We show that the power of the KPSS-test against inte-gration, as measured by divergence rates of the test statistic underthe alternative, remains the same when residuals from an OLS-regression rather than true observations are used.[...]

The aim of this paper is to analyze the hypotheses of German dominanceand asymmetry in the European Monetary System (EMS).Weuse monthly data for British, Dutch, French, German, Italian, Spanishand US interest rates from January 1979 to the second half of 1997. Inparticular, we test the stability...

In 1996 the Potato Marketing Scheme was abolished ending forty years ofinstitutional control over the British potato market. This paper offers aretrospective analysis of the control mechanisms adopted and develops atheoretical model of supply response that reflects this policy environment....

This paper shows that preferences alone cannot explain the patterns reported in the literature.

This paper proposes a novel methodology, based on the Common Principal Component analysis, allowing one to estimate the factors driving the term structure of interest rates, in the presence of time-varying covariance structure.

Many economic and econometric applications require the integration of functions lacking a closed form antiderivative, which is therefore a task that can only be solved by numerical methods. We propose a new family of probability densities that can be used as substitutes and have the property of...