In this study we use tiem-series data to examine the persistence of Japanese trade balance surplus and the existence of a J-curve effect for the period 1975 (I)-1990(I). We extend the earlier studies by applying the Shiller lag model to the first differences of the variables that are subject to...

Hourly labor costs in the manufacturing sector of seven EC countries, the USA and Canada are used to test the factor price convergence (FPC) by employing Johansen’s multivariate cointegration tests. We also examine if there is a two-way causality in wages between two groups of countries...