# Elsevier

# Economics Letters

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**ISSN:**0165-1765

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### March 1999, Volume 62, Issue 3

**365-370 The cyclical behavior of holdout durations***by*van Ours, Jan C.**371-376 Strategic and welfare implications of bundling***by*Martin, Stephen**377-381 Economic growth with finite lifetimes***by*Araujo, Jorge Thompson & Martins, Marco A. C.

### February 1999, Volume 62, Issue 2

**147-154 Remarks on the economic interpretation of Hopf bifurcations***by*Kind, Christoph**155-159 The power of tests for non-linearity: the case of Granger-Lee asymmetry***by*Cook, Steven & Holly, Sean & Turner, Paul**161-165 A simple nonlinear time series model with misleading linear properties***by*Granger, Clive W. J. & Terasvirta, Timo**167-174 The accuracy of the higher order bias approximation for the 2SLS estimator***by*Hadri, Kaddour & Phillips, Garry D. A.**175-180 Nonlinear deterministic forecasting of daily Peseta-Dollar exchange rate***by*Soofi, Abdol S. & Cao, Liangyue**181-188 The outside option, threat point, and Nash bargaining solution***by*Chiu, Y. Stephen & Rachel Yang, B.**189-195 The role of unions in hiring procedures for job markets***by*Alcalde, Jose & Revilla, Pablo**197-200 The generalised beta as a model for the distribution of earnings***by*Parker, Simon C.**201-206 An oligarchy theorem in fixed agenda without Pareto conditions***by*Peris, Josep E. & Sanchez, M. Carmen**207-212 Uncertain lifetime, risk aversion and intertemporal substitution***by*Moresi, Serge**213-216 Negative nominal interest rates and the liquidity premium***by*Redding, Lee S.**217-222 Progressive income taxation and the underground economy***by*Trandel, Greg & Snow, Arthur**223-227 Vouchers as a way to finance unemployment benefits***by*Botman, Dennis**229-235 Budget effects of health care 'vouchers'***by*Barros, Pedro P.**237-240 Estimation of sheepskin effects using the old and the new measures of educational attainment in the Current Population Survey***by*Park, Jin Heum**241-243 Will rationing guns reduce crime?***by*Bartley, William Alan**245-251 The two views of small firms in industry dynamics: a reconciliation***by*Agarwal, Rajshree & Audretsch, David B.**253-260 Do husbands and wives make the same choices? Evidence from Northern Ethiopia***by*Lampietti, Julian

### January 1999, Volume 62, Issue 1

**1-6 Nonparametric estimation of nonlinear rational expectation models***by*Anatolyev, Stanislav**7-12 Dealing with the common econometric problems of count data with excess zeros, endogenous treatment effects, and attrition bias***by*Freund, Deborah A. & Kniesner, Thomas J. & LoSasso, Anthony T.**13-21 On some properties of a trade closure widely used in numerical modelling***by*Bhattarai, Keshab & Ghosh, Madanmohan & Whalley, John**23-28 Nash implementation of the Nash bargaining solution using intuitive message spaces***by*Naeve, Jorg**29-34 On the number of pure strategy Nash equilibria in finite common payoffs games***by*Stanford, William**35-41 Strategic behavior in public good games: when partners drift apart***by*Sonnemans, Joep & Schram, Arthur & Offerman, Theo**43-52 Pricing differentiated products with indifferent consumers***by*Santore, Rudy**53-58 Is mean-variance analysis applicable to hedge funds?***by*Fung, William & Hsieh, David A.**59-61 Optimal annual contributions to flexible spending accounts: a rule-of-thumb***by*Cuddington, John T.**63-67 The inflation and output variability tradeoff: evidence from a Garch model***by*Lee, Jim**69-74 Liquidation risks in the Rotemberg-Saloner implicit collusion model***by*Bagliano, Fabio C. & Dalmazzo, Alberto**75-80 Incomplete observation, filtering, and the home bias puzzle***by*Ueda, Michiko**81-83 Interest rate, speculative attacks and target zones***by*Pansard, Fabrice**85-90 Capital taxation and production efficiency in an open economy***by*Eggert, Wolfgang & Haufler, Andreas**91-96 Evidence on risk compensation and safety behaviour***by*McCarthy, Patrick & Talley, Wayne K.**97-103 Effort, taxation and unemployment1***by*Andersen, Torben M. & Sandemann Rasmussen, Bo**105-112 Free entry may reduce total willingness-to-pay1***by*Constantatos, Christos & Perrakis, Stylianos**113-119 The price and profit effects of horizontal mergers in two-dimensional spatial competition***by*Braid, Ralph M.**121-129 Cartel stability in advertising-intensive and R&D-intensive industries***by*Symeonidis, George**131-133 Capital mobility and growth***by*Diehl, Markus & Gundlach, Erich**135-138 The division of labor and the extent of the market***by*Swanson, Charles E.**139-145 Voracity and growth in discrete time***by*Tornell, Aaron

### December 1998, Volume 61, Issue 3

**269-272 Fractional integration and the augmented Dickey-Fuller Test***by*Kramer, Walter**273-278 Forecasting exchange rate volatility using conditional variance models selected by information criteria***by*Brooks, Chris & Burke, Simon P.**279-284 The measurement of inflation after tax reform***by*Diewert, W. E. & Fox, Kevin J.**285-291 Berge's maximum theorem with two topologies on the action set***by*Horsley, Anthony & Wrobel, A. J. & Van Zandt, Timothy**293-299 Stochastic mean values, rational expectations, and price movements***by*Flam, Sjur Didrik & Horvath, Charles**301-306 A note on discontinuous value functions and strategies in affine-quadratic differential games***by*Jensen, Henrik & Lockwood, Ben**307-311 Insider control and the soft budget constraint: a simple theory***by*Li, David D.**313-319 Optimal subsidy for the poor***by*Chakravarty, Satya R. & Mukherjee, Diganta**321-325 Optimal non-linear pricing with indirect prior beliefs***by*Thomas, Lionel**327-332 Information disaggregation and incentives for non-collusive information sharing***by*Novshek, William & Thoman, Lynda**333-337 Stochastic gradient learning in the cobweb model***by*Evans, George W. & Honkapohja, S.**339-344 A volatility bound for endogenous business cycles: the case of even period lives with additive utility in a monetary economy***by*Swanson, Charles E.**345-349 Distortionary effects of the optimal Hodrick-Prescott filter***by*Ehlgen, Jurgen**351-358 Responses in output to monetary shocks and the interest rate: a rational expectations model with working capital***by*Ahmed, Habib**359-364 Risk premia and overshooting***by*Isaac, Alan G.**365-372 Trade policy and income inequality: new evidence***by*Savvides, Andreas**373-379 The forward bias: is it a money tree?***by*Phillips, Kerk L. & Snow, Karl**381-383 Underpricing and IPO proceeds: a note***by*Habib, Michel A. & Ljungqvist, Alexander P.**385-389 Bureaucrat-managers and corporate governance: expense-preference behaviors in Japanese financial institutions***by*Yamori, Nobuyoshi**391-393 Government education spending and human capital formation***by*Lin, Shuanglin**395-402 Wage responsiveness of labour supply and demand in nonclearing rural markets: the case of Indian agriculture***by*Kanwar, Sunil

### November 1998, Volume 61, Issue 2

**135-142 The German wage curve: evidence from the IAB employment sample***by*Baltagi, Badi H. & Blien, Uwe**143-147 Solutions to linear rational expectations models: a compact exposition***by*McCallum, Bennett T.**149-158 The dynamics of optimal wealth distributions with recursive utility***by*Jafarey, Saqib & Park, Hyun**159-163 Market structure of multi-product firms under free entry***by*Hanly, David & Cheung, Keith C. K.**165-170 Simple and clever decision rules for a model of evolution***by*Sandholm, William H.**171-174 Good news for experimenters: subjects do not care about your welfare***by*Frank, Bjorn**175-180 Let's make a deal***by*Page, Scott E.**181-185 Endogenous timing in a mixed oligopoly***by*Pal, Debashis**187-194 Monopoly and product quality: Separating or pooling menu?***by*Acharyya, Rajat**195-201 The codetermined firm in oligopoly***by*Kraft, Kornelius**203-208 A note on the individualistic foundations of the core in economies with asymmetric information***by*Lee, Darin**209-214 The information content of 3-month Sterling futures***by*Bhundia, Ashok J. & Chadha, Jagjit S.**215-219 Central bank independence and inflation: good news and bad news***by*Temple, Jonathan**221-228 Periodically collapsing stock price bubbles: a robust test***by*Taylor, Mark P. & Peel, David A.**229-234 Provision of public goods in a large economy***by*Gradstein, Mark**235-242 Divide the hours and conquer the surplus: part-time workers and pay***by*Skatun, John Douglas**243-250 Tests of labor market rigidities and the Roy Model***by*Funkhouser, Edward**251-259 Moral hazard and limited liability: The real effects of contract bargaining***by*Pitchford, Rohan**261-266 On the economics of vanishing***by*Stark, Oded

### October 1998, Volume 61, Issue 1

**3-11 The Coase theorem is tautological, incoherent or wrong***by*Usher, Dan**13-15 The observed choice problem in estimating the cost of policies***by*Rasmusen, Eric**17-21 Joint application of the Dickey-Fuller and KPSS tests***by*Charemza, Wojciech W. & Syczewska, Ewa M.**23-28 The Falstaff estimator***by*Koenker, Roger & Machado, Jose A. F.**29-35 Bounding quantiles in sample selection models***by*Lee, Myoung-jae & Melenberg, Bertrand**37-42 Computation of the Beveridge-Nelson decomposition for multivariate economic time series***by*Arino, Miguel A. & Newbold, Paul**43-47 Cart before the horse? The saving-growth nexus in Mexico***by*Sinha, Dipendra & Sinha, Tapen**49-54 Rationality testing under asymmetric loss***by*Batchelor, Roy & Peel, David A.**55-60 Stability properties of a growth model***by*Pelloni, Alessandra & Waldmann, Robert**61-65 Externalities and bargaining disagreement***by*Chowdhury, Prabal Roy**67-71 Elasticities of beer demand revisited***by*Gallet, Craig A. & List, John A.**73-77 Does aggregation hide the harmful effects of inequality on growth?***by*Ravallion, Martin**79-84 More mixed results on boundary effects***by*Humphrey, Steven J.**85-90 Intertemporal substitution and durable goods: long-run data***by*Ogaki, Masao & Reinhart, Carmen M.**91-100 Factor income function and an oligopolistic Heckscher-Ohlin model of international trade***by*Shimomura, Koji**101-109 Long-run price elasticities and the Marshall-Lerner condition revisited***by*Bahmani-Oskooee, Mohsen & Niroomand, Farhang**111-114 A note on the causality between export and productivity:: an empirical re-examination***by*Yamada, Hiroshi**115-120 Discrimination and detailed decomposition in a logit model***by*Nielsen, Helena Skyt**121-123 R&D spillovers and information exchange***by*Kultti, Klaus & Takalo, Tuomas**125-131 Was depression era unemployment really less in Canada than the U.S.?***by*Zagorsky, Jay L.

### September 1998, Volume 60, Issue 3

**255-261 Testing for rationality: the case of discrete choice data***by*Nunes, Luis C. & Cunha-e-Sa, Maria & Ducla-Soares, Maria**263-268 Hypothetical-actual bid calibration of a multigood auction***by*List, John A. & Margolis, Michael & Shogren, Jason F.**269-275 Factor decomposition of cross-country income inequality, 1960-1990***by*Duro, Juan Antonio & Esteban, Joan**277-283 Bartlett adjustments for systems of linear equations with linear restrictions***by*Attfield, C. L. F.**285-290 Limiting efficiency of OLS vs. GLS when regressors are fractionally integrated***by*Kramer, Walter & Hassler, Uwe**291-296 On the pooling of cross-sectional and time-series data in the presence of heteroskedasticity***by*Anderson, Heather M. & Vahid, Farshid**297-301 Interindustry wage differentials in dummy variable models***by*Zanchi, Luisa**303-310 The non-monotonicity of the bias and mean squared error of the two stage least squares estimators of exogenous variable coefficients***by*Cheung Ip, Wai & Phillips, Garry D. A.**311-315 A note on some properties of the ESTAR model***by*Chappell, David & Peel, David A.**317-320 Non-causality: The role of the omitted variables***by*Triacca, Umberto**321-328 Specification via model selection in vector error correction models***by*Gonzalo, Jesus & Pitarakis, Jean-Yves**329-333 Weak complementarity and production***by*Huang, Ju-Chin & Kerry Smith, V.**335-341 Scaling the volatility of GDP growth rates***by*Canning, D. & Amaral, L. A. N. & Lee, Y. & Meyer, M. & Stanley, H. E.**343-349 Cyclicality of markups and real wages in Korea***by*Kang, Joo-Hoon & Jeong, Ugyeong & Bae, Joo-Han**351-355 EMS exchange rate expectations and time-varying risk premia***by*Nieuwland, Frederick G. M. C. & Verschoor, Willem F. C. & C.P. Wolff, Christian**357-362 Arbitrage, martingales and bubbles***by*Gilles, Christian & LeRoy, Stephen F.**363-367 Human capital depletion, human capital formation, and migration: a blessing or a "curse"?***by*Stark, Oded & Helmenstein, Christian & Prskawetz, Alexia**369-373 Promotion careers with multiple punitive assignments***by*Mori, Pier Angelo

### August 1998, Volume 60, Issue 2

**131-137 Real exchange rates under the recent float: unequivocal evidence of mean reversion***by*Sarno, Lucio & Taylor, Mark P.**139-146 Does the method of data detrending matter? A study of the KPSS test against long memory alternatives***by*Su, Jen-je**147-150 Testing the stationarity of interest rates using a SUR approach***by*Balz, Christoph**151-155 A new axiomatization of the core of games with transferable utility***by*Voorneveld, Mark & van den Nouweland, Anne**157-162 Almost all equilibria in dominant strategies are coalition - proof***by*Peleg, Bezalel**163-166 Informational cascades with continuous action spaces***by*Huck, Steffen & Oechssler, Jorg**167-171 Equal bequests and parental altruism: compatibility or orthogonality?***by*Stark, Oded**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.

### July 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.

### June 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

### May 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.

### April 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.