Recent fall in youth employment is approaching the decline seen during COVID and the 2008 financial crisis.

We estimate average equivalised consumption measures across 370 local authority districts in Great Britain, using small-area estimation methods that combine information from a household budget survey...

Inviting submissions for the second ONS Earnings Symposium, to be held at 10 Union Street, London, SE1 1SZ, on 26 January 2027.

(Forthcoming Article) - We review the “production approach” to estimating markups, the ratio of price to marginal cost. The approach is scalable. It requires no model of consumer demand or market structure and applies broadly across firms, industries, and time. We organize our review around a simple insight: the production-based markup is a residual. Like the Solow residual, it is clean in theory but potentially contaminated by misspecification and mismeasurement. This framing helps explain why small differences in implementation can produce starkly different results from the same data. In some cases, estimated markups have risen sharply. In others, they have not. We provide conceptual rationales for these disagreements, offer practical guidance on data and estimation, and call for greater transparency about how much of the variation attributed to markups may instead reflect technology.

New evidence shows the current energy crisis has affected fewer firms than in 2022; two months in, exposed firms responded mainly by raising prices.

New evidence shows the current energy crisis has affected fewer firms than in 2022; two months in, exposed firms responded mainly by raising prices.

Nobel Laureate Philippe Aghion will deliver the 2026 IFS Annual Lecture.

Founded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, an...

The centre will bring together education economists in academia and in government, to bring the best evidence to bear

Founded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, an...

Abstract. We analyze the labor market impact of CVS Health’s acquisition of Target’s pharmacy business in December 2015 using Lightcast job postings data.

(Forthcoming Article) - We document the effects of a comprehensive set of mergers of US consumer packaged goods manufacturers on prices, quantities, and product assortment. Across specifications, we find a small average price effect of mergers (-0.5% to 1.1%) but substantial heterogeneity in effects, with a standard deviation between 3.9–7.6 pp. Through a model of enforcement, we find that agencies act as if they challenge mergers they expect would increase prices more than 4.8–6.3%. Increases in stringency would reduce prices and the prevalence of completed price-increasing mergers, with minimal impacts on blocked price-decreasing mergers, at a significantly greater agency burden.

UCL is consistently ranked as one of the top ten universities in the world (QS World University Rankings 2010-2022) and is No.2 in the UK for research power (Research Excellence Framework 2021).