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Non-Technical Abstract This paper provides an empirical investigation of the way immigration affects labour market outcomes of native born workers in the UK, set beside a theoretical discussion of the underlying economic mechanisms. We discuss the problems that may arise in empirical estimations, and suggest ways to address these problems. Our empirical(More)
We analyze the root causes of the current crisis by studying the determinants of bank lending standards in the Euro Area using the answers from the confidential Bank Lending Survey, where national central banks request quarterly information on the lending standards banks apply to customers. We find that low short-term interest rates soften lending standards(More)
We document a strong co-movement between the VIX, a stock market-based indicator of " risk aversion " , and monetary policy. Using a structural vector autoregressive framework, we find that a primary component driving this co-movement is risk aversion rather than expected stock market volatility (" uncertainty "). A lax monetary policy decreases risk(More)
The views expressed in this report are those of the authors, not necessarily those of the Home Office (nor do they reflect Government policy). 1 1 This report has been financed by the UK Home Office. We are grateful to Yasmin Dolatabadi for excellent research assistance. We thank members of the Home Office Steering Group and the DWP for comments. We are(More)
1 We thank the British Home Office for financial support. We are grateful to Yasmin Dolatabadi for excellent research assistance. We also thank the ESRC Data Archive for providing the Labour Force Survey and the 1971 UK Census data sets and Manchester Information and Associated Services (MIMAS) for providing the 1981 and 1991 UK Census data sets. Useful(More)
This paper investigates the relationship between monetary policy and bank risk-taking. Using a unique database that includes quarterly balance sheet information for listed banks operating in the European Union and the United States in the last decade, we find evidence that unusually low interest rates over an extended period of time contributed to an(More)
Do multinational firms exhibit different patterns of labor demand from purely domestic firms? Many standard models of trade and multinational companies suggest such differences. We examine this question using a plant-level panel covering U.K. manufacturing from 1973 through 1992, where we can distinguish U.K.-headquartered multinationals, foreign-owned(More)
OBJECTIVE We investigated the role of 18F-fluorocholine positron emission tomography/computed tomography (FCH-PET/CT) in the early evaluation of abiraterone and outcome prediction in patients with metastatic castration-resistant prostate cancer (CRPC). PATIENT AND METHODS Forty-three patients with metastatic CRPC progressing after docetaxel received(More)
Patients with solid cancer frequently develop bone metastases (BM). Zoledronic acid (Zometa®, ZA), routinely used to treat patients with BM, acts on osteoclasts and also has antitumor properties. We aimed to assess the effect of ZA over time in novel bone turnover markers (RANK/receptor activator of nuclear factor-k B ligand (RANK-L)/ Osteoprotegerin (OPG))(More)
The compensation of executive board members in Germany has become a highly controversial topic since Vodafone's hostile takeover of Mannesmann in 2000 and it is again in the spotlight since the outbreak of the financial crisis of 2009. Based on unique panel data evidence of the 500 largest firms in Germany in the period 1977-2009 we test two prominent(More)