This note evaluates the signal performance of charts under the maintained assumption that the DGP is a standard Markov switching model. It is found that, within this framework, charts contain valuable information with respect to the current state of the latent process. Hence, this note provides...

This paper investigates the efficiency of the currency futures market in the Singapore International Monetary Exchange. The weak sense of market efficiency is tested, with the random walk model being used as the benchmark for comparing univariate models fitted to the three major currency...

For the first time the issue of overeducation is addressed for the UK. Substantial amounts of over and undereducation are found. The evidence supports the view that formal education and other components of human capital are substitutes for the over- and undereducated.

Two Australian mobility surveys are analysed (February 1989 and February 1992) to identify the explanation of labour mobility in Australian industry. An informal analysis reveals that labour turnover is higher in boom as opposed to recessed conditions. A formal legit study reveals that industry...

The savings to GDP ratio is considerably lower in Australia than the OECD average. The lower level of savings does not only result in a current account deficit but also has a negative relationship with the unemployment rate. In order to overcome this problem, the Australian government has...

This paper is concerned with the estimation of production functions and measurement of the rate of technical change. Multiple time trends are introduced as an alternative to the single time trend representation of technical change. The underlying technology is represented by Cobb-Douglas and...

Using data from the Frankfurt Stock Exchange, this paper investigates the impact of an increase in trading hours (from two to three on 15 January 1990) on the variance of stock returns. The results confirm those of most earlier studies that report that trading time volatility is significantly...

In the insurance industry, claims tend to constitute the major proportion of the total annual outgoings across almost all product lines. This preliminary study develops a cost function of insurance claims and applies the model to 1988-93 data from the UK life insurance industry. In general, the...

This paper identifies export instability as an additional cause of changes in GDP. Instability is measured by deviations of exports from their trend values. A multivariate error-correction model that incorporates export instability is tested on individual time series data (1967-1990) for...

Recent articles have argued that devaluations can have a short-term contractionary impact followed by an expansionary phase that may or may not result in net expansion in the long term. This paper extends recent work on this issue by developing a specification that obviates the problems of...