An almost ideal demand system (AIDS) is used to estimate Greek milk, cheese and butter demand from 1960-91. The model is estimated with a correction for serially correlated errors which is proved justified. Elasticities obtained from the Rotterdam and Linear Expenditure models are compared to...

This study investigates alcohol consumption by women in the United States,using alternative specifications of the double-hurdle models which accommodate non-normal errors. The IHS double-hurdle model performs marginally better than the Box-Cox double-hurdle model but both models suggest very...

Examining UK companies traded on the London Stock Exchange, the evidence reported in this note implies that prior to mid-1989 smaller companies consistently outperformed the market portfolio. Since then, however, the 'size effect' has disappeared.

The foreign exchange market efficiency hypothesis is revisited using the modern Phillips-Hansen Fully Modified Ordinary Least squares (FM-OLS) procedure. It corrects for both endogeneity in the data and asymptotic bias in the coefficient estimates. The volatile decade of the 1980s is the chosen...

This paper lends support to the political explanation for the observed rising wage inequality in Britain in the 1980s and early 1990s. The decline of collective bargaining and other changes in pay arrangements during this time have been to the disadvantage of the low paid. We seek support using...

The paper adopts a choice-theoretic, information-oriented approach to the issue of stationarity of real interest rates. It is shown that a constant real rate of interest, even for short run and within the context of a simple two-market framework, requires overly demanding assumptions which are...

A quadratic presidential popularity function for the Nixon and Ford presidencies is estimated. Using monthly data it is found that there is a structural change in the relationship between presidential popularity and inflation and unemployment between the two presidencies. This result strengthens...

Although theoretical discussion of Factor Price Equalization (FPE) theorem has been quite prolific in the international economics literature, empirical tests of the FPE theorem have been very limited and inadequately performed. In this paper, we use Johansen's multivariate cointegration testing...

This paper opens up an empirical investigation of the nature of the link between real long-short interest spread differentials and real exchange rates for the integrated financial markets in the industrialized world from the 1980s and the early 1990s. The consistent evidence is that there is a...

Until 1985, research in the economics literature on state lotteries was based on the simplifying assumption that administrative costs were constant. DeBoer (1985) provided empirical evidence supporting the idea that average administrative costs are not constant, but decline with output. In other...