Why are labour-managed firms so rare in market economies? We address this question by analysing the determinants of entry. A negative binomial random effects model is used to examine a panel of UK entry data. Our main finding is a significant negative relationship between entry counts and both...

This paper analyses the effect of integration on growth when countries have different preferences. It describes a two-country two-sector model, with the first sector producing the homogeneous good and the second sector producing a differentiated good, which is divided in a first-class goods...

In examining China's exchange rate policy in the reforming years, the paper finds empirical evidence of its long-run inflationary consequences, but the effects appear to be not sizable. In the short-run, while changes in the devaluation rate are positively correlated with the increase in the...

This retrospective provides a biographical history of Denis Sargan's career and reviews his contributions to econometrics, emphasizing the breadth of his work in both theoretical and applied econometrics. We include a complete bibliography for Denis and a list of PhD theses that he supervised -...

We show that the 'fear' of globalisation can be rationalised by economic theory in the standard AD/AS equilibrium model, if we substitute the coordinational role of the Auctioneer by an implementation device based on learning (Guesnerie, 1992). When endowing producers with a learning ability to...

This paper investigates how changes in fiscal policy can affect relative prices, optimal savings and steady state utility in a two-country, overlapping generations model of endogenous growth. We develop a simple model that combines Blanchard-type consumers with uncertain lifetimes, with an...