Texts of the convergence hypothesis or the tendency for per capita income levels to narrow over time have generally utilized cross-sectional data and have usually found conflicting evidence. In this study, the authors utilize time-series data on Australia, the United Kingdom, and the United...

Testing for unit roots and the related issue of measuring shock persistence has attracted considerable theoretical and applied econometric interest. The issue of the size of the random walk component raised by Cochrane (Journal of Political Economy, 96, 893-920, 1988) has been extended in the...

With its rapid economic growth, China's primary energy consumption has exceeded domestic energy production since 1994, leading to a substantial expansion in energy imports, particularly of oil. China's energy demand has an increasingly significant impact on global energy markets. In this paper...

Human capital is increasingly believed to play an important role in the growth process, however, adequately measuring its stock remains controversial. This paper identifies three general approaches to human capital measurement; cost-based, income-based and education-based, and presents a...

This paper considers unit root tests of the index of British industrial production 1700-1913. For the full sample the data are found to be I(1). However, three distinct phases are identified with alternating stationarity properties. One period, 1780-1851, is identified as the British Industrial...

The existence, timing and possible causes of the British industrial revolution are considered by investigating the time series properties of industrial production and various explanatory variables. Utilizing co-integration-based causality tests, this paper argues that domestic forces, notably...

Modern macroeconomic theory utilises optimal control techniques to model the maximisation of individual well-being using a lifetime utility function. Agents face choices over current and future consumption (with resultant implied savings decisions) seeking to maximise the present value of...