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In this paper, we identify methodological differences and similarities in the measurement of wealth using survey data constructed for different purposes in the United Kingdom and England. The focus of the paper is on two prominent surveys in the UK: the English Longitudinal Survey of Ageing...

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Several explanations for the observed limited stock market participation have been offered in the literature. One of the most promising one is the presence of market frictions mostly in the form of fixed entry and/or transaction costs. Empirical studies strongly point to a significant structural...

<p>In a second best environment, the optimal policy choice sometimes follows the first best rules. This note lays down the information structure and separability assumptions under which this property holds in a variety of setups.

We investigate the evolution and the sources of aggregate employment reallocation in the United States in the 1971-2000 March files of the Current Population Survey. We focus on the annual flows of male workers across occupations at the Census 3-digit level, the finest disaggregation at which a...

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We analyse labour supply of 16 year old British children together with the cash transfers made to them by their parents. We develop a theoretical framework with an altruistic parent and a selfish child, which serves as the basis for the empirical specification in which labour supply and...