The paper examines the time-series evidence relating to participation rates in further education in England and Wales, and uses cointegration analysis to identify a long-run statistical relationship in the data consistent with an augmented human-capital model. The recent rapid growth of...

There is a wide literature on the dynamic adjustment of employment and its relationship with the business cycle. Our aim is to propose a statistical model that offers a congruent representation of post-war UK labour market. We use a cointegrated vector autoregressive Markov-switching model where...

We show how to obtain the exact power envelope of tests for a unit root against trend-stationary alternatives, under normality. This is in contrast to the asymptotic power envelope derived by Elliott, Rothenberg and Stock (1996), and is used to indicate the lack of power of unit root tests in...

This paper presents an empirical investigation of the determinants of labour market earnings in Egypt. Using Human Capital model, the determinants of regional earnings and returns to education by region are examined. The relative importance of individual and regional effects on earnings...

In this paper, we evaluate the institutional and legal structure of the Colombian government. In particular, we want to assess how a system of institutional checks and balances can be structured to promote the rule of law, preserve property rights, and stimulate economic growth. The 1991...

Early results of evolutionary game theory showed that the risk dominant equilibrium is uniquely selected on the long run by the best response dynamics with mutation. Bergin and Lipman (1996) qualified this result by showing that for a given population size the evolutionary process can select any...

A number of countries have recently introduced legislation which holds polluters liable for the costs of cleaning up environmental damage they have caused. While in principle this gives polluters appropriate incentives to reduce the risk of environmental damage, these incentives are weakened if...

This essay evaluates the legal independence of central banks in three Eastern European countries: the Czech Republic, Hungary and Poland. It provides a descriptive account of monetary policy making in these countries and interprets the relevant central bank charters in light of arguments for...

The celebrated inflationary bias of time consistent monetary policy is re-examined. To this end we consider an extended version of the simple Barro and Gordon framework featuring important aspects of actual policy making such as imperfect instrument control, overlapping wage contracts, policy...