Showing 71 - 80 of 217
This paper presents estimates of price functions for beef, lamb and pork for the UK economy which allow for the effects of the 1996 BSE crisis. Our estimates illustrate the importance of allowing for the joint endogeneity of prices in these markets. We show that the effects of this crisis had a...
Persistent link: https://www.econbiz.de/10005593085
When environmental damages from emissions are spatially nonuniform, permit trading has been modeled most often as a “pollution offset program” in which emission permits are traded between agents, subject to constraints on ambient air quality. To date the institution envisioned to implement...
Persistent link: https://www.econbiz.de/10005684290
This study builds on earlier work by Kanioura and Turner (2005) in generating response surfaces for critical values for an F-test for cointegration based on an error-correction relationship between a set of variables of interest. It also builds on work by Pesaran et al. (2001) in generating...
Persistent link: https://www.econbiz.de/10005632597
This paper presents estimates of an error correction model for the real wage rate using annual data over the period 1870-1995. We find strong evidence for the existence of a cointegrating relationship between real wages, unemployment and the ratio of unemployment benefits to wages.
Persistent link: https://www.econbiz.de/10005632604
Empirical estimation of Phillips curve relationships typically indicates the presence of parameter instability. This is argued to be due to the fact that the parameters of these equations are reduced form rather than structural parameters. Estimation of a Phillips curve model by methods which...
Persistent link: https://www.econbiz.de/10005644150
This paper sets out a version of the Taylor-Romer model of short-run macroeconomic equilibrium which can be used for teaching undergraduate economics principles courses. The aim is to generate a model with the proven advantages of the IS-LM framework but with a more realistic description of...
Persistent link: https://www.econbiz.de/10005819579
British clearing banks have often been attacked over their provision of industrial finance. Lever and Edwards (1980) and Edwards and Carrington (1979) are among the more recent critics ; in their view the failings of the banks in this area are a major cause of Britain's relative economic...
Persistent link: https://www.econbiz.de/10005747171
The theoretical analysis of investment under uncertainty has been revolutionized over the last decade by the importation of ideas from finance. If investment is irreversible, there is a return to waiting. So although circumstances may suggest that it is profitable to invest, there may also be an...
Persistent link: https://www.econbiz.de/10005751380
Chow and Lin (1971) set out a procedure for the generation of higher frequency estimates for series for which data is available at a low frequency using data on a related series at the higher frequency. In this paper we set out a simple algorithm for the generation of quarterly estimates for a...
Persistent link: https://www.econbiz.de/10005761298
This paper presents estimates of the demand for money function derived from two alternative opportunity cost of holding money for the Turkish economy over the period 1988-2000. The specification of the equilibrium relationship is problematic in that real money balances are integrated of order...
Persistent link: https://www.econbiz.de/10005792639