This paper uses the wild bootstrap to compute empirically relevant critical values for the test statistics proposed by Emerson and Kao (2001). Monte Carlo simulations were then performed to evaluate the size and power properties of the bootstrapped tests.

In this paper we first estimate the growth rates of real per capita GDP, real per capita Consumption, and Productivity (real GDP per worker) for the following panels of countries: (1) OPEC countries, (2) industrialized countries, and (3) based on geographic location. We then test for a...

In this paper we study the limiting distributions for ordinary least squares (OLS), fixed effects (FE), first difference (FD), and generalized least squares (GLS) estimators in a linear time trend regression with a one-way error component model in the presence of serially correlated errors. We...

In this paper we propose two classes of test statistics for detecting a break at an unknown date in panel data models with time trend. The first one is the fluctuation test of Ploberger-Kramer-Kontrus (1989). The second one is based on the mean and exponential Wald statistics of Andrew and...

In this paper, we study the limiting distributions for the ordinary least squares (OLS), the fixed effects (FE), first difference (FD), and the generalized least squares (GLS) estimators in a linear time trend regression with a one-way error component model in the presence of serially correlated...

This article investigates the effects of the choice of lag length on the estimation of long run cointegration relationships using the Johansen estimation procedure. This issue is of particular interest to applied researchers using time series data, see for example Awokuse (2005), Bacchiocchi et...

This article provides time series evidence on the effects of fiscal policy on profits and investment in the US. In addition to neoclassical models of investment and profits we also consider Keynesian models. Our findings provide some support for the neoclassical views. However, Keynesian...

Gender differences in outcomes are often explained by gender differences in competitiveness. Using evidence from the outdoor World Championships and Olympics 1,500 meter event, this paper investigates whether gender differences exist in the behavior of runners. Results indicate that there are...

In this article, we provide a test of long-run monetary neutrality employing cointegration and vector error-correction modelling methodology. Using quarterly data for the United States, we estimate the long-run relationships among money supply and output and other key macroeconomic variables....

Using recent data, this paper investigates whether changes in oil prices have the expected effects on the US economy. Cointegration analysis and vector error correction models are employed in order to evaluate the impact of changing oil prices on US output and inflation. Further, impulse...