This paper models the Spanish imports of vehicles, differentiated both by goods and by origins, during the period 1963-1992, using a source differentiated Almost Ideal Demand System. We consider three vehicle goods, namely trucks, cars and tractors, which are imported from six different origins,...

The BDS test is used to investigate whether stock returns for five companies and the FTALL index exhibit nonlinear dependence. It is found that conditional heteroscedasticity account for most of the nonlinearity of stock returns in the UK.

We examine how females have fared relative to males in the rapidly growing Korean economy. Similar to the US, the average wage of Korean females has increased relative to males. Unlike the US, the increase appears to be due mainly to improvements in productive characteristics such as schooling...

The labelling of dairy products containing milk from rBST-treated cows has rapidly emerged as an important issue in the US due to the controversy between state and federal legislation and between consumer and industrial groups. This paper evaluates consumer willingness to pay (WTP) for rBST-free...

A number of studies exist across a range of equity markets showing that a significant proportion of stocks in those markets have betas that vary over time. A research challenge posed by this body of evidence is to identify the factors that explain this time variation in individual stock betas....

This paper examines the existence of significant differences in the expected returns to bets placed about identical outcomes in different sectors of a betting market. In an informationally efficient market, such differences should be arbitraged away. Evidence is presented here which suggests...

Blanchard (1989) interprets Okun's Law as a relationship between VAR innovations in output and the unemployment rate. Adding the paper-bill spread to a bivariate VAR in output growth and the unemployment rate and even ordering it ahead of the unemployment rate when estimating the structural...

This paper examines whether there is an incentive in the wage structure of employees compared with the wage structure of self-employed workers using the most comprehensive survey of workers in Japan. While the estimation results of the whole sample of 35 092 indicate that there is an incentive,...

This paper tests for long-run PPP using two types of unit root tests, standard Dickey-Fuller (DF) or Augmented Dickey-Fuller (ADF) tests and Bayesian Sims tests. A problem with DF and ADF tests has been the low power of the tests; that is, such tests have difficulty in rejecting the random-walk...

This note critically evaluates the theoretical framework and empirical results of Chletsos and Kollias (1995) on the relationship between defence expenditure and economic growth in Greece, and re-examines the issue on the basis of an alternative model. It is argued that the reviewed paper does...