# Elsevier

# Economics Letters

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**Series handle:**repec:eee:ecolet

**ISSN:**0165-1765

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### 2000, Volume 67, Issue 3

**303-308 Indifference and the uniform rule***by*Ehlers, Lars**309-314 Elasticity of demand for search***by*Arnold, Michael A. & Lippman, Steven A.**315-323 A note on distribution in a vote bidding game with general interest and single issue voters***by*Coram, Alex T.**325-330 Long memory story of the real interest rate***by*Tsay, Wen-Jen**331-336 A national accounting system for worker flows***by*Broersma, Lourens & den Butter, Frank A. G. & Kock, Udo**337-343 Informative advertising and entry deterrence: a Bertrand model***by*Ishigaki, Hiroaki**345-348 Existence and uniqueness of Cournot equilibrium: a contraction mapping approach***by*Van Long, Ngo & Soubeyran, Antoine**349-351 Anomalies in net present value calculations***by*Oehmke, James F.

### 2000, Volume 67, Issue 2

**121-129 Non-causality in VAR-ECM models with purely exogeneous long-run paths***by*Rault, Christophe**131-137 Quantiles for t-statistics based on M-estimators of unit roots***by*Abadir, Karim M. & Lucas, Andre**139-146 A Beveridge-Nelson smoother***by*Proietti, Tommaso & Harvey, Andrew**147-152 Why do you hate me?: On the survival of spite***by*Dufwenberg, Martin & Guth, Werner**153-158 Explicit Lagrange multiplier for firms facing a debt ceiling constraint1***by*Chatelain, Jean-Bernard**159-164 Optimal monetary policy with a nonlinear Phillips curve***by*Nobay, A. R. & Peel, D. A.**165-171 The Taylor rule and interest rates in the EMU area***by*Gerlach, Stefan & Schnabel, Gert**173-178 Necessary conditions for welfare improving reforms***by*Ju, Jiandong & Krishna, Kala**179-186 International relocation: firm and industry determinants***by*Pennings, Enrico & Sleuwaegen, Leo**187-192 Do high interest rates stem capital outflows?***by*Pakko, Michael R.**193-200 Measuring the temporary component of stock prices: robust multivariate analysis***by*Gallagher, Liam A. & Taylor, Mark P.**201-207 Business success and businesses' beauty capital***by*Pfann, Gerard A. & Biddle, Jeff E. & Hamermesh, Daniel S. & Bosman, Ciska M.**209-216 How important is anticipation of divorce in married women's labor supply decisions? An intercohort comparison using NLS data***by*Sen, Bisakha**217-222 Does a firm apply a consistent pay standard to all of its workforce?***by*Cardoso, Ana Rute**223-229 Labor market adjustment in transition economies with on-the-job search***by*Brixiova, Zuzana & Yousef, Tarik**231-237 Demographic transition pattern in a small country***by*Momota, Akira & Futagami, Koichi

### 2000, Volume 67, Issue 1

**1-3 Don't fool yourself to believe you won't fool yourself again***by*Segal, Uzi**5-9 Testing for cointegration: power versus frequency of observation -- further Monte Carlo results***by*Otero, Jesus & Smith, Jeremy**11-13 Long-run and short-run co-movement in UK consumption and income***by*Cook, Steven**15-21 More on tax perception and labour supply: the Spanish case***by*Arrazola, Maria & de Hevia, Jose & Sanz, Jose F.**23-27 Distributional properties of the uniform rule in economies with single-peaked preferences***by*Chun, Youngsub**29-33 The certainty effect and boundary effects with transformed probabilities***by*Schmidt, Ulrich**35-41 And a vision appeared unto them of a great profit: evidence of self-deception among the self-employed***by*Arabsheibani, Gholamreza & de Meza, David & Maloney, John & Pearson, Bernard**43-48 Myopia, liquidity constraints, and aggregate consumption: what do the data say?***by*Perez, Stephen J.**53-60 Myopic and perfect foresight in the OLG model***by*Michel, Philippe & de la Croix, David**61-68 A currency crisis model with a misaligned central parity: a stochastic analysis***by*Corrado, Luisa & Holly, Sean**69-74 An heterogeneous expectations target zone model***by*Torres, Jose L.**75-85 The effect of food stamp cashout on undernutrition***by*Bishop, John A. & Formby, John P. & Zeager, Lester A.**87-92 Wage disparity and team productivity: evidence from major league baseball***by*DepkenII, Craig A.**93-98 Supervision and effort in an intertemporal efficiency wage model: the role of the Solow condition***by*Faria, Joao Ricardo**99-104 The academic performance of legacies***by*Monks, James**105-112 Heterogeneity-promoting optimal procurement***by*Ganuza, Juan-Jose & Pechlivanos, Lambros**113-119 Do consumers benefit from tighter price cap regulation?***by*Kang, Jaesung & Weisman, Dennis L. & Zhang, Mingyuan

### 2000, Volume 66, Issue 3

**241-248 A biological approach to economics through fertility***by*Grafen, Alan**249-255 On the power and interpretation of panel unit root tests***by*Karlsson, Sune & Lothgren, Mickael**257-260 A simple and efficient test for Zipf's law***by*Urzua, Carlos M.**261-264 On the Hsiao definition of non-causality***by*Triacca, Umberto**265-273 Lagrangian transposition identities and reciprocal pairs of constrained optimization problems***by*Caputo, Michael R.**275-282 Fairness as a constraint on trust in reciprocity: earned property rights in a reciprocal exchange experiment***by*Fahr, Rene & Irlenbusch, Bernd**283-287 On the existence of a pure strategy Nash equilibrium in group formation games***by*Hollard, Guillaume**289-295 Best-response potential games***by*Voorneveld, Mark**297-301 Existence of a Markov perfect equilibrium in a third market model***by*Castro, Sofia & Brandao, Antonio**303-310 Monopolistic competition with a mail order business***by*Bouckaert, Jan**311-317 An alternative characterization of the equal-distance rule for allocation problems with single-peaked preferences***by*Herrero, Carmen & Villar, Antonio**319-325 Irreversible investment under uncertainty and the threat of bankruptcy***by*Vercammen, James**327-331 Is the bad news principle for real?***by*Svensson, Jakob**333-336 A method for solving multi-region models***by*van Wincoop, Eric**337-345 Productivity convergence in OECD manufacturing industries***by*Carree, M. A. & Klomp, L. & Thurik, A. R.**347-351 Observed and unobserved heterogeneity in the duration dependency parameter***by*Rosholm, Michael**353-359 Heterogeneous or homogeneous quantity competition***by*Kline, J. Jude**361-368 Leasing versus selling and firm efficiency in oligopoly***by*Saggi, Kamal & Vettas, Nikolaos

### 2000, Volume 66, Issue 2

**121-126 MCMC algorithms for two recent Bayesian limited information estimators***by*Gao, Chuanming & Lahiri, Kajal**127-136 Real exchange rate behavior in the Middle East: a re-examination***by*Sarno, Lucio**137-142 Is there a permanent component in US real GDP***by*Strauss, Jack**143-150 Measuring the performance of foreign direct investment: a case study of China***by*Wu, Yanrui**151-157 Dealing with bottled water expenditures data with zero observations: a semiparametric specification***by*Yoo, Seung-Hoon & Yang, Chang-Young**163-169 Trade as transfers, GATT and the core***by*Kowalczyk, Carsten & Sjostrom, Tomas**171-178 Pure communication between agents with close preferences***by*Spector, David**179-182 A problem with Euclidean preferences in spatial models of politics***by*Milyo, Jeffrey**183-189 Weak independence and veto power***by*Campbell, Donald E. & Kelly, Jerry S.**191-197 The probability that all weighted scoring rules elect the same winner***by*Gehrlein, William V. & Lepelley, Dominique**199-202 Corruption and inflation***by*Al-Marhubi, Fahim A.**203-208 German monetary unification and the stability of the German M3 money demand function***by*Bahmani-Oskooee, Mohsen & Bohl, Martin T.**209-214 The expectations hypothesis of the term structure of interest rates, open interest rate parity and central bank policy reaction***by*Kugler, Peter**215-222 Mean reversion of the current account: evidence from the panel data unit-root test***by*Wu, Jyh-Lin**223-228 Preference-free optimal hedging using futures***by*Rao, Vadhindran K.**229-233 A Nash tax game extending the generality of the Henry George Theorem***by*Kunce, Mitch**235-240 Credit rationing or entrepreneurial risk aversion? An alternative explanation for the Evans and Jovanovic finding***by*Cressy, Robert

### 2000, Volume 66, Issue 1

**1-6 Some tests on the effects of inflation targeting in New Zealand, Canada, and the UK***by*Honda, Yuzo**7-15 Non-causality in VAR-ECM models with purely exogenous long-run paths***by*Rault, Christophe**17-23 Is the Japanese economy in a liquidity trap?***by*Hondroyiannis, George & Swamy, P. A. V. B. & Tavlas, George S.**25-31 A note on the proper econometric specification of the gravity equation***by*Egger, Peter**33-39 The relationship between treatment parameters within a latent variable framework***by*Heckman, James J. & Vytlacil, Edward J.**41-48 Comparative statics predictions for the cross-effects of central dominance changes in risk with quasilinear payoffs***by*Choi, Gyemyung & Kim, Iltae & Snow, Arthur**49-54 Maxmin expected utility through statewise combinations***by*Casadesus-Masanell, Ramon & Klibanoff, Peter & Ozdenoren, Emre**55-58 Sunk cost effects: a test of the importance of context***by*Keasey, Kevin & Moon, Philip**59-63 Menu costs, firm size and price rigidity***by*Buckle, Robert A. & Carlson, John A.**65-70 Optimal consumption when capital markets are imperfect***by*Scott, Andrew**71-77 Further evidence on the variability of inflation and relative price variability***by*Chang, Eric C. & Cheng, Joseph W.**79-83 The term spread as a monthly cyclical indicator: an evaluation***by*Boulier, Bryan L. & Stekler, H. O.**85-91 The preferred hedge instrument***by*Battermann, Harald L. & Braulke, Michael & Broll, Udo & Schimmelpfennig, Jorg**93-98 Search theory and the wage curve***by*Sato, Yasuhiro**99-105 A dynamic efficiency wage model with learning by doing***by*Jellal, Mohamed & Zenou, Yves**107-112 Short- and long-term unemployment***by*Portugal, Pedro & Addison, John T.**113-119 On the optimal marginal rate of income tax***by*Myles, Gareth D.

### 1999, Volume 65, Issue 3

**265-273 Does risk aversion or attraction depend on income? An experiment***by*Bosch-Domenech, Antoni & Silvestre, Joaquim**275-279 Multiscale behaviour of volatility autocorrelations in a financial market***by*Pasquini, Michele & Serva, Maurizio**281-284 A simple linear time series model with misleading nonlinear properties***by*Andersson, Michael K. & Eklund, Bruno & Lyhagen, Johan**285-291 A note on tests for partial parameter instability in the trend stationary model***by*Kuan, Chung-Ming**293-299 Nonparametric, nonlinear, short-term forecasting: theory and evidence for nonlinearities in the commodity markets***by*Agnon, Yehuda & Golan, Amos & Shearer, Matthew**301-307 Misspecification of the breaking date in segmented trend variables: effect on the unit root tests***by*Montanes, Antonio & Olloqui, Irene**309-314 Calculation of aggregate demand and supply disturbances from a common trends model***by*Hansson, Jesper**315-322 Strategic bargaining with destructive power***by*Manzini, Paola**323-328 Framing and cooperation in public good games: an experiment with an interior solution***by*Willinger, Marc & Ziegelmeyer, Anthony**329-337 A fast and stable method to compute the likelihood of time invariant state-space models***by*Casals, Jose & Sotoca, Sonia & Jerez, Miguel**339-346 Inequality and redistribution revisited***by*Lee, Woojin & Roemer, John E.**347-351 Equilibrium uniqueness in oligopoly games with strategic complements***by*Peitz, Martin**353-358 A two-stage Bertrand-Edgeworth game***by*Tasnadi, Attila**359-364 Technological improvements in vaccine efficacy and individual incentive to vaccinate***by*Xu, Xiaopeng**365-371 A U.S.-Japan comparison of the importance and determinants of retirement saving***by*Horioka, Charles Yuji & Okui, Megumi**373-377 Are poorer states worse at targeting their poor?***by*Ravallion, Martin**379-388 Market structure and incentives to innovate: the case of Cournot oligopoly***by*Yi, Sang-Seung**389-395 On the geography of hate***by*Jefferson, Philip N. & Pryor, Frederic L.

### 1999, Volume 65, Issue 2

**135-142 Siblings, strangers, and the surge of altruism***by*Stark, Oded**143-147 On the maximum likelihood cointegration procedure under a fractional equilibrium error***by*Andersson, Michael K. & Gredenhoff, Mikael P.**149-156 Unit roots and structural breaks in OECD unemployment***by*Arestis, Philip & Biefang-Frisancho Mariscal, Iris**157-163 Forward versus reverse regression and cointegration***by*Christou, Christina & Pittis, Nikitas**165-172 Who is discouraged from applying for credit?***by*Crook, Jonathan**173-176 Efficiency at different levels of aggregation: public vs. private sector firms***by*Fox, Kevin J.**177-182 Capacity choice in a two-stage problem under uncertainty***by*Hennessy, David A.**183-189 A simple analysis of the US emission permits auctions***by*Kline, J. Jude & Menezes, Flavio M.**191-197 Piecewise linear tax functions, progressivity, and the principle of equal sacrifice***by*D'Antoni, Massimo**199-203 Variable capital utilization and investment shocks***by*Ejarque, Joao**205-212 Insuring and u'''(y)***by*Hartwick, John M.**213-220 Intraindustry trade, high-wage jobs, and the wage gap***by*Teck Hoon, Hian**221-225 Corporate tax competition, tariffs and multinational firms***by*Bloch, Francis & Lefebvre, Eric**227-237 Trade surpluses and life-cycle saving behaviour***by*Herbertsson, Tryggvi Thor & Zoega, Gylfi**239-243 The payment of public sector workers in the UK: reconciliation with North American findings***by*Blackaby, D. H. & Murphy, P. D. & O'Leary, N. C.**245-248 Good vs. bad characteristics in vertical differentiation***by*Garella, Paolo G. & Lambertini, Luca**249-253 A test of the conditional convergence hypothesis: econometric evidence from African countries***by*Murthy, N. R. Vasudeva & Ukpolo, Victor**255-263 Life expectancy and endogenous growth***by*de la Croix, David & Licandro, Omar

### 1999, Volume 65, Issue 1

**1-7 Bayesian learning when chaos looms large***by*Albert, Max**9-15 Estimating dynamic panel data models: a guide for macroeconomists***by*Judson, Ruth A. & Owen, Ann L.**17-24 The estimation of a rank 3 demand system with demographic demand shifters from quasi-unit record data of household consumption***by*Michelini, Claudio**25-31 A note on fully-modified estimation of seemingly unrelated regressions models with integrated regressors***by*Moon, Hyungsik R.**33-39 Testing for normality in a probit model with double selection***by*Lahiri, Kajal & Song, Jae G.**41-46 A note on optimal penal codes in stochastic Bertrand supergames***by*Lambson, Val E.**47-54 A note on three-player noncooperative bargaining with restricted pairwise meetings***by*Calvo-Armengol, Antoni**55-57 Drug addiction and the economic rationalization of gun control***by*Epstein, Gil S. & Rapoport, Hillel & Weiss, Avi**59-65 A folk theorem for one-shot Bertrand games***by*Baye, Michael R. & Morgan, John**67-69 An example of multi-unit auctions with atypically many equilibria***by*Engelbrecht-Wiggans, Richard**71-74 Auction design with a risk averse seller***by*Eso, Peter & Futo, Gabor**75-83 Information and asset prices in complete markets exchange economies***by*Krebs, Tom**85-89 Optimal debt contracts and the single-crossing condition***by*Faure-Grimaud, Antoine & Mariotti, Thomas**91-96 Discretionary monetary policy with costly inflation***by*Dennis, Richard**97-103 Multiple equilibria and progressive taxation of labor income***by*Guo, Jang-Ting**105-113 Insider trading with correlated signals***by*Jain, Neelam & Mirman, Leonard J.**115-120 Does bank relationship have an economic value?: The effect of main bank failure on client firms***by*Yamori, Nobuyoshi & Murakami, Akinobu**121-129 Do small plants grow faster? Evidence from the Taiwan electronics industry***by*Liu, Jin-Tan & Tsou, Meng-Wen & Hammitt, James K.**131-134 A positive effect of human capital on growth***by*Temple, Jonathan

### 1999, Volume 64, Issue 3

**257-262 A better way to bootstrap pairs***by*Flachaire, Emmanuel**263-269 Predicting multinomial choices using maximum entropy***by*Campbell, Randall C. & Carter Hill, R.**271-275 A theory-consistent system approach for estimating potential output and the NAIRU***by*Apel, Mikael & Jansson, Per**277-278 Quantum economics, uncertainty and the optimal grid size***by*Shubik, Martin**279-283 Potential games: a purely ordinal approach***by*Kukushkin, Nikolai S.**285-289 An intertemporal consumption-leisure model with non-expected utility***by*Koskievic, Jean-Max**291-294 On the likelihood of a prisoners' dilemma in a differentiated duopoly***by*Bernhofen, Daniel M. & Bernhofen, Laura T.**295-300 Statistical inference for two measures of inequality when incomes are correlated***by*Van de gaer, Dirk & Funnell, Nicola & McCarthy, Tom**301-307 Gaussian approximation of expected utility***by*Diamond, Harvey & Gelles, Gregory**309-314 Is the consumption-income ratio stationary? Evidence from panel unit root tests***by*Sarantis, Nicholas & Stewart, Chris**315-318 Contrasting effects of risk on investment in two sectors: evidence from Ireland on real options***by*Driver, Ciaran**319-324 A three-factor search model***by*Frijters, Paul**325-327 Target zones and small realignments***by*Pansard, Fabrice**329-337 A simple model of market liquidity***by*Instefjord, Norvald**339-342 No-arbitrage pricing for life insurance and annuities***by*Carriere, Jacques F.**343-349 Does the composition of wage and payroll taxes matter under Nash bargaining?***by*Koskela, Erkki & Schob, Ronnie**351-355 Testing the convergence hypothesis: a new approach***by*Bairam, Erkin I. & McRae, Shaun D.**357-361 Complementarity between physical and human capital, and speed of convergence***by*Alvarez Albelo, Carmen D.**363-368 The socially optimal locations of three stores with stockouts or limited product selections***by*Braid, Ralph M.

### 1999, Volume 64, Issue 2

**125-131 On the backward induction method***by*Aliprantis, Charalambos D.**133-141 A residual based test for the null hypothesis of cointegration***by*Xiao, Zhijie**143-149 An extension of the maximum score estimator for disequilibrium models***by*Mayer, Walter J.**151-160 A simple nonlinear filter for economic time series analysis***by*Wen, Yi & Zeng, Bing**161-165 Bias in maximum likelihood estimator of disequilibrium and sample selection model with error-ridden observations***by*Takagi, Shingo**167-171 Refining the Carlson-Parkin method***by*Loffler, Gunter**173-180 An observational equivalence among -control policies***by*Kasa, Kenneth**181-185 First price auctions with resale***by*Gupta, Madhurima & Lebrun, Bernard**187-192 The additivity and dummy axioms in the discrete cost sharing model***by*Wang, YunTong**193-196 Irreversible investment and the expected capital stock with stationary uncertainty***by*Mash, Richard**197-202 Currency devaluation, aggregate output, and the long run: an empirical study***by*Upadhyaya, Kamal P.**203-207 Asset prices and the distribution of wealth***by*Sandroni, Alvaro**209-213 Managerial equity ownership and bank performance: entrenchment or size effects?***by*Hirschey, Mark**215-221 Technical change in banking***by*Altunbas, Yener & Goddard, John & Molyneux, Phil**223-231 Endogenous expenditures and student achievement***by*Sander, William**233-239 Estimating the bias due to measurement error in the economic returns to schooling: evidence from the 1990 February Current Population Survey***by*Rodgers III, William M. & Bruhl, Sarah**241-247 Stigma effects of layoffs?: Evidence from German micro-data***by*Grund, Christian**249-255 Specialization and the big push***by*Yamada, Masao

### 1999, Volume 64, Issue 1

**1-12 Examining the first stages of market performance: a test for evolving market efficiency***by*Zalewska-Mitura, Anna & Hall, Stephen G.**13-16 Testing for a break at an unknown change-point: a test with known size in small samples***by*Greene, Clinton A.**17-23 Estimation of combined site-choice and trip-frequency models of recreational demand using choice-based and on-site samples***by*Laitila, Thomas**25-30 Estimation of the SUR Tobit model via the MCECM algorithm***by*Huang, Ho-Chuan (River)**31-36 Time series properties of aggregated AR(1) processes with uniformly distributed coefficients***by*Linden, Mikael**37-41 A panel data analysis: research and development spillover***by*Muller, Werner G. & Nettekoven, Michaela**43-49 Marginal effects in the censored regression model***by*Greene, William**51-56 Dynamic data envelopment analysis: modeling intertemporal behavior of a firm in the presence of productive inefficiencies***by*Nemoto, Jiro & Goto, Mika**57-60 The convergence of fictitious play in 3 x 3 games with strategic complementarities***by*Hahn, Sunku**61-65 Testing the rank of Engel curves with endogenous expenditure***by*Lyssiotou, Panayiota & Pashardes, Panos & Stengos, Thanasis**67-72 Equilibrium price paths in sequential auctions with stochastic supply***by*Jeitschko, Thomas D.**73-80 The effect of barter on the demand for money: an empirical analysis***by*Marvasti, A. & Smyth, David J.**81-85 Regression vs. non-regression models of normal returns: implications for event studies***by*Cable, John & Holland, Kevin**87-98 What is the value of knowing uninformed trades?***by*Yu, Fan**99-105 An economic analysis of child labor***by*Ranjan, Priya