In this note we develop a consistent conjectural variation model that generalizes Bresnahan's (1981) results to a duopoly-duopsony setting. This is the first duopsony model in which firms are constrained to have consistent conjectural variations, and two interesting results emerge. First,...

The export growth-economic growth cointegration structure is investigated for a large sample of low/middle/high income countries, including the newly industrialized ones. Previous Granger causality studies in this area are fundamentally flawed due to the absence of any form of pretesting for...

This paper considers unit root tests of the index of British industrial production 1700-1913. For the full sample the data are found to be I(1). However, three distinct phases are identified with alternating stationarity properties. One period, 1780-1851, is identified as the British Industrial...

This study offers a new approach to measure the adoption practices of right-to-work legislation by states over time. By allowing the dependent variable to represent the number of years a state has had the RTW legislation (with 1989 as the terminal year), the intensity of adoption can be...

On June 23 1989, the Chicago Board of Options Exchange introduced a new option on short-term interest rate. These options were unique in that, unlike other interest rate dependent options, there were no assets like bonds underlying them. So, when these options are exercized, settlement delivery...

This paper investigates the influence of different factors on income velocity of money in 23 developing countries for the 1955-88 period. The results show that inflationary expectation raises income velocity in an agricultural developing economy.

Using fair housing audits, previous research has shown that black renters, unlike their white counterparts, continue to receive unfavourable treatment in the rental housing market. We extend the analysis to owner-occupied housing units for the Detroit Metropolitan area. Although racial...

This paper embeds survey price expectations of manufacturing into a mark-up model of price determination. The model, which is employed to forecast (changes in) growth in consumer and producer prices one quarter ahead, is estimated for seven EEC countries. The predictive performance, in terms of...