The positive relationship between money and interest rates and the procyclical behaviour of interest rates found by empirical studies contradict predictions of macroeconomic theories. This paper incorporates disaggregated measures of investment (residential and nonresidential investment) along...

This paper provides an empirical analysis of olive oil consumption in Greece for the period 1969-1998 using co-integration analysis. The estimated long and short-run elasticities suggest that prices of olive oil and other seed oils are more significant determinants of olive oil consumption than...

The concept of total gross seigniorage is used to analyse sources and uses of central bank seigniorage in the Czech Republic during the period 1993-1997. A comprehensive framework for measuring total seigniorage and its main components is presented and estimates of seigniorage revenues (sources...

The paper demonstrates the existence of an independent informational content in the Capital Asset Pricing Model (CAPM) that financial analysts are not fully utilizing in their forecast-generating mechanism. This existence is discovered by regressing actual values of five-year firm earnings...

Previous studies have demonstrated an empirical relationship between accumulated R&D expenditures and total factor productivity (TFP), and have shown that the benefits of R&D can spill across countries through trade. This paper extends these analyses to a sample of 15 OECD countries and six...

There is now substantial evidence that daily equity returns are not normally distributed, but instead display significant leptokurtosis and, in many cases, skewness. Considerable effort has been made in order to capture these empirical characteristics using a range of statistical distributions....

Previous studies of job satisfaction in the labour force as a whole have found that women generally express themselves as more satisfied at work than men. This paper examines the relationship between age and individual job satisfaction using a uniquely detailed dataset on Scottish academics. The...

This paper tests whether tobacco consumption generates addiction in Spanish people and, if so, then whether such addiction can be explained in the context of rational addiction theory. To that end, time-series data of per-capita consumption and prices of tobacco during the period 1964 to 1995...

One form of data reduction is cluster analysis which is used to separate detailed data into constituent groups. This paper illustrates a useful application of cluster analysis to the data reduction of detailed discrete responses of a type that are often found in large surveys. This method is...

The paper revisits the work of Sommers and Suits on net interstate migration in the USA. Adopting the same framework, consideration is given to the effects of differences in income, welfare expenditures, employment opportunities and 'regional preferences' on the behaviour of migrants in the...