General equilibrium models in which compensation for local amenities occurs in both housing and labour markets have been widely used to generate implicit amenity prices and regional quality of life indices. An implication and prospective test of such models is that individuals who are outside...

This paper investigates the impact of contemporary flows of immigrants on internal movements of natives and earlier immigrants across the local authorities of England and Wales. To analyse the impact of immigration, a theoretical framework where natives and immigrants are imperfect substitutes...

In life-cycle economies, where an individual's optimal consumption-work plan is almost never constant, the optimal marginal tax rates on capital and labor income vary with age. Conversely, the progressivity imbedded in the U.S. tax code implies that marginal tax rates vary with age because tax...

Economic history is an important sub-discipline of Economics.2 Women in economic history face similar challenges to their female colleagues in mainstream economics. In the UK, economic history has been affected by government policies aimed at evaluating research. The Research Assessment...

Scottish attempts at financial innovation in the late seventeenth century included the Bank of Scotland and the Darien Scheme. The Bank is still in existence, but the Darien scheme’s mission to site a Scottish colony on the isthmus of Darien, Panama, was a disaster. It has often been...

This article studies the effects of demographics on the mix of tax rates on labour and capital. It uses a quantitative general-equilibrium overlapping-generations model where tax rates are voted without past commitments in every period and characterized as a Markov equilibrium. In the U.S., the...

The Royal African Company used fortified locations along the African coast as part of its slave trading activities. These forts have occupied a peripheral role in the business history of the company and the economic history of its trading routes. Traditionally, the forts have been seen as a...

Using generating functions, the top-order zonal polynomials that occur in much distribution theory under normality can be recursively related to other symmetric functions (power-sum and elementary symmetric functions, Ruben (1962), Hillier, Kan, and Wang (2009)). Typically, in a recursion of...

We document that home ownership of households with “heads\" aged 25-44 years fell substantially between 1980 and 2000 and recovered only partially during the 2001-2005 housing boom. The 1980-2000 decline in young home ownership occurred as improvements in mortgage opportunities made it...

This paper presents a macroeconomic model of unsecured consumer debt and default where credit conditions consist of pre-approved interest rates and borrowing limits, a feature of actual credit cards. All loans, irrespective of their size and risk, take place against the same type of credit line,...