This paper examines some recent techniques designed to draw inferences about the credibility of changes in macroeconomic policy regimes. An alternative two-step approach, based on the decomposition between permanent and transitory components of a "credibility variable" is proposed. The...

The relationship between training and firm-level employment adjustment given an unanticipated fall in product demand has been central to human capital theory. The most cataclysmic negative output shock occurred in 1929/30. At this time, easily the most important source of United Kingdom general...

Using the British New Earnings Survey Panel Data from 1980 to 2001, this paper examines male and female real wage cyclicality. Estimation is undertaken separately for job stayers and job movers. A unique data advantage compared to earlier studies is that movers are defined by job changes both...

We provide empirical support for the contention that within-job wage growth relates purely to job-specific performance and that returns to general experience are assessed at the point of job change. Using the British New Earnings Survey panel data we identify job changes that take place both...

On their intensive margins, firms in the British engineering industry adjusted to the severe falls in demand during the 1930s Depression by cutting hours of work. This provided an important means of reducing labour input and marginal labour costs, through movements from overtime to short-time...

We investigate wage-hours contracts within a four-period rent sharing model that incorporates asymmetric information. Distinctions are made among (a) an investment period, (b) a period in which the parties may separate (quits or layoffs) or continue rent accumulation and sharing, (c) a post...