This paper conducts various tests of four hypotheses to account for procycical multifactor productivity. The hypotheses include imperfect competition, increasing returns to scale, labor hoarding, and thick market externalities. The test results provide strong evidence for imperfect competition...

This paper explores the nexus between the information technology (IT) investment of Korean banks and their management performance, employing panel cointegration testing and estimation techniques. Annual panel data on the financial statements and IT investment measures of banks are exploited in...

This paper investigates properties of the money demand functions of Group of Six (G6) member countries (Canada, France, Italy, Japan, U.K., and U.S.) using the estimation and inference techniques of panel cointegration. Empirical analyses are conducted by estimating money demand equations of G6...