This essay is the first sustained description, based on archival materials, of the use Zionist settlers in British Mandate-era Palestine made of the English private trust and trust company, and Mandate authorities' reactions to that use. An early, ill-fated attempt to create a family trust of...

This paper seeks to link the two theories put forward to explain (the consequences of) Spain's decision not to adopt the gold standard in the late nineteenth century, and does so by comparing the outcomes of short- and long-run approaches. The empirical results obtained from applying an...

This paper proposes a new approach for analyzing the relationship between macroeconomic factors and the income distribution. The conventional method of analysis is regression of summary inequality indices on variables such as the unemployment and inflation rates. Building on the lessons from...

This paper develops a dynamic stochastic general equilibrium model to examine the quantitative macroeconomic implications of countercyclical fiscal policy for France, Germany and the UK. The model incorporates real wage rigidity which is the particular market failure justifying policy...

The United Kingdom employed the McKenna rule to conduct fiscal policy during World War I (WWI) and the interwar period. Named for Reginald McKenna, Chancellor of the Exchequer (1915–16), the McKenna rule committed the United Kingdom to a path of debt retirement, which we show was...

In this paper we study the link between elections, fiscal policy and economic growth/fluctuations. The set-up is a dynamic stochastic general equilibrium model of growth and endogenously chosen fiscal policy, in which two political parties can alternate in power. The party in office chooses...

A few months ago, we produced a timetable for the implementation of U.S. financial reform under the Dodd-Frank Act. One of the main observations was that the legislation did little to consolidate regulation outside of banking. In contrast, the analogous UK reform legislation, the Financial...

This paper assesses the impact of economic policy uncertainty to UK monetary policy stance and exchange rate movements in light of the UK's decision to leave the European Union. Our results show that the economic significance of exchange rate movements heightens during the Referendum period. We...