Two methods of estimating efficiency by cost frontiers are analysed here by way of generalizing Farrell's convex hull method and illustrated by an empirical application.

In this note the empirical evidence presented by Karfakis and Moschos (1990) and Katsimbris and Miller (1993) on interest rate linkages in the EMS is reinterpreted and their finding of non-stationarity of interest rate differentials in the EMS is rationalized. It is argued that their results are...

Most studies that have examined the effect of race on earnings in the United States have used aggregated data. This often obscures as much as it reveals.This article computes white-black earnings differentials for a number of relatively narrow groups, and finds that the earnings gap varies...

A second and an independent J-curve effect emerges where import expenditures depend on wealth and where current account imbalance feeds back on itself through its effect on asset accumulation. The combination of the two J-curves in conjunction gives rise to a wide range of dynamic possibilities...

This paper argues that inter-group disparities in economic welfare are best measured by intercommunity income differences and it proceeds to analyse the structure of such income differences through the decomposition of the ratio of the respective group incomes. Simulation experiments then...

The extent of the winner-loser anomaly on the Austalian equities market for the period 1974-91 is examined. Documentation of the contrarian strategy is argued as being invalid unless compensation is made for changing risk premiums through time. The evidence shows a slight reversal for the winner...

The paper presents empirical evidence on the long-run neutrality of monetary policy in the UK based on the methodology developed by Fisher and Seater. Money is found to be long-run neutral with respect to real GDP and real equity prices. However, in the short to medium term permanent positive...

The effects of alternative functional forms on parametric estimation of a multi-product cost function are examined using a sample of rural US banks. Functional forms considered for possible choice are three versions of second-order Taylor-series expansions (or locally-flexible functional...

A recent theoretical literature explores why individuals join unions which provide only public goods. This paper finds supportive empirical evidence for one such theory. However, the continued significance of certain personal characteristics in the unionization decision suggests that unions also...

Dynamic versions of Farrell efficiency are formulated here and empirically applied to airlines data to estimate productivity growth and technical efficiency changes.