Countries often spend billions on university research. There is growing interest in how to assess whether that money is well spent. Is there an objective way to assess the quality of a nation's world-leading science? I attempt to suggest a method, and illustrate it with modern data on economics....

This paper investigates gender differences between the log wage distributions of full-time British employees in the public and private sectors. After allowing for positive selection into full-time employment by women, we find significant and substantial gender earnings gaps, and evidence of...

The first part of this paper outlines the concept of democratic accountability of central banks, and compares the legal accountability of the ECB with some other central banks (Bank of Canada, Bank of Japan, Bank of England and the Federal Reserve System). In the second part, we present a theory...

This paper incorporates the cost of adjustment between observed and optimal leverage in explaining the variation in firm's equity or bank-debt financing investments. Using a dynamic adjustment approach identifies the determinants to capital structure between different financial systems. In...