Differences in individual wealth holdings are widely viewed as a driving force of economic inequality. However, as this finding relies on cross-section data, we may confuse older with wealthier. We propose a new method to adjust for age effects in cross-sections, which eliminates transitory...

The use of GARCH models with stable Paretian innovations in financial modeling has been recently suggested in the literature. This class of processes is attractive because it allows for conditional skewness and leptokurtosis of financial returns without ruling out normality. This contribution...

The Vancouver Composite Index fell by over 25% in less than six weeks during spring 1997 as the junior mining sector collapsed. We argue that this market collapse was triggered by the failure of Bre-X Minerals when that company s Indonesian claims, previously believed to contain the world s...

Using quantile regressions, this paper provides evidence that the relationship between school quality and wages varies across points in the conditional wage distribution and educational attainment levels. Although smaller classes generally have a positive return for individuals at high...

The need for better targeting of active labour market programmes is evident from the many evaluation studies that find insignificant or even negative effects. A statistical system could contribute to a more precise targeting of labour market programmes to those individuals who are likely to...

Competition policy emerged as an important area of interest during the later stages of Uruguay Round negotiations. The task of establishing competition policy is complicated by the fact that there already are trade statutes - antidumping, countervailing duty, safeguard actions - that relate to...

A new approach is proposed for estimating potential output and the NAIRU. Identification is achieved using Okun's law and a Phillips curve. The performance of the methodology is exemplified using data from Canada, the UK, and the US.