Using data over a 34-year span on UK quoted firms, this paper seeks to identify the factors that increase the likelihood of exit of firms. Firms may disappear through the mutually precluding events of bankruptcies and acquisitions. We use a competing-risks hazard model to determine...

Firms exit through the mutually precluding events of bankruptcy and acquisition. We use a competing risks hazard regression model to identify the characteristics leading to each of these two outcomes using over thirty years of data on US and UK quoted firms. We find evidence about the way in...

Co-movements and correlations in the major macroeconomic aggregates has been the focus of much recent literature in business cycle research. In this paper we provide another dimension to business cycle analysis. We examine the evolution of the cross sectional distribution of the growth rates of...

This paper uses household budget survey microdata to explore the growth in household income inequality in Hungary for the period 1987 to 1995, and compares it with inequality in the UK in 1995/96. Decomposition of inequality according to both household characteristics and income sources shows...

This paper provides a comprehensive analysis of online price dispersion in Europe, across a broad range of product categories and countries. Using the dominant European price comparison site we collected firm specific prices, weekly, from sevcn European countries (Denmark, France, Italy,...

This paper suggests a new approach to the empirical analysis of market structure. Market concentration is an aspect of distribution of market shares of firms, and market shares are best modelled at the firm level, bringing into play strategy choices made by firms. It follows that a useful...

The authors examine the growth of income inequality in Hungary in the early transition period. They use household budget survey data from four years between 1987 and 1993 to examine the factors associated with the levels and changes in inequality. They find that public policy inhibited the...

This paper focuses on testing long run macroeconomic relations for interest rates, equity, prices and exchange rates within a model of the global economy. It considers a number of plausible long run relationships suggested by arbitrage in financial and goods markets, and uses the global vector...

We re-connect money to in.ation using Goodfriend and McCallum's (2007) model where banks supply loans to cash-in-advance constrained consumers on the basis of the value of collateral provided and the monitoring skills of banks. We show that when shocks to monitoring and collateral dominate those...

Optimal nominal interest rates rule are usually set assuming that the underlying world is linear. Our work relaxes this assumption and examines the performance of optimal rules when non-linearities are present. In particular if the inflation-output trade off exhibits non linearities...