As some emerging market economies have amassed large quantities of foreign exchange reserves, concern has arisen over the sterilisation of the domestic money stock from these flows. Existing studies focus mostly on narrow (reserve) money, and estimate a high degree of sterilisation. Empirical...

Home equity has a strong impact on individual health. In UK household panel data home equity lowers the likelihood of home owners exhibiting a broad range of medical conditions. This is due to increased use of private health care, reduced hours of work and increased exercise. Home equity, unlike...

It is shown that, with fixed transaction costs in the market for risky assets, investors with wealth below a certain threshold will hold pooled index funds that charge a proportional fee, rather than the market portfolio chosen by wealthier investors. If a portfolio of closed-end index funds...

We investigate monthly bilateral exchange rate volatility for a large sample of currency pairs over the period 1999-2006. Pegs (particularly to the US dollar) and managed floats tend to have lower volatility than independent floats. A deeper investigation shows that the peg effect operates...

Recent years have seen revived interest in the role of monopsony power in wage-setting in the public sector. Most evidence focuses on individual occupations rather than considering the implications for wage and employment structure where the state has differential monopsony power across...

We present two experiments designed to investigate whether individuals’ notions of distributive justice are associated with their relative (within-society) economic status. Each participant played a specially designed four-person dictator game under one of two treatments, under one initial...

It is well known that the competing risks model is identified if the dependence structure between risks (the copula function) is known or assumed. Special cases include independence of risks or independent censoring. If the copula function is not specified, parameters of interest are only set...

We consider a dependent competing risks model with many risks and many covariates. We show identifiability of the marginal distributions of latent variables for a given dependence structure. Instead of directly estimating these distributions, we suggest a plug-in regression framework for the...

I test the hypothesis that unemployment experienced in high unemployment regions is less likely to be viewed by employers as a negative productivity signal, and more as a characteristic of the region. This predicts that unemployment's short-run negative wage effects will be mitigated if...