Estimates are made of multi-factor versions of the Cox-Ingersoll-Ross model of the term structure of interest rates using the Kalman filter. Estimates are obtained using weekly UK Gilt-edged market data over the period 1982-1997. Empirical results support the need for a multi-factor model and...

The paper derives new conditions for government solvency. It is shown that the No Ponzi Game condition is satisfied when government debt is integrated of any finite order but not when government debt is an explosive process.

Publicly managed pension systems operating on the basis of pay-as-you-go (PAYG) schemes face financial difficulties worldwide. The expenditure-revenue balances of such a system are determined jointly by the selected configuration of system parameters, and interrelated developments in the labour...

Contrary to the concerns of the Council of Institutional Investors and other shareholder activists, it is reported that the incidence of multiple board memberships appointments by corporate directors is low, with only 4% of the sample holding three or more seats. It is found that directors in...

Household labour supply models, which assume separate utility functions for the two principle household members, can be categorized as either non-cooperative or Pareto efficient bargaining games. In this paper a revealed preference non-parametric test is applied to UK family expenditure data to...

This paper uses Leamer's sensitivity test in a VAR framework and examines the robustness of the relationship between different monetary and output variables. Output variables at the aggregated level include GDP, consumption, and gross private investment. Disaggregated variables comprise...

Numerous empirical studies of competition within Major League Baseball (MLB) have highlighted the recent rise in competitive balance. While most explanations for the increased competitiveness have revolved around the establishment of the amateur draft or the introduction of free agency, the...

The model presented associates demands for differentiated products, defined by a nested multinomial logit model, to an oligopolistic supply offered by multiproduct firms. An application is performed on the French car market. The characteristics of the vehicles and of the individuals that have an...

Regression results from a panel data set of high-quality comparable data on Gini coefficients, income quintiles and real GDP per capita in 96 countries over the postwar period, suggest that the relation between income inequality and development corresponds to an inverted-U, as hypothesized by...

In this note the implications of modelling uncertainty in the parameters of the central banks loss function in a multiplicative rather than additive manner are examined. The implications for expected inflation, linear inflation contracts and targets are derived.