We test the hypothesis that consumption smoothing occurs after large, but not small, expected future income shocks. Even though this hypothesis has often been discussed, formal evidence in support of it is rare. We use individual level, monthly, bank account data to examine how expected income...

We develop a time-varying transition probabilities Markov Switching model in which inflation is characterised by two regimes (high and low inflation). Using Bayesian techniques, we apply the model to the euro area, Germany, the US, the UK and Canada for data from the 1960s up to the present. Our...

Central bank independence is a common feature in advanced economies. Delegation of monetary policy to an independent central bank with a clear mandate for price stability has proven to be successful in keeping a check on inflation and providing a trusted currency. However, it is also a fact that...

Where a firm, or group of firms, pledges voluntarily to adhere to a particular set of rules pertaining to environmental protection, there are significant legal ramifications. Indeed, voluntary code regimes often act as adjuncts to the legal system, with substantial legal effects, intended or...

We present the results of two contingent valuation surveys conducted in Hamilton, Canada and nation-wide in the US to elicit WTP for reductions in one's risk of death. We find that the Values of a Statistical Life implied by WTP are very similar across the two studies, and range from $930,000 to...

The study examined the relationship between employees' ability to achieve subjective success and their work attitudes. Four dimensions of subjective success were measured: fulfilling work, financial rewards, recognition, and authority. Hierarchical regression models predicting job satisfaction,...

The assumption of linearity is tested using five statistical tests for the US and the Canadian unemployment rates and the employment sectoral shares growth rates; construction, finance, manufacturing and trade. An AR(p) model was used to remove any linear structure from the series. Evidence of...

Using two period comparisons of six wealthy nations, the authors look at the extent of inequality at three levels of income: earned income, market income, and after tax and transfer disposable income. Interesting implications of the results are discussed.