consumption is a live issue. Life cycle models with closed form solutions under uncertainty are hard to find. In this paper we find analytical solutions for the effects of house price uncertainty and employment...

The UK state pension (which depends only on age) includes an option to defer take up which yields either a subsequent lump sum or higher weekly pension. We analyse the joint decisions on pension deferral and intertemporal labour supply/participation in a life cycle setting. We show that deferral...

The 2007-2009 great recession saw sharp drops in equity values world wide and associated strong real effects. We develop an world CAPM approach, extended to allow for infinite risk/return opportunities, short sales constraints, borrowing and saving rate differentials. With MSCI monthly data, we...

This paper develops a time continuous dynamic model of a system of piecewise differential equations to study the simultaneous interactions between capital flows (FDI), the real wage rate and the net migration flow allowing for immigration, return migration and immobility. Theoretically, we claim...

Guangdong is one of the fastest growing Chinese provinces and has a high level of gross migration flows. Its intra-province migration is 2.7 times higher than its inter-province migration. We study migration between the 18 prefecture-level divisions of Guangdong during 1990-1999 using annual...

US males labour force behaviour shows lifecycle effects. We develop a lifecycle model of individual labour supply, with a single financial asset and non labour income. With widely used preferences, we derive the analytical form of the value function and optimal labour participation for any...

We take a general model of externalities matching the Cooper & John framework with identical agents. If each agent's payoff depends on a parameter interpreted as the favourableness of the environment, we explore how the number of Nash equilibria varies with this parameter, especially in the...