This paper tests a smart money-noise trader model directly by comparing its predictions with the behavior of actual investors. It assumes that individual probability of being a noise trader is diminishing in income, high-income households are smart money, lower-income households are noise...

Using survey data for 220 traditional manufacturing firms over 7 years of transition and 4 CEE countries, we find firms that produced for the EU market under planning consistently outperform those that produced for the CMEA market. Within the previously CMEA market, the best firms were selected...

The canonical inflation specification in sticky-price rational expectations models (the new-Keynesian Phillips curve) is often criticized for failing to account for the dependence of inflation on its own lags. In response, many studies employ a “hybrid” specification in which inflation...

Education and Earnings in Europe is based on a two year pan-European research programme and presents an in-depth analysis of the returns to education in Europe. The book begins with a critical review of the literature which compares and contrasts the issues involved in the estimation of these...

Report of a Department of Education commissioned survey of unit costs of first and second level schools in 1990.

This chapter summarizes the main developments in the production and international distribution of alcoholic drinks over the last 25 years. It does not claim to be comprehensive because of the disparate nature of the subject and the absence of a systematic survey of the available material. The...