We estimate a model of the black market premium for dollars in Yugoslavia from 1974 to 1987. Unlike previous applications of the model, our analysis addresses non-stationarity in the underlying data by allowing for trend breaks. Endogenous structural break tests indicate the presence of breaks...

We estimate a model of the black market premium for dollars in Yugoslavia from 1974-1987. Unlike previous applications of the model, our analysis addresses nonstationarity in the underlying data by allowing for trend breaks. Endogenous structural break tests indicate the presence of breaks...

This article uses data on real per capita incomes from 1900 to 2001 to test for stochastic convergence in a diverse group of 29 countries. We utilize LM unit root tests to endogenously determine the number and location of structural breaks for each country. These tests avoid spurious rejections...

In this paper we examine temporal properties of eleven natural resource real price series from 1870-1990 by employing a Lagrangian Multiplier unit root test that allows for two endogenously determined structural breaks with and without a quadratic trend. Contrary to previous research, we find...

A panel of industrial countries is examined for evidence of 'tax smoothing'. Tax smoothing results when governments minimize tax distortions over time. The model provides a positive theory of government debt and is due primarily to Barro. Unit root tests are performed in panel data to test the...

The size of government consumption relative to national output is examined to see if it is optimal in five Gulf countries of the Middle East. We follow the methodology suggested in Barro (1990) and Karras (1996, 1997) and examine the marginal productivity of government consumption. The "Barro...

A test for stationarity in the presence of a structural break is proposed. An unknown break point is endogenously determined at the value minimizing the test statistic. The break point can be estimated reasonably well under the null hypothesis of stationarity, especially when the magnitude of...

Time paths of carbon dioxide emissions intwenty-one industrial countries are examinedfrom 1960–1997 to test for stochastic andconditional convergence. Both panel unit roottests and cross-section regressions areperformed. Overall, we find significantevidence that CO<Subscript>2</Subscript> emissions haveconverged....</subscript>