This paper develops a model of the trade cycle based on the ideas if Nicholas Kaldor. The model is shown to generate an endogenous cycle in which the economy recovers from recession automatically even elthough the money wage is fixed.out technology.

This paper discusses the relationship between money supply and production in Tanzania, wit special reference to Macmod, the macroeconomic model for Tanzania. The relationship between money supply and production is seen as being neither direct nor simple in nature: the paper argues that the money...

We argue a source of time-varying premium (TVTP) in Japanese government bond market, and show that it is interest rate smoothing that causes empirical failures of expectation theory of term structure of interest rates. We estimate a regime switching ARCH model where an interest rate smoothing...

In this paper we have presented a model in which perfectly enticipated inflation is superneutral: if the variance of the money (or the growth rate of the money supply in the dynamic interpretation) supply is zero, the real equilibrium is independent of the mean of the money supply.

This paper exploits the term structure of interest rates to develop testable economic restrictions on the joint process of long-term interest rates and inflation when the latter is subject to a targeting policy by the Central Bank.

We test for the presence of long memory in daily stock returns and their squares using a robust semiparametric procedure. Spurious results can be produced by nonstationarity and aggregation.

Most hypotheses in binary response models are composite. The null hypothesis is usually that one or more slope coefficients are zero. Typically, the sequence of alternatives of interest is one in which the slope coefficients are increasing in absolute value. In this papar, we prove that the...

The optimal minimum distance (OMD) estimator for models of covariance structure is asymptotically efficient but has much worse finite-sample properties than does the equally-weighted minimum distance (EWMD) estimator. This paper shows how the bootstrap can be used to improve the finite-sample...

This paper makes two contributions to the literature on equilibrium search models. We cast the problem of determining the number of productivity types into a search for modes of the wage distribution and we use recent techniques of mode hunting to estimate the number and location of these modes.

This paper re-examines the findings of Alogoskoufis and Smith (1991), who argue that sharp increases in inflation persistence can be attributed to changes in the exchange rate regime. Using long time series data from the United Kingdom, the United States, Canada and Sweden, we suggest that these...