The classical Chow test for structural instability requires strictly exogenousregressors and a break-point specified in advance. In this paper, we consider twogeneralisations, the one-step recursive Chow test (based on the sequence of studentisedrecursive residuals) and its supremum counterpart,...

The classical Chow (1960) test for structural instability requires strictly exogenous regressors and a break-point specified in advance.  In this paper we consider two generalisations, the 1-step recursive Chow test (based on the sequence of studentized recursive residuals) and its supremum...

The classical Chow (1960) test for structural instability requires strictly exogenous regressors and a break-point specied in advance. In this paper we consider two generalisations, the 1-step recursive Chow test (based on the sequence of studentized recursive residuals) and its supremum...

This paper is related to a large recent literature studying the Phillips curve in sticky-price equilibrium models. It differs in allowing for the degree of price stickiness to be determined endogenously. A closed-form solution for short-term inflation is derived from the dynamic stochastic...

This paper quantifies for the United Kingdom the general equilibrium costs of individuals holding cash to economise on 'shopping time'. These are a subset of a wider range of costs caused by inflation. The paper tests whether or not money balances tend to a finite number as nominal interest...

In recent work, Stacey Tevlin and Karl Whelan argue that aggregate econometric models fail to capture the US investment boom in plant and machinery in the second half of the 1990s, whereas a disaggregated approach does much better. In particular, they show that aggregate models do not capture...

This paper analyses the impact of rapid technological change in the information and communications technology (ICT) sector on economic growth. Technological change in the ICT sector leads to a fall in the relative price of ICT goods, which leads firms to invest more heavily in high-tech goods....

This paper investigates the ability of aggregate and disaggregate equations to account for the boom in UK plant and machinery investment in the second half of the 1990s. We extend previous US research by Tevlin and Whelan (2002) by explaining the failure of the aggregate equations more formally...

This paper proposes that publicly funded arts and cultural organisations should aspire to, and be funded to, engage in Research and Experimental Development (R&D), particularly that which aims at innovation, that is, new social application. Not confined to novel products or processes, arts and...