This study introduces and tests a new CES production function approach using data from five major branches of the Soviet industrial sector. The estimated equations obtained suggest that the Cobb-Douglas production function is the appropriate production function for all branches under...

This paper investigates whether postwar Canadian public financial policy satisfies a borrowing constraint. Direct tests of the present-value relation suggested by this constraint shed light on the sustainability of current policy. We examine monthly data on Canadian federal government finances...

The estimation of wage and price adjustment equations rests heavily on the use of tension variables that aim at capturing the disequilibria in the labor and goods markets. Disequilibrium models therefore provide a natural way of endogenizing these tension variables. This paper estimates jointly...

This paper develops a theory-consistent market model for storable commodities and illustrates its characterization of the data-generating process for a set of major traded commodities. The dynamics of the system incorporate recent advances in modeling techniques. Cointegrated variables in the...