This paper studies cost of living standards and variations in growth trends for consumers in Taiwan between 1951 and 2001 by allowing consumer preference to be a variable. Our study shows that ignoring changes in preference structure frequently leads to the underestimation of the consumer's true...

This paper investigates whether the foreign exchange risk is priced in the Pacific Basin equity markets. The test was performed in the conditional version which allows the world prices of market risk and exchange risk to vary over time. Being parsimonious, a principal component analysis is taken...