This paper addresses the problem of forecast evaluation in the context of a simple but realistic decision problem, and proposes a procedure, for the evaluation for forecats based on their average realized value to the decision maker.

This paper analyzes the consequences of introducing stochastic technological progress and stochastic labor input into a Solow-Swan exogenous growth model and an 'AK' endogenous growth model with general savings and production functions.

The purpose of this paper is to propose an innovative method of evaluating the performance of active fund managers, by introducing to the field of performance measurement the more appealing loss aversion utility theory. We combine the latter to an already established performance measure...

This paper takes a computationnaly simple LS approach to develop a more efficient estimation procedure, which we call Residual Augmented Least Square (RALS), than OLS when the errors are not normally distributed. The efficiency gain is from manipulating the higher moment conditions implied by...

In econometric analysis, non-nested models arise naturally when rival economic theories are used to explain the same phenomenon, such as unemployment, inflation or output growth. The authors examine the problem of hypothesis testing when the models under consideration are ‘non-nested’ or...

The services sector has grown as a share of GDP and employment in most countries in recent years, and there has been increasing interest in understanding this sector and in its growth potential. This article analyses the meaning and nature of the 'services sector' from a Marxian perspective....

The manufacturing sector has traditionally been regarded, particularly in development economics and in the Kaldorian literature, as having a ‘special role’ as an engine of growth. This article examines Marx’s approach to manufacturing, and the extent to which manufacturing could be...

This paper considers the statistical analysis of large panel data sets where even after conditioning on common observed e¤ects the cross section units might remain dependently distributed. This could arise when the cross section units are subject to unobserved common e¤ects and/or if there are...

This paper extends the analysis of infinite dimensional vector autoregressive models (IVAR) proposed in Chudik and Pesaran (2010) to the case where one of the variables or the cross section units in the IVAR model is dominant or pervasive. This extension is not straightforward and involves...