The market in freehold land, 1300–1509: the evidence of feet of fines

This article provides time series data on the medieval market in freehold land, including the changing social composition of freeholders, level of market activity, size and complexity of landholdings, and shifts in the market value of land. These are subjects hitherto largely ignored due, in part, to the disparate nature of the evidence. It argues that feet of fines, despite archival limitations, if employed with care and an understanding of the underlying changes in the common law of real property, are capable of providing quantifiable evidence spanning hundreds of years and comparable across large areas of England.     

Incumbency preservation through electoral legislation: The case of the secret ballot

The secret ballot was designed to eliminate the incentive for candidates to purchase votes through direct vote buying. When voters have private information on their candidate preferences, incumbent candidates will generally be less efficient in purchasing votes than their challengers. Incumbent candidates may therefore benefit from the elimination of direct vote purchasing. Viewed in this vein, passage of secret ballot laws by state legislatures can be seen as an institutional mechanism to protect their incumbency advantage, rather than as an act of necessary electoral reform to create fair elections and protect democracy. Submitted: May 25, 1999 / Accepted: July 24, 2000     

Changes in Wage-setting Arrangements and Trade Union Presence in the 1980s

In this paper we detail the results of a retrospective survey of changes in trade union and wage-setting arrangements in the 1980s for a sample of 558 UK companies. Our key findings are as follows. (1) Complete derecognition of unions in a firm was rare even in firms with low trade union density. (2) Partial derecognition in multi-plant firms was more common. Some 13 per cent of companies with recognized unions in 1984 had had at least partial derecognition by 1990. (3) Large falls in trade union density within a firm have also been rare, though small but observable declines have been commonplace. (4) The coverage of the closed shop has substantially declined, and this decline has been most marked in the last five years. Around one-quarter of firms with recognized unions in 1990, however, still had closed-shop arrangement for at least part of their work-force. (5) There has been no clear decline in the prevalence of multi-unionism or multiple bargaining units. (6) There has been a significant move away from national/industry-wide bargaining, towards negotiations at the individual company or more often the establishment level. (7) In the absence of collective bargaining there have been clear moves away from wage-setting by formal external links, such as wages councils and multi-employer agreements, and even away from worker consultation towards more managerial discretion. (8) In deciding wage settlements, managers are increasingly influenced by company performance and less by multi-employer wage settlements.     

Toward farm-based policy analysis: concepts applied in Haiti

Many policies – on the delivery of inputs or on marketing systems, credit, or extension – influence the potential utilization of new technologies. Through 'farm-based policy analysis' it is possible to use data generated in on-farm research (OFR) to identify policy constraints to the use of new technologies, and to effectively communicate that information to policy makers. This paper describes a tentative framework for farm-based policy analysis and suggests a sequence of five steps for the analysis: (1) identify the policy-induced constraints; (2) determine the rationale behind the policy; (3) identify the decision makers to whom the results should be communicated; (4) identify solutions or policy options; and (5) communicate results to decision makers. A case of farm-based policy analysis from Haiti illustrates the concepts and methods described in the first part of the paper. On-farm experiments in Les Cayes, Haiti, confirmed a response to nitrogen in maize, but adoption of the recommended practice and consequent gains in productivity and income were constrained by the scarcity of urea in the local market. An analysis of local supply and potential local demand for urea and the potential benefits of urea application was conducted, and results communicated to two target groups of decision makers: representatives of the Ministry of Agriculture responsible for fertilizer distribution policy, and representatives of private fertilizer enterprises. These groups responded by making larger supplies of urea available to local farmers. Adoption of the fertilizer recommendation and urea sales increased. The case demonstrates the potential value of farm-based policy analysis building upon data from OFR.     

Monetary Policy and the Zero Bound to Interest Rates: A Review1

Abstract.  This paper reviews the literature on what the zero bound to nominal interest rates implies for the conduct of monetary policy. The aim is to evaluate the risks of hitting the zero bound; and to evaluate policies that are said to be able to reduce that risk, or policies that are proposed as means of helping the economy escape if it is in a zero bound 'trap'. I conclude that policies aimed at 'cure' are arguably more uncertain tools than those aimed at 'prevention', so prevention is a less risky strategy for policymakers. But since the risks of hitting the zero bound seem quite small anyway, and the risks of encountering a deflationary spiral smaller still, it is conceivable that inflation objectives that typify modern monetary regimes already have more than enough insurance built into them to deal with the zero bound problem.     

An investigation into the effects of domestic cleaning on upholstery covering materials backcoated with fire retardants

Abstract: The purpose of this research was to investigate the effects of domestic cleaning on upholstery covering materials backcoated with fire retardants. The results are an indicator of the effectiveness of legislative controls for upholstery. A questionnaire and pilot study were used to devise standard treatment procedures reflecting popular domestic cleaning methods. Samples of material were subjected to each treatment procedure followed by testing to the match test in BS 5852:Pt 1: 1979, over filling material specified in Part 1 of Schedule 5 of the Furniture and Furnishings (Fire) (Safety) Regulations 1988. To provide a standard, materials were also subjected to the water soak procedure in BS 5651: 1978, followed by testing to the match test. The results indicate that domestic cleaning methods affect backcoated fire retardants in such a way that current furniture legislation does not adequately provide for the level of durability required in practice. In addition, evidence was gained via a retail survey which suggests that consumers are not provided with sufficient aftercare information when purchasing new furniture.     

Evolving UK and US macroeconomic dynamics through the lens of a model of deterministic structural change

Using a model of deterministic structural change, we revisit several topics in inflation dynamics explored previously using stochastic, time-varying parameter models. We document significant reductions in inflation persistence and predictability. We estimate that changes in the volatility of shocks were decisive in accounting for the great moderations of the United States and the United Kingdom. We also show that the magnitude and the persistence of the response of inflation and output to monetary policy shocks has fallen in these two countries. These findings should be of interest in those seeking to resolve theoretical debates about the sources of apparent nominal and real frictions in the macroeconomy, and the causes of the Great Moderation.