Davidson et al.'s data set is used to demonstrate the existence of a significant asymmetry in the adjustment of consumption towards equilibrium. The Granger-Lee and Escribano-Pfann methods of partitioning the error correction term are compared and it is shown that the latter produces better...

The statistical properties of UK house prices are considered at a disaggregated level, where disaggregation occurs according to the age, or 'vintage', of the housing. Given the frequency of transactions in the housing market and the sophistication of the estate agent system, it might be expected...

The theoretical analysis of investment under uncertainty has been revolutionized over the last decade by the importation of ideas from finance. If investment is irreversible, there is a return to waiting. So although circumstances may suggest that it is profitable to invest, there may also be an...

The theoretical analysis of investment under uncertainty has been revolutionized over the last decade by the importation of ideas from finance. If investment is irreversible, there is a return to waiting. So although circumstances may suggest that it is profitable to invest, there may also be an...

The theoretical analysis of investment under uncertainty has been revolutionized over the last decade by the importation of ideas from finance. If investment is irreversible, there is a return to waiting. So although circumstances may suggest that it is profitable to invest, there may also be an...

This paper uses Monte Carlo methods to investigate the effects of asymmetricadjustment on estimates of the parameters of the equilibrium relationshipbetween a set of variables. We demonstrate that simple least squares estimatesand the implicit estimates from a symmetric error correction model...