Ìn this paper I explore the long-run monetary neutrality using the framework developed by Fisher and Seater (1993). I show that their rejection of long-run neutrality in the United States for the 1870-1975 period is not robust to a change in the money aggregate or country.

In this paper, we analyze a general multivariate linear rational expectations model.

In England and Wales, wholesale electricity is sold in a spot market partly covered by long-term contracts which hedge the spot price. Two dominant conventional generators can raise spot prices to undesirable levels, which is profitable in the absence of contracts. If fully hedged, however, the...

This note describes the matching procedure used to construct panel data sets from the 1987, 1989 and 1991 Hungarian Household Budget servey samples.

This paper analyzes the consequences of introducing stochastic technological progress and stochastic labor input into a Solow-Swan exogenous growth model and an 'AK' endogenous growth model with general savings and production functions.

Different propietats of convex and average convex games are developed in terms of unanimity coordinates. A set of necessary and sufficient conditions for the core of balanced games containing the Shapley value are given. Connections between convexity and average convexity, the Shapley value, the...

The paper deals with the subclass of k-convex n-person transferable utility games which have clear affinities to the well-known convex TU-games. Five new characterizations of a k-convex n-person TU-game are presented in terms of: (1) the unanimity coordinates of TU-game with respect to the...

This paper analyses the role of shocks in Spanish economic growth over the period 1850-1990. In the existence of a unit root, the trend is stochastic, which implies that the series has a long memory, and shocks have persistent effects. As a result, the series does not return to its former path...

This paper presents a characterization of the non-emptiness of the intersection between the imputation set and the Weber set. Tools from non-cooperative zero-sum finite games are used. We assign a matrix game to any cooperative game and the sign of the value of this matrix game is used for the...

In the present paper we study the effects in econometric inference when ussing seasonal adjusted data obtained by signal extraction filters. In particular we analyze the effects in the integration order in zero frequency of the adjusted series. We center our study in the consequences of the...