The determination of contract wages in West Germany is studied within a bargaining framework, taking into account some institutional features of the bargaining system as well as the influence of economic forecasts and wage concepts. Cointegration regressions suggest that, in the long run,...

This paper studies wage inflexibility in Britain. It examines various kinds of microeconomic data on move ments in real pay and uses aggregate data to estimate real consumptio n earnings and real product wage rate equations. The paper's first ma in point is that the unemployment elasticity of...

The recent failure to predict the strong growth in consumer spending and decline in the savings ratio in the United Kingdom has prompted a number of economic forecasters to reassess the basis of their consumer expenditure relationships. This paper assesses the failure of the traditional...

Recent theoretical developments relating to investment under uncertainty have highlighted the importance of irreversibility for the timing of investment expenditures and their expected returns. This has subsequently stimulated a growing empirical literature which examines uncertainty and...

This paper focuses on the determinants of aggregate investment spending in the UK for the industrial and commercial company (ICC) sector. It complements recent work by Cuthbertson and Gasparro (1995), who study an augmented Tobin's q model of investment in the manufacturing sector. Important...

There are two findings that are conspicuous in almost all studies of individual wage determination. First, standard cross-section wage equations rarely account for more than half of the total variance in earnings between individuals. Second, there are large and persistent inter-industry wage...

This paper examines the impact of housing equity and occupational pension scheme membership on job tenure. Using job duration data from the 1985 General Household Survey, appropriate hazard functions are constructed and estimated. Housing equity data is constructed from the General Household...

The main purpose of this paper is to examine recent work in monopolistic competition theory concerned with the influence of fixed costs (no convexities) on Chamberlin’s (1951) welfare ‘ideal’ which distinguishes a trade-off between allocative efficiency and product diversity. Inefficiency...

This paper investigates a demand for money relationship for the dominican Republic. The financial system of the Dominican Republic is underdeveloped, and there are no suitable domestic data on the opportunity cost of holding money. Economic links with the US suggest a possible role for a foreign...

Recent theoretical developments relating to investment under uncertainty have highlighted the importance of irreversibility for the timing of investment expenditures and their expected returns. This has subsequently stimulated a growing empirical literature which examines uncertainty and...