In this paper, an approximation is suggested whereby the alternative C.E.S. form can be fitted as a number of additional corrections to the final expression associated with the Cobb-Douglas form. Some numerical results are tabulated, and these indicate that, for the British Economy at least, the...

One product of the author's recent investigation into the determinants of real fixed capital formation in the post-war british Economy was the following set of time-series. In this paper, the author tells us how the extension of the series beyond the range of the other series resulted in the...

Few econometric analyses dealing with aspects of the British post-war economy were available. In 1968, a study sponsored by the Brookings Institution was compelled to acknowledge the absence of any econometric investigation of the British system of investment incentives. In the following...

The problems of seasonal adjustment and other forms of prior adjustment have seldom been integrated into a general framework of estimation. A well-known result, due to Frisch and Waugh, has been used to demonstrate how linear seasonal influences might be treated in the context of the general...

The area of corporate taxation has stimulated a great deal of debate in both academic and political circles. On the political side, there have been those who argue that a corporation is only a legalistic creation and should not be regarded as a 'flesh-and-blood' person. This paper shall be...

The concept of stable Phillips curves and their economic implications have been the subject of a series of disputes in recent years. Since Phillips introduced his simple disequilibrium model,empirical research in the field of wage determination has indicated a wide spectrum of explanatory...

Economists are frequently compelled to use data which take inappropriate forms. One particular deficiency is discussed in the paper below; namely, the prior adjustment of economic time-series by moving average transformations. This discussion is restricted to regression analyses and data which...

The errors in the linear models which are used so widely by economists may be generated by mixed moving-average autoregressive processes. If errors on an aggregative equation are generated by a mixed moving-average autoregressive process and the weights of the moving-average component of this...

The need for careful specification in econometric analyses is well-known. If some component of a particular specification is incorrect, then conventional inferential procedures may be invalid. In particular, the presence of autocorrelation in linear economic models may lead to the use of...

In his A.E.A. Presidential Address, Tobin points out that due to the continuing controversy over the concept of a stable Phillips curve, the institutional features of the labour market have been largely ignored. Hence, the purpose of this paper is twofold: (1) to present an analytical framework...