# Elsevier

# Economics Letters

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

**ISSN:**0165-1765

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### March 1998, Volume 58, Issue 3

**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.

### February 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

### January 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.

### December 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.

### December 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

### November 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

### November 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**293-298 Welfare effects of discriminatory two-part tariffs constrained by price caps***by*Bertoletti, Paolo & Poletti, Clara**299-303 Welfare analysis of the coordinating role of a redundant security***by*Hara, Chiaki**305-309 An impossibility theorem with von Neumann-Morgenstern preferences***by*Dhillon, Amrita & Mertens, Jean-Francois**311-316 International capital movements and the locomotive effect***by*Bruno, C.**317-323 Intra-industry wage differences over the business cycle***by*Cho, Byung Sun & Shin, Kwanho**325-332 How sensitive is short-term Japanese interest rate volatility to the level of the interest rate?***by*Hiraki, Takato & Takezawa, Nobuya**333-338 Multiple reserve requirements: an irrelevance result***by*de Paso, Jose I. Garcia**339-343 A Bertrand model of wage competition with capital mobility***by*Lorz, Oliver**345-350 Tariff endogeneity: Evidence from 19th century Europe***by*Thornton, John & Molyneux, Philip**351-358 Touched by tragedy: capital market lessons from the crash of ValuJet Flight 592***by*Nethercutt, Leonard L. & Pruitt, Stephen W.**359-365 A further remark on Shephard's Lemma***by*Fuchs-Selinger, Susanne**367-370 Measuring real interstate income inequality in the United States***by*Black, David C. & Dowd, Michael R.

### October 1997, Volume 56, Issue 2

**129-133 On two stage least squares estimation of the average treatment effect in a random coefficient model***by*Wooldridge, Jeffrey M.**135-141 On the effect of seasonal adjustment on the log-periodogram regression***by*Ooms, Marius & Hassler, Uwe**143-147 Time-series based tests of the convergence hypothesis: Some positive results***by*Greasley, David & Oxley, Les**149-155 Unit root tests on real wage panel data for the G7***by*Fleissig, Adrian R. & Strauss, Jack**157-162 Optimal bidding in a uniform price auction with multi-unit demand1***by*Draaisma, Teun & Noussair, Charles**163-169 Equilibria and approximate equilibria in infinite potential games***by*Voorneveld, Mark**171-175 On existence of undominated pure strategy Nash equilibria in anonymous nonatomic games***by*Le Breton, Michel & Weber, Shlomo**177-180 Hypothetical versus real payments in Vickrey auctions***by*Blumenschein, Karen & Johannesson, Magnus & Blomquist, Glenn C. & Liljas, Bengt & O'Conor, Richard M.**181-186 How quasi-rational are you?: A behavioral interpretation of a two form which measures non-integrability of a system of demand equations***by*Russell, Thomas**187-193 Efficiency of a fixed but allocatable input: A non-parametric approach***by*Fare, R. & Grabowski, R. & Grosskopf, S. & Kraft, S.**195-200 Bid shading and risk aversion in multi-unit auctions with many bidders***by*Nautz, D. & Wolfstetter, E.**201-207 Electoral defeats and local political expenditure cycles***by*Nuno Baleiras, Rui**209-213 On the necessary and sufficient conditions for Nash implementation***by*Ziad, Abderrahmane**215-221 Efficiency wages, nominal rigidities and the cyclical behavior of real wages and marginal cost***by*Kiley, Michael T.**223-227 The political economy of endogenous taxation and redistribution***by*Dolmas, Jim & Huffman, Gregory W.**229-233 Domestic versus International R&D Spillovers***by*Brod, Andrew & Shivakumar, Ram**235-241 Negative autocorrelation around large jumps in intra-day foreign exchange data***by*Ghosh, Dipak**243-248 Aggregate job matching and returns to scale in Germany***by*Gross, Dominique M.

### September 1997, Volume 56, Issue 1

**1-3 A predictive motivation for loss function specification in parametric hypothesis testing***by*Poirier, Dale J.**5-11 Modified Wald test for regression disturbances***by*Laskar, Mizan R. & King, Maxwell L.**13-19 Structural breaks and seasonal integration***by*Smith, Jeremy & Otero, Jesus**21-26 On the robustness of two alternatives to least squares: A Monte Carlo study***by*Phillips, Robert F.**27-39 A note on hypothesis testing based on the fully modified vector autoregression***by*Yamada, Hiroshi & Toda, Hiro Y.**41-44 Interpreting the results of empirical analyses of intertemporal allocation: An identification problem***by*Browning, Martin**45-49 A simple way to calculate the Gini coefficient, and some implications***by*Milanovic, Branko**51-57 Can high-inequality developing countries escape absolute poverty?***by*Ravallion, Martin**59-61 The specification of the probability functions in Tullock's rent-seeking contest***by*Kooreman, Peter & Schoonbeek, Lambert**63-70 On imputing for financial services in the national accounts***by*Hartwick, John M.**71-75 A note on the nonneutral taxation of indexed government bonds under alternative indexation schemes***by*Zee, H. H.**77-83 Can the intertemporal budget constraint explain the Feldstein-Horioka puzzle?***by*Jansen, W. Jos**85-88 Liquidity and foreign ownership restrictions***by*Sie, Ting Lau & McCorry, Michael S. & McInish, Thomas H.**89-94 Aggregate demand externalities and labor supply decisions: Worker discouragement and market inefficiency***by*Kaplan, E. & Dube, A.**95-99 The effect of education on fertility in Taiwan: A time series analysis***by*Cheng, Benjamin S. & Nwachukwu, Savior L. S.**101-106 Compensation in part-time jobs versus full-time jobs What if the job is the same?***by*Lettau, Michael K.**107-110 Hotelling and the New York stock exchange***by*Yates, Andrew J.**111-119 Fixed cost assumptions in industrialisation theories***by*Gans, Joshua S.**121-127 Can public sector employment spur human capital acquisition?***by*Upadhyay, Mukti P.

### September 1997, Volume 55, Issue 3

**305-308 A difficulty with Nash's program: A proof of a special case***by*Peleg, Bezalel**309-315 The absent-minded centipede***by*Dulleck, Uwe & Oechssler, Jorg**317-319 A note on the link between income inequality and inflation***by*Al-Marhubi, Fahim**321-325 Using all bids in parametric estimation of first-price auctions***by*Li, Tong & Vuong, Quang**327-332 A note on the Boyd-McKenzie theorem***by*Sun, Ning & Kusumoto, Sho-Ichiro**333-337 Two derivations of the uniform rule and an application to bankruptcy***by*Schummer, James & Thomson, William**339-346 Strategy-proof division of a private good when preferences are single-dipped***by*Klaus, Bettina & Peters, Hans & Storcken, Ton**347-353 The short- and long-run comparative statics of uncertainty***by*Hennessy, David A.**355-360 Willingness to pay, the risk premium and risk aversion***by*Eeckhoudt, L. & Godfroid, Ph. & Gollier, C.**361-363 Risk tolerance and value of information in the standard portfolio model***by*Treich, Nicolas**365-369 The link between volatility and growth: Evidence from the States***by*Dawson, John W. & Stephenson, E. Frank**371-377 The demand for money: Total transactions as the scale variable***by*Howells, Peter & Hussein, Khaled**379-382 Relative prices and improvement of real factor rewards in several sectors***by*Koo Yun, Kwan**383-390 Optimal export subsidy when demand is uncertain***by*Fujimoto, Hiroaki & Park, Eun-Soo**391-395 The influence of traded and nontraded wages on relative prices and real exchange rates***by*Strauss, Jack**397-402 Can nominal exchange rates be differenced to stationarity?***by*Wu, Jyh-Lin & Chen, Show-Lin**403-407 Are malpractice insurance premiums a tort signal that influence physician hours worked?***by*Thornton, James**409-412 Implications of the mobility of skilled labor for local public funding of higher education***by*Justman, Moshe & Thisse, Jacques-Francois**413-418 Firm growth and ownership in transition countries***by*Konings, Jozef**419-423 A note on the strategic choice of spatial price discrimination***by*Eber, Nicolas**425-429 The empirics of economic growth for OECD countries: Some new findings***by*Vasudeva Murthy, N. R. & Chien, I. S.**431-433 On the existence of a beliefs social equilibrium***by*Fernandez de Cordoba, Gonzalo**435-440 Testing the inverted-U hypothesis for US hazardous waste: An application of the generalized gamma model***by*Berrens, Robert P. & Bohara, Alok K. & Gawande, Kishore & Pingo Wang

### August 1997, Volume 55, Issue 2

**151-160 Consistency of the KPSS unit root test against fractionally integrated alternative***by*Lee, Hyung S. & Amsler, Christine**161-164 Small sample properties of GARCH(1,1) estimator under non-normality***by*Noh, Jaesun**165-172 On stationary tests in the presence of structural breaks***by*Lee, Junsoo & Huang, Cliff J. & Shin, Yongcheol**173-178 Nonparametric analysis of pooled production data***by*Bar-Shira, Ziv & Finkelshtain, Israel**179-183 A matrix evaluation of the moving-average representation***by*Lyhagen, Johan**185-189 Normal estimators for cointegrating relationships***by*Laroque, Guy & Salanie, Bernard**191-201 Approximating compensated income from ordinary demand functions1***by*Dumagan, Jesus C. & Mount, Timothy D.**203-208 A comment on the Nash program and the theory of implementation***by*Serrano, Roberto**209-213 Some evidence on strategic quantity reduction in multiple unit auctions***by*Tenorio, Rafael**215-219 Interpretation of changes in rank-dependent measures of inequality***by*Aaberge, Rolf**221-225 More on optimal denominations for coins and currency***by*Wynne, Mark A.**227-234 A brain gain with a brain drain***by*Stark, Oded & Helmenstein, Christian & Prskawetz, Alexia**235-240 Exports and economic growth: Evidence from 19th Century Europe1***by*Thornton, John**241-246 Estimating the arbitrage pricing theory with observed macro factors***by*Elder, John**247-250 Why a government might want to consider foreign currency denominated debt***by*Miller, Victoria**251-255 Optimal actuarial fairness in pension systems: A note***by*Hassler, John & Lindbeck, Assar**257-265 Spatial dependence through local yardstick competition:: theory and testing***by*Bivand, Roger & Szymanski, Stefan**267-271 Teacher salaries and teacher quality***by*Figlio, David N.**273-277 Returns from computer use: A simple test on the productivity interpretation***by*Oosterbeek, Hessel**279-283 On the provision of product quality by a labor-managed monopolist***by*Lambertini, Luca**285-292 Pareto-improving economic reforms through dual-track liberalization***by*Lau, Lawrence J. & Qian, Yingyi & Roland, Gerard**293-299 Measuring efficiency in the National Basketball Association1***by*Hofler, Richard A. & Payne, James E.

### August 1997, Volume 55, Issue 1

**1-8 Misspecified skedastic functions in grouped-data models***by*Blackburn, McKinley L.