This article studies the efficient market hypothesis for the Istanbul Stock Exchange National 100 (ISEN 100) price index within the Lumsdaine and Papell two structural breaks unit root test framework. The main finding of the article shows that the ISEN 100 index is characterized by a unit root...

This article tests the Feldstein-Hoiroka 'puzzle' for a sample of 49 countries from two angles; that of co-movements in the saving-investment series and the magnitude of the saving-retention coefficient (SRC). The overall conclusion we obtain from the results of three different cointegration...

This article investigates the impact of petroleum product prices on recent United States' presidential elections by modelling the probability of the incumbent presidential party losing a state (under the United States' electoral college system) it had carried the previous presidential election....

We extend previous research examining the relation between interest rates and equity returns using a multivariate analysis of covariance model with a dynamic yield curve and conditioned term spread. We find yield pattern changes predict economic equity returns; that the long end-of-yield curve...

This paper implements a cointegrated structural VAR model of the Canadian economy using quarterly data over the period 1964-1994. The dynamic properties of the estimated model are compared to the predictions of a simple textbook macro model. Four long-run equilibrium relationships are tested:...

The causal link between tourism receipts and GDP has recently become a major focus in the tourism economics literature. Results obtained in recent studies about the causal link appear to be sensitive with respect to the countries analysed, sample period and methodology employed. Considering the...

This article considers the structural stability of the relationship between the real housing price and real GDP per capita for an annual sample that includes the Great Depression. We test for structural change in parameter values using a sample of annual US data from 1890 to 1952. The article...

The debate regarding rising temperatures and CO₂ emissions has attracted the attention of economists employing recent econometric techniques. This article extends the previous literature using a dataset that covers 800 000 years, as well as a shorter dataset, and examines the interaction...

Over the last twenty years the statistical properties of inflation persistence has been the subject of intense investigation and debate without reaching a unanimous conclusion yet. In this article we attempt to shed further light to this debate using a battery of econometric techniques in order...

Annual estimates of productivity are reported for periods over 500 years for eight countries and for five other countries over shorter periods. One- and two-break time series models are used to investigate discontinuities in productivity growth. The results support two-break models of long-run...