A multiproduct stochastic hospital cost frontier is estimated on panel data for 43 Catalan hospitals over the period 1988-91 on the assumption that inefficiency remains constant over time. In addition to reporting estimates of inefficiency, the paper reports estimates of economies of scope and...

The causality between money and inflation is re-examined by applying Hsiao's version of the Granger causality method to US data for the period 1959-94. The Phillips-Perron unit roots tests are performed and the series of M1 and M2 become stationary after first differencing, while the series of...

The Box-Cox transformation is used to determine the functional form for Okun's relationship between the output gap and the unemployment rate. Results from two different data sets strongly fail to reject his double log specification, and the MLE results are quantitatively very similar to a double...

This paper concerns the impact of the lifespan on the redistributive effect of the social security system when considering lifetime income. It is shown that with the exception of the old age pensions, the impact is very small. It is also doubted whether annualization has to be applied.

This paper investigates the long run relationship between nominal interest rate and the inflation rate (Fisher effect) in the USA during the gold standard era (1879-1913). Using Johansen cointegration tests, results show that there exists a Fisher effect on both the nominal short- and long-term...

A quadratic multi-product cost function is estimated for UK universities prior to the abolition of the binary divide. The arguments of the function include linear and interaction terms in undergraduate tuition, postgraduate tuition and research, and in each case these are separately identified...

In this note I point to a typographical error in a recent paper by Baillie and Bollerslev (1994), and I provide a test - with simulated critical values - for fractional cointegration among seven daily currencies.

This paper provides a Keynesian account of the slowdown in the United States economic growth as suggested by the growth model of Thirlwall. According to Thirlwall's model, economic growth is determined by the dynamic Harrod foreign trade multiplier. This multiplier relation indicates that the...

This paper exploits the result that in the case of I(2) processes the precise dating of variables is crucial when empirically testing for cointegration. The data for the latter part of the German hyperinflation episode exhibit I(2) behaviour. We utilize these data to discriminate between...

The determination of aggregate output and the price level in Turkey is examined. Empirical results indicate that the Turkish economy behaves consistent with predictions of a simple real business cycle model. Output follows an autoregressive structure with trend. Monetary policy is neutral and...