Showing 1 - 10 of 15
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...
Persistent link: https://www.econbiz.de/10005653014
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...
Persistent link: https://www.econbiz.de/10005653051
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...
Persistent link: https://www.econbiz.de/10005653125
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...
Persistent link: https://www.econbiz.de/10005653259
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...
Persistent link: https://www.econbiz.de/10005688187
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....
Persistent link: https://www.econbiz.de/10005688198
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.
Persistent link: https://www.econbiz.de/10005688261
This paper computes parametric estimates of a time-varying risk premium model and compares the one-step-ahead forecasts implied by that model with those given by a nonparametric kernel estimator of the conditional mean function. The conditioning information used for the nonparametric analysis is...
Persistent link: https://www.econbiz.de/10005688292
This paper carries out a specification analysis of a test relation for the unbiasedness hypothesis using 30-day forward foreign exchange data from France, Italy, Japan, the United Kingdom, and West Germany. The results indicate that econometric problems exist for each country's test equation....
Persistent link: https://www.econbiz.de/10005688376
This paper tests the martingale hypothesis for daily data from the Deutschmark/US dollar futures and spot foreign exchange markets. Time-varying volatility of daily price changes is modelled as conditional heteroskedasticity which is a function of recent news or forecast errors, as in the ARCH...
Persistent link: https://www.econbiz.de/10005688453