The study examines three alternative specifications for the employment-output equation: the standard employment-output equation; a specification that introduces forward-looking expectations by utilizing business survey data; and a specification that allows technical progress to follow a...

Employees in workplaces with a closed shop get paid more than their counterparts in comparable workplaces without a closed shop. Is this pay differential a consequence of high union density or the institution of the closed ship itself? The authors' results indicate that a post-entry closed shop...

Rapid financial innovation in the U.K. has altered the relative liquidity and productivity of financial assets. This paper shows that even a sophisticated (Divisia) monetary index does not adequately allow for the effects of financial innovation. Two modifications to Divisia monetary aggregates...

Originally cider was the beverage of old poor men. Now it is substantially a summer drink for young employed women. In this paper, the authors model the demand for cider in the United Kingdom. As well as using standard economic variables, the authors employ a range of advertising, demographic,...

Using individual microdata from six British local labor markets in 1986 containing information on both union membership and recognition the paper examines the influence of trade unions on both moments of the earnings distribution. The problem of sample selection and its impact on the estimated...