This paper examines the relationship between advertising expenditures, sales and the cost of advertising using annual UK data over the period 1967-1997. Strong evidence is found for the existence of a cointegrating relationship between real advertising expenditures, sales volumes, goods prices...

This paper presents estimates of the demand for money function and the Phillips curve using quarterly data for the Mexican economy over the period 1980--1999. These estimates are used to test restrictions on the dynamic process of the errors and cross-equation parameter restrictions suggested by...

The paper presents estimates of export and import demand functions for fifteen industrial countries. To allow for common shocks use is made of the Seemingly Unrelated Regression Estimator (SURE). These estimates are then used to construct predictions of the growth rate consistent with balance of...

This study builds on earlier work by Kanioura and Turner (2005) in generating response surfaces for critical values for an F-test for cointegration based on an error-correction relationship between a set of variables of interest. It also builds on work by Pesaran et al. (2001) in generating...

This paper presents estimates of an error correction model for the real wage rate using annual data over the period 1870-1995. We find strong evidence for the existence of a cointegrating relationship between real wages, unemployment and the ratio of unemployment benefits to wages.

This article estimates limited dependent variable models for Bank of England monetary policy using monthly data over the period June 1997-March 2003. During this period the Bank had operational independence to set the interest rate in order to meet the inflation target set by the government. The...

This article investigates the power of CUSUM and CUSUMSQ tests for parameter stability and demonstrates that this depends on the nature of the structural change taking place. If the break is in the intercept of the regression equation then the CUSUM test has higher power. However, if the...

This article uses the Chow--Lin (1971) procedure to generate estimates of quarterly gross domestic product for the UK economy over the period January 1920 to April 1938. This series is then used to estimate a cointegrating relationship between employment, real wages and aggregate output.

Demand functions for broad money and foreign currency deposits are estimated using quarterly Mexican data for the period 1978:1 to 2000:4. Significant evidence is found for currency substitution in the broad money equation. While the demand function for foreign currency deposits is harder to...