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This book is a non-technical introduction to the history of – and current measurement practice of – inflation for the United Kingdom, with comparative international case studies. The authors describe the historical development of inflation measures in a global context, and do so without using formal mathematical language and related jargon that relates only to a few specialist scholars. Although inflation is a widely used and quoted statistic, and despite the important role inflation plays in real people’s lives – through pension uprating, train tickets, interest rates and the work of economists – few people understand how it is created. O’Neill, Ralph and Smith mix historical data with a description of practices inside the UK statistical system and abroad, which will aid understanding of how this important economic statistic is produced, and the important and controversial choices that statisticians have made over time.
Politics --- Macroeconomics --- Quantitative methods (economics) --- Economic schools --- Public finance --- Economics --- World history --- economie --- politiek --- macro-economie --- economische geschiedenis --- economisch denken --- sociale interventies --- overheidsfinanciën
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This Palgrave Pivot reviews the history of the UK's Retail Prices Index (RPI) from its origins just after the Second World War to its controversial position today. Both the developments in the methodology of the index and the political and social context in which its development took place are closely examined. The authors explain how the RPI went from being the dominant measure of inflation for decades to its current position as an officially discredited index. Despite this status, it is still widely used and attracts much support from a range of stakeholders, including several areas of government. Important reading for anyone interested in both sides of the argument for and against RPI and the likely way forward for the measurement of inflation. .
Macroeconomics --- Economic schools --- Private finance --- Economic policy and planning (general) --- Economics --- Social security law --- World history --- pensioenen --- PFP (Persoonlijke Financiële Planning) --- economie --- economische politiek --- macro-economie --- economische geschiedenis --- economisch denken
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Macroeconomics --- Economic schools --- Private finance --- Economic policy and planning (general) --- Economics --- Social security law --- World history --- pensioenen --- PFP (Persoonlijke Financiële Planning) --- economie --- economische politiek --- macro-economie --- economische geschiedenis --- economisch denken
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This paper is the first to investigate the importance of geography in explaining equity market participation. We provide evidence to support two distinct local area effects. The first is a community ownership effect, that is, individuals are influenced by the investment behavior of members of their community. Specifically, a ten percentage-point increase in equity market participation of the members of one's community makes it two percentage points more likely that the individual will invest in stocks. We find further evidence that the influence of community members is strongest for less financially sophisticated households and strongest within peer groups' as defined by age and income categories. The second is that proximity to publicly-traded firms also increases equity market participation. In particular, the presence of publicly-traded firms within 50 miles and the share of U.S. market value headquartered within the community are significantly correlated with equity ownership of individuals. These results are quite robust, holding up in the presence of a wide range of individual and community controls, instrumental variables estimation, the inclusion of individual fixed effects, and specification checks to rule out that the relations are driven solely by ownership of the stock of one's employer.
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This paper establishes a causal relation between an individual's decision of whether to own stocks and average stock market participation decision of the individual's community. We instrument for the average ownership of an individual's community with lagged average ownership of the states in which one's non-native neighbors were born. Combining this instrumental variables approach with controls for individual and community fixed effects, a broad set of time-varying individual and community controls, and state-by-year effects, rules out alternative explanations. To further establish that word-of-mouth communication drives this causal effect, we show that the results are stronger in more sociable communities.
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