We take a fresh look at firms' innovation-productivity linkages, using novel data capturing new aspects of innovative activity. We combine UK administrative microdata, media and website content to develop experimental metrics - new product/service launches - for a large panel of SMEs. Extensive...

The paper reviews the progress of the sociology of work in Britain since 1945. It identifies two long-standing influences, Marxism and Weberian analysis, and a third more recent approach shaped by post-modernism. It disputes claims associated with the last, that the field suffers from...

Using high-quality administrative microdata spanning 2011-2013, this paper develops new routines to compare creative economies using the creative trident framework, and applies them to the UK and US national and regional contexts. We find the UK creative economy is larger in workforce shares,...

This paper examines the role of political alignment and the electoral business cycle on municipality revenues in Greece for the period 2003-2010. A panel dataset combining local and national elections with local budgets is used to run a fixed-effects econometric model. The findings suggest that...

Spurious regression analysis in panel data when the time series are cross-section dependent is analyzed in the paper. We show that consistent estimation of the long-run average parameter is possible once we control for cross-section dependence using cross-section averages in the spirit of the...

Innovative, high-technology activities are seen as motors of development, with knock-on effects throughout their local economies. Such activities tend to organise networks that span beyond atomized firms, creating 'ecosystems' of mutual dependence as well as competition. However, such ecosystems...

This paper studies the welfare properties of competitive equilibria in an economy with incomplete markets subject to idiosyncratic and aggregate shocks. We focus on the role of securitization, whereby borrowers can reduce idiosyncratic asset risk, which enables increased leverage and investment....

Since the 1980s, financial crises have tended to reoccur with increasing frequency and growing intensity. They are endogenously generated by the established OTD (Originate-To-Distribute) model within the new finance-growth paradigm. Good finance fosters the correct allocation of financial...

We show that the Value Function Iteration (VFI) algorithm has difficulties approximating models with jump discontinuities in policy functions. We find that VFI fails to accurately identify both the location and size of jump discontinuities while the Endogenous Grid Method (EGM) and the Finite...

Observed macroeconomic forecasts display gradual recognition of the long-run growth of endogenous variables (e.g. output, output per hour) and a positive correlation between long-run growth expectations and cyclical activities. Existing business cycle models appear inconsistent with the...