The collapse of residential construction was a notable feature of the Great Depression in the USA. The housing slump did not simply follow the downward shifts in income: rather residential investment collapse helped to precipitate the Great Depression. By utilizing an augmented Tobin’s q model...

Genuine Savings has emerged as a widely-used indicator of sustainable development. In this paper, we use long-term data stretching back to 1870 to undertake empirical tests of the relationship between Genuine Savings (GS) and future well-being for three countries: Britain, the USA and Germany....

Modern macroeconomic theory utilises optimal control techniques to model the maximisation of individual well-being using a lifetime utility function. Agents face choices over current and future consumption (with resultant implied savings decisions) seeking to maximise the present value of...

Modern macroeconomic theory utilises optimal control techniques to model the maximisation of individual well-being using a lifetime utility function. Agents face choices over current and future consumption (with resultant implied savings decisions) seeking to maximise the present value of...

This article examines how to account for the welfare effects of carbon dioxide emissions, using the historical experiences of Britain and the USA from the onset of the industrial revolution to the present. While a single country might isolate itself from the detrimental effects of global warming...

This paper presents results on the persistence of British industrial production using the Cochrane (1988) measure, based upon the spectral density at zero frequency, and an extended version of the Crafts-Harley (1992) data set. Utilizing results on the timing of macroeconomic epochs,...

Statistical properties and historical characteristics of British industrial production are examined. Since 1922 production appears to follow a segmented trend stationary process. Prior historical information and recursive searching are used to identify discontinuities in 1973 and 1979, whereas...

Testing for unit roots, and the related issue of measuring shock persistence, has attracted considerable econometric interest. The issue of the size of the random walk component raised by J. H. Cochrane (1988) has been extended by T. Cogley (1990), A. Jaeger (1990), S.-K. Leung (1992), and...