This note describes the effects on human capital formation of rank-order tournaments offering identical prizes to a given share of the ranked contestants. This compensation scheme is thought to resemble the selection processes in different areas of the public administration, particularly in...

The paper examines the demand for narrow money in Greece over the period 1962 to 1998. The data is tested to examine the order of integration. Estimation of the demand function follows the two step methodology. The first step entails the specification of the long run equilibrium relationship...

We analyze a sample of manufacturing firms from Germany, France, Italy, Japan, and UK during the period 1997-2011, and find an increasing trend of excess savings (defined as the difference between gross saving and capital formation), and a gradual decline of gross capital formation. This trend...

In this paper, the behavioral equilibrium exchange rate (BEER) model used in a time-series setting is investigated, via its application to the valuation of Chinese renminbi. A classical definition with its generalization is given. The different misalignment results derived from the BEER models...

The generalised autocovariance function is defined for a stationary stochastic process as the inverse Fourier transform of the power transformation of the spectral density function. Depending on the value of the transformation parameter, this function nests the inverse and the traditional...

This paper incorporates expectations-based reference-dependent preferences into the canonical Lucas-tree asset-pricing economy. Expectations-based loss aversion increases the equity premium and decreases the consumption-wealth ratio, because uncertain fluctuations in consumption are perceived to...

We study the hypothesis of convergence amongst Mexican regions since 1940 with special interest in the post-trade liberalization period. A standard time-series convergence test shows that per capita income levels between the capital and the rest of the regions tend to narrow over time. Using the...

In this paper, we empirically investigate the dynamics of the marginal propensity to pirate for computer software. We introduce a state space formulation that allows us to estimate error structures and parameter significance, in contrast to previous work. For data from 1987-92, we find a rising...

This study deals with the problem of measuring the real exchange rate (RER). We consider four aspects of this measurement problem: (a) Using end- of- period or period averages of the nominal exchange rate. (b) Choosing price indexes. (c) In obtaining the real effective exchange rates (REER),...

A biography of Elda Cecchele, a textile artisan working in the Veneto countryside from the late forthies to the eighthies of last Century. She produced very elegant textiles for famous Italian fashion designers, as Giuliana di Camerino, Salvatore Ferragamo and the archietects Tobia and Afra Scarpa.