A simple two-sector model of endogenous growth is constructed and it is shown that contrary to opportunity cost theory, less human capital is created during economic downturns for plausible values of the intertemporal elasticity of substitution.

Recent developments in time series analysis have encouraged economists to re-examine the validity of Wagner's Law. Recent econometric tests have shown mixed results with some upholding the hypothesis while others contradict it. Carrying out econometric work with aggregated data could account for...

The Girton-Roper model of foreign exchange market pressure is applied to Barbados (1968-1993), Guyana (1964-1985), Jamaica (1964-1993), and Trinidad & Tobago (1967-1993) (years actually used in analysis in parentheses). Several versions of this model are estimated, tested and analysed so that...

The purpose of the study is to investigate whether trends in banking mergers between January 1994 and October 1995 are different from previous periods. Specifically, the study focused on greatly increased acquisition prices and interstate consolidations. Abnormal returns and cumulative abnormal...

This paper presents estimates of an error correction model for the real wage rate using annual data over the period 1870-1995. We find strong evidence for the existence of a cointegrating relationship between real wages, unemployment and the ratio of unemployment benefits to wages.

Job creation, destruction and reallocation rates is examined using data on Finnish manufacturing establishments for the period 1987-93, focusing on differences in these rates across the technology levels, and on the effects of the 1990s recession on the rates. The results indicate that the high...

The paper focuses onthe difference between the dual rate of technical change and the total factor productivity growth (TFPG). It estimates directly the dual rate of technical change from an integrated model that describes the cost structure and equilibrium condition of Singapore's manufacturing...

The aim of this paper is to test for the presence of increasing returns in the Spanish regions through the estimation of the Verdoorn Law. Alternative specifications of the Law will be tested using panel data techniques. The results strongly support the hypotheses of increasing returns.

The most labour-intensive task in building a poverty profile consists in the estimation of the poverty lines. Does it matter whether poverty lines are estimated for the urban and rural sectors as a whole or by geographical area within each sector? Using a decomposition of the Gini index of...

This paper empirically analyses the stability of the money demand function in Germany. Important results may be summarized as follows. There was a stable relationship between money supply and real economic activity, and the money demand function was stable prior to German re-unification. The...