From 1785 to 1815, U.S. shipping was subject to capture by the Barbary powers in North Africa. The U.S. government paid these powers for treaties to reduce the predation, and maintained a naval presence to protect its shipping. The Barbary powers appear to have price–discriminated in ransoming...

Federal revenues surged in the past three fiscal years, with receipts growing much faster than the economy and nearly all of the growth in the revenue due to individual income tax receipts. The 1994-7 increase in personal income tax liabilities relative to gross domestic product (GDP) resulted...

Phillip Cagan (1956) hypothesized

We apply a logistic smooth transition market model (LSTM) to a sample of returns on Australian industry portfolios to investigate whether bull and bear market betas differ. Unlike other studies, our LSTM model allows for smooth transition between bull and bear states and allows the data to...

In this paper we employ the STAR (smooth transition autoregressive) model to investigate potential nonlinearities, cyclical behaviour and duration dependence in the realized monthly betas of 39 US industry portfolios. Tests reject linearity for all but eight industries. The estimated nonlinear...

The authors use a logistic smooth transition market (LSTM) model to investigate whether 'bull' and 'bear' market betas for Australian industry portfolios returns differ. The LSTM model allows the data to determine a threshold parameter that differentiates between 'bull' and 'bear' states, and it...

The paper re-evaluates some inflation and unemployment models for the Scandinavian countries, utilizing a general to specific methodology. Two nested models are considered to represent a spectrum of unemployment and inflation models in order to examine the monetarist versus new classical...