In this paper, we re-examine the validity of both short and long run monetary models of exchange rate for the case of the Philippines by using new approach called Autoregressive Distributed Lag (ARDL) to cointegration. From our analysis, some findings are obtained. First, there are robust short...

In this paper, we re-examine the validity of both short and long run monetary models of exchange rate for the case of the Philippines by using new approach called Autoregressive Distributed Lag (ARDL) to cointegration. From our analysis, some findings are obtained. First, there are robust short...

By employing an Autoregressive Distributed Lag (ARDL) approach to cointegration, this paper presents the results of a new empirical study on short-run and long-run relationships between the Cambodian parallel and the official exchange rates. Tests to confirm the stability of the estimated model...

This paper presents preliminary results of empirical tests for Japanese union workers on a relative utility hypothesis, along the line developed by Clark and Oswald (1996). While our results support the existence of relative utility among Japanese union workers, a caveat is presented. We argue...

This paper proposes that a public finance system can Pareto-improve a version of the economy in Ghatak and Jiang (2002). Our discussion relates to the controversial issue of wealth inequality in Japan. Its implications are important for consideration during administrative reform by the Koizumi...

This paper investigates which of publicly financed education or privately financed education is favorable for growth in an economy where development of new technology by specialists is the engine of growth and social rewards are bestowed upon growth enhancing activities. We show that when one...

This paper presents preliminary results of empirical tests for Japanese union workers on a relative utility hypothesis, along the line developed by Clark and Oswald (1996). While our results support the existence of relative utility among Japanese union workers, a caveat is presented. We argue...

This paper proposes that a public finance system can Pareto-improve a version of the economy in Ghatak and Jiang (2002). Our discussion relates to the controversial issue of wealth inequality in Japan. Its implications are important for consideration during administrative reform by the Koizumi...

This paper investigates which of publicly financed education or privately financed education is favorable for growth in an economy where development of new technology by specialists is the engine of growth and social rewards are bestowed upon growth enhancing activities. We show that when one...