We study the impact of large cross-sections of contemporaneous aggregation of GARCH processes and of dynamic GARCH factor models. The results crucially depend on the shape of the cross-sectional distribution of the GARCH coefficients and on the cross-sectional dependence properties of the...

Anecdotal evidence suggests that trade unions succeed in ameliorating workplace health and safety, but no attempt has been made to link specific workplace injury rates with a respective union presence. Relying on WERS98, this paper establishes a cross-sectional link between trade unions and...

We report nonparametrically estimated stochastic transition kernels for the evolution of the distribution of US metropolitan area populations, for the period 1900 to 1990. These suggest a fair amount of uniformity in the patterns of mobility during the study period. The distribution of city...

Dispersion in pay is lower among union members than among non-unionists. This reflects two factors. First, union members and jobs are more homogeneous than their non-union counterparts. Second, union wage policies within and across firms lower pay dispersion. Unions'' minimum wage targets also...

This paper discusses the key hypotheses which Joseph Stiglitz proposed, in his wide-ranging critique of the ''Washington Consensus'', with regard to transition reforms and economic polices in China and Russia. The primary purpose is to evaluate the Stiglitz perspective in the light of empirical...

We introduce a new method for the estimation of discount functions, yield curves and forward curves from government issued coupon bonds. Our approach is nonparametric and does not assume a particular functional form for the discount function although we do show how to impose various restrictions...

n this paper I consider the rapid decline in the unionization rate that has occurred in Britain since the late 1970s. An establishment based analysis reports that the overwhelming factor in explaining falling unionization was a failure to organise the new sorts of establishments that were set up...

Classical labour supply theory is one of the most sophisticated parts of labour economics. Yet, there is no compelling theoretical reason to believe in an outcome on a classical labour supply curve and it is unclear whether it is a good empirical description of the way in which labour markets...

In this paper I analyse the strategic interaction of decision makers and their advisers in a consultation process. I find that when agents are concerned about their reputation, consultation results in sub-optimal sharing of information; some decision makers may deliberately act unilaterally and...

This survey of language needs was carried out to help create a better match between the actual use of foreign languages in their working environment and the training of future managers within the CEMS programme. On the basis of a quantitative analysis and 34 qualitative interviews, we tested a...