摘要:

AbstractThe estimation of wage and price adjustment equations rests heavily on the use of tension variables that aim at capturing the disequilibria in the labour and goods markets. Disequilibrium models therefore provide a natural way of endogenizing these tension variables. This paper estimates jointly a two‐market disequilibrium model and a wage and price adjustment block where price and wage growth react to excess effective demands. The estimation is carried out using the simulated pseudo‐maximum‐likelihood methods developed by Laroque and Salaniè (1989); the results look promising as regards the estimation of even more sophisticated

ISSN:0883-7252    

DOI:10.1002/jae.3950060102

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1991

数据来源: WILEY

摘要:

AbstractThe minimal computational requirements of the linear embedding techniques initiated by Davidson and MacKinnon (1981) accommodate multiple and binary tests of autoregressive, non‐nested regression models with different dependent variables. The small sample adjustments of Fisher and McAleer (1981) effectively reduce the size of the P‐tests for our models. Our application to transactions demand for money models supports the Holmes and Smyth (1972) hypothesis that pre‐tax variables are preferred to GNP in M1 money equa

ISSN:0883-7252    

DOI:10.1002/jae.3950060103

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1991

数据来源: WILEY

摘要:

AbstractThis paper investigates whether postwar Canadian public financial policy satisfies a borrowing constraint. Direct tests of the present‐value relation suggested by this constraint shed light on the sustainability of current policy. We examine monthly data on Canadian federal government finances using tests for cointegration. The finding is that the joint behaviour of real debt and real surpluses is inconsistent with intertemporal budget balance for the government. One interpretation of this finding is that the government is systematically paying real returns to bondholders by issuing further debt. Alternatively, bondholders may expect the government to finance future interest payments from a source other than primary surpluses, e.g. the sale of physical asset

ISSN:0883-7252    

DOI:10.1002/jae.3950060104

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1991

数据来源: WILEY

摘要:

AbstractThe ‘official’ (OPEC) prices of crude oil before the collapse in the oil market in the mid‐1980s can be interpreted as contract prices and analysed on the basis of the theory of futures (or forward) markets. This paper uses the generalized method of moments estimation technique to test for efficiency in the relationship between the official prices and the ex‐post spot prices at the time of delivery. Efficiency is rejected for the sample period 1978–1985 as a whole, but evidence is found of improvements over time. Further, the GMM Wald and Hansen tests, although asymptotically equivalent, are shown to differ greatly when applied to a small sample of monthly oil p

ISSN:0883-7252    

DOI:10.1002/jae.3950060105

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1991

数据来源: WILEY

摘要:

AbstractIn this paper I describe the effect of parameter uncertainty on the way conditional forecast variances grow as the forecast horizon increases. Without parameter uncertainty, forecast variances for the unit root model grow linearly with the forecast horizon while with the trend stationary model they are bounded. With parameter uncertainty, however, I find that for both the unit root and the trend stationary models, forecast variances grow with the square of the forecast horizon so that uncertainty grows at a much faster rate than without parameter uncertainty.

ISSN:0883-7252    

DOI:10.1002/jae.3950060106

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1991

数据来源: WILEY

摘要:

AbstractThis paper deals with efficiency question by estimating four production functions for four different regions in connection with Bangladesh agriculture. Hildreth and Houck's (1968) random coefficient method was found more suitable than OLS after conducting an appropriate test for this. In contrast to earlier studies, 24 piece‐wise regressions have been fitted for each index of efficiency considering all four regions and six different ranges of farm size instead of a single regression so that the relationship could be studied more closely. The study clearly indicates higher efficiency for smaller farm

ISSN:0883-7252    

DOI:10.1002/jae.3950060107

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1991

数据来源: WILEY

摘要:

AbstractThis study introduces and tests a new CES production function approach using data from five major branches of the Soviet industrial sector. The estimated equations obtained suggest that the Cobb‐Douglas production function is the appropriate production function for all branches under consideration except Food Processin

ISSN:0883-7252    

DOI:10.1002/jae.3950060108

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1991

数据来源: WILEY

ISSN:0883-7252    

DOI:10.1002/jae.3950060109

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1991

数据来源: WILEY

ISSN:0883-7252    

DOI:10.1002/jae.3950060110

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1991

数据来源: WILEY

ISSN:0883-7252    

DOI:10.1002/jae.3950060111

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1991

数据来源: WILEY