Layard, Metcalf and Nickell have formed annual estimates of the union mark-up for unskilled males in the United Kingdom manufacturing sector over the period 1951-1983. We critically assess their estimates as an index of union power and propose a number of hypotheses that determine the union...

Using data from the 1981 Family Expenditure Survey we estimate a logit model for the choice between unemployment and employment, using explanatory variables such as tax and social security benefit rates. Other variables represent the characteristics of the households in the survey and...

We estimate an aggregate econometric model of the industrial economies using annual data drawn from the postwar period. The model includes equations for GDP, inflation, interest rates and non-oil commodity prices. GDP and inflation reflect the evolution of aggregate supply and demand while...

Using annual data drawn from 1963-1983 we estimate an econometric model of the balance of payments of oil-importing LDCs. The model consists of equations for the quantities of exports and imports, unit value indices for exports and imports, capital flows, reserves and the exchange rate. An...

In Centre for Economic Policy Research Discussion Paper Nos. 164 and 165 I presented econometric models of the industrialized countries (North) and the oil-importing developing countries (South). This paper links the two models so that the economic interdependence between North and South can be...

We use annual data drawn from 1950-85 to estimate an econometric model of the money multiplier for the United Kingdom. We define the money multiplier as ratio of the money stock broadly defined (M3) and the monetary base (M0), and then decompose the multiplier into the currency ratio, the time...