In the paper it is suggested that the level of demand for exports and its variability are more important than the variability of the exchange rate for a commodity whose storage costs are not negligible. Evidence in favour of this hypothesis is provided by panel data analysis for the USA exports...

This paper examines the relationship between unemployment, real oil price and real interest rates in Canada. Instead of following the classical approach based on I(0) stationarity or I(1) cointegrating relationships, fractional integration/cointegration techniques are used which allow for the...

A large panel of regional UK data is used to provide detailed estimates of the direct and external effects of education and labour market experience on wages. The results offer strong evidence in support of the predictions of the endogenous growth theory (Lucas, 1988), where the - spatial or...

Within the expected utility framework skewness of return has been suggested as a rationale for why risk averse gamblers might choose to gamble when expected returns are negative. The argument is that risk-averse agents desire positive skewness, ceteris paribus, and are prepared to trade off a...

An analytical bias correction technique for inequality measures is applied to income data from China and Kenya. The coefficient of variation squared is used and it is illustrated how the bias is downward for positively skewed distributions. The analytical bias correction technique is then...

This study reports the results of experiments designed to elicit, within a controlled laboratory environment, hypothetical and real willingness to pay for an environmental educational programme using the open-ended question format. By maintaining both the good and the question format constant...

The Expectations Hypothesis (EH) for the term structure of UK monthly interest rates is tested using Johansen's procedure. Differing results are found depending on the method of lag length selection. The application of the stationary bootstrap reconciles these results, lending support to the...

The characteristics of product and process innovators among Finnish manufacturing firms with Community Innovation Survey (CIS) data are studied. Results of bivariate probit estimations suggest that, while the product and process innovations are related, they are largely driven by different...

Cross-country data on the distribution of health indicators by income classes are rare. Several methods for estimating disaggregated data have been proposed. The method of decomposing average health indicators for the population as a whole into averages for the poor and nonpoor using a random...