First order conditions from the dynamic optimization problems of consumers and firms are important tools in empirical macroeconomics. When estimated on micro-data these equations are typically linearized so standard IV or GMM methods can be employed to deal with the measurement error that is...

First order conditions from the dynamic optimization problems of consumers and firms are important tools in empirical macroeconomics. When estimated on micro-data these equations are typically linearized so standard IV or GMM methods can be employed to deal with the measurement error that is...

The question as to how society should support pharmaceutical (‘pharma’) innovation is both pertinent and timely: Pharma drugs are an integral component of modern health care and hold the promise to treat more effectively various debilitating health problems. The productivity of the pharma...

The question as to how society should support pharmaceutical (‘pharma’) innovation is both pertinent and timely: Pharma drugs are an integral component of modern health care and hold the promise to treat more effectively various debilitating health problems. The rate of pharma innovation,...

We investigate whether initial differences in speed of entry into homeownership lead to longlasting differences in ownership between generations. Our data span nearly forty years and multiple cycles of England's very volatile house prices. We document that ownership rates at thirty have differed...

We investigate whether initial differences in speed of entry into homeownership lead to longlasting differences in ownership between generations. Our data span nearly forty years and multiple cycles of England's very volatile house prices. We document that ownership rates at thirty have differed...

England has very volatile house prices. Using survey data spanning multiple house-price cycles over nearly forty years, we document the association between house prices and homeownership at age thirty. We then use synthetic cohort methods to assess whether differences in early ownership rates...