We introduce a new method for the estimation of discount functions, yield curves and forward curves from government issued coupon bonds. Our approach is nonparametric and does not assume a particular functional form for the discount function although we do show how to impose various restrictions...

The paper considers tests for the presence of a random walk component in a stationary or trend stationary time series and extends them to series which contain structural breaks. The locally best invariant (LBI) test is derived and the asymptotic distribution obtained. Then a modified test...

A valid Edgeworth expansion is established for the limit distribution of density-weighted semiparametric averaged derivative estimates of single index models. The leading term that corrects the normal limit varies in magnitude, depending on the choice of bandwidth and kernel order. In general...

Semiparametric estimates of long memory seem useful in the analysis of long financial time series because they are consistent under much broader conditions than parametric estimates. However, recent large sample theory for semiparametric estimates forbids conditional heteroscedasticity. We show...

In considering ideology and economic activity, ideology is defined as a system of beliefs which binds people together into a social grouping. This is synonymous with religion as defined by Durkheim (1912) and, as a definition of religion, it may be too wide; but if this definition is adopted, both...

Issues of bonds increased in inter-war Japan, the main investors in bonds being banks because demand for loans declined in this period. Banks that were more tolerant of risks (that is, whose capital ratio was higher) made a larger amount of loans, which were riskier than bonds. While national...

Buckley describes how Britain took the independent step of recognizing the People's Republic of China, a step which led to problems about China being invited to the San Francisco conference. After China's entry into the war in Korea, Hong Kong's trade was squeezed through trade embargos imposed...

Dingman argues that the San Francisco settlement signaled the emergence of a new Pacific maritime order in which the United States Navy is the dominant naval force relying on significant bases in Japan. In particular, he focuses on the Yokosuka naval base whose retention was called for by the...

This paper studies the design of law-making and law enforcement institutions based on the premise that law is inherently incomplete. Under incomplete law, law enforcement by courts may suffer from deterrence failure, defined as the social-welfare loss that results from the regime's inability to...

We study an economy where agents are heterogeneous in terms of observable wealth and unobservable talent. Adverse selection forces creditors to ask for collateral. We study the two-way interaction between rationing in the credit market and the wages offered in the labour market. Both pooling and...