Choosing a mortgage product in the face of labor income risk, interest rate risk and borrowing constraints is one of the most important decisions facing a household. This paper investigates the choice between a variety of fixed rate mortgages and adjustable rate mortgages. We find that...

This paper seeks to present some upper and lower bound estimates of the extent of self-employed income under-reporting in Britain in 1987 and 1992, and hence to infer an approximate estimate for the size of Britain's black economy. The methodology to be utilized is taken from Pissarides and...

Despite their scarcity in the literature, an abundance of globally regular indirect utility functions, involving as many parameters as desired, exists. They are easily constructed as a function of simple homothetic component utilities.

In this paper we test for the first time whether the driving force behind the negative effect of income uncertainty on owner-occupancy propensities is risk aversion or credit constraints. To disentangle this puzzle we estimate reduced form equations using Italian data. Consistent with the...

We investigate the socio-economic determinants of mortgage delinquency in 12 EU countries and observe that income volatility significantly increases the mortgage delinquency risk. This pattern even holds for borrowers with higher-income profiles if volatility in income is high enough. From this...

We use recently developed cointegration tests that determine endogenously the regime shift to test for bilateral real interest rate convergence (real interest rate parity) in the G7 against the US in the 1974-1995 period. In contrast with previous studies that employed classical regression...

Possible means of rehabilitating the many depleted fisheries in European waters now form a topic of great interest and relavance. This paper uses bioeconomic analysis to predict returns of the Irish Sea Nephrops fishery from rationalisation through three types of management regulations.

The aim of this paper is to provide a different, somewhat more general, approach to the axiomatic ranking of opportunity sets in term of freedom of choice. The opportunity ransking is defined axiomatically relative to some standard of freedom or theory of freedom. The paper provides a general...

The authors employ the econometric techniques of multivariate cointegration and error-correction models to investigate the impact of the creation of the European Monetary System (EMS) on the volume of intra-European Union (EU) Exports for eight EU countries.