This paper estimates a simple structural model of monetary policy in the UK focusing on the policy of inflation targeting introduced in 1992. We find that: (i) the adoption of inflation targeting led to significant changes in monetary policy; (ii) post-1992 monetary policy is asymmetric as...

We use a simple model to show that there is a positive relationship between monetary policy preferences for output stability, real rigidity and macroeconomic persistence. This result has two non-trivial implications. First it suggests that output stabilization may be a less desirable policy...

This paper investigates the determinants of labour turnover using establishment-level survey data for the UK. The main contribution of our paper is that it estimates the impact of wages, unionization, training and other aspects of working conditions on labour turnover. Our main findings are: (i)...

Since the 1990s, a growing number of authors have argued that social capital has positive effects in creating collective action and achieving favourable economic/political outcomes. However, in this paper we argue that despite this plethora of social capital literature, the connection between...

Social capital is often claimed to facilitate collective action regarding the management of complex environmental goods and services. However, there is little systematic analysis in the literature that explains the way social capital aids in fostering collective action. The paper integrates...