Antitrust enforcement in a number of countries allows an efficiencies defence for horizontal mergers, joint ventures, specialization agreements and other horizontal arrangements. These defences may be statutory, jurisprudential or administrative. They involve, in essence, a balancing of real per...

This paper examines the impact of a collapsing exchange rate regime on output in an open economy in which shocks to capital flows and exports predominate. A sticky-price rational expec-tations model is used to compare the variability of output under the collapsing regime to that under...

In this study we examine if the spot and forward interest rates of the Canadian Treasury bill market are cointegrated and test the bill market efficiency. The data used are monthly average yields of three- and six-month Treasury bills from July 1962 to February 1996. Both spot and forward rates...

This paper develops a novel multilateral test approach to the problem of international comparisons. Many of the associated tests are justified as "reasonable" using the fact that they are direct analogues to properties of the cost-of-living index. Further support is bestowed upon the new...

Despite its exclusion from the Doha agenda, the issue of trade and labor standards remains an intensely discussed subject among economists, policymakers, international agencies and nongovernmental organizations. In the past few years, both World Trade Organization (WTO) and International Labor...

Apparent 'gaps' in productivity between Canadian and U.S. manufacturing industries raise policy, theoretical and measurement issues. At a low level, one asks if such gaps are 'just'artifactual - a problem of measurement error. At a high level, issues of capital theory are involved. I position...