We improve results of the Mankiw, Romer and Weil (1992) augmented neoclassical growth model by considering broader measures of human capital. Compared with the MRW results, our approach increases the explanatory power of the model and the speed of conditional income convergence.

Variance ratio tests with both homoscedastic and heteroscedastic error variances are used to examine the random walk hypothesis for the Budapest stock exchange. Our empirical findings show that the Budapest stock exchange is a random walk market, which is quite different from those described in...

This paper attempts to evaluate the possible influence of short-term interest rates on the determination of long-term interest rates for some EMS countries. In particular, we discuss a way of reconciling the widely dominant term-structure approach to interest rates with the conditions imposed by...

This paper proposes the generalized method of moment estimation of truncated or censored regression model, and applies this procedure to the recreational demand model estimation. In a typical limited dependent variable regression, the conditional mean of error distribution is no longer zero....

This paper contributes to the debate concerning the sources of growth of newly industrializing East Asian economies, of which Singapore is an example. We first of all measure Total Factor Productivity (TFP) growth from industry level data for Singapore over a time series, and then regress the...

This study analyses the notion that the length of spells in secondary segment employment inhibits mobility to primary segment employment. Findings for young male workers aged 20-25 detect the existence of such an effect with secondary segment hazard rates exhibiting negative duration dependence...

The estimation of probabilities of recessions/weak economic activity based on probit analyses indicates that the development of the German yield spread as well as the development of a weighted average of European yield spreads have been useful predictors for periods of sluggish economic...

This note investigates the behaviour of small and large traders on different days of the week in the Finnish stock market. The results suggest that small traders increase their sell orders after the weekend. This suggests that the selling pressure of small individual investors in the beginning...

Using data from the National Longitudinal Survey of Youth, this note demonstrates that the college attendance decision of employed young adults depends partly on their wage. We further find that the wage quadratically impacts the decision to attend college.

Applying recently developed techniques of cointegration and Hsiao's version of Granger causality to three Latin countries (Brazil, Mexico, and Venezuela), this study finds no causal linkages between energy consumption and economic growth for both Mexico and Venezuela using the trivariate models....