Preferences and the labour supply of married women

The paper reports the main results of using British cross-section data to estimate a labour supply function in which preference variables are interacted with terms measuring the slope and position of the budget constraint.     

Corporate financial structure and the funding of private pension plans

One strand of the literature on the employment contract focuses on the role of the contract in the efficient sharing of risk between capitalists and workers. One way capitalists can shift risk to workers is to provide part of workers' remuneration in the form of an unfunded, deferred pension. Since bonds, in the event of bankruptcy or voluntary termination, are typically senior to unfunded pension liabilities, capitalists can also affect their risk by altering the firm's debt-to-equity ratio. These observations suggest that corporate financial structure and the employment contract are interdependent. The paper has two major goals. The first is to take a step towards integrating the theory of corporate financial structure with that of the employment contract. The second is to investigate possible consequences of legislation which regulates the funding of private pensions.     

The growth of shiftwork in the British food,drink and tobacco industries

The authors develop and estimate an econometric model of shiftworking for male, manual employees in the food, drink and tobacco industries. In the demand equations TSLS techniques are used to take account of simultaneity in the determination of shiftworking, capital intensity and plant size. Market demand variables are also incorporated in the model to allow for the distinction between ex ante and ex post decisions to work shifts. A demand variable is also incorporated in the supply equations. The results confirm the diverse economic characteristics of these industries, suggesting that inter-industry studies may conceal a considerable degree of variation at MLH level.     

Labour Market Structure and Inequality: A Comparison of Italy and the U.S.

Markets with rigid labour regulations and centralized wage setting are often thought to be inefficient but egalitarian. Using a model of off-and on-the-job search and event-history, individual-level data for Italy and the U.S., we show that while the cross-sectional wage distributions of young Italian males are much more compressed than are the comparable distributions for young white U.S. males, the estimated search model implies that the distribution of lifetime welfare is no more disperse in the U.S. than it is in Italy. Our model implies that the high frequency of movements between labour market states leads to both a relatively equitable distribution of "long run" welfare in the U.S. and a high level of cross-sectional inequality.     

A comparison of alternative methods of updating input-output coefficients

In recent years there has been a growing number of input-output models of economies ranging in scale from the rural to the national. While offering invaluable insights into the interaction of sectors within an economy, the input-output model suffers from the fact that its coefficient values are altered over time due particularly to technological change. Two of the prominent techniques designed to update these technical coefficients, the RAS and linear programming methods, are compared herein with regard to changes in U.S. national coefficients between 1963 and 1967. Suggestions for improvements to the latter method are outlined.