This paper proposes a simple framework for comparing alternative non-steady-state dynamic adjustments in response to structural shocks. The efficiency frontier model (EFM) provides a tractable solution method to mimic sequences of temporary general equilibria under various hypotheses about...

This paper examines the stability of coefficient estimates from weak-form and semi-strong form tests of efficiency in the 30-day forward exchange rate using Canadian/U.S. weekly and monthly data. The structural relationships are unstable and conclusions based on the full sample estimation can,...

This paper tests the martingale hypothesis for daily and weekly rates of change of futures prices for five currencies. Daily data suggests evidence against the null for each currency. Trading day effects in foreign currency futures and spot prices introduce complicated day of the week patterns...

This paper computes the occupational shifts required to accommodate structural change initiated by microelectronic-based technical change (MTC) in Canada. Occupational shifts are decomposed into supply side versus those induced by final demand changes. The results are presented for an historical...

In a Malinvaud disequilibrium model we show that along the boundary between Keynesian unemployment and repressed inflation is a continuum of non-Walrasian equilibria. Therefore, if wages are prices adjust according to (Clower-Benassy) effective excess demand function, the rest point will...

This paper presents an extended Keynes-Leontief-type model which is used to compute potential general equilibrium employment and income effects of microelectronic-based technical change in Canada. Alternative adjustment scenarios for adoption are considered. Results indicate that the .56 percent...

Hamilton's (1989) nonlinear Markovian filter is extend to allow state transitions to be duration dependent. Restrictions are imposed on the state transition matrix associated with a T-order Markov system such that the corresponding first-order conditional transition probabilities are functions...

The conditional capital asset pricing model is applied to foreign currency futures prices, covariance risk being measured relative to excess returns from a broadly diversified international portfolio of equities. Positive time-varying risk premia are found in all five currencies tested when the...

This paper analyses a stochastic international growth model with money and country-specific forcing processes for productivity and money growth rates. Monies are required due to cash-in-advance constraints for consumption goods but the liquidity constraints need not be binding for all periods....

Simple general equilibrium growth model are used to analyse non-steady-state dynamic adjustments. Alternative methods of closing the efficiency surface structure result in prescriptive versus descriptive versions. A sequence of models is analysed to illustrate.