Results

CEP discussion paper

Is data privacy a losing game? Evidence from Apple's App Tracking Transparency (ATT) policy

We study the impact of Apple's App Tracking Transparency (ATT) policy, which requires apps to obtain explicit user permission before cross-app tracking, on the mobile gaming industry. Using SensorTower US data on the top...Read more...

CEP discussion paper

Brief yet effective: group counseling and college access for disadvantaged students

Large socioeconomic gaps in higher-education access and completion persist even among similarly talented students with access to generous funding, pointing to an important role for information frictions and unequal suppo...Read more...

CEP discussion paper

Growth insured: export credit insurance and trade

We estimate the causal effect of short-term export credit insurance (ECI) on firm-level exports using administrative data from China?s export credit agency merged with customs and tax records. Exploiting quasi-random var...Read more...

Journal article

Journal of Urban Regeneration and Renewal:

Green belts and the inefficient allocation of land

Land is an economic resource, so the efficiency with which it is used is essentially an economic problem. This paper, therefore, approaches the issue from an economic perspective. Having surveyed the economic definitions...Read more...

CEP discussion paper

The economics of architecture

We illustrate the coordination problem in the provision of distinctive architectural design that arises from design externalities within a quantitative model. To quantify the model, we conduct a quantitative review of a ...Read more...

Journal article

Resources Policy:

The EV transition: the impact of the EU battery directive on critical material supply, recycling and battery costs

Lithium-ion batteries (LIBs) are central to the European Union's (EU) Net Zero strategies. Yet, rising regulatory pressures and geopolitical tensions have increased the risk of supply chain bottlenecks for strategic and ...Read more...

CentrePiece article

Cultural exception?

Why book publishing contradicts conventional wisdom about competition....Read more...

Blog

LSE Europp:

Cultural exception? Why regulating the book market contradicts conventional wisdom about competition

Fixing retail book prices is a common policy in Europe, but how does preventing competition affect booksellers and buyers? Christos Genakos, Lorien Sabatino and Tommaso Valletti find that when the ability to offer custom...Read more...

Blog

Bank Underground:

Forbearance lending as a crisis management tool

The Bank of England Agenda for Research (BEAR) sets the key areas for new research at the Bank over the coming years. This post is an example of issues considered under the Prudential Architecture Theme which focuses on ...Read more...

Blog

Vox EU:

Redirecting AI: Privacy regulation and the future of artificial intelligence

Some artificial intelligence technologies are more data intensive than others. This column examines how data privacy regulation shaped the trajectory of AI innovation across countries, looking at patent applications from...Read more...

Blog

LSE Business Review:

Workers in finance from lower socio-economic backgrounds don't have equal voice

Employee voice refers to the informal and voluntary sharing of ideas, suggestions, concerns or opinions about work-related matters, with the goal of driving improvement or change. When voice is suppressed or marginalised...Read more...

CEP discussion paper

Land use regulation, homeownership and wealth inequality

We examine the role that housing market regulatory restrictiveness plays in differentially affecting the net wealth of owners and renters over time, and its contribution to wealth inequality. In tightly regulated desirab...Read more...

CEP discussion paper

Why delay? Understanding the construction lag, aka the build out rate

We explore the determinants of the speed of residential development after dwelling construction starts. Using a sample of over 140,000 residential developments in England from 1996 to 2015 and employing an instrumental v...Read more...

CEP discussion paper

Beyond the enrolment gap: Financial barriers and high-achieving, low-income students' persistence in higher education

Little is known about what influences high-achieving, low-income students' persistence in higher education, despite extensive work on their enrolment decision. This paper investigates the role of credit constraints. Usin...Read more...

Journal article

Journal of Cleaner Production:

The interplay between innovation, standards and regulation in a globalising economy

To examine the different roles of regulation and standards in the age of globalisation, we hypothesize and investigate the relation of regulation and national and international standards on the one hand with innovation i...Read more...

Journal article

PLoS ONE :

Access to digital finance: Equity crowdfunding across countries and platforms

Financing entrepreneurship spurs innovation and economic growth. Digital financial platforms that crowdfund equity for entrepreneurs have emerged globally, yet they remain poorly understood. We model equity crowdfunding ...Read more...

Journal article

Journal of Urban Economics:

On the economic impacts of mortgage credit expansion policies: evidence from help to buy

We take advantage of two spatial discontinuities in Britain's Help to Buy (HtB) scheme to explore the effectiveness and distributional implications of mortgage credit expansion policies. Employing a Difference-in-Discont...Read more...

Journal article

American Economic Review :

The impact of regulation on innovation

We present a framework that can be used to assess the equilibrium impact of regulation on endogenous innovation with heterogeneous firms. We implement this model using French firm-level panel data, where there is a sharp...Read more...

CEP discussion paper

Has financial fair play changed European football?

In 2011 UEFA, the governing body of European football, introduced the Financial Fair Play Regulation (FFPR), consisting of a set of financial restraints to be met by clubs as a prerequisite for participation to its compe...Read more...

Journal article

Sports Economics Review:

Has financial fair play changed European football?

In 2011 UEFA, the governing body of European football, introduced the Financial Fair Play Regulation (FFPR), consisting of a set of financial restraints to be met by clubs as a prerequisite for participation to its compe...Read more...

Journal article

Journal of Labor Economics :

Testing means-tested aid

We estimate the effect of an unexpected institutional financial aid (IFA) award on student outcomes using administrative data collected from nine universities, exploiting variation in IFA schedules within and across univ...Read more...

CentrePiece article

In brief... How citizens help expose environmental wrongdoing

Does enabling citizens to complain about public services provide an effective way of improving government services, or should we be concerned about the accuracy and reliability of such reports? Jonathan Colmer, Mary Evan...Read more...

Journal article

AEA Papers and Proceedings:

The local labor market effects of modern manufacturing capital: evidence from France

Using an event study methodology and comprehensive micro data from the French manufacturing sector, we analyze the local labor market effects of investments in modern manufacturing capital, including modern automation te...Read more...

CEP discussion paper

The signaling value of legal form in debt financing

We examine if a startup's legal form choice is used as a signal by credit providers to infer its risk to default on a loan. We propose that choosing a legal form with low minimum capital requirements signals higher defau...Read more...

CEP discussion paper

Environmental citizen complaints

Citizen complaints feature prominently in public oversight contexts. The nature and effects of complaints, however, are controversial and poorly understood. Here, we exploit novel administrative data on over 130,000 envi...Read more...

CEP discussion paper

Import competition, trade credit and financial frictions in general equilibrium

We analyze the role of trade credit and financial frictions in the propagation of international trade shocks along the supply chain. First, we show empirically that exposure to import competition from China increased the...Read more...

Journal article

Journal of Operations Management:

Working from home and firm resilience to the Covid-19 pandemic

The COVID-19 pandemic has disrupted firms' operations. To cope with the crisis, many firms have allowed their employees to work from home (WFH). We examine whether a firm's WFH capacity has increased its resilience durin...Read more...

Blog

Vox EU:

Financial crises as drivers of populism: a new channel

Financial crises have severe economic costs. This column shows that they also entail major political costs. It argues that the global financial crisis, and associated Great Recession, represents a watershed for populism ...Read more...

CEP discussion paper

Accidents will happen: (de)regulation of health and safety legislation, workplace accidents and self employment

In 2015, the UK government exempted "low-risk" self-employed workers from legislation on workplace safety. This reversed a move two decades earlier that incorporated the self-employed more fully into the same regulatory ...Read more...

External report

Labour market inequality

Wage and earnings inequality has been on the rise in the UK since the late 1970s / early 1980s, and with faster increases than comparator countries it is now one of the countries with the highest levels of wage and earni...Read more...

CEP discussion paper

Firms and inequality

In the last few decades, dramatic changes have been documented in the US business landscape. These include rising productivity and pay dispersion between firms, higher aggregate markups (of price over variable costs), gr...Read more...

Blog

VoxEU:

The value of online gig economy platforms

The gig economy and online labour platforms often trade off increased flexibility for lower employment security. Christopher Stanton and Catherine Thomas show how traditional labour market regulations, such as minimum wa...Read more...

Journal article

Journal of Urban Economics:

The amplifying effect of capitalization rates on housing supply

We provide empirical evidence that increases in housing rental income lead to a larger supply response than price increases of the same percentage value. We rationalize this differential in supply responsiveness with an ...Read more...

Journal article

Journal of Political Economy:

Are bigger banks better? Firm-level evidence from Germany

The effects of large banks on the real economy are theoretically ambiguous and politically controversial. I identify quasi-exogenous increases in bank size in postwar Germany. I show that firms did not grow faster after ...Read more...

Journal article

European Economic Review:

Financial system architecture and the patterns of international trade

Countries differ in the extent to which their financial systems rely on banks or on financial markets. We offer a model featuring a complex relationship between countries? financial system architecture and their comparat...Read more...

Journal article

Scandinavian Journal of Economics:

Living in the shadow of the past: financial profiles and well-being

We consider the link between individual financial profiles over time and well-being, as measured by life satisfaction. In particular, we look at annual self-reported financial worsening and improvement information for mo...Read more...

CentrePiece article

The impact of regulation on innovation

It is widely feared that private sector innovation is constrained by 'red tape'. Philippe Aghion and colleagues test that view on data from France, where firms of more than 50 employees face far heavier regulatory obliga...Read more...

Journal article

Journal of Economic Geography:

Local economic conditions and the nature of new housing supply

We explore the effects of local economic conditions on the type and size of newly constructed housing units in a city. Exploiting the 1984?2004 metro area samples of the American Housing Survey and US Census building per...Read more...

Blog

UK in a Changing Europe:

Trade after Brexit: the initial numbers

Thomas Sampson argues that, although the full effects of Brexit won't be known for many years, regulatory divergence is likely to further reduce trade, as firms face the challenge of satisfying different regulations in t...Read more...

Journal article

Real Estate Economics:

Offices scarce but housing scarcer: estimating the premium for London office conversions

British planning is among the most restrictive in the world and has been restrictive for longer than elsewhere. Restrictive regulation substantially increases the costs of office space and, especially in London, increase...Read more...

Journal article

Health Economics (United Kingdom):

Childhood circumstances and young adulthood outcomes: the role of mothers' financial problems

We here consider the cognitive and noncognitive consequences on young adults of growing up with a mother who reported experiencing major financial problems. We use UK data from the Avon Longitudinal Study of Parents and ...Read more...

Blog

VoxEU:

Regulation chills minor (but not radical) technological innovations

While there is suggestive evidence that regulations may have a stifling effect on innovation, there is as yet no rigorous economic framework to quantify the magnitude of such regulatory effects on innovation and the aggr...Read more...

CEP discussion paper

The impact of regulation on innovation

We present a framework that can be used to assess the equilibrium impact of regulation on endogenous innovation with heterogeneous firms. We implement this model using French firm-level panel data where there is a sharp ...Read more...

CEP discussion paper

Why have house prices risen so much more than rents in superstar cities?

In most countries ? particularly in supply constrained superstar cities ? house prices have risen much more strongly than rents over the last two decades. We provide an explanation that does not rely on falling interest ...Read more...

CEP discussion paper

Markups, intangible capital and heterogeneous financial frictions

This paper studies the interaction between financial frictions, intangible investment decisions, and markups at the firm level. In our model, heterogeneous credit constraints distort firms' decisions to invest in cost-re...Read more...

CEP discussion paper

Are bigger banks better? Firm-level evidence from Germany

The effects of large banks on the real economy are theoretically ambiguous and politically controversial. I identify quasi-exogenous increases in bank size in post-war Germany. I show that firms did not grow faster after...Read more...

CEP discussion paper

The grandkids aren't alright: the intergenerational effects of prenatal pollution exposure

Using newly linked survey and administrative data we provide early evidence that regulation- induced improvements in prenatal air quality have intergenerational effects on human capital accumulation in the United States....Read more...

CEP discussion paper

Does pricing carbon mitigate climate change? Firm-level evidence from the European Union emissions trading scheme

In theory, market-based regulatory instruments correct market failures at least cost. However, evidence on their efficacy remains scarce. Using administrative data, we estimate that, on average, the EU ETS - the world's ...Read more...

Journal article

Journal of Population Economics:

Children, unhappiness and family finances

The common finding of a zero or negative correlation between the presence of children and parental well-being continues to generate research interest. We consider international data, including well over one million obser...Read more...

Journal article

Economica:

'Trophy architects' and design as rent-seeking: quantifying deadweight losses in a tightly regulated office market

Britain tightly restricts the supply of office space, creating substantial economic rents, but its development restrictions are politically administered and therefore gameable, inducing rent-seeking activity. We find tha...Read more...

CEP discussion paper

Generalized linear competition: from pass-through to policy

Economic policy and shifts in input market prices often have significant effects on the marginal costs of firms and can prompt strategic responses that make their impact hard to predict. We introduce "generalized linear ...Read more...

CEP discussion paper

Gravity in international finance: evidence from fees on equity transactions

We shed light on the impact of institutional quality and information barriers on trade in financial services using a novel panel data set on revenue earned on domestic and cross-border equity securities underwriting tran...Read more...

CEP discussion paper

Offices scarce but housing scarcer: estimating the premium for London office conversions

The British system of land use planning is one of the most restrictive in the world. It substantially increases the costs of office space (Cheshire & Hilber, 2008; Cheshire & Dericks, 2020) and, especially in London, inc...Read more...

CEP discussion paper

International financial flows and misallocation

We study the impact of international financial flows on credit allocation exploiting the early 2000s boom of capital inflows in Italy. Using detailed bank-firm matched data we compare the patterns of credit allocation of...Read more...

CEP discussion paper

On the economic impacts of mortgage credit expansion policies: evidence from help to buy

Mortgage credit expansion policies - such as UK's Help to Buy (HtB) - aim to increase access to and affordability of owner-occupied housing and are widespread around the world. We take advantage of spatial discontinuitie...Read more...

Journal article

Journal of Urban Economics:

The energy costs of historic preservation

We explore the impact of historic preservation policies on domestic energy consumption. Using panel data for England from 2006 to 2013 and employing a fixed effects strategy, we document that (i) rising national energy p...Read more...

CentrePiece article

In brief... The long-term effects of financial distress in childhood

Is there a relationship between childhood circumstances and outcomes later in life? Andrew Clark and colleagues consider the cognitive and non-cognitive consequences for young adults whose families experienced major fina...Read more...

CEP discussion paper

The best versus the rest: divergence across firms during the global productivity slowdown

We document that labor productivity of the globally most productive firms ? the ?frontier? ? has diverged from all other firms ? the ?rest? ? throughout the 2000s. This divergence remains after controlling for capital in...Read more...

Journal article

Economics of Education Review:

The end of free college in England: implications for enrolments, equity, and quality

Despite increasing financial pressures on higher education systems throughout the world, many governments remain resolutely opposed to the introduction of tuition fees, and some countries and states where tuition fees ha...Read more...

Journal article

European Economic Review:

Host-country financial development and multinational activity

This paper evaluates the influence of host-country financial conditions on the global operations of multinational firms. Using detailed U.S. data, we establish that financial development in a country is associated with r...Read more...

CEP discussion paper

Childhood circumstances and young adulthood outcomes: the role of mothers' financial problems

We here consider the cognitive and non-cognitive consequences on young adults of growing up with a mother who reported experiencing major financial problems. We use UK data from the Avon Longitudinal Study of Parents and...Read more...

Journal article

Journal of Economic Geography:

The preservation of historic districts - Is it worth it?

Read more...

CEP discussion paper

Monetary policy, product market competition and growth

In this paper we argue that monetary easing fosters growth more in more credit-constrained environments, and the more so the higher the degree of product market competition. Indeed when competition is low, large rents al...Read more...

Journal article

Journal of Housing Economics:

Institutional settings and urban sprawl: evidence from Europe

This article explores the role of institutional settings in determining spatial variation in urban sprawl across Europe. We first synthesize the emerging literature that links land use policies and local fiscal incentive...Read more...

Journal article

Journal of Housing Economics:

Housing in Europe: a different continent ? a continent of differences

This article provides the introduction to the special issue on `Housing in Europe: a different continent ? a continent of differences? in the Journal of Housing Economics in 2018. Europe is a large continent with a long ...Read more...

CEP industrial strategy paper

Unlocking SME productivity: review of recent evidence and implications for the UK?s industrial strategy

Improving productivity is one of the main goals of the government's Industrial Strategy. Since the UK is a nation of small and medium-sized enterprises (SMEs), the question arises whether SMEs have a role to play in indu...Read more...

Journal article

Small Business Economics:

The evolution and adoption of equity crowdfunding: entrepreneur and investor entry into a new market

Equity crowdfunding (ECF) offers entrepreneurs an online social media marketplace where they can access numerous potential investors who, in exchange for an ownership stake, may supply them with finance. In this paper, w...Read more...

Journal article

National Institute Economic Review:

Broken market or broken policy? The unintended consequences of restrictive planning

This paper summarises the evidence from recent research relating to the British Planning system's impact on the supply of development. Planning serves important economic and social purposes but it is essential to disting...Read more...

CEP discussion paper

The economic impacts of constraining home investments

We investigate how political backlash against wealthy investors in high-amenity places affects local residents. We exploit a quasi-natural experiment: the `Swiss Second Home Initiative?, which banned the construction of ...Read more...

Journal article

The Journal of Industrial Economics:

The impact of maximum markup regulation on prices

Markup regulation is a common, yet understudied type of regulation. We analyze the repeal of maximum wholesale and retail markup regulation in an oligopolistic and vertically nonintegrated market. By comparing the prices...Read more...

CEP discussion paper

Medical marijuana laws and mental health in the United States

The consequences of legal access to medical marijuana for individual welfare are a matter of controversy. We contribute to the ongoing discussion by evaluating the impact of the staggered introduction and extension of me...Read more...

CentrePiece article

In brief... Empty homes, longer commutes

In areas of Britain where there are empty houses, planners typically allocate less land for development and make it more difficult to build or adapt houses. Research by Paul Cheshire, Christian Hilber and Hans Koster exp...Read more...

Journal article

Journal of Public Economics:

Empty homes, longer commutes: the unintended consequences of more restrictive local planning

We investigate the impact of land use regulation on housing vacancy rates. Using a 30-year panel dataset on land use regulation for 350 English Local Authorities (LAs) and addressing potential reverse causation and other...Read more...

CEP discussion paper

The end of free college in England: implications for quality, enrolments and equity

Despite increasing financial pressures on higher education systems throughout the world, many governments remain resolutely opposed to the introduction of tuition fees, and some countries and states where tuition fees ha...Read more...

CEP discussion paper

Equity crowdfunding and early stage entrepreneurial finance: damaging or disruptive?

Equity crowdfunding (ECF) offers founders of new ventures an online social media marketplace where they can access a large number of investors who, in exchange for an ownership stake, provide finance for business opportu...Read more...

SERC/Urban and Spatial Programme Discussion Paper

The Energy Costs of Historic Preservation

We explore the impact of historical preservation policies on domestic energy consumption. Using panel data for England from 2006 to 2013 and employing a fixed effects-strategy, we document that (i) rising national energy...Read more...

CentrePiece article

Towards a new UK industrial strategy

The regulation of business has been a rollercoaster ride for the UK over the past 20 years. Drawing on their work with the LSE Growth Commission, Anna Valero and Richard Davies outline an opportunity to build a new syste...Read more...

Journal article

Research Policy:

The long-term effect of digital innovation on bank performance: an empirical study of SWIFT adoption in financial services

We examine the impact on bank performance of the adoption of SWIFT, a network-based technological infrastructure and set of standards for worldwide interbank telecommunication. We construct a new longitudinal dataset of ...Read more...

CEP discussion paper

The hospital as a multi-product firm: the effect of hospital competition on value-added indicators of clinical quality

There is increasing international interest in using Patient Reported Outcome Measures (PROMs) to assess health care provider performance. PROMs are a fundamental advance on existing indicators of health care quality in t...Read more...

CEP discussion paper

International expansion and riskiness of banks

We exploit an original dataset on European G-SIBs to assess how banks? internationalization affects risk in the banking sector. We find a robust negative correlation between foreign expansion and banking risk as captured...Read more...

Journal article

The Review of Economics and Statistics:

Survive another day: using changes in the composition of investments to measure the cost of credit constraints

We introduce a novel empirical strategy to measure the size of credit shocks. Theoretically, we show that credit shocks reduce the value of long-term relative to short-term investments. Empirically, we can therefore comp...Read more...

Journal article

American Economic Review:

Firm size distortions and the productivity distribution: evidence from France

We show how size-contingent laws can be used to identify the equilibrium and welfare effects of labor regulation. Our framework incorporates such regulations into the Lucas (1978) model and applies it to France where man...Read more...

CEP discussion paper

Financial system architecture and the patterns of international trade

Countries differ on the extent to which their financial system relies on banks or on the financial market. We offer a model featuring a possible two-way relationship between countries? financial system architecture and t...Read more...

SERC/Urban and Spatial Programme Discussion Paper

The Housing Market Impacts of Constraining Second Home Investments

We investigate how political backlash against wealthy second home investors in high-amenity places ? tourist areas or superstar cities ? affects local residents. We develop a general equilibrium model and exploit a quasi...Read more...

SERC/Urban and Spatial Programme Discussion Paper

The Preservation of Historic Districts - Is it Worth it?

I investigate the welfare effect of conservation areas that preserve historic districts by regulating development. Such regulation may improve quality of life but does so by reducing housing productivity ? the efficiency...Read more...

SERC/Urban and Spatial Programme Discussion Paper

Quantitative Easing of an International Financial Centre: How Central London Came So Well Out of the Post-2007 Crisis

This paper documents and seeks to explain the remarkably positive employment trends of a central area of London in the years since the onset of the financial crisis. The volatility of this economy since the 1980s had sug...Read more...

CEP discussion paper

Testing means-tested aid

Inequalities do not end once students enter higher education. Yet, the majority of papers on the effectiveness of higher education aid examine its impact on college enrolment. In this paper, we provide evidence on the ca...Read more...

CEP discussion paper

The persistence of a banking crisis

This paper analyses the effects of bank lending on GDP and employment. Following losses on international financial markets in 2008/09, a large German bank cut its lending to the German economy. I exploit variation in dep...Read more...

CEP discussion paper

The unbearable divergence of unemployment in Europe

Unemployment in Europe is not only ?too high?, it is also too different across countries that belong to a monetary union. In this paper we i) document this increasing heterogeneity, ii) try to explain it and iii) draw fr...Read more...

CentrePiece article

Regulatory reform in Greece: the benefits of removing maximum mark-ups

Regulations that impose maximum mark-ups are intended to protect consumers from firms exercising market power. But a study by Christos Genakos and colleagues suggests that they can have the opposite effect: when Greece l...Read more...

SERC/Urban and Spatial Programme Discussion Paper

Regulating Housing Vacancies Away? The Paradoxical Effects of Mismatch

Policy makers agree that vacant houses are undesirable. Moreover the existence of empty houses is used as an argument for allocating less land for new construction. So higher vacancy rates tend to trigger tighter restric...Read more...

CEP discussion paper

Evaluating the impact of Sunday trading deregulation

During the past few decades a number of European countries lifted the regulations that restricted the opening hours of shops on Sunday. In this paper we examine the impact of Sunday trade deregulation on employment, expe...Read more...

CEP discussion paper

Financial constraints in search equilibrium: Mortensen and Pissarides meet Holmstrom and Tirole

The Great Recession has indicated that firms' leverage and access to finance are important for hiring and firing decisions. It is now empirically established that bank lending is correlated to employment losses when cred...Read more...

CEP discussion paper

The impact of maximum markup regulation on prices

Markup regulation is a common yet understudied type of regulation. We analyze the repeal of maximum wholesale and retail markup regulation in an oligopolistic and vertically non-integrated market. By comparing the prices...Read more...

CentrePiece article

Trophy architects and the `dark matter' of London?s planning system

A quarter of London?s skyscrapers are designed by architects who have already won a lifetime achievement award and whose work thus has the imprimatur of `iconic design?; this compares with just 3% in Chicago. According t...Read more...

CEP discussion paper

Patents and the global diffusion of new drugs

This paper studies how patent rights and price regulation affect how fast new drugs are launched in different countries, using newly constructed data on launches of 642 new drugs in 76 countries for the period 1983-2002,...Read more...

SERC/Urban and Spatial Programme Discussion Paper

Local Economic Conditions and the Nature of New Housing Supply

We present a modified open monocentric city model that assumes that land is available for conversion into new housing throughout the city. The model predicts that positive local income shocks (i) increase the city?s shar...Read more...

CEP discussion paper

The impact of mandatory entitlement to paid leave on employment in the UK

I evaluate the impact of the UK Working Time Regulations 1998, which introduced mandatory paid holiday entitlement. The regulation gave (nearly) all workers the right to a minimum of 4 weeks of paid holiday per a year. W...Read more...

Journal article

The Economic Journal:

Bankers and their bonuses

We analyse the role of financial sector workers in the huge rise of the share of earnings going to those at the very top of the pay distribution in the UK. Rising bankers' bonuses accounted for two-thirds of the increase...Read more...

SERC/Urban and Spatial Programme Discussion Paper

'Iconic Design' as Deadweight Loss: Rent Acquisition by Design in the Constrained London Office Market

Britain?s land use regulation (planning) system imposes very tight restrictions on the supply of office space so creating substantial rents. An unmeasured part of the costs associated with these restrictions likely comes...Read more...