Public expenditure in the UK has a location dimension with respect to the devolved arrangements for Scotland, Wales and Northern Ireland. There is no location dimension to the allocation of public expenditure to the regions of England. Nevertheless, whether planned or not, public expenditure...

This paper examines the position of Thomas Tooke (1774-1858) on the issues at the centre of the Bullionist controversies, which occurred during the restriction of cash payments by the Bank of England in the period 1797-1821. It shows that Tooke was a strong supporter of resumption and the gold...

This paper examines the method of analysis and theoretical approach Thomas Tooke (1774-1858) employed in his empirical study of English prices. It is shown that Tooke adopted the “long period method” formulated by Adam Smith to analyse a capitalist society. It is shown that like most...

This empirical note provides updated empirical evidence regarding whether a higher inflation rate of real prices on crude oil and whether real oil price shocks led to higher domestic inflation in the U.S. over the 1965-2012 period. Using autoregressive two stage least squares estimation, the...

We propose a novel combination of algorithms for jointly estimating parameters and unobservable states in a nonlinear state space system. We exploit an approximation to the marginal likelihood to guide a Particle Marginal Metropolis-Hastings algorithm. While this algorithm seemingly targets...

In a real business cycle model, an agent's fear of model misspecification interacts with stochastic volatility to induce time varying worst case scenarios. These time varying worst case scenarios capture a notion of animal spirits where the probability distributions used to evaluate decision...

In a world in which 50 percent of the population is virtually excluded from the benefits of information and communication technology, bridging the digital gap has become an imperative for the international community, particularly for the industrialized countries. The objective of this study is...

In 1823, William Blake (1774-1852) published the pamphlet Observations of the Effects Produced by the Expenditure of Government during the Restriction of Cash Payments, which made a significant contribution to debate about the economic effects of government fiscal policy during the French wars...