Economic data are regularly revised, leading to a number of alternative vintages being available fo a given data series over a particular time period. This paper confronts this problem, building on the model validity and data accuracy tests of Hendry (1994) to develop the concept of model and...

Papers by Thomas (1989, 1992) have noted how the often recounted `stylised history' of the consumption function differs from the true sequence of events in its early history. Thomas notes many interesting applied studies and debates which the stylised history overlooks. To these can be added the...

How are state-owned entreprises to be reformed? Privatisation seems to be the obvious solution. This essay argues that entreprises reform in the transition should focus on enhancing managerial.

In the evolutionary setting for a financial market developed by Blume and Easley (1992) the author considers an infinitely repeated version of a model B la Grossman and Stiglitz (1980) with asymmetrically informed traders. Informed traders observe the realisation of a payoff relevant signal...

In this paper we examine the spatial and temporal distribution of per capita income across Europe. We base our analysis on a cluster methodology which allows for an endogenous selection of regional clusters using a multivariate test for stationarity where the number and composition of clusters...

In a representative democracy, voters can use elections to protect their property by holding politicians accountable for the tax policies they implement while in office. This paper demonstrates that performance voting can - partly or wholly - solve the capital levy problem. We characterise the...