A limitation of the current practice of pre-testing for unit roots before modelling cointegration is that unit root tests have low power in finite samples. As a result, series may be misclassified and estimation and inference dramatically affected. Phillips (1995) proposes a method based on the...

North-Holland.

NIESR's Annual Report for the year 2000. Contents include: Chairman's preface Director's report Research in 2000 Publicising institute research Supporters of the institute Financial Summary People at the institute

The New Deal for Young People (NDYP) is one of the main components of the UK government's Welfare-to-Work strategy aimed at raising employment and reducing benefit dependency. It combines elements of an active labour market programme with a stricter benefit regime. This paper evaluates its...

Does the social rate of return to physical investment exceed the private rate to an economically significant extent? In particular, is the return to investment in plant and machinery very high? This question is addressed by estimating a number of different models employing cross-section, time...