Results

CEP discussion paper

Adoption, incidence and welfare impacts of interest-free loans: evidence from solar PV

Steep declines in solar PV costs raises questions about whether, and how, to continue support. We leverage administrative microdata on the near-universe of UK domestic PV and a matched difference-in-differences design ex...Read more...

Government consultation

Treasury Committee: Bank of England Monetary Policy Reports

Swati Dhingra gave oral evidence to the Treasury committee....Read more...

Blog

Financial Times:

How should central banks respond to US tariffs? (Podcast)

US tariffs have sent financial markets into a frenzy in recent weeks, but how much should central bankers be taking trade into account when setting monetary policy? To find out, Soumaya Keynes sits down with Bank of Engl...Read more...

Blog

The Rest is Money (podcast):

Bank of England Economist: Interest rates must be cut (podcast)

Economist and external member of the Bank of England's Monetary Policy Committee, Swati Dhingra talks to Robert and Steph about why she thinks the time has come to lower Bank Rate, the interest rate set by the Bank of En...Read more...

CEP election analysis

Work, wages and inactivity

The recent aggregate performance of the UK labour market looks good. But aggregate performance often obscures important changes around averages. Inequality along several dimensions remains a persistent feature of the UK ...Read more...

Blog

Vox EU:

The impact of higher interest rates on UK firms

Firms across many advanced economies have faced a significant increase in the interest rates paid on borrowing and received on deposits since 2021. Krishan Shah, Nick Bloom, Philip Bunn, Paul Mizen, Gregory Thwaites and ...Read more...

Journal article

Journal of Economic Behavior and Organization :

Who promotes gender-sensitive policies?

We study whether female-headed local governments in Spain are more likely to engage in gender sensitive policies such as long-term care support, pre-schooling, or work and family-life balancing services. Using a fuzzy re...Read more...

Blog

Understand: The Economy:

Understand The Economy: 2. Interest Rates and Mortgage Rates (podcast)

In this episode, Tim Harford explains why the banks charge interest when we borrow money and explains why the Bank of England might put interest rates up. Richard Davies is a guest on this episode of Understand: The Econ...Read more...

Journal article

The Review of Economic Studies:

The effect of police response time on crime clearance rates

Police agencies devote vast resources to minimizing the time that it takes them to attend the scene of a crime. Despite this, the long-standing consensus is that police response time has no meaningful effect on the likel...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

Can raising instructional time crowd out student pro-social behaviour? Unintended consequences of a German high school reform

We study whether raising instructional time can crowd out student pro-social behaviour. To this end, we exploit a large educational reform in Germany that has raised weekly instructional hours for high school students by...Read more...

Journal article

The Review of Economics and Statistics:

Intermediaries in international trade: products and destinations

This paper examines the factors that give rise to intermediaries in exporting and explores the implications for trade volumes. Export intermediaries such as wholesalers serve different markets and export different produc...Read more...

Journal article

The Economic Journal:

Evaluating a decade of mobile termination rate regulation

We re-consider the impact that regulation of call termination on mobile phones has had on mobile customers' bills. Using a large panel covering 27 countries, we find that the 'waterbed' phenomenon, initially observed unt...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...

SERC/Urban and Spatial Programme Discussion Paper

Are People Moving Home Less? An Analysis of Address Changing in England and Wales, 1971-2011, Using the ONS Longitudinal Study

Expectations of migration and mobility steadily increasing in the longer term, which have a long currency in migration theory and related social science, are at odds with the latest US research showing a marked decline i...Read more...

SERC/Urban and Spatial Programme Discussion Paper

Is Internal Migration Slowing? An Analysis of Four Decades of NHSCR Records for England and Wales

This paper is prompted by the widespread acceptance that the rates of inter-county and inter-state migration have been falling in the USA and sets itself the task of examining whether this decline in migration intensitie...Read more...

CEP discussion paper

Informal care and the great recession

Macroeconomic downturns can have both an important impact on the availability of informal care and the affordability of formal long-term care. This paper investigates how the demand for and provision of informal care cha...Read more...

SERC/Urban and Spatial Programme Discussion Paper

The Time Value of Housing: Historical Evidence from London Residential Leases

Most housing transactions in London involve trading long leases of varying lengths. We exploit this feature to estimate the time value of housing --- the relationship between the value of a property and the length of tim...Read more...

CEP discussion paper

Evaluating a decade of mobile termination rate regulation

We re-consider the impact that regulation of call termination on mobile phones has had on mobile customers? bills. Using a large panel covering 27 countries, we find that the ?waterbed? phenomenon, initially observed unt...Read more...

CentrePiece article

Sexism at work

Women have, on average, been less well-paid than men throughout history. Prior to 1900, most economic historians see the gender wage gap as a reflection of men?s greater strength and correspondingly higher productivity. ...Read more...

CEP discussion paper

Intermediaries in International Trade: Direct Versus Indirect Modes of Export

This paper examines the factors that give rise to intermediaries in exporting and explores the implications for trade volumes. Export intermediaries such as wholesalers serve different markets and export different produc...Read more...

CEP discussion paper

House Price Booms and the Current Account

A simple open economy asset pricing model can account for the house price and current account dynamics in the G7 over the years 2001-2008. The model features rational households, but assumes that households entertain sub...Read more...

CEP discussion paper

Gender, Productivity and the Nature of Work and Pay: Evidence from the Late Nineteenth-Century Tobacco Industry

Women have, on average, been less well-paid than men throughout history. Prior to 1900, most economic historians see the gender wage gap as a reflection of men?s greater strength and correspondingly higher productivity. ...Read more...

SERC/Urban and Spatial Programme Discussion Paper

The Mortgage Interest Deduction and its Impact on Homeownership Decisions

This paper examines the impact of the combined U.S. state and federal mortgage interest deduction (MID) on homeownership attainment, using data from 1984 to 2007 and exploiting variation in the subsidy across states, ove...Read more...

CEP discussion paper

US Real Interest Rates and Default Risk in Emerging Economies

We empirically analyse the appropriateness of indexing emerging market sovereign debt to US real interest rates. We find that policy-induced exogenous increases in US rates raise default risk in emerging market economies...Read more...

CEP discussion paper

Talking Less and Moving the Market More: Is this the Recipe for Monetary Policy Effectiveness? Evidence from the ECB and the Fed

This paper examines and compares the communication strategies of the Federal Reserve and the European Central Bank, and their effectiveness. First we do a comparative study exercise. We find that on monetary policy commi...Read more...

CEP discussion paper

The Ins and Outs of European Unemployment

In this paper we study the contribution of inflows and outflows to the dynamics of unemployment in three European countries, the United Kingdom, France and Spain. We compare performance in these three countries making us...Read more...

CEP discussion paper

Optimal External Debt and Default

This paper analyses whether sovereign default episodes can be seen as contingencies of optimal international lending contracts. The model considers a small open economy with capital accumulation and without commitment to...Read more...

CEP discussion paper

Monetary Policy Committees and Interest Rate Smoothing

We extend the New Keynesian Monetary Policy literature relaxing the assumption that the decisions are taken by a single policymaker, considering instead that monetary policy decisions are taken collectively in a committe...Read more...

CEP discussion paper

Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries

We use a panel of 16 OECD countries over several decades to investigate the effects of government debts and deficits on long-term interest rates. In simple static specifications, a one-percentage-point increase in the pr...Read more...

CEP discussion paper

Gender Gaps in Unemployment Rates in OECD Countries

There is an enormous literature on gender gaps in pay and labour market participation but virtually no literature on gender gaps in unemployment rates. Although there are some countries in which there is essentially no g...Read more...

CEP discussion paper

Home Bias, Transactions Costs, and Prospects for the Euro: A More Detailed Analysis

This paper brings together the literature on determination of home bias in equity holdings and the portfolio balance model of exchange rates to consider whether the dollar might be affected by a change in transactions co...Read more...

CEP discussion paper

The Beveridge Curve, Unemployment and Wages in the OECD from the 1960s to the 1990s - Preliminary Version

This paper is an empirical analysis of unemployment patterns in the OECD countries from the 1960s to the 1990s, looking at the Beveridge Curves, real wages as well as unemployment directly. Our results indicate the follo...Read more...

CEP discussion paper

Explaining Currency Crises: A Duration Model Approach

This paper is an empirical investigation into the duration of exchange rate episodes characterized by the absence of speculative attacks. We estimate a duration model for OECD countries during the 1970-1997 period. Speci...Read more...