This paper consists of two parts, a theoretical followed by an empirical contribution. We first give a new framework for fractional differencing in discrete time and show how the definition of fractional differencing that is commonly employed in empirical financial applications arises as a...

The relationship between trade liberalisation and the environment has been the subject of a growing body of literature in recent years. One particular focus of attention has been whether environmental regulations are influencing patterns of international trade. This paper aims to examine this...

Books Reviewed Ian Steedman, Consumption Takes Time¿Implications for EconomicTheory A.S Bhalla, Market or Government Failures? An Asian Perspective Irene Van Staveren, The Values of Economics. An Aristotelian Perspective Giuseppe Bertola, Tito Boeri and Guiseppe Nicoletti (eds), Welfare and...

Demand and supply uncertainty lead to market models setting prices to levels of acceptable risk for excess supplies and net revenues. The result is a two price equilibrium. Equilibrium solutions applied to financial market data infer demand and supply elasticities and log normal volatilities....

Robustification of an on-line EM algorithm for modelling asset prices within an HMM -- Stochastic volatility or stochastic central tendency: evidence from a hidden Markov model of the short-term interest rate -- An econometric model of the term structure of interest rates under regime-switching...