# Elsevier

# Economics Letters

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

**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**409-416 Work quality and optimal pay structure: Piece vs. hourly rates in employee remuneration***by*Ng, Yew-Kwang & Shi, He-ling**417-421 On the robustness of the argument that price-matching is anti-competitive***by*Corts, Kenneth S.**423-429 Market foreclosure without vertical integration***by*Hardt, Michael**431-435 Innovation incentives through third-degree price discrimination in a model of patent breadth***by*van Dijk, Theon**437-443 The correlation of productivity growth across regions and industries in the United States***by*Kollmann, Robert

### 1995, Volume 47, Issue 2

**117-121 Are exchange rate changes normally distributed?***by*Coppes, R. C.**123-129 New small sample estimators for cointegration regression: Low-pass spectral filter method***by*Li, Yikang & Maddala, G. S. & Rush, Mark**131-135 A comparison of Johansen and Phillips-Hansen cointegration tests of forward market efficiency Baillie and Bollerslev revisited***by*Moore, Michael J. & Copeland, Laurence S.**137-142 Using spatial contiguity as prior information in vector autoregressive models***by*Pan, Zheng & LeSage, James P.**143-148 Renegotiation in a repeated Cournot duopoly***by*Driffill, John & Schultz, Christian**149-154 Markov perfect equilibria in an N-player war of attrition***by*Kapur, Sandeep**155-159 Lexicographic rationalizability and iterated admissibility***by*Stahl, Dale O.**161-167 Stochastic choice with deterministic preferences: An experimental investigation***by*Hey, John D. & Carbone, Enrica**177-183 A note on affine aggregation***by*De Meyer, Bernard & Mongin, Philippe**185-192 Do small menu costs explain large business cycles?***by*Lucke, Bernd**193-198 Nonfarm employment and the arbitrage pricing theory***by*Thorbecke, Willem & Chisholm, Geoff**199-203 Using capital mobility to enforce commitment***by*Lee, Boon Keng**205-210 Subsidized buyer credits: Atypical results in strategic trade theory***by*Stoelinga, G. J. & Viaene, J. -M. & Visscher, L. T.**211-217 Domestic taxation and international portfolio choice***by*Smith, C. E.**219-225 Human capital and economic growth Tests based on the international evaluation of educational achievement***by*Lee, Doo Won & Lee, Tong Hun

### 1995, Volume 47, Issue 1

**1-4 Subgame-perfect attainment of minimax punishments in discounted two-person games***by*Thomas, J. P.**5-10 Multi-valued demand and rational choice in the two-commodity case***by*Blackorby, Charles & Bossert, Walter & Donaldson, David**11-16 The weak axiom of revealed preference and homogeneity of demand functions***by*John, Reinhard**17-26 Strategic R&D success announcements***by*Bag, Parimal Kanti & Dasgupta, Sudipto**27-33 Monitoring, diversification and managerial incentive contracts***by*Choi, Yoon K. & Merville, Larry J.**35-39 Incentive compatibility without compensation***by*de Trenqualye, Pierre**41-45 Labor productivity during the Great Depression***by*Bordo, Michael D. & Evans, Charles L.**47-52 On dynamic real trade models***by*Bianconi, Marcelo**53-58 Explaining international differences in the share of services in real expenditure***by*Falvey, Rodney E. & Gemmell, Norman**59-62 The optimal taxation of savings and investment in an open economy***by*Huizinga, Harry**63-67 Capital gains and asset switching***by*Hartwick, John M.**69-76 Asymptotic shareholder unanimity with exogenous noise***by*Haller, Hans & Liu, Chung-Shu**77-81 Price-reducing taxation***by*de Meza, David & Maloney, John & Myles, Gareth D.**83-88 Consumption path following a tax increase: Implications for the analysis of the welfare cost of taxation***by*Islam, Muhammad Q.**89-93 Income taxation vs. consumption taxation in terms of the effect on savings***by*Sung Tai Kim**95-100 Unions and strategic managerial incentives***by*Bughin, J.**101-107 Licensing a sequence of innovations***by*Gandal, Neil & Rockett, Katharine**109-110 On the definition of favorableness***by*Une, Masashi & Saijo, Tatsuyoshi**111-116 Stock markets and growth: A brief caveat on precautionary savings***by*Mauro, Paolo

### 1994, Volume 46, Issue 4

**291-294 Unequal numbers of observations and partial efficiency gain***by*Im, Eric Iksoon**295-302 Testing for the exogeneity of real income in models of the poverty process evidence from post-independence India***by*Bell, Clive & Rich, Robert W.**303-309 Autocorrelation specification in singular equation systems***by*Moschini, Giancarlo & Moro, Daniele**311-319 Imputing a continuous income variable from grouped and missing income observations***by*Bhat, Chandra R.**321-325 The interest sensitivity of wealth in the life cycle model***by*Jones, Christopher**327-332 Problems with identifying adjustment costs from regressions of investment on q***by*Whited, Toni M.**333-338 Electing monetary policymakers according to inflation performance***by*Crosby, Mark**339-349 Pollution, the cost of public funds and endogenous growth***by*Ligthart, Jenny E. & van der Ploeg, Frederick**351-355 Hidden unemployment a search-theoretic interpretation***by*Kollmann, Robert**357-362 A note on the diffusion of flexible manufacturing systems technology***by*Link, Albert N. & Kapur, Puneet

### 1994, Volume 46, Issue 3

**187-194 Bayesian estimation and forecasting in non-linear models application to an LSTAR model***by*Peguin-Feissolle, Anne**195-202 Improved estimates and forecasts of error correction models in economics***by*Van Hoa, Tran**203-210 Risk comparison of the inequality constrained least squares and other related estimators under balanced loss***by*Wan, Alan T. K.**211-214 A stochastic variance model for absolute returns***by*Fornari, Fabio & Mele, Antonio**215-222 A state space model for reducing the uncertainty associated with preliminary vintages of data with an application to aggregate consumption***by*Patterson, K. D.**223-227 Ricardian equivalence are the required assumptions defensible?***by*Pemberton, James**229-235 Consistency, monotonicity, and the uniform rule***by*Sonmez, Tayfun**237-241 Renewal theory and natural resource regulatory policy under uncertainty***by*Batabyal, Amitrajeet A. & Yoo, Seung Jick**243-249 The nature of credit-market failure***by*Black, Jane & de Meza, David**251-256 Mean reversion in real exchange rates***by*Cheung, Yin-Wong & Lai, Kon S.**257-262 Simple foreign exchange market efficiency revisited***by*Ligeralde, Antonio V.**263-271 Testing an hypothesis about differences in poverty estimated from grouped data***by*Kakwani, N.**273-279 Black-white male earnings and employment prospects in the 1970s and 1980s evidence for Britain***by*Blackaby, D. H. & Clark, K. & Leslie, D. G. & Murphy, P. D.**281-287 Self-reinforcing mechanisms and interactive behaviour***by*Agliardi, Elettra & Bebbington, Mark**289-289 A generalization of an aggregate almost ideal demand system (Economics letters, vol. 41, no. 4, 1993, pp. 369-371)***by*Wang, Chin-lih**290-290 The measurement unit problem in estimating demand systems***by*Chung, Ching-Fan

### 1994, Volume 46, Issue 2

**97-104 Rational expectations in limited dependent variable models***by*Lee, Lung-fei**105-111 Dynamic stability and learning processes in 2 x 2 coordination games***by*Li, Shuhe**113-119 Moral hazard, renegotiation and debt***by*Dionne, Georges & Viala, Pascale**121-129 Dynamic consistency, consequentialism and reduction of compound lotteries***by*Volij, Oscar**131-136 Convergence of least squares learning to a non-stationary equilibrium***by*Evans, George W. & Honkapohja, Seppo**137-142 Cyclicality of real wages among young men***by*Shin, Donggyun**143-147 Adding bond funds to M2 in the P-Star model of inflation***by*Becsi, Zsolt & Duca, John V.**149-158 Why do dividend yields forecast stock returns?***by*Timmermann, Allan**159-166 Some estimates of the effects of unemployment insurance on re-employment duration***by*Belzil, Christian**167-171 Manipulating Lindahl equilibrium via endowments***by*Sertel, Murat R.**173-179 Relaxed speed limits and highway safety new evidence from California***by*McCarthy, Patrick S.**181-182 A diagnostic test without numerical integration (Economics Letters 42, nos. 2-3, 1993, pp. 129-132)***by*Ai, Chunrong & Cassou, Steven P.**183-183 Periodic properties of interpolated time series (Economics Letters 44, no. 3, 1994, pp. 221-228)***by*Dezhbakhsh, Hashem & Levy, Daniel

### 1994, Volume 46, Issue 1

**1-6 Weighted generalized least squares estimation for complex survey data***by*Selden, Thomas M.**7-10 Connections between GARCH and stochastic coefficients (SC) models***by*Swamy, P. A. V. B. & Tavlas, George S.**11-21 The shapley value of resale-proof trades***by*Quint, Thomas & Quintas, Luis**23-26 A fixed-point theorem for decreasing mappings***by*Kukushkin, Nikolai S.**27-31 A note on Pareto optimality in differential information economies***by*Forges, Francoise**33-40 Repeat purchases under quality uncertainty***by*Thoman, Lynda**41-48 The optimal consumption-wealth relation and the permanent income-life cycle hypothesis under recursive preferences***by*Hayakawa, Hiroaki & Ishizawa, Suezo**49-54 Exchange rate variability and the flow of international trade***by*Caporale, Tony & Doroodian, Khosrow**55-59 Residual securities and personal taxes***by*Abraham Ravid, S.**61-67 Tax reform with sub-additive and nested-additive preferences***by*Vennemo, Haakon**69-75 Neutrality and the private provision of public goods with incomplete information***by*Gradstein, Mark & Nitzan, Shmuel & Slutsky, Steven**77-88 A new look at incentive effects and golf tournaments***by*Orszag, Jonathan M.**89-95 The determinants of dismissals tests of the shirking model with individual data***by*Campbell, Carl III

### 1994, Volume 45, Issue 4

**427-431 Optimal vintage capital utilisation Supportability conditions***by*de Mello, L. Jr.**433-439 Capital constraints and optimal hedging in factor markets***by*Vercammen, James**441-446 On the optimality of cost-plus non-uniform pricing in vertical control problems***by*Hurley, William**447-450 Monotonicity, dominance and the Pareto principle***by*Amiel, Yoram & Cowell, Frank**451-457 Transfers or public good provision? A political allocation perspective***by*Nitzan, Shmuel**459-465 The foreign exchange market efficiency hypothesis revisiting the puzzle***by*Dutt, Swarna D.**467-470 Growth and its disparity in rich and poor regions***by*Seale, James Jr. & Theil, Henri & Deepak, Sri Devi**471-474 Irrational behavior in the AT&T investment game***by*Farrell, Joseph & Scotchmer, Suzanne**475-479 Budget shares, distributional characteristics and the direction of tax reform***by*Navajas, Fernando & Porto, Alberto**481-485 Poverty rankings using noisy data on living standards***by*Ravallion, Martin**487-493 Recent trends in white-black earnings differentials***by*Ashraf, Javed**495-499 A note on the substitution between wage and non-wage benefits in spot labour markets***by*Drakopoulos, S. A.**501-505 The turnover costs and the Solow condition in an efficiency wage model with intertemporal optimization***by*Lin, Chung-cheng & Lai, Ching-chong**507-512 Knowledge-based growth with exogenous population evolution : A balanced growth analysis***by*Tran-Nam, Binh & NgheTruong, Cong**513-517 Inequality aversion, resource depletion and sustainability***by*Collard, David

### 1994, Volume 45, Issue 3

**267-271 Efficiency of least-squares-estimation of polynomial trend when residuals are autocorrelated***by*Busse, Ralf & Jeske, Roland & Kramer, Walter**273-279 Testing for unit roots in seasonally adjusted data***by*Olekalns, Nilss**281-285 Long-range dependence in the conditional variance of stock returns***by*Crato, Nuno & de Lima, Pedro J. F.**287-291 Fractional integration analysis of long-run behavior for US macroeconomic time series***by*Crato, Nuno & Rothman, Philip**293-297 A note on calculating the autocovariances of the fractionally integrated ARMA models***by*Chung, Ching-Fan**299-303 Status variables in fixed-effect models***by*Haberfeld, Yitchak**305-308 A note on measurement error and Euler equations : An alternative to log-linear approximations***by*Ventura, Eva**309-313 A range-CUSUM test with recursive residuals***by*Kuan, Chung-Ming**315-318 On the relation between Nash equilibria and undominated strategies for two person, finite games***by*Jackson, Matthew O. & Srivastava, Sanjay**319-322 Investment under uncertainty and the value of the firm***by*Episcopos, Athanasios**323-327 Borrowing constraints, income expectations and the Euler equation : Theory and evidence***by*Antzoulatos, Angelos A.**329-334 Unemployment persistence under profit sharing***by*Georges, Christophre**335-341 Is the UK treasury bill rate a good proxy for expected inflation in the United Kingdom?***by*Andrade, Isabel & Clare, Andrew**343-347 Product quality regulation in open economies : Implications for trade***by*Anderson, R. K.**349-353 Profit-sharing and welfare in an export subsidy game***by*Tanaka, Yasuhito**355-359 Pareto ranking optimal tariffs under foreign monopoly***by*Kowalczyk, Carsten & Skeath, Susan E.**361-366 Temporal dependence in asset pricing models***by*Turtle, Harry J.**367-371 Occupational segregation and wages in Australia***by*Miller, Paul W.**373-377 The duration of unemployment as a signal***by*Kollman, Robert**379-383 On the economic efficiency of liquidated damages***by*Spiegel, Yossef**385-389 A note on backward compatibility***by*Kende, Michael**391-395 The impact of taxes on the privatization of municipal services***by*McGuire, Robert A. & Ohsfeldt, Robert L.**397-405 Buy-in through goldplating : The effect of defense profit policy on quality determination***by*Che, Yeon-Koo**407-412 The Moebius strip and a social choice paradox***by*Candeal, Juan Carlos & Indurain, Esteban**413-419 Social rents, interest rates, and growth***by*Caballe, Jordi & Manresa, Antonio