We take a new approach to the study of the impact of EMU on consumption smoothing that allows a broader range of channels to enter into view. It is no longer simply a question of the smoothing of asymmetric output shocks via cross-country holdings of property and claims, as is often the case....

The literature on growth theory lacks a precise sense of why there are interactions and dependencies between countries. Correspondingly, the spatial econometrics literature on growth empirics accounts for endogenous cross-country interactions, but lacks crucial insights from economic theory as...

‘Operating leverage’describes the extent to which a …Firm’s operating costs are fi…xed in the short term. Operating leverage ampli…es the earnings impact of a change in revenues; an effect which is further amplified by fi…nancial leverage and by non-proportionality in...

Socioeconomic characteristics, health behaviours, and the utilisation and quality of healthcare are prime examples of socioeconomic, cultural and demographic phenomena that are inherently spatial in nature. Understanding the spatial structure of these factors is particularly relevant in order to...

We develop a method for estimating the functional surface of a regression coefficient that varies over a complex spatial domain with irregular boundaries, peninsulas and interior holes. The method is motivated by, and applied to, data on housing markets, where the central object of inference is...

Definition of housing submarkets is important at both conceptual and empirical levels. In the housing studies literature, submarkets have been defined according to three different criteria: i) similarity in hedonic housing characters, ii) similarity in hedonic prices; iii) substitutability of...

Accurate estimation of demographic variables such as mortality, fertility and migrations, by age groups and regions, is important for analyses and policy. However, traditional estimates based on within cohort counts are often inaccurate, particularly when the sub-populations considered are...

This study investigates performance of portfolios composed of British Socially Responsible Investments (SRI) stocks. Using the Global 100 Most Sustainable Corporations in the World list (known also as: Global-100) to select the SRI companies, we found that, in the period 2000-2010, the returns...

This paper considers different ways of forecasting UK RPI inflation. We show that the inflation risk premium on nominal gilts and inflation swaps vary significantly over time. The average inflation risk premia on both of these market instruments have increased considerably since 2004 and during...

Kosowski, Timmermann, Wermers, and White (2006) find that certain growth-oriented fund managers have substantial skill but do not stipulate the particular skills that they possess. We examine in detail the style-timing abilities of 3,181 US growth-oriented equity mutual funds over the period...