A growing literature exists analysing the impact of balance on current account announcements on bilateral exchange rates. This literature typically considers and reports results for a number of bilateral exchange rates. This paper investigates whether there are distinct effects across the range...

This study uses event date methodology to examine whether low priced and high priced shares respond differently to market events. Our results indicate that in response to takeover announcements, low priced shares are more price volatile and unlike higher priced shares decline after the event...

This paper examines the relationship between real wages and productivity in the United States from 1948-90, by including in the measure of productivity the impact of public capital as well as private capital. The results confirm recent studies that have indicated that when the private and public...

The macroeconomic determinants of growth in island countries of the South Pacific region is examined using cross-country data for the 1980-92 period. Capital, labour, inflation, money and exports are found to be significant positive contributors to economic growth while budget deficit is found...

This paper examines the time-series properties of export growth and its key determinants for South Korea and Singapore. Using the framework of cointegration and error correction modelling, it is found that, in the case of Singapore, income effects, competitiveness (relative-price effects) and...

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...

Koreisha and Pukkila (1990a) have recently proposed a fast and efficient GLS estimator for the univariate ARMA time series model which appears to be far more robust than maximum likelihood methods and of comparable accuracy. The one drawback to this new estimator is that it requires use of the...

A new estimation technique is proposed to deal with missing response variables in the context of a nested multinomial logit model. Survey data often have a significant number of incomplete or missing responses. If such data are systematically missing (i.e. not missing at random) and if such...

Using spectral regression and exact maximum likelihood methods, we test for long memory dynamics in the traded goods prices for the G7 countries, as measured in their import and export price indices. Significant and robust evidence of fractional dynamics with long memory features is found in...

Little attention has been devoted to explaining the failure to predict the turning points at the beginning of recessions. This note builds on a model that showed that a turning point might not be predicted if forecasters' prior probabilities of a recession were low. Costs associated with various...