As it is almost 50 years since Phillips (1958), we analyze an historical series on UK wages and their determinants.  Huge changes have occurred over this long run, so congruence is hard to establish: real wages have risen more than 6 fold, and nominal 500 times; laws, technology, wealth...

In this paper we review the history and recent developments of stochastic volatility, which is the main way financial economists and mathematical finance specialists model time varying volatility.

Formed in the mid-nineteenth century, the building soceities grew rapidly from their humble beginnings as localised 'self-help' organisations to become the dominant player in the house mortgage market by the inter-war period.  Throughout the nineteenth and early twentieth centuries, the...

The early twelfth century was notable for the centralization and consolidation of royal governance in the centre as well as the periphery of Europe.  This paper presents a model of medieval kingship in which consent for the king's rule is founded upon a network of bargains and agreements...

Market size is claimed by various economic traditions to be an important factor in explaining the transition to modern economic growth.  This paper examines whether differences in market size might explain the retardation of the Industrial Revolution in France.  It uses an exceptional source...

For financial assets whose best quotes almost always change by jumping by the market`s price tick size (one cent, five cents, etc.), this paper proposes an estimator of Quadratic Variation which controls for microstructure effects. It measures the prevalence of alternations, where quotes jump...

This paper presents a pairwise matching model with two-sided information asymmetry to analyse the impact of information costs on endogenous network building and matching by information intermedairies. The framework innovates by examining the role of information costs on incentives for trade...

This paper studies the stability of nonlinear autoregressive models with conditionality heteroskedastic errors. We consider a nonlinear autoregression of order p (AR(p)) with the conditional variance specified as a nonlinear first order generalized autoregressive conditional heteroskedasticity...