The often volatile behavior of U.K. house prices between 1957 and 1994 is analyzed in an annual econometric model. Theory suggests that financial liberalization of mortgage markets in the 1980s should have led to notable shifts in house price behavior. The evidence supports the predictions of...

Contingent valuation is now the most widely used method for valuing non-marketed goods in cost-benefit analysis. Yet, despite the fact that many externalities manifest themselves as costs to some and benefits to others, most studies restrict willingness to pay to being non-negative. This can...

In this paper, the author proposes empirical models where both the intertemporal substitution elasticity and the elasticities measuring the impact of different wage profiles are estimated taking into account the restrictions derived from utility maximization. She considers models assuming a...

In this paper we study the effects of unemployment benefit duration and the business cycle on unemployment duration. We construct durations for individuals entering unemployment from a longitudinal sample of Spanish men in 1987--94. Estimated discrete hazard models indicate that receipt of...

Between the late 1970s and late 1980s, the UK Regional Accounts data suggest a much smaller rise in the South East earnings premium and consequently a much smaller increase in the regional dispersion of earnings than do the other sources of data. We discuss several possible explanations for this...

This paper analyses the roles of property and land values in the UK economy and considers property tax reform with the objectives of improving macro-economic stability, resource allocation, economic inequality and the environment. With UK house prices at all-time peaks relative to incomes,...