This study examines the effect of the recent radical agricultural liberalization policy, i.e. the 1996 FAIR Act, on agricultural commodity price volatility using Generalized Autoregressive Conditional Heteroscedasticity (GARCH) models. Results of the study indicate that the agricultural...

The impact of foreign capital inflows on the growth of developing countries remains controversial. Utilizing the neoclassical growth model, this paper shows that foreign capital inflows have a positive effect on the capital stock and consumption in the long run.

This paper employs a hierarchical linear model (HLM) to assess the importance of both player- and team-level attributes in determining National Hockey League (NHL) player salaries. Empirical results show that there are significant differences in mean salaries and rewards to performance across...

The potential forecasting bias of asymmetric error correction models is examined via an application of the Granger and Lee and Escribano and Pfann specifications to the earlier data of Davidson et al. Cook's results concerning sample space regularities are extended, with partitioning of the...

In the literature, currency in circulation is typically estimated either by specifying a standard currency demand equation based on the theory of transaction or portfolio demand for money or by a univariate time series model. The paper argues that while these approaches work well for low...

Using a dataset that allows consistent cross-country comparisons the non-linearity in a conventional earnings equation is tested with respect to schooling. The findings suggest that the assumption of linearity is not robust and that there are well-determined positive returns to the completion of...

This paper develops a practical sampling scheme for Bayesian analysis of correlated censored data using the seemingly unrelated Tobit regressions model. Posterior inference is performed via the Gibbs sampler with data augmentation algorithm. In particular, the relevant full conditional...

This paper attempts to estimate a consistent series for the economic capacity utilization of the Indian non-electrical machinery manufacturing sector. The economic or optimum capacity is defined as the output where the short-run average total cost is minimized. Using an iterative version of...

This paper examines the potential scope for efficiency and equity with reference to the recent public policy decision to commercialize the livestock service sector in India. The livestock service is provided free by the veterinary clinic in the public sector which operates virtually as a...

This paper examines the nature of stochastic volatility in the deutschemark/dollar and French franc/dollar exchange rates. In particular using a multivariate random walk stochastic volatility model the study examined whether volatility in each series can be ascribed to a single common trend....