Firm-level investment paths are commonly characterised by periods of low or zero investment punctuated by large investment ‘spikes’. We document that such spikes are important for understanding firm and aggregate level investment in the UK. We show that annual variation in aggregate...

Since 1995, police forces in England and Wales have obtained the right to raise revenues locally to supplement central government grants in order to fund their activities. The extent to which they have used these local revenue-raising powers varies significantly across area and time. We seek to...