This paper presents a model of inflation in a small open economy which features both wage-wage linkages and wage-price spiral. Hence the authors have a simultaneous structure which contains the conventional Scandinavian model of inflation as a special case. Full system estimation results are...

This paper compares, by a Monte-Carlo study based on an AR(1) model, the performance of the flat prior and the ignorance prior suggested by Phillips. It argues that the ignorance prior gives heavy weight to values of the autoregressive parameter [rho] higher than 1, and hence distorts the sample...

STATA 2.1 offers state-of-the-art data management features and statistical procedures capable of handling very large data sets. Its graphics capabilities are excellent as well. Although the package performs a respectable array of econometrics procedures quickly and easily, its menu of available...

The paper deals with efficiency questions by estimating four production functions for four different regions in connection with Bangladesh agriculture. Hildreth and Houck's (1968) random coefficient method was found more suitable than OLS after conducting an appropriate test for this. In...

This study introduces and tests a new CES production function approach using data from five major branches of the Soviet industrial sector. The estimated equations obtained suggest that the Cobb-Douglas production function is the appropriate production function for all branches under...

This paper investigates whether postwar Canadian public financial policy satisfies a borrowing constraint. Direct tests of the present-value relation suggested by this constraint shed light on the sustainability of current policy. We examine monthly data on Canadian federal government finances...

The estimation of wage and price adjustment equations rests heavily on the use of tension variables that aim at capturing the disequilibria in the labor and goods markets. Disequilibrium models therefore provide a natural way of endogenizing these tension variables. This paper estimates jointly...

This paper develops a theory-consistent market model for storable commodities and illustrates its characterization of the data-generating process for a set of major traded commodities. The dynamics of the system incorporate recent advances in modeling techniques. Cointegrated variables in the...