This short paper offers a critical appraisal of a recent contribution to the debate on efficiency in the particular context of horserace betting markets. A number of specific criticisms are detailed. These include the failure of the authors to capture inefficiency signals which relate to...

While many model selection criteria have been suggested over the last thirty years, applied researchers still rely on R2 and R -2 to a surprising degree. It is suggested that this is mainly due to the extra informational content of these criteria compared to other alternatives. Expressions for...

The objective of this paper is to investigate the sustainability of the current account deficit in Greece over the 1960-1994 period. The empirical analysis makes use of various unit root and cointegration tests which allow for structural breaks. The results provide evidence in favour of the...

The paper examines the relationship between some key measures of macroeconomic performance and fiscal decentralization in OECD countries, and the impact on this relationship of increased policy co-ordination among countries since 1985. It is shown that prior to 1985 there was a significant...

In this paper the changing earnings distribution in Poland from 1989 to 1996 is investigated using Gini coefficients, other economic inequality indicators and Generalized Lorenz Curves

The paper investigates the role of bank lending in the monetary transmission process in the Netherlands. The Johansen approach is used to identify supply and demand relationships in the credit market, and it is concluded from the short-run dynamics that this market is demand-determined. In this...

Although there have been numerous studies on the effect of race on the compensation of National Basketball Association and Major League Baseball players, there have been only three prior studies that investigated the effect of race on the compensation of National Football League (NFL) players....

The consistency property of a select group of macroeconomic variables, representing both the real and the financial sector of the economy, is re-examined. Consistency is a precondition to rationality in the expectation formation process. The theoretical foundations are similar to those used to...

The paper argues that all restrictions beween variables in Euler equations should be taken into account when estimating them. If this is not done, the volatility of the marginal rate of substitution is overstated. This is shown in context of two models in which it is crucial to use restriction...