A filtered data sequence can be obtained by multiplying the Fourier ordinates of the data by the ordinates of the frequency response of the filter and by applying the inverse Fourier transform to carry the product back to the time domain. Using this technique, it is possible, within the...

Methods are described for extracting the trend from an economic data sequence and for isolating the cycles that surround it. The latter often consist of a business cycle of variable duration and a perennial seasonal cycle. There is no evident point in the frequency spectrum where the trend ends...

A compendium is presented of the various approaches that may be taken in deriving the estimators of the simultaneous-equations econometric model according to the principle of maximum likelihood. The structural equations of the model have the character both of a regression equation and of an...

This paper expounds some of the results of Fourier theory that are essential to the statistical analysis of time series. It employs the algebra of circulant matrices to expose the structure of the discrete Fourier transform and to elucidate the filtering operations that may be applied to finite...

This paper shows how a frequency-selective filter that is applicable to short trended data sequences can be implemented via a frequency-domain approach. A filtered sequence can be obtained by multiplying the Fourier ordinates of the data by the ordinates of the frequency response of the filter...

This paper selectively reviews the literature on behavioural finance, focusing on the aggregate market implications of the behavioural biases that this literature has identified. Advocates of behavioural economics and finance argue that economic agents behave in a way which departs significantly...

In this paper we develop a model to identify determinants of macroeconomic integration in the African CFA Franc Zone and in Dollar-pegging Caribbean countries (including members of the East Caribbean Currency Union). These two groups of countries each comprise states using several different...

This paper develops a hierarchical principal-agent model to explore the influence of corruption, bribery, and politically provided oversight of production on the efficiency and level of output of some publicly provided good. Under full information, an honest politician acheives the first best...

We challenge recent findings by Abiad and Mody (2005) which suggest that financial liberalization has little to do with political variables. This analysis is at odds with some of the established literature, and only with difficulty comes to terms with the considerable cross-national variation in...

This paper presents new evidence on the effects of the minimum wage using Brazilian monthly household and firm panel data between 1982 and 2000. By examining the effects on wages, employment and prices together we are able to provide an explanation for the small employment effects prevalent in...