Sir Richard Stone, knighted 1978 and 1984 Nobel Laureate in Economics, was one of the pioneers of national income and social accounts, and one of the few economists of his generation to have faced the challenge of economics as a science by combining theory and measurement within a cohesive...

This paper develops a multisectoral framework for the measurement of persistence of shocks to sectoral and aggregate output, and provides a decomposition of the contribution of shocks from different sources to the overall persistence measure. The framework is applied to U.K. output data,...

This paper applies an extended and generalised version of the recursive modelling strategy developed in Pesaran and Timmermann (1995) to the UK stock market. The focus of the analysis is to simulate investors' search in "real time" for a model that can forecast stock returns. We find evidence of...

This paper develops an econometric model for the analysis of exploration and production policies of "price-taking" suppliers, and derives theoretically consistent exploration and output equations for oil which explicitly take account of the oil discovery process and the intertemporal nature of...

A multisectoral union-firm model of wage-setting is developed to analyze intersectoral interactions that take place through expectations of outside wage opportunities in the economy as a whole. The technical issues involved in the solution and estimation of models of this type are discussed,...

This paper discusses alternative methods of testing for aggregation bias and proposes direct tests of the discrepancy of the macroparameters from the average of the corresponding microparameters, and derives tests of aggregation bias in the general case where the parameters of interest may...