Following the 2008 global financial crisis, short-term interest rates in a number of major economies reached the effective zero-lower bound (ZLB), joining Japan, which has experienced prolonged deflation and virtually zero interest-rates since 1998. In such a low policy interest-rate...

This paper considers the contribution of voluntary consensus based standards, as developed through the British Standards Institution (BSI), to collective learning and productivity growth in Britain. It discusses the pivotal contribution of professional engineers to the establishment of a...

We extend Harris and Zhao (2007) by proposing a (Panel) Inflated Ordered Probit model, and demonstrate its usefulness by applying it to Bank of England Monetary Policy Committee voting data.

We propose a Tempered Ordered Probit (TOP) model. Our contribution lies not only in explicitly accounting for an excessive number of observations in a given choice category - as is the case in the standard literature on in?ated models; rather, we introduce a new econometric model which nests the...

A cash-in-advance, endogenous growth, economy defines financial development within a banking sector production function as the degree of scale economies for normalized capital and labor. Less financially developed economies have smaller such returns to scale, and can be credit constrained...