In this note the saving-investment correlation is examined in terms of an error correction model, in order to gain some insight into the degree of capital mobility, using Spanish data for the period 1964-1994.

Pre- and post-optimality analysis of input-output data is developed here as a practical method of Farrell-type efficiency measurement. Filtering of noise and specifying the optimal output distributions provide the basic tools which are applied to the time series data for international airlines.

A model adapted from Baumol (American Economic Review, 57, 1967, 415-426) is used to establish the determinants of growth in per capita commercial service sector output and this service sector's share of employment, based on the experience of Canada, the US, France and Germany. Parameter...

This letter tests for the presence of non-linearities in UK and US industrial and sectoral production growth rates using a joint model of bilinearity inconditional mean and generalized-autoregressive-conditional heteroscedasticity, the latter augmented by lagged production growth rates so as to...

A new test is proposed for discriminating between human capital and sorting explanations of the wage differential between groups of variously educated workers. International data from the ISSP are used to illustrate the operation of the test and of other, more conventional methods used to...

Stock price reaction to the announcements of accounting earnings is investigated using event study approach in the Finnish stock market. The main finding of this study is that the permanent and temporary losses cause different price reactions in Finland. The temporary losses, i.e. the loss cases...

This study examines, for the period 1963-1995, the impact of federal budget deficits in the US on interest rates at commercial banks. Interest rates at banks have been largely neglected in the deficit/interest rate literature for the US. Moreover, the deficit/interest rate literature for the US...

This letter presents estimates of a stable long-run money demand function in Italy over the period 1861-1980. Results using the Johansen procedure of cointegration indicate a unique, long-run demand function for currency and the broad money supply. In each case, the real income and interest rate...

This study examines, for the period 1963-1995, the impact of federal budget deficits in the US on mortgage interest rates at commercial banks. Interest rates at banks have been largely neglected in the deficit/interest rate literature for the US. Moreover, the deficit/interest rate literature...

This paper extends earlier research regarding predictability of secondary market prices for sovereign debt certificates issued by developing countries. Due to the existence of a thinly traded market subject to potential outliers, parameter estimation is accomplished by means of a least absolute...