Papers by Michelle C Baddeley
Journal of Regional Science, Feb 1, 2000
In recent years it has been pointed out that regional unemployment disparities are much more entr... more In recent years it has been pointed out that regional unemployment disparities are much more entrenched across member states of the European Union (E.U.) than they are in the U.S. A ‘conventional wisdom' has emerged to the effect that this difference is due in part to the greater degree of wage rigidity in E.U. regions. In this paper we explore this issue by estimating short run and long run real wage (in)flexibility for the regions in five core E.U. countries (Germany, France, Italy, the United Kingdom, and the Netherlands) and for the U.S. states for the period 1976–1994. We find that real wage (in)flexibility varies across regions both in the E.U. and the U.S., but that, on average, regional wages are no less flexible in E.U. core regions than in U.S. states. The paper also examines some of the possible correlates ofregional variations in wage (in)flexibility.
European Urban and Regional Studies, Jul 1, 1998
The reduction of regional unemployment disparities is a key prerequisite for the achievement of s... more The reduction of regional unemployment disparities is a key prerequisite for the achievement of socioeconomic cohesion in an integrated European Union. This article examines recent trends in the evolution of regional unemployment disparities across a number of European member states to determine whether and how far this reduction is occurring. There is in fact little indication of any widespread convergence of regional unemployment rates. Instead, regional unemployment disparities across Europe appear to be characterized by a high degree of persistence. Furthermore, the evidence suggests that this persistence is an equilibrium phenomenon rather than the result of prolonged disequilibrium in regional labour markets.
Running Regressions introduces first-year social science undergraduates, particularly those study... more Running Regressions introduces first-year social science undergraduates, particularly those studying economics and business, to the practical aspects of simple regression analysis, without adopting an esoteric, mathematical approach. It shows that statistical analysis can be simultaneously straightforward, useful and interesting, and can deal with topical, real-world issues. Each chapter introduces an economic theory or idea by relating it to an issue of topical interest, and explains how data and econometric analysis can be used to test it. The book can be used as a self-standing text or to supplement conventional econometric texts. It is also ideally suited as a guide to essays and project work.
The Economic and Labour Relations Review
GC Harcourt made many fundamental and essential contributions to the development of capital inves... more GC Harcourt made many fundamental and essential contributions to the development of capital investment theory – most famously via his development of the Cambridge Capital Controversies, exposing conceptual and analytical flaws and contradictions in neoclassical approaches to defining and measuring capital. Relatedly, Harcourt also made essential contributions to our understanding of how accounting rules, used by real-world businesses to guide their investment decision-making, create anomalies and deficiencies in the accumulation of capital at a microeconomic level – with significant, deleterious consequences for the accumulation of capital at a macroeconomic level. In developing Harcourt’s contributions, this paper links Harcourt’s early insights about accounting rules with subsequent developments in behavioural economic models of business decision-making, thus aligning Harcourt’s contributions with insights from behavioural models of investment decision-making. These insights are t...
Social Science Research Network, Aug 24, 2020
publication may be made without written permission. No paragraph of this publication may be repro... more publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright
Investment, 2003
The aim of this chapter is to assess the relationship between investment and technological develo... more The aim of this chapter is to assess the relationship between investment and technological developments, using recent evidence about the development of the so-called ‘New Economy’, the knowledge-based economy that has evolved from innovations in particular from the IT and biotechnology sectors. The analysis will concentrate on computing investment in the USA. The USA has been chosen because of its global economic importance, its role as a leader in technical innovation and because some argue that a substantial proportion of US productivity improvement reflects the diffusion of computing technologies as well as the increasing efficiency of computing in terms of increasing computer speed and memory. An analysis of high-tech investments will illustrate that not only the magnitude but also the quality of the capital stock will affect productivity. The quality of the capital stock should be enhanced as new technological developments diffuse through economies.
Behavioural Economics and Finance, 2018
1 In a world of uncertainty, imperfect information and irreversible decision-making, speculation ... more 1 In a world of uncertainty, imperfect information and irreversible decision-making, speculation and information acquisition will generate bubbles, herding and frenzies in housing demand. The instability generated will be further exacerbated by liquidity constraints and institutional change. In this paper, the influence of herds, frenzies and bubbles on housing demand is assessed in the context of housing markets in England and Wales. Econometric models of housing transactions are estimated to capture herding effects, bubbles and crashes. In addition, techniques are used to capture regime switching, with regime switches being conditioned upon political and institutional changes in UK housing mortgage markets emerging in the 1980s. The evidence presented reveals that bubbles, herding and frenzies are important phenomena in housing markets and that the housing market is more effectively modelled when these destabilising effects are introduced into the analysis. The paper concludes with some policy implications.
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Papers by Michelle C Baddeley