Stochastic frontier models are often employed to estimate fishing vessel technical efficiency. Under certain assumptions, these models yield efficiency measures that are means of truncated normal distributions. We argue that these measures are flawed, and use the results of Horrace (2005) to...

This paper studies nonstationarities in a panel of Canadian and US interest rates of different maturities and risk. We focus on methods which model the cross-sectional dependence within the panel as a linear dynamic factor model, and decompose our data into common and idiosyncratic components...

This paper investigates the method of matching regarding two crucial implementation choices: the distance measure and the type of algorithm. We implement optimal full matching-a fully efficient algorithm-and present a framework for statistical inference. The implementation uses data from the...

We examine directional predictability in foreign exchange markets using a model-free statistical evaluation procedure. Based on a sample of foreign exchange spot rates and futures prices in six major currencies, we document strong evidence that the directions of foreign exchange returns are...

The number of different car and light truck models produced in North America has increased enormously over the last decades. The data suggests that producing this increased variety of vehicles is associated with a productivity penalty. We show that manufacturers can adopt complementary...

The empirical evidence indicates that the overall macro impact of the adjustment programme was not adverse. Investment, government expenditure, absorption exports, imports, terms of trade and money supply had a significant deviation during the years 1991-2004. Exchange rate has been depreciating...

This paper investigates the business cycle linkages between Canada, Mexico, and the United States by examining the significant features of the three business cycles for the period 1963 to 2002. It analyzes the correlation between the cyclical fluctuations in these countries and tries to...

The study found that completed years of schooling and experience were to large extent important variables that influenced earnings both in terms of parameters’ significance, direction and magnitude. Wage returns to additional years of schooling completed increased as the level of education...

This paper studies subsampling hypothesis tests for panel data that may be nonstationary, cross-sectionally correlated, and cross-sectionally cointegrated. The subsampling approach provides approximations to the finite sample distributions of the tests without estimating nuisance parameters. The...