We present a theoretical as well as empirical analysis of the impact of employment regulations on permanent and temporary employment. We consider three different forms of such regulations, namely insider protection, fixed term contract regulations, and legislation on temporary work agencies, and...

This paper presents a principal-agent model of IMF conditional lending, in the aftermath of a capital-account liquidity crisis. We show that traditional ex-post conditionality can be effective in safeguarding the Funds resources, allowing for the provision of efficient emergency lending and...

A dynamic model for limited dependent variables is proposed, which estimation does not rely on simulation methods. A latent conditional mean function which is measurable with respect to past and observable information circumvents the solution of a T-dimensional integral and yields a simple and...

This paper describes some recent advances and contributions to our understanding of economic forecasting. The framework we develop helps explain the findings of forecasting competitions and the prevalence of forecast failure. It constitutes a general theoretical background against which recent...

This paper is a contribution to the small but growing literature that compares the investment and R&D behavior of manufacturing firms in large developed countries that have varying financial and capital market institutions. Specificially, we look at two similar samples of French and United...

The Welsh economy has undergone rapid structural change in recent years. This paper uses data from the New Earnings Survey to examine how earnings in Wales changed relative to those of Great Britain between 1975 and 1994. There are five main findings. First, earnings of workers in Wales have...

Three issues are addressed in this paper. First, we use both household and macro data to establish how fast per capita consumption and incomes grew in Ghana in the 1990s. Second, we ask how much of the rise in incomes was due to rises in the level of human capital and how much reflected...

The move to a more market-oriented economy is associated with evidence of increased inequality in the incomes earned by men and women. The context of our study of this question is the recent large-scale reform of the inefficient state sector, which has caused layoffs of urban workers that...

This introductory article reviews the main themes relating to the development of new knowledge-based economies. After placing their emergence in historical perspective and proposing a theoretical framework which distinguishes knowledge from information, the authors characterize the specific...

In applied welfare economics, equivalence scales for household composition and size corrections, and appropriate price deflators are minimum requirements to perform interhousehold comparisons of welfare, measured via household income or consumption information. In practice, the information...