This paper tests the martingale hypothesis for daily and weekly rates of change of futures prices for five currencies. Daily data suggests evidence against the null for each currency. Trading day effects in foreign currency futures and spot prices introduce complicated day of the week patterns...

Redistribution programs are constrained because those not working may be either unable to work, voluntarily unemployed or involuntarily unemployed. The inability to distinguish among these three cases inhibits the targeting of transfers to those most in need. Enabling the government to monitor...

Associated with every popular nonlinear estimation method is at least one "artificial" linear regression. We define an artificial regression in terms of three conditions that it must satisfy. Then we show how artificial regressions can be useful for numerical optimization, testing hypotheses,...

This paper makes commodities divisible and incorporates bargaining into the search-theoretic model of money to determine the purchasing power of money (or price). It is shown that two monetary equilibria always coexist where flat money is universally accepted. The two equilibria differ in price,...

This paper reports tests of two models of pricing behaviour using cross-sectional data or relative Canadian/United States prices and costs, and on Canadian tariff protection and market structure. The main results are: 1) the market power model is statistically better supported than the law of...

This paper examines the impact of unemployment insurance (UI) on employment and unemployment in an industry in which the prices can vary due to some market power or general equilibrium (GE) effects. Some non-conventional results are obtained. First, it is shown that in an industry in which firms...