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# Economics Letters

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### 2001, Volume 72, Issue 2

### 2001, Volume 72, Issue 1

**1-10 On bootstrap inference in cointegrating regressions***by*Psaradakis, Zacharias**11-18 Testing parameter constancy in models with infinite variance errors***by*Chen, Mei-Yuan & Kuan, Chung-Ming**19-25 Are currency devaluations effective? A panel unit root test***by*Chou, Win Lin & Chao, Chi-Chur**27-32 Measuring skill: a multi-dimensional index***by*Portela, Miguel**33-37 Spurious deadweight gains***by*Facchini, Giovanni & Hammond, Peter J. & Nakata, Hiroyuki**39-45 Cigarettes and addiction information: new evidence in support of the rational addiction model***by*Fenn, Aju J. & Antonovitz, Frances & Schroeter, John R.**47-52 Why firms should care for customers***by*Konigstein, Manfred & Muller, Wieland**53-59 Cost functions in non-linear pricing***by*Thomas, Lionel**61-65 Investment and uncertainty: is there a potential role for a common European policy?***by*Calcagnini, Giorgio & Saltari, Enrico**67-72 Real supply shocks and the money growth-inflation relationship***by*Christensen, Michael**73-77 Country risk and capital flow reversals***by*Razin, Assaf & Sadka, Efraim**79-85 Long run real exchange rates: evidence from Mexico***by*Kakkar, Vikas**87-94 Exchange-rate volatility, exchange-rate regime, and trade volume: evidence from the UK-US export function (1889-1999)***by*Aristotelous, Kyriacos**95-98 Fiscal decentralization, central bank independence, and inflation***by*King, David & Ma, Yue**99-106 Tax earmarking and grass-roots accountability***by*Dhillon, Amrita & Perroni, Carlo**107-115 Testing the Acemoglu-Pischke model in Spain***by*Peraita, Carlos**117-120 Marginal costs and collusive sustainability***by*Lambertini, Luca & Sasaki, Dan**121-126 Access pricing and exclusionary behavior***by*Weisman, Dennis L.**127-129 Anomalies in net present value calculations?***by*Castelo Joaquin, Domingo

### 2001, Volume 71, Issue 3

**299-306 Consistent specification testing for conditional moment restrictions***by*Whang, Yoon-Jae**307-316 Monotonic improved critical values for two [chi]2 asymptotic criteria***by*Cribari-Neto, Francisco & Ferrari, Silvia L. P.**317-322 Non-redundancy of high order moment conditions for efficient GMM estimation of weak AR processes***by*Broze, Laurence & Francq, Christian & Zakoian, Jean-Michel**323-327 Replicating contests***by*Warneryd, Karl**329-333 Why is income inequality so low in China compared to other countries?: The effect of household survey methods***by*Gibson, John & Huang, Jikun & Rozelle, Scott**335-340 Condorcet winners on four candidates with anonymous voters***by*Gehrlein, William V.**341-345 A note on some limitations of CRRA utility***by*Geweke, John**347-354 Stochastic dominance and optimal portfolio***by*Dachraoui, Kais & Dionne, Georges**355-358 A note on demand for information: the OCE preferences case***by*Giannikos, Christos I.**359-362 Can skill decay increase search effort?***by*Charlot, Olivier & Decreuse, Bruno**363-368 A non-parametric test of the symmetry of PSID wage-change distributions***by*Christofides, Louis N. & Stengos, Thanasis**369-375 Uncertainty on monetary policy and the expectations model of the term structure of interest rates***by*Favero, Carlo A. & Mosca, Federico**377-381 Capital flight and the uncertainty of government policies***by*Hermes, Niels & Lensink, Robert**383-389 Increasing convergence among European stock markets?: A recursive common stochastic trends analysis***by*Rangvid, Jesper**391-396 Price and hedging policy: The case of an intertemporarily risk averse bank***by*Jaenicke, Johannes**397-404 Are people conditionally cooperative? Evidence from a public goods experiment***by*Fischbacher, Urs & Gachter, Simon & Fehr, Ernst**405-412 The 'spite' dilemma: spite or no spite, is there a dilemma?***by*Brunton, Douglas & Hasan, Rabia & Mestelman, Stuart**413-420 Using 'bill and keep' interconnect arrangements to soften network competition***by*Gans, Joshua S. & King, Stephen P.**421-427 Cost-reducing horizontal mergers that leave prices unchanged in models of spatial competition***by*Braid, Ralph M.**429-429 Corrigendum to "The Existence of Population Inequality Measures": [Economics Letters 57 (1997) 39-44]***by*Kleiber, Christian

### 2001, Volume 71, Issue 2

**149-154 Cointegration analysis using M estimators***by*Juhl, Ted**155-163 On the identifiability of Euler equation estimates under saddlepath stability***by*Lucke, Bernd & Gaggermeier, Christian**165-171 Factor ARMA representation of a Markov process***by*Darolles, Serge & Florens, Jean-Pierre & Gourieroux, Christian**173-179 The robustness of tests for seasonal differencing to structural breaks***by*da Silva Lopes, Artur C. B.**181-189 Confidence intervals for the largest root of autoregressive models based on instrumental variable estimators***by*Wan Shin, Dong & Soo So, Beong**191-196 Modeling zero response data from willingness to pay surveys: A semi-parametric estimation***by*Yoo, Seung-Hoon & Kim, Tai-Yoo & Lee, Jai-Ki**197-203 Effects of monetary policy shocks on the trade balance in small open European countries***by*Kim, Soyoung**205-209 Imposing inequality restrictions: efficiency gains from economic theory***by*Dorfman, Jeffrey H. & McIntosh, Christopher S.**211-216 A test of collective rationality for multi-person households***by*Dauphin, Anyck & Fortin, Bernard**217-224 Gross employment flows in U.S. coal mining***by*Dunne, Timothy & Merrell, David R.**225-231 External sector and income inequality in interdependent economies using a dynamic panel data approach***by*Calderon, Cesar & Chong, Alberto**233-240 Testing for risk aversion: a stochastic dominance approach***by*Levy, Moshe & Levy, Haim**241-245 Monotone transformation of utility: Some particular cases***by*Godfroid, Philippe**247-253 Price stickiness, inflation, and persistence in real exchange rate fluctuations: cross-country results***by*Khan, Hashmat**255-263 New evidence on the effects of US monetary policy on exchange rates***by*Kalyvitis, Sarantis & Michaelides, Alexander**265-270 Are government initiated recalls more damaging for shareholders? Evidence from automotive recalls, 1973-1998***by*Rupp, Nicholas G.**271-275 A causality test of the relationship between bank and credit union lending rates in local markets***by*Feinberg, Robert M. & Rahman, A. F. M. Ataur**277-285 Agents with imperfect empathy may survive natural selection***by*Bisin, Alberto & Verdier, Thierry**287-291 Irreversibility of R&D investment and the adverse effect of uncertainty: Evidence from the OECD countries***by*Goel, Rajeev K. & Ram, Rati**293-298 Are the Penn World Tables data on government consumption and investment being misused?***by*Knowles, Stephen

### 2001, Volume 71, Issue 1

**1-8 Econometric applications of high-breakdown robust regression techniques***by*Zaman, Asad & Rousseeuw, Peter J. & Orhan, Mehmet**9-16 A new definition for time-dependent price mean reversion in commodity markets***by*Kocagil, Ahmet E. & Swanson, Norman R. & Zeng, Tian**17-25 Calculating and analyzing impulse responses for the vector ARFIMA model***by*Chung, Ching-Fan**27-33 Convergence of averages of scaled functions of I(1) linear processes***by*de Jong, Robert M.**35-42 Modelling the duration of firms in Chapter 11 bankruptcy using a flexible model***by*Orbe, Jesus & Ferreira, Eva & Nunez-Anton, Vicente**43-48 A robust Hansen-Sargent prediction formula***by*Kasa, Kenneth**49-53 Buying and selling in strategic market games***by*Ray, Indrajit**55-60 A comparison of standard multi-unit auctions with synergies***by*Albano, Gian Luigi & Germano, Fabrizio & Lovo, Stefano**61-65 Induced-value tests of the referendum voting mechanism***by*Taylor, Laura O. & McKee, Michael & Laury, Susan K. & Cummings, Ronald G.**67-73 Aggregation without separability: Composite commodity theorems in quantity-space***by*Moro, Daniele**75-82 On some agency costs of intermediated contracting***by*Faure-Grimaud, Antoine & Martimort, David**91-96 Export price responses to exogenous exchange rate movements***by*Adolfson, Malin**97-103 Do complementary factors lead to economic fluctuations?***by*Ralf, Kirsten**105-110 Export restrictions, urban unemployment, and the location of processing activities***by*Gilbert, John & Wahl, Thomas**111-115 Tax harmonisation and the origin principle***by*Lucas, Vander**117-129 On the mean-reverting properties of target zone exchange rates: a cautionary note***by*Taylor, Mark P. & Iannizzotto, Matteo**131-136 Price limits and stock market volatility***by*Kim, Kenneth A.**137-142 Tax normalizations, the marginal cost of funds, and optimal environmental taxes***by*WilliamsIII, Roberton C.**143-148 Is there a bias toward excessive quality in defense procurement?***by*Feinerman, Eli & Lipow, Jonathan

### 2001, Volume 70, Issue 3

**295-301 Envelope and sensitivity analysis 'in the large'***by*Chavas, Jean-Paul**303-309 On factor decomposition of cross-country income inequality: some extensions and qualifications***by*Goerlich Gisbert, Francisco J.**311-317 Structural change tests under regression misspecifications***by*Yang, Jian**319-326 Closed-form likelihood function of Markov-switching models***by*Yang, Minxian**327-333 Cross sectional and panel estimation of convergence***by*Goddard, John & Wilson, John**335-340 Further results on Lagrange multipliers with several binding constraints***by*Caputo, Michael R.**341-348 On the equivalence of preferences***by*Grant, Simon & Karni, Edi**349-355 A cake for Cournot***by*Kamien, Morton I.**357-362 Repetition and signalling: experimental evidence from games with efficient equilibria***by*Clark, Kenneth & Sefton, Martin**363-368 Market volatility and inequality in earnings: experimental evidence***by*Huck, Steffen & Normann, Hans-Theo & Oechssler, Jorg**369-374 The demand functions that satisfy the weak axiom of revealed preference and generalized monotonicity***by*Zhu, D. L.**375-380 On decomposable exchange rules***by*Maniquet, Francois**381-385 Another direct proof of the Gibbard-Satterthwaite Theorem***by*Sen, Arunava**387-395 Some empirical evidence on the 'discouraged worker' effect***by*Benati, Luca**397-404 The monetary transmission mechanism: evidence and implications for European Monetary Union***by*Fountas, Stilianos & Papagapitos, Agapitos**405-412 Are shocks to foreign investment in developing countries permanent or temporary? : Evidence from panel unit root tests***by*Strazicich, Mark C. & Co, Catherine Y. & Lee, Junsoo**413-419 The debt hangover: Renegotiation with noncontractible investment***by*Bhattacharya, Sudipto & Faure-Grimaud, Antoine**421-426 The Canada/Quebec pension plan disability program and the labor force participation of older men***by*Campolieti, Michele**427-429 Remarks on good vs. bad characteristics in vertical differentiation***by*Bontems, Philippe & Requillart, Vincent**431-437 On price competition with complementary goods***by*Gabszewicz, Jean & Sonnac, Nathalie & Wauthy, Xavier

### 2001, Volume 70, Issue 2

**147-155 Change point estimation in regressions with I(d) variables***by*Hsu, Chih-Chiang**157-164 Finite sample properties of a QML estimator of stochastic volatility models with long memory***by*Perez, Ana & Ruiz, Esther**165-173 Local equilibria in economic games***by*Alos-Ferrer, Carlos & Ania, Ana B.**175-181 Are adults better behaved than children? Age, experience, and the endowment effect***by*Harbaugh, William T. & Krause, Kate & Vesterlund, Lise**183-186 Aggregation, rank, and some historical Engel curves***by*Costa, Dora L.**187-194 On the superiority of the multiple round ascending bid auction***by*Branco, Fernando**195-202 The effect of entry and information costs on oral versus sealed-bid auctions***by*Engelbrecht-Wiggans, Richard**203-208 Different notions of disappointment aversion***by*Grant, Simon & Kajii, Atsushi & Polak, Ben**209-214 Efficiency and stabilization: reducing Harberger triangles and Okun gaps***by*Hairault, Jean-Olivier & Langot, Francois & Portier, Franck**215-221 Propaedeutics of strategic theories of economic integration***by*Haller, Hans H. & Ioannides, Yannis M.**223-228 Reserve uncertainty and speculative attacks on target zones***by*Fella, Giulio**229-235 Volatility and stock prices: implications from a production model of asset pricing***by*Basu, Parantap & Samanta, Prodyot**237-243 Waves and persistence in merger and acquisition activity***by*Barkoulas, John T. & Baum, Christopher F. & Chakraborty, Atreya**245-251 Financial repression and optimal taxation***by*Bai, Chong-En & Li, David D. & Qian, Yingyi & Wang, Yijiang**253-257 The Okun curve is non-linear***by*Viren, Matti**259-265 Options to quit***by*Pfann, Gerard A.**267-272 Evidence production in adversarial vs. inquisitorial regimes***by*Froeb, Luke M. & Kobayashi, Bruce H.**273-281 Information asymmetry as a source of spatial agglomeration***by*Tropeano, Jean-Philippe**283-287 On the measurement of [sigma]-convergence***by*Dalgaard, Carl-Johan & Vastrup, Jacob**289-294 Political instability and economic growth in developing economies: some specification empirics***by*Fosu, A. K.

### 2001, Volume 70, Issue 1

**1-8 Unit root and stationarity tests' wedding***by*Carrion-i-Silvestre, Josep Lluis & Sanso-i-Rossello, Andreu & Ortuno, Manuel Artis**9-14 Unit root testing in integer-valued AR(1) models***by*Hellstrom, Jorgen**15-19 An almost unbiased estimator of the coefficient of variation***by*Breunig, Robert**21-27 A distance measure between cointegration spaces***by*Larsson, Rolf & Villani, Mattias**29-41 Memory and infrequent breaks***by*Gourieroux, Christian & Jasiak, Joann**43-49 First-difference estimator for panel censored-selection models***by*Lee, Myoung-jae**51-58 Predictive accuracy for chaotic economic models***by*Bordignon, Silvano & Lisi, Francesco**59-68 The impact of public information on insider trading***by*Luo, Shunlong**69-72 Measuring diversity in product space: the missing axiom***by*Bernhofen, Daniel M.**73-78 Incorporating demand shifters in the Almost Ideal demand system***by*Alston, Julian M. & Chalfant, James A. & Piggott, Nicholas E.**79-82 An all-pay auction with a pure-strategy equilibrium***by*Amegashie, J. Atsu**83-87 Strategic complements and substitutes in bilateral oligopolies***by*Bloch, Francis & Ferrer, Helene**89-93 Divisionalization in contests***by*Huck, Steffen & Konrad, Kai A. & Muller, Wieland**95-98 Pareto principles from Inch to Ell***by*Suzumura, Kotaro**99-105 Arrow's theorem and the Gibbard-Satterthwaite theorem: a unified approach***by*Reny, Philip J.**107-114 Precautionary saving and fuzzy information***by*Hauenschild, Nils & Stahlecker, Peter**115-120 Consumption-leisure choice with habit formation***by*Seckin, Aylin**121-126 Can democracy help? Growth and ethnic divisions***by*Bluedorn, John C.**127-132 Group size and free riding when private and public goods are gross substitutes***by*Gaube, Thomas**133-138 The effects of child-bearing on women's marital status: using twin births as a natural experiment***by*Jacobsen, Joyce P. & PearceIII, James Wishart & Rosenbloom, Joshua L.**139-144 Did tough antitrust policy lead to lower mark-ups in the US manufacturing industry?***by*Warzynski, Frederic**145-145 Erratum to 'A note on the optimality of airline networks': [Economic Letters, 69 (2000) 429-434]***by*Pels, Eric & Nijkamp, Peter & Rietveld, Piet

### 2000, Volume 69, Issue 3

**245-251 A consistent semiparametric estimation of the consumer surplus distribution***by*Foster, Andrew & Hahn, Jinyong**253-259 Testing efficient market hypothesis for the dollar-sterling gold standard exchange rate 1890-1906: MLE with double truncation***by*Goldman, Elena**261-266 Do core inflation measures help forecast inflation?: Out-of-sample evidence from French data***by*Le Bihan, Herve & Sedillot, Franck**267-276 Small sample properties of the conditional least squares estimator in SETAR models***by*Kapetanios, George**277-284 Measurement error in a single regressor***by*Meijer, Erik & Wansbeek, Tom**285-288 Mean reversion in the real exchange rates***by*Gil-Alana, Luis A.**289-297 Co-integration inference in the value-profit relation and investment models***by*Verschueren, Frederic**299-307 How accurate are confidence intervals for impulse responses in large VAR models?***by*Kilian, Lutz & Chang, Pao-Li**309-312 Identification of multiple equation probit models with endogenous dummy regressors***by*Wilde, Joachim**313-317 The law of demand implies limits to chaos***by*Keenan, Donald & Kim, Taewon**319-322 The Gibbard-Satterthwaite theorem: a simple proof***by*Benoit, Jean-Pierre**323-326 Balancedness of permutation games and envy-free allocations in indivisible good economies***by*Klijn, Flip & Tijs, Stef & Hamers, Herbert**327-331 Migration and intergroup conflict***by*Hausken, Kjell**333-339 Bargaining with asymmetric threat points***by*Corominas-Bosch, Margarida**341-344 About bargaining power***by*Kultti, Klaus**345-351 A simple model of advertising and subscription fees***by*Baye, Michael R. & Morgan, John**353-358 Optimal insurance design with random initial wealth***by*Mahul, Olivier**359-363 Costly signal extraction and profit differentials in oligopolistic markets***by*Caglayan, Mustafa & Usman, Murat**365-370 Neutral technological change and the skill premium***by*Moutos, Thomas**371-376 The Phillips and Beveridge curves revisited***by*Cheron, Arnaud & Langot, Francois**377-383 The effects of budget deficit on national saving in the OECD***by*Domenech, Rafael & Taguas, David & Varela, Juan**385-391 Robust vs. OLS estimation of the market model: implications for event studies***by*Cable, John & Holland, Kevin**393-400 Flat subsidies, technological change and transitional dynamics: a welfare analysis***by*Garcia-Castrillo, Pedro & Sanso, Marcos**401-405 The gender gap, fertility, subsidies and growth***by*Momota, Michiko**407-413 Atrophy rates in male and female occupations***by*Robst, John & VanGilder, Jennifer**415-420 Skill mismatch and unemployment***by*Thisse, Jacques-Francois & Zenou, Yves**421-427 A note on the relation between size, ownership status and plant's closure: sunk costs vs. strategic size liability***by*Colombo, Massimo G. & Delmastro, Marco**429-434 A note on the optimality of airline networks***by*Pels, Eric & Nijkamp, Peter & Rietveld, Piet

### 2000, Volume 69, Issue 2

**115-121 Which vintage of data to use when there are multiple vintages of data?: Cointegration, weak exogeneity and common factors***by*Patterson, K. D.**123-128 The first-order stochastic dominance ordering of the Singh-Maddala distribution***by*Klonner, Stefan**129-136 Growth and differentiated oligopoly***by*Cellini, Roberto**137-142 Non-reciprocal altruism in dictator games***by*Johannesson, Magnus & Persson, Bjorn**143-151 Do private income transfers increase labor market risk?***by*Chami, Ralph & Fischer, Jeffrey H.**153-158 Late fees and price discrimination***by*Sarangi, Sudipta & Verbrugge, Randal**159-163 Outfoxing a paradox***by*Fare, Rolf & Grosskopf, Shawna**165-171 Imperfect commitment and the revelation principle: the multi-agent case***by*Bester, Helmut & Strausz, Roland**173-179 Indeterminacy in a model with aggregate and sector-specific externalities***by*Harrison, Sharon & Weder, Mark**181-185 Efficiency wages and union-firm bargaining***by*Garino, Gaia & Martin, Christopher**187-191 World War II as reflected on capital markets***by*Frey, Bruno S. & Kucher, Marcel**193-200 Does deposit insurance stimulate capital inflows?***by*Lane, Philip R. & Sarisoy, Selen**201-206 A portfolio approach to the optimal funding of pensions***by*Dutta, Jayasri & Kapur, Sandeep & Orszag, J. Michael**207-212 Income inequality and economic development: evidence from the threshold regression model***by*Savvides, Andreas & Stengos, Thanasis**213-217 The long-run relationship between productivity and capital***by*Funk, Mark & Strauss, Jack**219-223 A nonparametric analysis of income convergence across the US states***by*Johnson, Paul A.**225-233 Productivity slowdown due to scarcity of capital to scrap in a putty-clay model***by*Lindh, Thomas**235-238 On the long-run efficiency of auctioned vs. free permits***by*Kling, Catherine L. & Zhao, Jinhua**239-243 Residential segregation and socioeconomic outcomes: When did ghettos go bad?***by*Collins, William J. & Margo, Robert A.

### 2000, Volume 69, Issue 1

**1-8 On the uniqueness of stable marriage matchings***by*Eeckhout, Jan**9-14 Double-length regressions for the Box-Cox difference model with heteroskedasticity or autocorrelation***by*Baltagi, Badi H. & Li, Dong**15-23 A radial basis function artificial neural network test for ARCH***by*Blake, Andrew P. & Kapetanios, George**25-31 The East German wage curve 1993-1998***by*Baltagi, Badi H. & Blien, Uwe & Wolf, Katja**33-37 When is a proportional hazards model valid for both stock and flow sampled duration data?***by*Kemp, Gordon C. R.**39-44 Hybrid models of the Lorenz curve***by*Ogwang, Tomson & Rao, U. L. Gouranga**45-54 Cultural differences in attitudes toward bargaining***by*Anderson, Lisa R. & Rodgers, Yana V. & Rodriguez, Roger R.**55-61 Linear-homothetic preferences***by*Datta, Bipasa & Dixon, Huw**63-69 A price-setting game with a nonatomic fringe***by*Tasnadi, Attila**71-79 The interaction between the equity premium and the risk-free rate***by*Grant, Simon & Quiggin, John**81-87 Uncovered interest parity and policy behavior: new evidence***by*Christensen, Michael**89-94 On the profitability of technical trading rules based on artificial neural networks:: Evidence from the Madrid stock market***by*Fernandez-Rodriguez, Fernando & Gonzalez-Martel, Christian & Sosvilla-Rivero, Simon**95-99 Growth effects of an unfunded social security system when there is altruism and human capital***by*Sanchez-Losada, Fernando