This paper tests a smart money-noise trader model directly by seeing how well its predictions match the behavior of actual investors.

Computable general equilibrium (CGE)models require both theory and data. The theory underlying our model is standard general equilibrium theory, and details will be provided elsewhere. The sole purpose of this paper is to present in detail the data used to calibrate this model. We have...

This paper argues that trade unions have a number of distinct and possibly conflicting effects on wages. This contrasts with the vast bulk of the literature which focuses on estimating a simgl measure of the union differential or "mark-up". We use data at the work-place level for the United...

This paper presents an analysis of the growth and structure of EU-CEE intra-industry trade since the latter commenced their economic transition in the late 1980's. Section 2 outlines the economic rationale for intra-industry trade and its classification into horizontal and vertical two-way...

The purpose of this paper is to examine the relationship between three variables- the grant rate, the tax rate and the relative price of local costs and to establish the trade offs between these variables.