Any pension protection formula that falls short of complete compensation for inflation has associated with it a time-series of probability distributions of future purchasing power losses. A method of estimating those distributions is proposed and applied. The method is based on the idea of...

This paper investigates the term structure of interest rates in the Singapore Asian Dollar Market. We consider extended versions of the ARCH-M model of Engle, Lilien, and Robins (1987). The extended models permit autocorrelation, skewness and leptokurtosis in the residuals. The robustness of the...

If a tax on energy affects the demand for a nondurable good, the stock of a durable good, and the proportion of the energy consumption per unit of service of the durable good, an integrated approach for investigating consumer demand for durables and nondurables is required. The purpose of this...

This paper presents a model of inflation in a small open economy which features both wage-wage linkages and wage-price spiral. Hence the authors have a simultaneous structure which contains the conventional Scandinavian model of inflation as a special case. Full system estimation results are...

This paper compares, by a Monte-Carlo study based on an AR(1) model, the performance of the flat prior and the ignorance prior suggested by Phillips. It argues that the ignorance prior gives heavy weight to values of the autoregressive parameter [rho] higher than 1, and hence distorts the sample...

STATA 2.1 offers state-of-the-art data management features and statistical procedures capable of handling very large data sets. Its graphics capabilities are excellent as well. Although the package performs a respectable array of econometrics procedures quickly and easily, its menu of available...

The paper deals with efficiency questions by estimating four production functions for four different regions in connection with Bangladesh agriculture. Hildreth and Houck's (1968) random coefficient method was found more suitable than OLS after conducting an appropriate test for this. In...