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# Economics Letters

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### 1996, Volume 50, Issue 2

**169-173 Correlation theory of spuriously related higher order integrated processes***by*Marmol, Francesc**175-178 Spurious number of breaks***by*Nunes, Luis C. & Newbold, Paul & Chung-Ming Kuan**179-187 Diagnostic test for structural change in cointegrated regression models***by*Kang Hao & Inder, Brett**189-192 Testing for random individual and time effects using a Gauss-Newton regression***by*Baltagi, Badi H.**193-195 An enlarged definition of cointegration***by*Flores, Renato Jr. & Szafarz, Ariane**197-203 Modeling the changing asymmetry of conditional variances***by*Fornari, Fabio & Mele, Antonio**205-212 Testing stationarity for stock market data***by*Dehay, Dominique & Leskow, Jacek**213-221 Efficiency of dynamic quantity competition: A remark on Markovian equilibria***by*Lahmandi-Ayed, Rim & Ponssard, Jean-Pierre & Sevy, David**223-227 A collective tournament***by*Dragon, Robert & Garvey, Gerald T. & Turnbull, Geoffrey K.**229-236 Does uncertainty influence the number of firms in an industry?***by*Ghosal, Vivek**237-242 The contestable outcome as a Bertrand equilibrium***by*Chaudhuri, Prabal Ray**243-249 A stable and consistent solution to distribution problems***by*Iturbe-Ormaetxe, Inigo & Vazquez, Jorge Nieto**251-258 Voting over flat taxes in an endowment economy***by*Gouveia, Miguel & Oliver, David**259-263 Bunching in the production process***by*Bivin, David G.**265-269 Minimal returns and the breakdown of the price-volume relation***by*Balduzzi, Pierluigi & Kallal, Hedi & Longin, Francois**271-278 An incentive scheme of a non-linear price schedule for regulating a monopolist with unknown cost***by*Lee, Sang-Kyu & Kim, Jae-Cheol**279-283 Historical note on height and parental consumption decisions***by*Schneider, Ryan**285-290 The other side of conditional convergence***by*Cho, Dongchul & Graham, Stephen**291-297 Note on economic geography***by*Yang, Joon-Mo

### 1996, Volume 50, Issue 1

**1-5 Seller surplus in first price auctions***by*Simmons, P.**7-11 Panel unit root tests and real exchange rates***by*MacDonald, Ronald**13-17 A general condition for an optimal limiting efficiency of OLS in the general linear regression model***by*Kramer, Walter & Baltagi, Badi**19-24 Fractional integration, trend stationarity and difference stationarity Evidence from some U.K. macroeconomic time series***by*Chambers, Marcus J.**25-31 Spurious regressions when stationary regressors are included***by*Hassler, Uwe**33-39 Testing the consistency of nested logit models with utility maximization***by*Herriges, Joseph A. & Kling, Catherine L.**41-49 Portmanteau tests of randomness and Jenkins' variance-stabilizing transformation***by*Kwan, Andy C. C. & Sim, Ah-Boon**51-55 Testing for complementarities in reduced-form regressions: A note***by*Arora, Ashish**57-63 The nested logit model and representative consumer theory***by*Verboven, Frank**65-70 Productivity and intermediate products: A frontier approach***by*Fare, Rolf & Grosskopf, Shawna**71-77 Rent appropriation and sustained growth***by*Robinson, James A.**79-84 An optional permit system for global pollution control***by*Lee, Sang-Ho**85-90 Horizontal equity and stability when the number of agents is variable in the fair division problem***by*Maniquet, Francois**91-97 Population monotonicity in a general model with indivisible goods***by*Bevia, Carmen**99-104 Social choice trade-offs for an arbitrary measure: With application to uncertain or fuzzy agenda***by*Campbell, Donald E. & Kelly, Jerry S.**105-110 Gambling with the house money in capital expenditure decisions: An experimental analysis***by*Keasey, Kevin & Moon, Philip**111-120 Saving behavior of older households: Rate-of-return, precautionary and inheritance effects***by*Jianakoplos, Nancy A. & Menchik, Paul L. & Irvine, F. Owen**121-126 The term structure of interest rates and regime shifts: Some empirical results***by*Kugler, Peter**127-134 Exchange rate returns, 'news', and risk premia***by*Koedijk, Kees G. & Wolff, Christian C. P.**135-142 Returns to scale in a matching model of the labor market***by*Warren, Ronald Jr.

### 1995, Volume 49, Issue 4

**335-343 A unified framework for implementation and the revelation principle***by*Shuhe Li**345-349 Vector attenuation bias in the classical errors-in-variables model***by*Nelson, Daniel B.**351-357 Partial parameter consistency in a misspecified structural change model***by*Tai-leung Chong, Terence**359-366 Maximum likelihood estimation in binary data models using panel data under alternative distributional assumptions***by*Orme, Chris D. & Fry, Tim R. L.**367-372 Moving average conditional heteroskedastic processes***by*Yang, Minxian & Bewley, Ronald**373-379 The stochastic approach to price index numbers: An expository note***by*Ogwang, Tomson**381-389 The persistence in volatility of the US term premium 1970-1986***by*Tzavalis, Elias & Wickens, M. R.**391-395 Limitations of dominance and forward induction: Experimental evidence***by*Brandts, Jordi & Holt, Charles A.**397-402 Conjectural variations as a reduced form***by*Cabral, Luis M. B.**403-406 A characterization of demand functions that satisfy the weak axiom of revealed preference***by*Zhou, Lin**407-413 Did the middle class shrink during the 1980s? UK evidence from kernel density estimates***by*Jenkins, Stephen P.**415-423 I(2) representations of US money demand***by*Norrbin, Stefan C. & Reffett, Kevin L.**425-427 Optimal denominations for coins and currency***by*Telser, L. G.**429-433 Endogenous learning and trade policy***by*Sturzenegger, Federico**435-440 Further implications of the reversion level in agenda-setter models***by*Wills, Douglas T.**441-445 Altruism, household size and migration***by*Tcha, MoonJoong**447-452 An empirical note on employed and unemployed job search***by*van Ours, Jan C.**453-457 Zipf plots and the size distribution of firms***by*Stanley, Michael H. R. & Buldyrev, Sergey V. & Havlin, Shlomo & Mantegna, Rosario N. & Salinger, Michael A. & Eugene Stanley, H.**459-464 Stackelberg equilibrium in oligopoly: An explanation based on managerial incentives***by*Basu, Kaushik

### 1995, Volume 49, Issue 3

**223-230 On measuring the value of life***by*Ford, J. L. & Pattanaik, Prasanta K. & Wei, Xiangdong**231-237 The dynamic effects of aggregate demand and supply disturbances: Another look***by*Crowder, William J.**239-245 Simulated conditional moment tests***by*Orme, Chris**247-250 Misinterpreting the dynamic effects of aggregate demand and supply disturbances***by*Quah, Danny**251-259 The non-existence of pairwise-proof equilibrium***by*McAfee, R. Preston & Schwartz, Marius**261-266 An infinitely repeated rental model with incomplete information***by*Ma, Jinpeng**267-272 Pareto-superior time-of-use rate option for industrial firms***by*Chi-Keung Woo & Orans, Ren & Horii, Brian & Peter Chow**273-279 On the optimality of Treasury Bill auctions***by*Menezes, Flavio M.**281-285 Does non-traded input necessarily deepen the international non-diversification puzzle I?: The one-good case***by*Charles Ka Yui Leung**287-293 Long-term and short-term price memory in the stock market***by*Victor Chow, K. & Denning, Karen C. & Ferris, Stephen & Noronha, Gregory**295-300 Finite-sample inferences about mean-standard deviation bounds for stochastic discount factors***by*Gordon, Stephen & Samson, Lucie & Carmichael, Benoit**301-306 The firm-size relation and stock market responses to post-1962 changes in Federal Reserve margin levels: Evidence from an exhaustive sample of exchange-listed firms***by*Moore, Norman H. & Pruitt, Stephen W.**307-312 Does unfunded social security also depress output growth?***by*Zhang, Junxi**313-317 Survey evidence on employer match rates and employee saving behavior in 401(k) plans***by*Papke, Leslie E. & Poterba, James M.**319-322 Uncertain innovation and persistence of monopoly revisited***by*Yi, Sang-Seung**323-328 Testing efficiency in intermediate regulated industries***by*Lynk, E. L.**329-334 Unit roots and cointegration in estimating causality between exports and economic growth: Empirical evidence from the ASEAN countries***by*Ahmad, Jaleel & Harnhirun, Somchai

### 1995, Volume 49, Issue 2

**109-112 The functional equivalence of the W, LR, and LM statistics***by*Stewart, Kenneth G.**113-120 Improved test statistics for multivariate regression***by*Cribari-Neto, Francisco & Zarkos, Spyros**121-124 Testing for cointegration: Power versus frequency of observation -- another view***by*Lahiri, Kajal & Mamingi, Nlandu**125-130 Unit root tests with level shift in the presence of GARCH***by*Hecq, Alain**131-136 Sampling frequency and the power of tests for a unit root: A simulation study***by*In Choi & Bhum Suk Chung**137-145 A note on the critical values for the maximum likelihood (seasonal) cointegration tests***by*Lee, Hahn S. & Siklos, Pierre L.**157-161 Disequilibrium and uncertainty in cointegrated systems: Some empirical evidence***by*Lee, Tae-Hwy**163-170 Cross-game learning: Experimental evidence from first-price and English common value auctions***by*Kagel, John H.**171-174 The value to a firm of its rival learning***by*Creane, Anthony**175-179 The Green Golden Rule***by*Chichilnisky, Graciela & Heal, Geoffrey & Beltratti, Andrea**181-185 Currency swaps and long-term covered interest parity***by*Takezawa, Nobuya**187-192 Biased tax price or grant expenditure elasticities***by*Turnbull, Geoffrey K.**193-196 Do men with higher wages marry earlier or later?***by*Zhang, Junsen**197-203 Team production effects on earnings***by*Idson, Todd L.**205-210 Unemployment insurance and moral hazard in employment***by*Christofides, Louis N. & McKenna, C. J.**211-215 Can convergence regressions distinguish between exogenous and endogenous growth models?***by*Kocherlakota, Narayana R. & Yi, Kei-Mu**217-220 The dual political economy of taxes and tradable permits***by*Farrow, Scott**221-221 Capital gains and asset switching (Economics Letters, vol. 47, no. 1, 1995, pp. 63-67)***by*Hartwick, John M.

### 1995, Volume 49, Issue 1

**1-6 A semi-parametric non-nested test in a dynamic panel data model***by*Li, Qi & Stengos, Thanasis**7-11 Consecutive amalgamations and an axiomatization of the Shapley value***by*Haviv, Moshe**13-17 Evolutionary selection of beliefs***by*Gans, Joshua S.**19-25 Possible convexity of the indirect utility function due to nonlinear budget constraints***by*Bordley, Robert F.**27-31 Non-linearities and partial analysis***by*Currie, Martin & Kubin, Ingrid**33-38 The relative rigidity of oligopoly pricing***by*Fisher, Timothy C. G. & Konieczny, Jerzy D.**39-43 Gross substitution in financial markets***by*Hens, Thorsten & Loeffler, Andras**45-50 A note on strategyproofness in Edgeworth-Box economies***by*Sprumont, Yves**51-58 A note on risk aversion and learning behavior***by*Alepuz, D. & Urbano, A.**59-67 Of empty boxes: Returns to scale revisited***by*Bartelsman, Eric J.**69-75 The effects of fiscal policies in a general equilibrium model with nominal wage contracts***by*Cardia, Emanuela**77-83 Systematic risk over various frequency bands: An empirical analysis of returns on size-ranked portfolios***by*Lee, Kiseok & Ni, Shawn**85-90 Search costs and the quit rate***by*Kim, Dong-Heon**91-94 Utility maximization in models of discrete choice***by*Peitz, Martin**95-99 Oligopolistic incentives for pollution control with nonzero conjectures***by*Lee, Sang-Ho & Kim, Jae-Cheol**101-108 Patents and productivity growth at the industry level: A first look***by*Lach, Saul

### 1995, Volume 48, Issue 3-4

**221-228 A note on the distribution of the least squares estimator of a random walk with drift: Some analytical evidence***by*Haldrup, Niels & Hylleberg, Svend**229-234 Comparing cointegrating regression estimators: Some additional Monte Carlo results***by*Montalvo, Jose G.**235-240 A simple test for the consistency of dynamic linear regression in rational distributed lag models***by*McClain, Katherine T. & Wooldridge, Jeffrey M.**241-248 Testing for periodic integration***by*Peter Boswijk, H. & Franses, Philip Hans**249-256 Spurious deterministic seasonality***by*Franses, Philip Hans & Hylleberg, Svend & Lee, Hahn S.**257-265 The two-variable CES transaction function in macroeconomic rationing models***by*Heinesen, Eskil**267-272 Kuhn-Tucker conditions and linear homogeneity***by*Albert, Max**273-280 Alternative specifications for environmental control costs in a general equilibrium framework***by*Nestor, Deborah Vaughn & Pasurka, Carl Jr.**281-285 The deadline effect: A theoretical note***by*Ponsati, Clara**287-292 An experimental test for gender differences in beneficent behavior***by*Bolton, Gary E. & Katok, Elena**293-300 Comparative performance of short-run capacity utilization measures***by*Lee, Jong-Kun**301-306 Optimal bidding in multi-unit auctions with many bidders***by*Nautz, D.**307-311 Secondary markets in auctions with endogenous valuations***by*e Cunha, Luis Campos & Santos, Vasco**313-317 On dynamics and the core of OG models***by*Ghiglino, Christian & Tvede, Mich**319-324 Popular support for progressive taxation***by*Marhuenda, Francisco & Ortuno-Ortin, Ignacio**325-330 A measure of the sensitivity of saving to interest rate uncertainty with non-expected preferences***by*Langlais, Eric**331-336 Risk-aversion, prudence and temperance: A unified approach***by*Eeckhoudt, Louis & Gollier, Christian & Schneider, Thierry**337-340 The invisibility hypothesis and promotion efficiency***by*Perri, Timothy J.**341-344 Level of aggregation, variable elasticity and Wagner's law***by*Bairam, Erkin I.**345-351 Increasing returns and cyclical international capital movements***by*Velasco, Andres**353-359 Cointegration and the long-run forecast of exchange rates***by*Kim, Benjamin J. C. & Mo, Soowon**361-366 The relationship between domestic savings and investment: The Feldstein-Horioka test using Japanese regional data***by*Yamori, Nobuyoshi**367-371 Some curious properties of a familiar model of debt and default***by*Eaton, Jonathan & Gersovitz, Mark**373-377 Flexible exchange rates and the J-curve: An alternative approach***by*Demirden, Tuvana & Pastine, Ivan**379-388 Option values and endogenous uncertainty in ESOPs, MBOs and asset-backed loans***by*Chichilnisky, G. & Heal, G. M. & Tsomocos, D. P.**389-397 Equity as a call option on assets: Some tests for failed banks***by*Diba, Behzad & Guo, Chia-Hsiang & Schwartz, Marius**399-404 A note on intraday foreign exchange volatility and the informational role of quote arrivals***by*Takezawa, Nobuya**405-410 Open market share repurchases and the free cash flow hypothesis G35***by*Vafeas, Nikos & Maurice Joy, O.**411-417 Growth and poverty: Evidence for developing countries in the 1980s***by*Ravallion, Martin**419-426 Cross-country differences in cyclical variations of male teenage employment***by*Alba-Ramirez, Alfonso**427-432 Macroeconomic performance and wage setting level in symmetric non-cooperative games***by*Cahuc, Pierre**433-439 Existence of an optimal growth path with endogenous technical change***by*Chichilnisky, Graciela & Gruenwald, Paul F.**441-447 Probabilistically sophisticated rank dependent utility***by*Nakamura, Yutaka**449-449 Corrigendum***by*Moon, Choon-Geol

### 1995, Volume 48, Issue 2

**107-112 Bootstrapping J-type tests for non-nested regression models***by*Yanqin Fan & Qi Li**113-118 Bartlett-corrected tests for heteroskedastic linear models***by*Cribari-Netoa, Francisco & Ferrari, Silvia L. P.**119-127 A new approximate GLS estimator for the linear regression model with ARMA(p, q) disturbances***by*Choudhury, Askar H. & Power, Simon**129-137 Constraints in perfect-foresight models: The case of old-age savings and public pensions***by*Meijdam, Lex & Verhoeven, Marijn**139-144 Insurance and decision-taking***by*Machnes, Yaffa**145-154 The demand for money and non-GDP transactions***by*Palley, Thomas I.**155-163 'Time-to-build' completion patterns for nonresidential structures, 1961-1991***by*Montgomery, Michael R.**165-171 Euler equation tests of Ricardian equivalence***by*Himarios, Daniel**173-177 Educated guesses and income distribution***by*Charles Ka Yui Leung**179-184 Common trends and common cycles in international labor productivity***by*Calcagnini, Giorgio**185-191 Internal labor markets and firm-specific determination of earnings in the presence of immigrant workers***by*Zweimuller, Josef & Winter-Ebmer, Rudolf**193-199 The interaction of explicit and implicit contracts***by*Schmidt, Klaus M. & Schnitzer, Monika**201-206 Sharp regulatory performance with blunt instruments***by*Blair, Benjamin F.**207-211 The length of the effect of aggregate advertising on aggregate consumption***by*Seldom, Barry J. & Jung, Chulho**213-219 Distributional constraints on the speed of privatization***by*Alexeev, Michael & Kaganovich, Michael

### 1995, Volume 48, Issue 1

**1-7 An exposition of the decomposition in a Controlled Autoregressive Integrated Segmented Moving Average (CARISMA) model***by*Purkayastha, D. Das**9-13 Solving stochastic optimization models with learning and rational expectations***by*Amman, Hans M. & Kendrick, David A. & Achath, Sudhakar**15-20 Wage bargaining, imperfect competition and the markup: Optimizing microfoundations***by*Sen, Anindya & Dutt, Amitava Krishna**21-24 A weak utility function for acyclic preferences***by*Peris, Josep E. & Subiza, Begona**25-28 On Shephard's Lemma and the continuity of compensated demand functions***by*Fuchs-Seliger, Susanne**29-32 Individual discounting and the purchase of durables with random lifetimes***by*Kooreman, Peter**33-36 A note on the measurement of mobility***by*Chakravarty, Satya R.**37-45 Optimal wage indexation with exchange rate uncertainty in an oligopolistic and unionized economy***by*Van Gompel, Johan**47-53 Stock returns, inflation, and the 'proxy hypothesis': A new look at the data***by*Balduzzi, Pierluigi**55-59 Integrated-GARCH and non-stationary variances: Evidence from European stock markets during the 1920s and 1930s***by*Choudhry, Taufiq**61-71 Wage-employment determination and a union tax on capital: Can theory and evidence be reconciled?***by*Hirsch, Barry T. & Prasad, Kislaya**73-76 Firm's information-sharing policy and strike incidence***by*Wang, Yijiang**77-81 New-firm formation in Italy: A first report***by*Audretsch, David & Vivarelli, Marco**83-89 On flexibility in oligopoly***by*Ellingsen, Tore**91-97 The complete complementarity of consumption and real balances and the strong superneutrality of money***by*Hayakawa, Hiroaki**99-106 Health capital and cross-country variation in income per capita in the Mankiw-Romer-Weil model***by*Knowles, Stephen & Owen, P. Dorian

### 1995, Volume 47, Issue 3-4

**229-235 Restrictions in labor supply estimation: Is the MaCurdy critique correct?***by*Blomquist, Soren**237-242 Testing for unit roots in flow data sampled at different frequencies***by*Ng, Serena**243-248 Aggregated heterogeneous dependent data and the logit model: A suggested approach***by*Kelejian, Harry H.**249-253 Semiparametric efficiency bounds for the binary choice and sample selection models under conditional symmetry***by*Xu Zheng, John**255-261 Response surface estimates of the KPSS stationarity test***by*Sephton, Peter S.**263-268 Unbiased estimation as a solution to testing for random walks***by*Abadir, Karim M.**269-274 On the possibility of stable renegotiation***by*Ferreira, JoseLuis**275-281 Unilateral altruism may be beneficial: A game-theoretic illustration***by*Singh, Nirvikar**283-290 On the relationship between the Frisch and Slutsky decompositions***by*Chaudhuri, Anita**291-296 A distinction between continuous-time and discrete-time models of uncertain lifetime***by*Siu Fai Leung**297-303 Does sunspot monetary policy matter?***by*Gottardi, Piero**305-309 On an asymptotic property of expected utility***by*Diamond, Harvey & Gelles, Gregory M.**311-316 Incentive contracting with hidden choices of effort and risk***by*Zou, Liang**317-325 Time-additive representations of preferences when consumption grows without bound***by*Dolmas, Jim**327-333 Disaggregate stochastic trends in industrial production***by*Norrbin, S. C.**335-342 Are market perceptions of corporate layoffs changing?***by*Chatrath, Arjun & Ramchander, Sanjay & Song, Frank**343-349 Adjustment costs and price and quantity adjustment***by*Andersen, Torben M.**351-359 Welfare-maximizing vs. growth-maximizing shares of government investment and consumption***by*Lau, Sau-Him Paul**361-366 Poverty trap and growth with public goods***by*Abe, Naohito**367-370 A theory of overseas joint ventures***by*Marjit, Sugata & Broll, Udo & Mallick, Indrajit**371-375 A new class of duration measures***by*Au, Kelly T. & Thurston, David C.**377-384 Bootstrapping options: An application to recapture clauses***by*Claessens, Stijn & Qian, Ying**385-388 On the optimal hedge under unbiased futures prices***by*Lence, Sergio H.**389-392 The suboptimality of efficiency***by*Quiggin, John**393-400 Competitive investment in higher education: The need for policy coordination***by*Gradstein, Mark & Justman, Moshe**401-408 Ethnicity, race, and earnings***by*Darity, William Jr & Guilkey, David & Winfrey, William