Institutional information does not seem to prevent drug experimentation. We use Add Health panel data (1994-1996) to examine risky behaviour by adolescents (the consumption of tobacco, alcohol and marijuana). We find that such behaviours are correlated with the (lagged) behaviour of three peer...

Manufacturing price markup equations are estimated for 15 OECD countries using annual data. Firms have CES production technology. The markup depends on demand, competitors' prices and uncertainty. Cointegration is tested with the Pedroni tests and a panel version of the Johansen test, and...

The paper presents and tests a theory of the demand for money that is derived from a general equilibrium, endogenous growth economy, which in effect combines a special case of the shopping time exchange economy with the cash-in-advance framework. The model predicts that both higher inflation and...

Output growth, investment and the real interest rate are all found empirically to be negatively affected by inflation. But a seeming puzzle arises of opposite Tobin-like inflation effects because theory indicates a negative Tobin effect when investment falls and a positive Tobin effect when the...

I examine in detail the motives of bilateral aid allocation decisions, as they are revealed by data on bilateral aid commitments. I identify both self-interest and recipient needs and merits motives in aid allocation. Self-interest motives are related to economic and political ties between...

This paper analyzes American pharmaceutical firms' persistence in innovating just before the wave of mergers and acquisitions that accompanied the "Biotech revolution". We evaluate the impact of past innovative activity on firms' innovation propensities using a non-linear GMM estimator for...

This paper examines the per capita income convergence process among 23 Argentinean provinces over the period 1983-2002. The purpose of this work is to apply new estimation methods following two-step procedure as in Badinger et al. (2004). We combine a spatial filtering of variables to remove the...

Fringe benefits stand as an important part of compensation but confirming their role in determining job satisfaction has been mixed at best. The theory suggesting this role is ambiguous. Fringe benefits represent a desirable form of compensation but might result in decreased earnings and reduced...

This paper identifies the major areas of research strengths and concentration across all Australian universities, as demonstrated by the number of PhDs and academic staff members (S) in ten broad fields of education using the average audited data (2001-2003). The ratio of PhD completions to S is...