We study the effect of the National Minimum Wage (NMW) on the workforce age composition within the low paying sectors of the British economy. Our interest is in the degree of substitutability between labour inputs (young and old employees). We find evidence that both the introduction and the...

We estimate a competing risk model of mortgage terminations on samples of UK securitised subprime mortgages. Given the role of these loans in the recent financial crisis it is important to understand their performance and supposed idiosyncratic behaviour. We use a flexible modelling of...