# Elsevier

# Economics Letters

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

**ISSN:**0165-1765

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### 1998, Volume 60, Issue 2

**173-178 Efficient egalitarian-equivalence and the core of an economy with public projects***by*Hahn, Kyungdong & Gilles, Robert P.**179-183 Trade policy under Bertrand duopoly with integrated markets: the pure strategy equilibrium***by*Collie, David R.**185-193 On welfare and revenue effects of indirect tax harmonization***by*Lopez-Garcia, Miguel-Angel**195-203 An empirical analysis of term premiums using significance tests for stochastic dominance***by*Fisher, Gordon & Willson, Douglas & Xu, Kuan**205-208 Efficiency measures and the banking structure in Europe***by*Altunbas, Y. & Chakravarty, S. P.**209-216 Fertility, growth, and flat-rate taxation for education subsidies***by*Zhang, Jie & Casagrande, Richard**217-221 Nonparametric estimates of the duration of welfare spells***by*Welch, Shawn M.**223-227 One more wage curve: the case of Belgium***by*Janssens, Stefan & Konings, Jozef**229-235 Public-private sector wage differentials in Canada: evidence from quantile regressions***by*Mueller, Richard E.**237-242 Unknown wage offer distribution and job search duration***by*Winter-Ebmer, Rudolf**243-250 Price and seller concentration in cement: effective oligopoly or misspecified transportation cost?***by*Newmark, Craig M.

### 1998, Volume 60, Issue 1

**1-9 Testing misspecified cointegrating relationships***by*Podivinsky, Jan M.**11-18 Overparameterization in the seminonparametric density estimation***by*Liu, Ming & Zhang, Harold H.**19-21 On the Granger Representation Theorem: a counter example?***by*Ogaki, Masao**23-34 Noisy equilibrium selection in coordination games***by*Carlsson, Hans & Ganslandt, Mattias**35-39 The strategic advantage of being less skilled***by*Buchholz, Wolfgang & Nett, Lorenz & Peters, Wolfgang**41-48 The Nash bargaining solution for decision weight utility functions***by*Houba, Harold & Tieman, Alexander F. & Brinksma, Rene**49-53 Does Cournot competition yield spatial agglomeration?***by*Pal, Debashis**55-62 Fee versus royalty licensing in a Cournot duopoly model***by*Wang, X. Henry**63-66 Monotonicity of equilibrium prices with respect to aggregate resources***by*Prechac, Christophe**67-75 Central bank independence and output variability***by*Crosby, Mark**77-81 A fallacy in causality research on growth and capital accumulation***by*Vanhoudt, Patrick**83-90 Monetary policy and asymmetric response in default risk***by*Kim, Jaechil & Ni, Shawn & Ratti, Ronald A.**91-96 A note on income velocity of money in a cash-in-advance economy with capital***by*Hromcova, Jana**97-103 A method of detecting whether a central bank engages in the black market for foreign exchange: Evidence from Iran***by*Bahmani-Oskooee, Mohsen & Shiva, Reza**105-111 Endogenizing labor-leisure choice: investment and the relative price of non-traded goods***by*Hsieh, Yi-ni & Chang, Wen-ya & Lai, Ching-chong**113-119 Endogenous mergers and size asymmetry of merger participants***by*Barros, Pedro Pita**121-125 Valuing mineral reserves when capacity constrains production***by*Davis, Graham A. & Moore, David J.

### 1998, Volume 59, Issue 3

**275-282 Panel data with errors-in-variables: essential and redundant orthogonality conditions in GMM-estimation***by*Biorn, Erik & Klette, Tor Jakob**283-287 The economic determinants of the choice of an exchange rate regime: a probit analysis***by*Rizzo, Jean-Marc**289-297 Does seasonal adjustment induce common cycles?***by*Hecq, Alain**299-303 You play (an action) only once***by*Schlag, Karl H. & Sela, Aner**305-308 Collusion in differentiated duopolies revisited***by*Albaek, Svend & Lambertini, Luca**309-315 The symmetric problem in the linear almost ideal demand system***by*Chen, Kevin Z.**317-321 The probability of a Condorcet winner with a small number of voters***by*Gehrlein, William V.**323-329 A choice-rule formulation of intransitive utility theory***by*Butler, David J.**331-335 On the monotonicity of balanced budget multiplier under imperfect competition***by*Torregrosa, Ramon J.**337-345 Indeterminacy and sunspots in a monetary economy with limited participation***by*Guo, Jang-Ting**347-351 Evolution of the external account under international capital market frictions***by*Lane, Philip R.**353-360 The slope of the yield curve and real economic activity: tracing the transmission mechanism***by*Peel, David A. & Taylor, Mark P.**361-366 Can standards immiserize?***by*Dehejia, Vivek H.**367-372 Expectation revisions and jumps in asset prices***by*Dewachter, Hans & Veestraeten, Dirk**373-379 On the importance of public choice in migration models***by*Goodspeed, Timothy J.**381-384 A note on social accounting and unemployment***by*Aronsson, Thomas**385-390 Poverty, economic growth, and average exit time***by*Morduch, Jonathan**391-395 Identification of the oligopoly solution concept in a differentiated-products industry***by*Nevo, Aviv**397-401 On the relative advantage of cooperatives***by*Albaek, Svend & Schultz, Christian

### 1998, Volume 59, Issue 2

**145-151 Quota games and stability set of order d***by*Martin, M.**153-156 Consistent standard errors for semiparametric duration models with unobserved heterogeneity***by*Bearse, Peter & Canals, Jose & Rilstone, Paul**157-162 Statistical inference with mobility indices***by*Schluter, Christian**163-168 Filtered least squares and measurement error***by*Blake, Andrew P. & Camba-Mendez, Gonzalo**169-174 Efficient estimation with grouped data***by*So Im, Kyung**175-182 Testing for a unit root in variables with a double change in the mean***by*Clemente, Jesus & Montanes, Antonio & Reyes, Marcelo**183-187 A Wald test of restrictions on the cointegrating space based on Johansen's estimator***by*Davidson, James**189-194 Understanding the disparity between WTP and WTA: endowment effect, substitutability, or imprecise preferences?***by*Morrison, Gwendolyn C.**195-199 Produced input use per unit of output***by*Steedman, Ian**201-205 Correlation of seasonal variation and nonseasonal variation of production at the establishment level***by*Tomiura, Eiichi**207-212 Local risk aversion in the rank dependent expected utility model: First order versus second order effects***by*Courtault, Jean-Michel & Gayant, Jean-Pascal**213-216 Indeterminacy, dynamic adjustment costs, and cycles***by*Wen, Yi**217-221 A long-run estimator of the slope of the aggregate demand curve***by*Fregert, Klas**223-230 Are Pick data on parallel exchange rates misleading?***by*Lopez-Calix, Jose R.**231-235 Growth effects of anticipated trade liberalization and the Baldwin multiplier***by*Willenbockel, Dirk**237-242 International capital mobility in OECD countries: The Feldstein-Horioka 'puzzle' revisited***by*Hussein, Khaled A.**243-248 A qualitative threshold model of daily exchange rate movements***by*Siddiqui, Sikandar**249-254 Optimization of technical trading strategies and the profitability in security markets***by*Gencay, Ramazan**255-261 The effect of regulatory legislation on workers' earnings***by*Robst, John & Turcotte, Leo**263-268 An efficiency wage model for small firms: firm size and wages***by*Ringuede, Sebastien**269-273 A household level environmental Kuznets curve***by*Kahn, Matthew E.

### 1998, Volume 59, Issue 1

**1-5 Bootstrap-based critical values for tests of common factor restrictions***by*Godfrey, L. G. & Veall, M. R.**7-15 On the sensitivity of unit root inference to nonlinear data transformations***by*Franses, Philip Hans & Koop, Gary**17-22 Effects of skewness and kurtosis on model selection criteria***by*Baci, Sidika & Zaman, Asad**23-29 Submodel estimation of a structural vector error correction model under cointegration***by*Horrace, William C.**31-38 Preference-based indices with subsidized commodities and income-dependent prices***by*Klevmarken, N. Anders**39-43 The impact of market clearing assumptions and dynamics on demand elasticities***by*Oczkowski, Edward**49-63 Testing nonlinear forecastability in time series: Theory and evidence from the EMS***by*Fernandez-Rodriguez, Fernando & Sosvilla-Rivero, Simon**65-69 Weakly smooth preferences on Banach lattices***by*Besada, M. & Vaquez, C.**71-75 A note on Lagrange multipliers with several binding constraints***by*Weber, Christian E.**77-82 Making mobility visible: a graphical device***by*Trede, Mark**83-90 Individual rationality and voting in cooperative production***by*Corchon, Luis C. & Puy, M. Socorro**91-95 Staggering, the optimal monetary rule and persistence***by*Pikoulakis, E. V. & Evans, William**97-105 The scope for monetary independence in exchange rate target zones broad and narrow***by*Hurley, Margaret**107-111 Choosing the right battlefield for the war on drugs: an irrelevance result***by*Chiu, Stephen & Mansley, Edward C. & Morgan, John**113-117 Athletes and work***by*Ewing, Bradley T.**119-125 A model of the wage curve***by*Campbell, Carl & Orszag, J. Michael**127-131 Adam Smith may have been right after all: A new approach to the analysis of compensating differentials***by*Elliott, Robert F. & Sandy, Robert**133-138 Divisionalization and product differentiation***by*Ziss, Steffen**139-144 Personalized transactions and market activity in the informal sector***by*Bose, Pinaki

### 1998, Volume 58, Issue 3

**255-261 Generating conditional expectations from models with selectivity bias: comment***by*Schaffner, Julie Anderson**263-268 Generalized hurdle count data regression models***by*Gurmu, Shiferaw**269-275 Coordination and local interaction: experimental evidence***by*Keser, Claudia & Ehrhart, Karl-Martin & Berninghaus, Siegfried K.**277-280 Scale returns of a random matching model***by*Kultti, Klaus**281-290 Demand systems with unit values:: A comparison of two specifications***by*Lahatte, Agenor & Miquel, Ruth & Laisney, Francois & Preston, Ian**291-295 Taste for diversity and the optimality of economic growth***by*de Groot, Henri L. F. & Nahuis, Richard**297-301 Product homogeneity as a prisoner's dilemma in a duopoly with R&D***by*Lambertini, Luca & Rossini, Gianpaolo**303-310 Standardization and the stability of collusion***by*Lambertini, Luca & Poddar, Sougata & Sasaki, Dan**311-317 Risk-sharing CARA individuals are collectively EU***by*Bone, John**319-324 Lyapunov stability, regions of attraction, and indeterminate growth paths***by*Russell, Thomas & Zecevic, Aleksandar**325-329 Evidence on the substitutability between government purchases and consumer spending within specific spending categories***by*Kuehlwein, Michael**331-337 Imperfect competition, the Keynesian cross, and optimal fiscal policy***by*Reinhorn, Leslie J.**339-344 Do exchange rates follow a random walk process in Middle Eastern countries?***by*Bahmani-Oskooee, Mohsen**345-350 The effect of school quality on student performance: A quantile regression approach***by*Eide, Eric & Showalter, Mark H.**351-354 Labor market slack and the wage curve***by*Pannenberg, Markus & Schwarze, Johannes**355-360 Minimum quality standards as a barrier to innovation***by*Maxwell, John W.**361-366 Industry profit-maximizing joint-venture structure in a linear cournot oligopoly***by*Yi, Sang-Seung**367-369 A robust test for consumer welfare enhancing mergers among sellers of a homogeneous product***by*Froeb, Luke M. & Werden, Gregory J.

### 1998, Volume 58, Issue 2

**135-141 Autocorrelation specification in singular equation systems: A further look***by*Holt, Matthew T.**143-147 Do core inflation measures help forecast inflation?***by*Freeman, Donald G.**149-156 A Monte Carlo study of time aggregation in continuous-time and discrete-time parametric hazard models***by*ter Hofstede, Frenkel & Wedel, Michel**157-163 On the testing of heterogeneity effects in dynamic unbalanced panel data models***by*Jimenez-Martin, Sergi**165-170 A non-linear error correction mechanism based on the bilinear model1***by*Peel, David & Davidson, James**171-175 On identifying permanent and transitory shocks in VAR models***by*Yang, Minxian**177-183 Market problems***by*Telser, L. G.**185-191 Computing the steady state of linear quadratic optimization models with rational expectations***by*Amman, Hans M. & Kendrick, David A.**193-197 Bargaining, efficiency wages, and the price-cost markup***by*Sanfey, Peter J.**199-204 Effects of indirect taxation in a mixed oligopoly***by*Mujumdar, Sudesh & Pal, Debashis**205-209 Why do larger buyers pay lower prices? Intense supplier competition***by*Snyder, Christopher M.**211-215 The effects of campaign contribution sources on the congressional elections of 1996***by*Depken, Craig A.**217-223 A simplified exposition of smooth pasting***by*Sodal, Sigbjorn**225-230 Seigniorage payments for use of the dollar: 1977-1995***by*Jefferson, Philip N.**231-238 Long-run equilibrium real exchange rates and oil prices***by*Chaudhuri, Kausik & Daniel, Betty C.**239-244 Do faculty salaries rise with job seniority?***by*Barbezat, Debra A. & Donihue, Michael R.**245-253 Long run effects of employment and payroll taxes in an efficiency wage model***by*Rasmussen, Bo Sandemann

### 1998, Volume 58, Issue 1

**1-5 Testing cointegrating coefficients in vector autoregressive error correction models***by*Hansen, Gerd & Kim, Jeong-Ryeol & Mittnik, Stefan**7-15 On bootstrap and analytical bias corrections***by*Ferrari, Silvia L. P. & Cribari-Neto, Francisco**17-29 Generalized impulse response analysis in linear multivariate models***by*Pesaran, H. Hashem & Shin, Yongcheol**31-37 Small sample testing for cointegration using the bootstrap approach***by*Harris, R. I. D. & Judge, G.**39-42 Unobservable individual effects in unbalanced panel data***by*Gardner, Robert**43-49 Invariance and randomness in the Nash program for coalitional games***by*Dagan, Nir & Serrano, Roberto**51-53 A note on the economic rationalization of gun control***by*Chaudhri, Vivek & Geanakoplos, John**55-61 Optimal allocation of quotas***by*Glazer, Amihai & Hassin, Refael**63-67 Prices versus quantities and distributional inefficiency***by*Bennett, John**69-76 Popular support for progressive taxation and the relative income hypothesis***by*Mitra, Tapan & Ok, Efe A. & Kockesen, Levent**77-84 Does consumer sentiment forecast household spending?: The Hong Kong case***by*Fan, Chengze Simon & Wong, Phoebe**85-89 Taxation or regulation:: Looking for a good anti-smoking policy***by*Lanoie, Paul & Leclair, Paul**91-95 A reestimation of the Evans-Jovanovic entrepreneurial choice model***by*Xu, Bin**97-103 The ethnic wage gap and employment differentials in the 1990s: Evidence for Britain***by*Blackaby, D. H. & Leslie, D. G. & Murphy, P. D. & O'Leary, N. C.**105-111 Product market competition and R&D rivalry***by*Lin, Ping**113-117 Privatization on the stock market: Sale at one go or sale in tranches?***by*Bel, Gema**119-126 Dynamics of R&D and investment: UK evidence***by*Toivanen, Otto & Stoneman, Paul**127-131 Inventory costs and the optimal spacing of retail stores***by*Braid, Ralph M.

### 1997, Volume 57, Issue 3

**245-253 Testing for a unit root in the presence of a variance shift1***by*Hamori, Shigeyuki & Tokihisa, Akira**255-259 Generalized stochastic frontier production models***by*Lothgren, Mickael**261-267 Exact initial conditions for maximum likelihood estimation of state space models with stochastic inputs***by*Casals, Jose & Sotoca, Sonia**269-273 An existence result for coalition-proof equilibrium***by*Kukushkin, Nikolai S.**275-281 Aggressive pricing as a source of funding***by*Hendel, Igal**283-287 Profit efficiency, Farrell decompositions and the Mahler inequality1***by*Fare, Rolf & Grosskopf, Shawna**289-296 In praise of inequality: public good provision and income distribution***by*Itaya, Jun-ichi & de Meza, David & Myles, Gareth D.**297-303 A price adjustment process with symmetry***by*Tuinstra, Jan**305-311 Investigation of stochastic preference theory using experimental data***by*Carbone, Enrica**313-317 Least mean squares learning in self-referential linear stochastic models***by*Barucci, Emilio & Landi, Leonardo**319-326 Precautionary saving and subjective earnings variance***by*Lusardi, Annamaria**327-330 Efficiency wages: combining the shirking and turnover cost models***by*Marti, Christopher**331-337 The cyclical behavior of mark ups in U.S. manufacturing and trade: new empirical evidence based on a model of optimal storage***by*Kollmann, Robert**339-343 An analytical approximation of target zone exchange rate functions: the technique of collocation***by*Kempa, Bernd & Nelles, Michael & Pierdzioch, Christian**345-352 Implied volatility from the term structure: a simple analytical approximation***by*Steeley, James M.**353-358 Estimated hedonic wage function and value of life in a developing country***by*Liu, Jin-Tan & Hammitt, James K. & Liu, Jin-Long**359-363 Disincentives for cost-reducing investment***by*Thomas, Charles J.

### 1997, Volume 57, Issue 2

**129-134 Small sample properties of the regression test of the expectations model of the term structure1***by*Schotman, Peter C.**135-143 An elementary estimator of the partial linear model***by*Yatchew, A.**145-148 Detecting the number of structural breaks***by*Kim, In-Moo**149-156 A generalized least squares estimation method for invertible vector moving average models***by*Flores de Frutos, Rafael & Serrano, Gregorio R.**157-162 The effect of the time-structure of information on the expectational-stability of rational expectations***by*Roberts, Mark A.**163-168 The Hodrick-Prescott technique: A smoother versus a filter: An application to New Zealand GDP***by*Razzak, W.**169-175 Reexamination of dynamic efficiency with taxation on land***by*Kim, Kyung-Soo & Lee, Jaewoo**177-182 A new justification of monopolistic competition***by*Guth, Werner & Huck, Steffen**183-187 Trends in market power and productivity growth rates in US and Japanese manufacturing***by*Ryan, Daniel J.**189-195 An explicit solution for dynamic menu costs with zero discounting***by*Chalkley, Martin**197-201 Multipliers: imperfect competition or increasing returns to scale?***by*Fatas, Antonio**203-207 Uncertainty and the inflation bias of monetary policy***by*Pearce, Douglas K. & Sobue, Motoshi**209-212 On public capital analysis with state data***by*Ai, Chunrong & Cassou, Steven P.**213-218 Nash bargaining with downward rigid wages***by*Cabrales, Antonio & Hopenhayn, Hugo**219-225 Earnings profile and monitoring under asymmetric information***by*Bai, Chong-en**227-234 Entry and exit under demand uncertainty***by*Vettas, Nikolaos**235-240 Taxpayer-consumers and public pricing***by*Corneo, Giacomo G.**241-244 Markets and famines: a simple test with Indian data***by*O Grada, Cormac

### 1997, Volume 57, Issue 1

**1-4 Life cycle consumption models with uncertainty within periods***by*Melenberg, Bertrand**5-10 The power of the ADF test***by*Lopez, J. Humberto**11-16 On the properties of the Dickey-Pantula test against fractional alternatives***by*Dolado, Juan J. & Marmol, Francesc**17-22 New panel unit root tests of PPP***by*Coakley, Jerry & Fuertes, Ana Maria**23-32 A simulated likelihood estimator for qualitative response models with sufficient statistics***by*Lee, Lung-Fei**33-37 Censored probit models do not fail randomly: A Monte Carlo study***by*Butler, J. S.**39-44 The existence of population inequality measures***by*Kleiber, Christian**45-50 Some relationships between evolutionary stability criteria in games***by*Dufwenberg, Martin**51-56 A note on the Markov perfect equilibrium of a linear-quadratic alternating-move game***by*Lau, Sau-Him Paul**57-62 Optimization and external reference; a comparison of three axiomatic systems***by*Gaertner, Wulf & Xu, Yongsheng**63-67 Welfare measurement and representative consumer theory***by*Smith, V. Kerry & Von Haefen, Roger**69-77 The (mis-)specification of production costs in production smoothing models***by*Peeters, H. M. M.**79-85 Effects of price competition in the credit card industry***by*Park, Sangkyun**87-96 A note on Bertrand competition with asymmetric fixed costs***by*Marquez, Robert**97-105 Productivity shocks and employment: evidence from US industrial data***by*Malley, Jim & Muscatelli, V. Anton**107-111 Input and output substitution in higher education***by*King, William D.**113-118 On the equivalence of profit and revenue sharing***by*Michaelis, Jochen**119-125 Union membership and employment dynamics with endogenous union density***by*Chang, Juin-jen & Lai, Ching-chong

### 1997, Volume 56, Issue 3

**253-257 A measure of economic efficiency using returns to scale***by*Kalirajan, K. P.**259-266 Testing for multicointegration***by*Engsted, Tom & Gonzalo, Jesus & Haldrup, Niels**267-271 Effects on inference of pretesting the exogeneity of a regressor***by*Wong, Ka-fu**273-276 A note on the equivalence of long-run and short-run identifying restrictions in cointegrated systems***by*Ribba, Antonio**277-279 Time-consistent optimal stopping***by*Smith, Lones**281-286 Randall and Stoll's bound in an inverse demand system***by*Park, Hoanjae**287-292 Bliss and the permanent income hypothesis***by*Laroque, Guy & Lemaire, Isabelle