This paper is a comment on P. C. B. Phillips, "To criticize the critics: an objective Bayesian analysis of stochastic trends" [Phillips, (1991)]. Departing from the likelihood of an univariate autoregressive model different routes that lead to a posterior odds analysis of the unit root...

The separability of categories of consumption expenditures and savings are empirically examined in the context of an error-correction model of aggregate quarterly expenditure allocations in Canada. Some evidence is found for separability of consumption allocations from savings in both the long...

Any pension protection formula that falls short of complete compensation for inflation has associated with it a time-series of probability distributions of future purchasing power losses. A method of estimating those distributions is proposed and applied. The method is based on the idea of...

This paper investigates the term structure of interest rates in the Singapore Asian Dollar Market. We consider extended versions of the ARCH-M model of Engle, Lilien, and Robins (1987). The extended models permit autocorrelation, skewness and leptokurtosis in the residuals. The robustness of the...

If a tax on energy affects the demand for a nondurable good, the stock of a durable good, and the proportion of the energy consumption per unit of service of the durable good, an integrated approach for investigating consumer demand for durables and nondurables is required. The purpose of this...