This study focuses on a comparison of different kinds of Tobit models. According to the findings, a simple Tobit I method can produce results that are similar to and in some cases better than much more sophisticated methods. This is especially true if the participation or index equation is...

The paper examines the existence and the stability of the long-run demand for narrow money balances (M1) in Greece over the deregulated period 1986:Q1-1995:Q4 using time series techniques. Cointegration tests have revealed the existence of a systematic long-run relationship between real money...

It is shown that the bootstrap method should be applied with care for the Data Envelopment Analysis (DEA) estimator of average technical efficiency if the production frontier is stochastic. A stochastic production frontier leads to an inconsistency of the DEA estimator, which in turn leads to...

Consumers' willingness to pay for recycled content in their purchase of 13 gallon kitchen garbage bags is examined. Products made from recycled material are perceived to be less detrimental to the environment by some consumers than products made from virgin material only. It is possible that...

Data Envelopment Analysis (DEA) is used to estimate allocative and technical inefficiency in the cultivation of wheat on 300 farms in the Indian Punjab for the periods 1981-82 and 1982-83. These measures of efficiency as well as farm yield are related to farm size. The paper appears to be the...

For the decomposition of GDP into its trend and cyclical components, Blanchard and Quah (1989) proposed to extract the cycle by imposing a long-run restriction on the moving average polynomial of a bivariate autoregressive process for GDP and a cyclical indicator. We investigate the robustness...

The aim of this paper is to put forward an alternative to the model previously presented in this journal, an alternative that implies no additional restrictions, satisfying the requisites of Economic Theory. Furthermore, this model is seen to behave well in practice, especially when working with...

The presence of indexed money modifies the demand for currency equation. An optimal demand for currency is derived from a transaction cost model, which includes indexed money. This money demand considers inflation an argument along with output and nominal interest rate. The estimation for the...

The paper tests for the systematic empirical relationship between the Malaysian Ringgit/US Dollar real exchange rate and the real interest rate differential between Malaysia and the US using the Johansen maximum likelihood cointegration procedure. The results indicate the existence of a fairly...

This paper investigates the pricing efficiency of the FTSE 100 and FTSE mid 250 index futures contracts traded in the UK. The results show that while there are many deviations from fair value, these are generally quite small in magnitude with both contracts tending to be efficiently priced....