Since the 1990s, a growing number of authors have argued that social capital has positive effects in creating collective action and achieving favourable economic/political outcomes. However, in this paper we argue that despite this plethora of social capital literature, the connection between...

Social capital is often claimed to facilitate collective action regarding the management of complex environmental goods and services. However, there is little systematic analysis in the literature that explains the way social capital aids in fostering collective action. The paper integrates...

There is a large literature on monetary policy and asset prices. There are 2 aspects to this literature: do monetary policymakers respond to asset prices? should monetary policymakers respond to asset prices? This paper addresses the first of thes

The Opportunistic Approach to Monetary Policy is an influential but untested model of optimal monetary policy. We provide the first tests of the model, using US data from 1983Q1-2004Q1. Our results support the Opportunistic Approach. We find that policymakers respond to the gap between inflation...

This is a case study written for senior international managers of a US-based multinational company, General Electric. It was first discussed during a GE sponsored four week programme at IMD International on the political and economic changes of Central and Eastern Europe. The programme included...

We find that measures of the distribution of relative price changes are significant when included in a standard model of the UK Phillips curve based on time dependent price adjustment. Since the inclusion of these variables is not implied by this model but is implied by a state-dependent model...

We analyse the impact of labour turnover on profits. We extend the efficiency wage model of Salop (1979) by separating incumbent and newly hired workers in the production function. We show that an exogenous increase in the turnover rate can increase profits, but only where firms do not choose...