Two measures of an error-ridden explanatory variable make it possible to solve the classical errors-in-variable problem by using one measure as an instrument for the other. It is well known that a second IV estimate can be obtained by reversing the roles of the two measures. We explore a simple...

Applying a reduced form equation derived from a simultaneous system and the interactive dummy variable technique, this paper finds that expected real depreciation raises real output for Hungary in early years whereas expected real appreciation increases real output in later years. Hence, there...

This paper investigates the determination of inflation in the framework of an open economy forward-looking as well as conventional backward-looking Phillips curve for eight Asian countries - Japan, Hong Kong, Korea, Singapore, Philippines, Thailand, China Mainland and India. Using quarterly data...