This paper finds, on the basis of a usual 'square' linear model of joint production, that the vectors of additive labour values and/or actual prices of production associated with the Supply and Use Tables of the Greek economy (for the years 1995 and 1999) are economically insignificant, whilst...

The primary purpose of this paper is to extend current debates about path dependence and to contribute to scholarship by addressing inadequately researched aspects of path dependence: the role of individuals in sustaining long-standing 'inefficient' institutions; the balance of 'path following'...

This paper investigates the role of the institutional framework for the labour market performance in EU countries. The point of departure is the labour demand equation that is derived from cost minimization behaviour of firms. Labour demand is expressed by its structural parameters, i.e. the...

Pakistan's pension system is in the process of increasing funding in anticipation of providing for a growing elderly population. The pension assets are mainly invested domestically, as only in January 2007 were regulations changed to allow the purchase of international assets. In this paper, we...

Britain's senior citizens, in common with the rest of Europe, are the fastest growing age group among the population and the numbers working have grown substantially. In 2007 the numbers working at or beyond the state pension age (65 and over for men, 60 and over for women) was 1.26 million, a...

This paper demonstrates that recent influential contributions to monetary policy imply an emerging consensus whereby neither rigid rules nor complete discretion are found optimal. Instead, middle-ground monetary regimes based on rules (operative under 'normal' circumstances) to anchor inflation...

The importance of innovation and imitation for the economy is discussed in different branches of economic theory. Some study the macro, others the micro level. Macroeconomic theories, concerned with technological progress do not explicitly distinguish between innovation and imitation....

The non-linearity of financial and economic time series is becoming a fundamental issue both at the theoretical and empirical level. This applies equally to balance of payments statistics such as balancing item (net errors and omissions), which is a residual variable needed to ensure that all...

Immigrant-trade links are examined with an emphasis placed on variation across product types and home country income classifications. Data for the US and 70 trading partners spanning the 1980-1997 period are employed. We find the immigrant-trade relationship varies based on degree of product...

There exists an important puzzle in the income tax evasion literature, that higher tax rates unambiguously encourage tax compliance (Yitzhaki?s (1974) result). In this paper I show that by simply relaxing the assumption that higher tax rates necessarily translate into higher penalty payments at...