This paper examines how NIT payments might destabilize marriages by enhancing the economic quality of alternatives to married life. Data from Canada's MINCOME experiment indicates that the various levels of GAI support did have a stabilizing influence on its participants' marriages. This...

In this paper we enquire if nonlinear or linear models produce iid residuals using the BDS test for the G7 industrial production series. We found that nonlinear models produce iid residual for the USA, and evidence of NL are also detected for Canada and Germany, while Japanese data does not...

This paper examines the hypothesis that foreign exchange market is efficient. Several empirical results from earlier studies have been based on the implicit assumption that time-series data are stationary. But we use cointegration techniques, which imply that time-series data are non-stationary,...

Z factors are a commonly misunderstood but important component of price cap regulation. A typical concern is that they result in a double counting of special business conditions in the price cap index. This letter explains the mathematical logic for Z factors and shows that they need not result...

This study investigates the co-variability of changes in nominal interest rates for the main EC countries between April 1974 and January 1992, using principal components analysis. We find that there is evidence of increased monetary interdependence and greater capital market integration, but...

This paper examines the importance of time aggregation in causality testing. We find that temporal aggregates are between two and ten times more unlikely to detect a true causal relationship than are systematic sampled aggregates over short aggregation spans.

A proposal is outlined for reconciling the use of many indicators or instruments in setting monetary policy, with the need for clarity and openness. The proposal draws on the literature of unobserved component models (Stock and Watson, 1991), constructing the unobserved component using the...

Loretan-Phillips maximal moment exponent estimators are used to investigate the distribution of S&P 500 stock returns at a range of different frequencies. In all cases, the variance is found to be finite, but the existence of higher-order moments is in some doubt.

In this paper the authors attempt to analyse the validity of the traditional market model in the complex environment of emerging and bullish markets where heteroscedasticity and other misspecification issues are detected through application of a wide range of appropriate empirical tests and...

The economics and sociology literature has given much attention to the proper role of athletics in the mission of institutions of higher education. This discussion has turned into a debate; one argument holds that athletics fit nicely into the mission of most colleges. However, it has also been...