This paper examines a neoclassical stochastic endogenous growth model in which terms-of-trade uncertainty affects savings and consumption growth. The model explains the positive link between growth and the average rate of change of terms of trade found in recent empirical studies. In addition,...

In 1994 Milk Marketing Boards in the UK were disbanded, their role as milk purchasers was taken by more than 100 licensed organisations. It is shown that this change resulted in an increase in the variation between producers' milk price. The majority of dairy farmers sold milk through the Milk...

Some recent time-series applications use probit models to measure the forecasting power of a set of variables. Correct inferences about the significance of the variables requires a consistent estimator of the covariance matrix of the estimated model coefficients. A potential source of...

In this paper we study the relationship between human capital accumulation and economic growth using various measures of human capital frequently employed by researchers. We use semiparametric estimation techniques to uncover any nonlinearities that may exist.