The technique of Monte Carlo (MC) tests [Dwass (1957), Barnard (1963)] provides an attractive method of building exact tests from statistics whose finite sample distribution is intractable but can be simulated (provided it does not involve nuisance parameters). We extend this method in two ways:...

This paper tests the predictions of the Barro-Gordon model using US data on inflation and unemployment. To that end, it constructs a general game-theoretical model with asymmetric preferences that nests the Barro-Gordon model and a version of Cukierman’s model as special cases. Likelihood...

This Is an Empirical Survey of 56 Applications of Computable General Equilibrium (Cge) Models to 24 Developing Countries, 45 of the Applications Being Less Than 5 Years Old. the Focus Is on the Economic Structure of the Models, Their Type of Macroeconomic Closure, Sources of Dynamization, and...

I Suggest in This Paper Both to Drop the Terms "Bureaucracy", "Bureaucratic Conduct" As Analytical Concepts, and to Avoid Writing Models Upon Models Around These Words, Models That Are Not Anchored in Facts. Instead, the Suggestion Made Is to Concentrate on the Facts and Try to Explain Why We...

In this paper, we test a version of the conditional CAPM with respect to a local market portfolio, proxied by the Brazilian stock index during the 1976-1992 period. We also test a conditional APT model by using the difference between the 30-day rate (Cdb) and the overnight rate as a second...