Until 1989 the economic policy strategy of Jordan was inward looking with emphasis on import substitution facilitated by a high tariff wall. Since then, the strategy has been changed in the direction of a more outward looking strategy characterized by attempts to stimulate exports, by cuts in...

This paper contributes to the growing literature on mean reversion in stock markets by examining a newly constructed Danish data set for the period 1922-95. Variance ratio tests clearly reject the random walk hypothesis at the 2-year horizon, that is, the riskiness of a 2-year investment is...

A model with trade union rivalry is used to derive wage reaction functions, which are then estimated for skilled and unskilled men in Denmark. The results show substantial differences in wage determination between the two groups of workers in the short term, but once the wage-wage spiral starts...

The role of devaluation in stimulating profitability, investment, and ec onomic activity is studied in a model characterized by forward-lookin g investment behavior and wage contracts that provide an element of s hort-term nominal wage rigidity. The analysis shows that, in the case where the...

This paper analyzes Danish firms' demand for skilled and unskilled labor. The main focus is on the degree of long-run substitutability and the paper, therefore, applies the cointegration method. The paper finds that there is a high degree of substitutability between the two types of labor....

A number of influential studies have documented a strong value premium for US stocks over the period 1963 to 1990 (Fama and French (1992), Lakonishok et al. (1994)). Stocks with low price-earnings multiples, price-book values and other measures of value are reported to have given a higher mean...