In this paper we study the attainability of Pareto optimal allocations in infinitedimensional exchange economies where agents have utility functions that value consumption at infinity. Such a model can be used to model economic settings where the indefinite future matters. The commodity space...

We adapt the Meiselman (1962) OLS forward rate revision framework to obtain the discrete time analogue of the Heath, Jarrow and Morton (1992) specification and use it for estimating and testing term structure models. Our framework is based upon the Wold representation of the factor dynamics and...

This lecture is about how best to evaluate economic theories in macroeconomics and finance, and the lessons that can be learned from the past use and misuse of evidence. It is argued that all macro/finance models are ‘false’ so should not be judged solely on the realism of their...

We analyse the effect of the voluntary adoption of a living wage on firms operating in product markets in which consumption behaviour is at least partly determined by reputational concerns for ethical firm behaviour. We show without recourse to morality or efficiency-wage theories that the...

One of the main motivations for productivity analysis is to assess the scope for overall improvements in the output possibilities of individual producers. At times of fiscal and government budgetary pressures, attention focuses particularly on the output potential of public service providers and...

It is well established in the empirical literature that venture capital (VC) plays an important role in the promotion of innovation at industry level and the professionalisation of firms at micro-level. Whilst the VC-to-success link has been well explored, the mechanism behind how and why...

Over the last decades the role of social interactions has become increasingly important in the economic discussion and, by now, it is acknowledged that the interaction across agents can produce both positive and negative effects. In this paper we evaluate the role of social interactions in the...

When the treatment under evaluation is continuous rather than binary, the marginal causal effect can be reported from the estimated dose-response function. Here, regression methods can be employed that specify a model for the endpoint, given the treatment and covariates. An alternative is to...

Crime has potentially important externalities. We investigate the relationship between recorded violent crime at the local area level and individuals’ participation in their local area through walking and physical activity. We use a sample of nearly 1 million people residing in over 320...

In this paper, we use the Swedish compulsory school reform to estimate the causal effect of parental education on sons’ outcomes. We use data from the Swedish military enlistment register of the entire population of males and focus on outcomes such as cognitive skills, noncognitive...