The paper exposits Wiener distribution theory for I(1) time series as an overview to a special issue on testing integration and cointegration. The behavior of an I(1) series is related to a Wiener process to derive the limiting distribution of its sample mean. Other Wiener processes are related...

The author develops tests for a unit root based on the Durbin-Hausman principle. The ordinary least squares estimator and the pseudo instrumental variables estimator using the current variable as an instrument are employed to formulate test statistics. The limit distributions of these tests are...

It is well known that the time series of the components of the trade balance undergo substantial revisions. This note summarizes the magnitude of revisions to appropriately scaled versions of the current price series for the exports of goods, the exports of services, the imports of goods, and...

Discussions of the global warming problem too often proceed as if there were no economically or operationally feasible substitutes for fossil fuels--other than nuclear energy, which of course has environmental problems of its own. However there is a flourishing engineering-economics literature...

The object of this paper is to develop a method by which trade-union power can be measured and by which the factors that influence the trade-union power can be identified. In the paper, two models of unions are compared--the insider-dominated union and the open union model. In both models, the...

Since January 1978, the University of Michigan Survey Research Center has been collecting the monthly year-ahead inflation forecasts of U.S. consumers. Following the implications of Muthian rational expectations, the author uses L. P. Hansen and R. J. Hodrick's procedure to examine whether these...