In this paper we consider the problem of testing the null hypothesis that a series has a constant level against the alternative that the level follows a random walk. This problem has previously been studied by inter alia, Nyblom and Makelainen in the context of the orthogonal random walk plus...

The Almost Ideal Demand System can be made integrable by a slight change in its specification.

We obtain an inequality for th esmaple varaince of a Brownian motion on [0,1] and an associated Ornstein-Uhlenbeck process. The result is applied to a regression involving a near-integrated regressor, and establishes that in the limit the dispersion of the least squares estimator is greater in...

There is controversy surrounding so-called 'weak sustainability measures'which attemp to measure sustainability according to current chages in manufactured and natural capital. In the framework of a dynamic control model, these measures are related to the rate of change of the utility of a...