Cambridge Working Papers in Economics

From Faculty of Economics, University of Cambridge
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0226: Reform and Regulation of the Electricity Sectors in Developing Countries

Tooraj Jamasb

0225: Allocating Transmission to Mitigate Market Power in Electricity Networks

Richard Gilbert, Karsten Neuhoff and David M Newbery

0224: Optimal Simple Rules for the Conduct of Monetary and Fiscal Policy

Jagjit Chadha and Charles Nolan

0223: The Operation of the Low Pay Commission

William Brown

0222: New Test Statistics for Market Timing with Application to Emerging markets

Alessio Sancetta and S. E. Satchell

0221: Growth, Cycles and Convergence in US Regional Time Series

Vasco Carvalho and Andrew Harvey

0220: Testing Proportionality in Duration Models with Respect to Continuous Covariates

Arnab Bhattacharjee and Samarjit Das

0219: The Impact of Technical Analysis on Asset Price Dynamics

J.-H. Steffi Yang and Stephen E. Satchell

0218: On the Valuation of Warrants and Executive Stock Options: Pricing Formulae for Firms with Multiple Warrants/Executive Options

Theofanis Darsinos and Stephen E. Satchell

0217: The Implied Distribution for Stocks of Companies with Warrants and/or Executive Stock Options

Theofanis Darsinos and Stephen E. Satchell

0216: Models for Converging Economies

Andrew Harvey and Vasco Carvalho

0214: Optimal congestion treatment for bilateral electricity trading

Karsten Neuhoff

0213: Use of Long-term Auctions for Network Investment

Tanga McDaniel and Karsten Neuhoff

0212: Relative Performance of UK and Japanese Electricity Distribution Systems 1985-1998: Lessons for Incentive Regulation

Toru Hattori, Tooraj Jamasb and Michael Pollitt

0211: A Quantitative Analysis of Pricing Behavior In California’s Wholesale Electricity Market During Summer 2000

Paul Joskow and Edward Kahn

0210: Issues and Options for Restructuring Electricity Supply Industries

David M Newbery

0209: Exchange Rate Monitoring Bands: Theory and Policy

Luisa Corrado, Marcus Miller and Lei Zhang

0208: British Episodic Economic Growth 1850-1938

Solomos Solomou and C. A. Ristuccia

0207: Strategy Learning in 3x3 Games by Neural Networks

Daniel Sgroi and Daniel Zizzo

0206: Macro Economic Instability and Business Exit: Determinants of Failures and Acquisitions of Large UK Firms

Arnab Bhattacharjee, C. Higson, Sean Holly and P. Kattuman

0205: Modelling Experience as Signal Accumulation

Daniel Sgroi

0204: Output, Inflation and the New Keynesian Phillips Curve

Jagjit Chadha and Charles Nolan

0203: Inflation and Price Level Targeting in a New Keynesian Model

Jagjit Chadha and Charles Nolan

0202: Electricity Diffusion and Trend Acceleration in Inter-War Manufacturing Productivity

Cristiano A. Ristuccia and Solomos Solomou

0201: Generalised Mean-Variance Analysis and Robust Portfolio Diversification

Stephen M. Wright and S. E. Satchell

0119: Modelling Regional Interdependencies Using a Global Error-Correcting Macroeconometric Model

Mohammad Pesaran and Scott M. Weiner

0118: The Restructuring and Privatisation of British Rail: Was it really that bad?

Michael Pollitt and Andrew Smith

0117: Global Influences on UK Manufacturing Prices

Kenneth Coutts and Neville Norman

0116: Bayesian Forecasting of Options Prices: A Natural Framework for Pooling Historical and Implied Volatiltiy Information

Theofanis Darsinos and Stephen Satchell

0115: International Benchmarking and Yardstick Regulation: An Application to European Electricity Utilities

Tooraj Jamasb and Michael Pollitt

0114: The Business Cycle, Macroeconomic Shocks and the Cross Section: The Growth of UK Quoted Companies

C. Higson, Sean Holly, P. Kattuman and S. Platis

0113: General Model-based Filters for Extracting Cycles and Trends in Economic Time Series

Andrew Harvey and Thomas Trimbur

0112: Competitive Bidding for a Long-term Electricity Distribution Contract

Stephen Littlechild

0111: The National Minimum Wage and In-work Poverty

Holly Sutherland

0110: Combining Household Income and Expenditure Data in Policy Simulations

Holly Sutherland, R Taylor and J. Gomulka

0109: Improving the Estimates of the Risk Premia - Application in the UK Financial Market

M. Pitsillis and S. Satchell

0108: Productivity and Preferences in a Small Open Economy

Jagjit Chadha, N. Janssen and Charles Nolan

0107: A Tracing Method for Pricing Inter-Area Electricity Trades

P. A. Kattuman, Richard Green and J. W. Bialek

0106: Controlling the Herd: Applications of Herding Theory

Daniel Sgroi

0105: Bernstein Approximations to the Copula Function and Portfolio Optimization

Alessio Sancetta and S. E. Satchell

0104: The Derivation of a New Model of Equity Duration

R. A. Lewin and S. E. Satchell

0103: Supply Shocks and the ‘Natural Rate of Interest': an Exploration

Jagjit Chadha and Charles Nolan

0102: Bayesian Analysis of the Black-Scholes Option Price

Theofanis Darsinos and S. E. Satchell

0101: Benchmarking and Regulation of Electricity Transmission and Distribution Utilities: Lessons from International Experience

Tooraj Jamasb and Michael Pollitt

0031: Induced Technical Change: Evidence and Implications for Energy-Environmental Modelling and Policy

Michael Grubb and J. Kohler

0030: On the Range of the Risk-Free Interest Rate in Incomplete Markets

Atsushi Kajii and Chiaki Hara

0029: The Measurement and Determination of Institutional Change: Evidence from Transition Economics

Martin Raiser, Maria Di Tommaso and Melvyn Weeks

0028: The Transparency and Accountability of UK Debt Management: A Proposal

Patrick Coe, Shaun Vahey and Elizabeth Wakerly

0027: The Plural Form in Franchising: A Synergism of Market and Hierarchy

S. B. Lewin-Solomons

0026: A Review of UK Electricity Regulation

Stephen Littlechild

0025: Fiscal Drag - An Automatic Stabiliser?

Herwig Immervoll

0024: An Examination of UK Business Cycle Fluctuations: 1871-1997

Jagjit Chadha, N. Janssen and Charles Nolan

0023: Optimal Monetary Policy with Sticky Nominal Debt Contracts

Stephen Wright

0022: Intra-Firm Retail Contracting: Survey Evidence from the UK'

L. Affuso

0021: Comparing Investment on New Transport Infrastructure: Roads vs. Railways?

L Affuso, J Masson and David M Newbery

0020: The Environmental Benefits from Road Pricing

Georgina Santos, L. Rojey and David M Newbery

0019: Piecewise Linear Feedback Rules in a Non Linear Model of the Phillips Curve: Evidence from the US and the UK

Luisa Corrado and Sean Holly

0018: Strategy Choices of Firms and Market Concentration'

P. Kattuman and Barbara Roberts

0017: The Rise of Environmentalism, Pollution Taxes and Intra-Industry Trade

Toke Aidt

0016: Autonomy, Contractibility and the Franchise Relationship

Shira B. Lewin-Solomons

0015: Innovation and Authority in Franchise Systems: An Empirical Exploration of the Plural Form

Shira Lewin-Solomons

0014: The School-to-Work Transition: A Cross-National Perspective

Paul Ryan

0013: Asset Specificity and Hold-up in Franchising and Grower Contracts: A Theoretical Rationale for Government Regulation?

Shira B. Lewin-Solomons

0012: Perpetual Leapfrogging in Bertrand Duopoly

Emanuele Giovannetti

0011: Interconnection, Differentiation and Bottlenecks in the Internet

Emanuele Giovannetti

0010: Provincial Income Convergence in China, 1953-1997: a Panel Data Approach

Yao Yudon and Melvyn Weeks

0009: Decision Structures and Discrete Choices: An Application to Labour Market Participation and Fertility

Maria Di Tommaso and Melvyn Weeks

0008: Why We Need Electricity Retailers: A Reply to Joskow on Wholesale Spot Price pass-through

Stephen Littlechild

0007: The Restructuring and Privatisation of Electricity Distribution and Supply Businesses in England and Wales: A Social Cost Benefit Analysis

Preetum Domah and Michael Pollitt

0006: Employment Polarisation and Inequality in the UK and Hungary

Gerry Redmond and Paul Kattuman

0005: The Cost Efficiency of UK Debt Management: A Recursive Modelling Approach

Patrick Coe, Mohammad Pesaran and Shaun Vahey

0004: Forecast Uncertainties in Macroeconometric Modelling: An Application to the UK Economy

A. Garratt, Kevin Lee, Mohammad Pesaran and Yongcheol Shin

0003: Estimation and Inference in Short Panel Vector Autoregressions with Unit Roots and Cointegration

Michael Binder, C. Hsaio and Mohammad Pesaran

0002: (1) Modelling RETA: A Model of Forward Trading and the Balancing Mechanism AND (2) Rebidding in the Balancing Mechanism: An Economic Analysis

Tanga McDaniel and Richard Green

0001: The Declining Role of the State in Infrastructure Investments in the UK

Michael Pollitt

9921: Inflation Targeting, Transparency and Interest Rate Volatility: Ditching 'Monetary Mystique' in the UK

Charles Nolan and Jagjit Chadha

9920: Monetary Policy Loss Functions: Two Cheers for the Quadratic

P. Schellekens and Jagjit Chadha

9919: On Aggregation of Linear Dynamic Models

Mohammad Pesaran

9918: Non-nested Hypothesis Testing: An Overview

Mohammad Pesaran and Melvyn Weeks

9917: Effective Exchange Rates in Japan, 1879-1938

M. Shimazaki and Solomos Solomou

9916: On the Evolution of Regional Asymmetries

E. Giovannetti

9915: Weather Effects on European Agricultural Output 1850-1913

Solomos Solomou and W. Wu

9914: On Interdependent Supergames: Multimarket Contact, Concavity, and Collusion

Giancarlo Spagnolo

9913: Issue Linkage, Delegation, and International Policy Cooperation

Giancarlo Spagnolo

9912: The Statistical Relationship between Bivariate and Multinomial Choice Models

Melvyn Weeks and C. Orne

9911: Testing for Infinite Order Stochastic Dominance with Applications to Finance, Risk and Income Inequality

John Knight and S. Satchell

9910: Economic and Statistical Measures of Forecast Accuracy

Clive Granger and Mohammad Pesaran

9909: The Evolution of Portfolio Rules and the Capital Asset Pricing Model

Emanuela Sciubba

9908: Asymmetric Information and Survival in Financial Markets

Emanuela Sciubba

9907: Bounds Testing Approaches to the Analysis of Long-run Relationships

Mohammad Pesaran, Yongcheol Shin and Richard Smith

9906: Model Selection in Threshold Models

George Kapetanios

9905: Threshold Models for Trended Time Series

George Kapetanios

9904: Neglected Heterogeneity and Dynamics in Cross-country Savings Regressions

N. U. Haque, Mohammad Pesaran and Sunil Sharma

9903: Expenditure on Environmentally Sensitive Goods and Services: Household Spending in Europe

J. Kohler, H-J Luhmann and A Wadeskog

9902: Tests of Common Stochastic Trends

Jukka Nyblom and Andrew Harvey

9901: A survey of the liberalisation of public enterprises in the UK since 1979

Michael Pollitt

9826: Maximum Likelihood Estimation of Fixed Effects Dynamic Panel Data Models Covering Short Time Periods

Cheng Hsaio, Mohammad Pesaran and A. Kamil Tahmiscioglu

9825: An Empirical Reassessment of Target-zone Nonlinearities

Anthony Garratt, Zacharias Psaradakis and Martin Sola

9824: A Citizen's Pension

Holly Sutherland

9823: A Structural Cointegrating VAR Approach to Macroeconometric Modelling

Anthony Garratt, Kevin Lee, Mohammad Pesaran and Yongcheol Shin