Costas is a Research Fellow of the Institute. He is also Professor of Economics at Yale University and Visiting Professor at University College London. His research interests are Econometrics, Public policy, Labor economics, Economics of education, Microeconometrics, Evaluation of public policy, Household behavior, Retirement and pensions, Income distribution, Consumption, Demand analysis, Investment and Development economics.
Education
PhD Economics, University of Manchester, 1985
MA (with Distinction) Economics, University of Manchester, 1980
BA (1st Class Honours) Economics and Econometrics, University of Manchester, 1979
Work Related training is currently at the top of the political and public policy agenda. The report looks at who gets work related training in Britain, the effect it has on the subsequent employment prospects of men and women, the wage payoffs to different types of work related training, and whether it improves the wages prospects of relatively low skilled individuals.
We argue that once one departs from simple classroom example, or 'stripped down life-cycle model', the empirical model for consumption growth can be made flexible enough to fit the main features of the data.
The gap between rich and poor has increased dramatically over the last 25 years and the incomes of the bottom 10 per cent were no higher in 1991 than in 1967.
The gap between those who earn the most and those who earn the least in the UK is growing rapidly and in 1992 was larger than it had been at any time this century. It is one of the major factors underlying the rise in the inequality of household income and in poverty levels. This, together with its implications about the way the labour market is changing, makes it one of the most important issues facing policymakers today.
The aim of this paper is to characterize the empirical implications for dynamic investment models of the hierarchy of finance model of corporate finance and to test these implications using firm level data.
