"In 2008, the Common Agricultural Policy (CAP) reached its fiftieth birthday. It has been a constant factor in directing resources to the EU agricultural sector, but the means of channelling these resources have changed considerably over time. This article charts the evolution of the CAPs...

The Uruguay Round Agreement made significant changes to the governance of international trade. Trade rules and dispute settlement mechanisms were altered and a series of specific agreements provided for liberalisation across economic sectors. The Agreement on Agriculture, arguably the most...

Based on a method developed by Leybourne, Kim and Taylor (2007) for detecting multiple changes in persistence, we test for changes in persistence in the dividend-price ratio of the NASDAQ stocks. The results confirm the existence of the so-called Dotcom bubble around the last turn of the century...

In this paper, we investigate the co-incidence of inflation persistence and poverty in a small open economy, using disaggregated data for Ghana. We initially employ various fractional integration (FI) tests for (a) the existence of long-memory and (b) an estimate of the degree of persistence,...

Using fractional integration and GARCH modeling techniques, this paper investigates the dynamic properties of UK interest rates. We find evidence that, contrary to previous studies for the US and Canada, short rates are more nonstationary compared to longer rates. Further, differences in...

The random-walk hypothesis of asset prices suggests that prices traded in a market cannot be predicted based on historical information. Employing unsecuritized UK commercial property returns, we analyze this hypothesis. Our results uncover multiple changes in persistence in both aggregate and...