Based on a small, open-economy IS-LM prototype model, this paper examines the sources of macroeconomic instabilities in Hong Kong and Singapore operating under two different currency board arrangements. The empirical findings suggest that in general, both external and internal factors contribute...

In this paper, the authors present a methodology for measuring the effects of economic policy where expectations are forward-looking. The methodology is then applied to the National Institute model, version 11; in this version, expectational variables appear in several key equations and the model...

In this paper, an incomplete financial market model was built to illustrate the impacts of the market incompleteness on the benefits of trade liberalization. Particularly, it will focus on the investigation of the impacts of different sequences of opening up the goods market. That is, should the...

This paper offers a contract-based theory to explain the determination of standard hours, overtime hours and overtime premium pay. We expand on the wage contract literature that emphasises the role of firm-specific human capital and that explores problems of contract efficiency in the face of...

Applying the standard bootstrapping technique with corrections for heteroskedasticity for a sample of the 1997 Urban Household Survey in China, the present article attempts to test (1) whether the commonly used decomposition methods for gender earnings differentials give significantly different...