In this article we group together and compare economic forecasts by industry type. That is, corporate forecasts of GDP and CPI are compiled by industry for the following: financial institutions, economic consultants, auto manufacturers, business associations, universities, and insurance...

Based upon the trade balance determination models developed by Razin (1984), Greenwood (1984), and Hill (1990), there exists bidirectional causality between the trade balance and the real exchange rate. By applying Geweke's linear feedback measures for the US from 1973:3 to 1994:9, the results...

Greek cigarette comsumption is examined by combining work by Zanias (1987) and Becker et al. (1994). Application of Becker et al.'s lead consumption term to the Zanias model yields results that do not strongly support the rational addiction model and show price and income as insignificant.

In this paper we employ a large sample of daily returns from the Financial Times Industrial Ordinary Shares Index to investigate the existence of the 'trading month' effect or the 'turn-of-the-month' effect. We tentatively conclude that a trading month effect is present, but that this effect...

We sought to determine whether employed patients with HIV infection reported more days unable to work than similar patients without HIV infection. We did not consider whether HIV infection resulted in job loss. Cross-sectional data on 884 employed patients from five physician-sites in California...

Few studies in the literature have argued that inflationary effects of devaluation redistribute income from workers to producers. By using cross-sectional data from 24 countries, this paper provides an empirical support for the theoretical arguements that indeed, devaluations have unequalizing...

Using a hybrid of cointegration theory and Granger-Akaike's synthesis of modelling strategy, we have reexamined the causal relationship between tax revenue and government spending in the UK in a cointegrated VAR model. The results are indicative of a bi-directional causality between revenue and...

An empirical investigation is offered of the number of common trends in stock returns in seven Asian emerging markets. There is evidence of a single common trend. Following Kasa (Kasa, K., 1992, Common stochastic trends in international stock markets, Journal of Monetary Economics, 29, 95-124) a...

This paper re-examines the issues of integration and causality in US mortgage and T-bond markets by using the well-known cointegration and error correction methodology. It employs monthly data from January 1980 through June 1993. The unit root test reveals nonstationarity in 30-year nominal...

The finite sample performance is investigated for two versions of the Lagrange multiplier (LM) unit root tests. It is found that the correct size of the augmented tests is obtained at the expense of the power, while the reasonable power of the transformed tests reflects the size distortions...