There has much recent academic and policy interest in the issue of spatial clustering of economic activity, with most attention paid to the geographic concentration of high-tech industries. This paper describes patterns of geographic and industrial concentration in UK production industries at...

In this paper we model the evolution ofincome risk and consumption growth.We decompose the time series innovation of the income process intoits common and cohort-specific components. From these we compute conditional variances which are used as separate risk terms in a consumptiongrowthequation....

This paper develops and estimates a human capital model of wage growth based on learning by doing. Learning by doing rates are assumed to be heterogeneous and firms offer different career structures in terms of the rate of acquisition of firm specific human capital. The model is estimated using...

This paper presents an hedonic model of the price of a sample of new cars available in the UK during the period 1986 to 1995. It overcomes the problem of collinearity in the characteristics data by grouping them on a priori grounds and then using principal components analysis to generate group...

We review the changes in modelling strategy and econometric methodology when estimating a firin-level investment equation on panel data during the past twenty years, in order to assess which of these changes result from new estimation methods and changes in the practice of panel data...

The question of how inequality is generated and how it reproduces over time has been a major concern for social scientists for more than a century. Yet the relationship between inequality and the process of economic development is far from being well understood. In particular, for the past forty...

The paper studies credible information transmission by governments. A group of heterogenous individuals have to make private investment and labor supply decisions while relying on the government for information about investment returns. The government consists of a an elected citizen who chooses...

Much of the dramatic change in skill and wage structure observed in recent years in the United States is believed to stem from the impact of new technology. This paper compares the changing skill structure of wage bills and employment in the United States with six other advanced developed...