We analyse various forms of trade liberalization in a three -country model with unions. Oligopolistic firms in two countries face unionized workers, while an oligopolistic firm in the third country faces a competitive labour market.

Traditional growth theories have been unable to satisfactorily explain various economi events. New growth theories appear to provide a more satisfactory basis for explaining the rationship between various factors and economic growth.

This paper analyzes the life-cycle career costs associated with child rearing and decomposes their effects into unearned wages (as women drop out of the labor market), loss of human capital, and selection into more child-friendly occupations. We estimate a dynamic life-cycle model of fertility,...

The rule in Calderbank v Calderbank embodies a cost-shifting mechanism that purports to, amongst other things, encourage the settlement of legal disputes, thereby reducing the volume of cases that proceed to trial. This paper constructs a model of pre-trial bargaining in which non-settlement is...

In their 2010 comment (which we refer to as CS10), Cogley and Sbordone argue that: (i) our estimates are not entirely closed form, and hence are arbitrary; (ii) we cannot guarantee that our estimates are valid, while their estimates (Cogley and Sbordone 2008, henceforth CS08) always are; and...

A model of costly medical malpractice claims, based on Bayes Rule, is developed to examine the effects of physicians being liable for actual damage under a negligence rule. This model is consistent with empirical evidence concerning the pattern of claims. It is shown that compensating actual...

We illustrate the importance of placing model-consistent restrictions on expectations in the estimation of forward-looking Euler equations. In two-stage limited-information settings where first-stage estimates are used to proxy for expectations, parameter estimates can differ substantially,...

The purpose of the paper is a clarification of the concept of competition from a classical/ Sraffian perspective; including an elucidation of how a classical/Sraffian approach might go about defining the degree of competition. This in turn allows for a sharper contrast between the Sraffian view...