This paper makes a case for compiling a new set of industry statistics based upon MiTT -- minutes of telecommunications traffic. For most countries, telecommunication flows are a statistical 'lack hole'. Annual reports are the rule; there is no common unit of account; and data on traffic flows is...

The USA suffers a large and growing balance of payments deficit in the telecommunications sector, a phenomenon often blamed on the international accounting rate system. The experience of other countries suggests that this explanation is too simple, however. This article concludes from a new...

The question whether the US equity market is overvalued is important from a policy perspective because a significant derating could interact adversely with the realisation of risks of recession. A simple dividend based model suggests that the market is two or three times overvalued. Allowing for...

The question whether the US equity market is overvalued is important from a policy perspective because a significant derating could interact adversely with the realisation of risks of recession. A simple dividend based model suggests that the market is two or three times overvalued. Allowing for...

This paper derives, and then estimates, a model of employment where unions and firms bargain over wages and possibly employment, and efficiency wage considerations may be important. It illustrates the difficulties associated in interpreting many existing attempts to discriminate between...

The authors attempt to account for the covariances between stock markets and to assess their integration. They estimate a factor model for sixteen national stock market returns whose volatility is induced by changing volatility in the factors. Unanticipated returns depend on innovations in...

The empirical objective of this study is to account for the time-variation the covariances between markets. Using data on sixteen national stock markets, we estimate a multivariate factor model in which the volatility of returns is induced by changing volatility in the orthogonal factors. Excess...