The cyclical behaviour of the trade balance is examined using quarterly data for eight countries covering the period 1960:1-1995:3. Two methods are employed: the calculation of the correlation coefficient between the HP-filtered series and the estimation of a structural time series model. Both...

Many recent papers have documented that there has been a steady decline in the fraction of workers in the US who receive health insurance through their employer. This paper presents an economic model of the labour market that is consistent with observed trends. The primary finding is that the...

This paper analyses learning effects in nuclear power plant operation, which are reflected on the reliability growth and operating cycle decision. To consider two aspects of learning, a count data model with a varying time interval as a duration variable is suggested. A possibly complicated...

There is able empirical evidence that the conditional volatility of stock returns is asymmetric in the sense that negative innovations increase volatility more than positive innovations of an equal magnitude. Less attention, however, has been paid to possible asymmetries in the conditional mean....

The purpose in this letter is to demonstrate the implications of uncertainty in the weight the Central Bank attaches to output for expected inflation, linear inflation contracts and inflation targets.

A new approach for estimating oligopoly power coefficients is proposed. The methodology used sidesteps the difficulties of obtaining cost data and obtaining coefficients which do not satisfy the theoretical properties of the cost function.

A large number of techniques are now available for estimating a cointegrating regression. Although many of these techniques provide asymptotically equivalent estimators, their small-sample properties are known only with respect to a limited number of Monte Carlo studies. In light of the growing...

Existing cointegration tests for the savings-investment model are limited because of low testing power. In this paper the savings-investment correlation is re-examined using a panel cointegration test by which the power seems to be improved greatly. A cointegration relationship is obtained...

In this note we employ two procedures to determine whether the adjustment of international reserves is in real or nominal terms. Using panel data from 17 DCs and 16 LDCs, we show that adjustment of actual reserves to their desired level is indeed in nominal terms.

Ever since the Arbitrage Pricing Theory (APT) was developed by Ross, it has been empirically tested in many countries in studying the behaviour of Stock Market returns. The statistical technique of factor analysis is used in the testing of the APT. The objective of this paper is to determine how...