We present a version of the exchange-rate regime model of inflation. We then use quarterly data from Mexico during 1946Q1-1995Q1 to test and estimate a simultaneous equation model for wage inflation, price inflation and industrial production. In doing so, we respect the Lucas critique and take...

In this speech, Andrew Sentance, a member of the Monetary Policy Committee, discusses the recent fall in the value of sterling and its implications for monetary policy. He argues that the fall in sterling since mid-2007, particularly against the euro, reflects weaker prospects for UK domestic...

We use a 1998-2002 cross-section dataset to analyze the claim of losses due to internet piracy made by the record industry. The results suggest that internet piracy played a significant role in the decline in music sales during the early days of file-sharing networks

The study investigates the causal impact of trade openness and technology transfers on productivity growth in developing countries. We introduce the concept of technologically intensive trade openness (TITO) that can be measured by country approach as imports from highly innovative countries to...

Researchers are often interested in estimating the causal effect of some "treatment" on individual criminality. For example, two recent prominent papers in Criminology have attempted to estimate the respective direct effects of marriage and gang participation on individual criminal activity. One...

Linear relationships between inflation, unemployment, and labor force are obtained for two European countries - Austria and France. The best fit models of inflation as a linear and lagged function of labor force change rate and unemployment explain more than 90% of observed variation (R2 greater...

Australian industry is characterised by differences across firms, entry of new firms and exit of unsuccessful firms. These facts highlight the inappropriateness of measuring productivity using aggregate production functions based upon representative firms. In this study, we model heterogeneous...

This paper analyzes the functioning of the markets for electricity reserves in Germany. We provide an overview of the technical requirements and the market design and structure of the primary, secondary and tertiary reserve markets, and then look at developments following the introduction of...

The "red herring" hypothesis contends that the high health care expenditure in old age is caused by proximity to death rather than calendar age. Dissenters point to longitudinal data and claim that health care expenditure age profiles tend to steepen over time. The present paper tests the...

The management literature provides a variety of recommendations as to how workers customer orientation might be improved, including through training. Crucial factors in the process of transferring the contents of service quality training programs to practice, however, have not yet been...