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MINNA-MAARI H. KARVONEN [*] Traditional neoclassical production theory analyzes the relationship in a production process between inputs and outputs which have a positive market value for the producer. The externalities [...]

Abstract This paper examines the relationship between long-run growth and business cycles in the Organization for Economic Co-operation and Development (OECD). The model in the paper specifically assumes that the [...]

Abstract This paper analyzes whether international monetary policy coordination is the best response to economic interdependence. The paper develops a macroeconomic model in which countries show different preferences regarding objectives [...]

This paper examines the Australian import behavior using cointegration analysis and the Phililips-Hansen [1990] fully modified OLS (FMOLS). In particular, the paper uses the augmented Dickey-Fuller (ADF) [Dickey and Fuller, [...]

This paper examines the effect of trade policies on worker welfare. The main contribution of the paper lies in its short run results, which differ from those in earlier studies. [...]

Abstract This paper develops a theoretical framework which can be used to examine policy implications from the learning-by-exporting hypothesis. This work builds on previous theoretical literature by introducing a credit [...]

Abstract In this paper, we propose a new benchmarking procedure lying on cumulants for computing the factor loadings in financial models of returns. We apply this technique to the well-known [...]

Abstract This paper evaluates the quality of human resource management (HRM) in Croatia because excellent human resource (HR) policies, programs and activities enable enterprises to maximize their workforce productivity. The [...]

Abstract Using a two-regime model of the inflation-unemployment process for US data 1960:2 to 2000:2, this paper finds strong evidence to support the Eisner puzzle, which occurs when the short-run [...]

The objective of this paper is to suggest the use of a stochastic frontier model in which the inefficiency component is heteroscedastic in the measurement of technical efficiency in Human Capital Formation in the Italian University System. The heteroscedastic frontier model enables one to consider the effect of students' individual characteristics and the influences of the resources and organization of the specific faculty on efficiency. The suggested model is applied to the case of Florence University graduates. The results show that the model specification is strongly supported by the data. Moreover, the suggested specification explains variation in technical efficiency in terms of graduate-specific factors. The technical efficiency scores obtained are comparable across faculties. Keywords Heteroscedasticity * Stochastic frontier production model * Technical efficiency estimates * Human capital formation JEL C20 * D20 * I21, Introduction In the stochastic production frontier approach, the output of each production unit is bounded above by a frontier that is stochastic in the sense that its placement is allowed [...]

This paper uses a stochastic translog production frontier to estimate technical inefficiency indices whose conditional mean is specified as a function of FDI and its interaction with openness of the economy. The model is estimated using an annual panel of 46 countries for the years, 1981-2001. The results suggest that increased FDI increases potential output in both developed and developing countries with the effect being more profound in the former. It is also found that increased FDI reduces technical inefficiencies the more open is the economy but that this effect holds only for developed economies. Thus qualified support is found for the 'Bhagwati hypothesis' as the results reveal that the efficiency-enhancing effect of FDI depends not only on openness but also on the degree of development of the host country. Keywords Stochastic production frontier * FDI * Openness * Growth and development JEL C10 * 010, Introduction In the past 30 years, we have witnessed worldwide trade liberalization, globalization of commerce and integration of a diverse set of economies. Open economies interact with one another in [...]

Abstract This paper analyses the progressive unification of the domestic market during the eighteenth century by three means. First, the intensification of commercial trade, due to the increase of authorized [...]

Abstract The purpose of the paper is to find out the borrowing cost premia for those individuals who are liquidity-constrained, or who are first-time buyers of real estate. The analysis [...]

Abstract The objective of this paper is to provide a sound theoretical framework for the empirical analysis of consumer indebtedness, by integrating Portfolio theory with the Life-Cycle hypothesis (LCH) model [...]

Abstract This paper analyzes the redistributive and labor supply effects of extending at national level the Minimum Insertion Income, introduced experimentally in 1999 in some Italian municipalities. We develop a [...]

Abstract This paper identifies the determinants affecting the adolescent populations' decision regarding whether or not to consume illegal drugs. The authors estimate a simultaneous Type II Tobit model for each [...]

Abstract This paper analyzes the technical efficiency of the Lisbon police precincts in order to investigate its performance. A stochastic cost frontier model is used to generate efficiency scores, assuming [...]

Abstract This paper addresses the impact of smoking restrictions in workplaces and educational establishments, cigarette price measures and various psychosocial indicators on cigarette demand, controlling for demographic and socio-economic factors. [...]

Abstract This paper examines aggregate real-wage responses to nominal shocks in four Pacific-rim countries utilizing a vector autoregression (VAR) framework. In this study, positive real-wage responses are found in Japan [...]

Abstract Using a novel data set on new product introductions in U.S. manufacturing, the paper studies the relationship between new product introductions and the intensity of market competition as it [...]

Abstract This paper devises an endogenous growth model with human capital in the Uzawa-Lucas framework in which the average human capital has a positive external effect on the goods sector. [...]

Abstract The issue of the Permanent Income Hypothesis (PIH) is revisited in this paper by examining the relationship between U.S. consumption and income through new statistical techniques based on fractional [...]

Abstract This paper disaggregates unemployment into broadly defined sectors and occupations. It estimates the impact that a change in the Federal Funds rate (FFR) has on the magnitude and time [...]

Abstract This paper contributes to the discussion concerning the nature of the well-documented worsening of wage and employment inequality in western economies during the past three decades. It critically discusses [...]

Abstract This paper compares the stylized facts of the European growth cycle stemming from the Gross Domestic Product (GDP) of the European Monetary Union with an unobserved common factor derived [...]

Abstract This paper examines the effect of ownership structure on corporate governance and performance of privatized enterprises in transition. The data are taken from a survey conducted in 2001 on [...]

Abstract This paper first empirically investigates the cost structure of the Greek banking sector. Secondly, it provides measures of economies (diseconomies) of scale and quantifies technical change and its sources. [...]

Abstract The primary aim of this paper is to carry out an analysis of the savings behavior by separately analyzing its public and private components and the private savings components [...]

Abstract In this paper, the stochastic behavior of short run interest rates in some Asian development countries is examined by means of using fractionally integrated semiparametric techniques. In doing so, [...]

Abstract This paper analyzes sports managers' earnings and blends traditional aspects of management derived from human capital theory with new aspects derived from social capital theory. It captures the integrative [...]

Abstract This paper seeks to explain exchange rate and current account or net foreign assets behavior under central bank foreign exchange rate intervention. To analyze central bank intervention we use [...]

Abstract The aim of this paper is to analyze the economic and social cohesion from the Spanish perspective. The hypothesis is that the economic and social cohesion in the European [...]

Abstract In the area of international trade, few studies have examined whether increases in exchange-rate volatility depress trade flows of LDCs. The aim of this paper is to investigate empirically [...]

Abstract This paper investigates the behavior of input, output, and consumer food prices under two different policy regime periods, before and after the reformulation of the Common Agricultural Policy (CAP) [...]

Abstract The purpose of this paper is to calculate purchasing power parity rates and the real exchange rate using several methods of calculation to estimate long-run equilibrium real exchange rates [...]

Abstract This paper proposes a three-country model of trade that captures the role of communications networks which enhance trade in business set-vices. The interconnectivity of country-specific networks is found to [...]

Abstract The paper reports on the multiplier analysis of comparable Social Accounting Matrices for Russia and China. The benchmark is around 1990, which constitutes a crucial year in their transition [...]

Abstract This paper proposes a model and methodology for studying the effect of experience on an auditor's expert potential. Expert potential is defined as an increase in the expected level [...]

Abstract This paper examines the role of human capital on economic growth by using a large panel of data including 93 countries. Given the cross-sectional character in most of the [...]

This paper studies the convergence of inflation rates over the period of 1983-93 for some countries within the European Monetary System. Three different price indices are considered for consumer goods, [...]

The objective of this paper is to examine hypotheses about the relationships between socio-economic factors, risk factors in working life, and the occurrence of mental illness, together with the degree [...]

Based on the construction of two composite indices for economic integration, this paper looks at the hierarchical position of Latin America and the Caribbean. The two indices, called the speed [...]

This paper utilizes the dynamic error-correction model (DECM) to examine the issue of purchasing power parity (PPP) for 11 developing countries (Argentina, Bolivia, Colombia, Cote d'Ivo ire, Ecuador, Guatemala, Kenya, [...]

A.A. Farhad Chowdhury (*) Abstract This paper designs an acreage response model under the acreage allotment farm program incorporation a policy-inducing variable. The single-equation regression model for each rice-producing state [...]

Hegazy Elgazar (*) Abstract This paper examines the properties of a dynamic equilibrium model focused on sectoral specialization and dynamic competitiveness in international trade. Factors of competitiveness and growth were [...]

Tim Hudson (*) Abstract This paper suggests an investment strategy which allows an investor to specify the desired return on investment to be equal to the expected rate of inflation [...]

Steffen Hillmert (*) Abstract This paper examines labor market mobility from an historical perspective, using the United Kingdom as a case study. Movements into and out of employment are related [...]

TEIT LUTHJE (*) Since intermediate goods play such a vital role in foreign trade, this paper develops a model that explains the benefits from intraindustry trade in differentiated intermediate goods. [...]

L. E. JOHNSON (*) ROBERT LEY (*) THOMAS CATE (**) This paper centers on Keynes' theory of money and his attack on the classical model. Keynes criticized the self-correcting model [...]

GUNTHER LANG [*] This paper analyzes a two-stage model of bilateral bargaining where one of the agents has the option to delegate. A first approach is to assume that the [...]