Evidence that cash flow has a significant effect on company investment spending, after controlling for Tobin's average Q, has often been interpreted as suggesting the importance of financing constraints. Recent work on measurement error in the Q model casts doubt on this interpretation. It is...

In this paper we report estimates of the effective sterling, sterling/Deutsche mark and sterling/US dollar risk premia over a monthly 1987-2001 sample, generated using a conditional factor model for the stochastic discount factor of a representative 'worldwide' investor. The model relates this...

In this paper, inflation dynamics in the United Kingdom are re-examined. Standard specifications of traditional Phillips curves have tended to overpredict inflation in the recent low inflation, low unemployment era in the United States, the United Kingdom and the euro area. This has stimulated...