# Elsevier

# Economics Letters

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**ISSN:**0165-1765

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### February 1991, Volume 35, Issue 2

**167-171 Efficiency bound calculations for a time series model, with conditional heteroskedasticity***by*Heaton, John C. & Ogaki, Masao**173-177 On BLU-estimation with data of different periodicity***by*Lucke, Bernd**179-185 Generalized instrumental variables estimation of autoregressive conditional heteroskedastic models***by*Rich, Robert W. & Raymond, Jennie & Butler, J. S.**187-191 On Wiener-Granger causality, information and canonical correlation***by*Otter, Pieter W.**193-199 Simple rules to order irreversible income alternatives sequentially***by*Olsen, Trond E. & Stensland, Gunnar**201-207 The Marshall-Lerner condition reconsidered***by*Ide, Toyonari & Takayama, Akira**209-214 On the instability of financial patterns of failed firms and the predictability of corporate failure***by*Martikainen, Teppo & Ankelo, Timo**215-219 Debt-equity choice under asymmetric information and taxes***by*Kale, Jayant R. & Noe, Thomas H.**221-226 The predictive power of January returns in foreign and domestic markets***by*Chang, Eric C. & Pinegar, J. Michael**227-231 Market structure and the empirical specification of profit margins***by*Conyon, M. & Machin, S.

### January 1991, Volume 35, Issue 1

**1-4 Finitely optimal allocation in countably large-square exchange economies***by*Laine, Jean**5-8 Uninformed customers and nonprofit organization : Modelling 'contract failure' theory***by*Chillemi, Ottorino & Gui, Benedetto**9-16 Why real wages do not fall when there is unemployment***by*Holmes, James M. & Dowd, Mike & Black, David C.**17-20 Moral hazard and cooperation***by*Macho-Stadler, Ines & Perez-Castrillo, J. David**21-25 On hoarding in contract theory***by*Yaari, Varda (Lewinstein)**27-30 Equilibrium misperceptions***by*Gaynor, Martin & Kleindorfer, Paul**31-33 A note on testing for switching regressions***by*Phillips, Robert F.**39-44 Factoring spectral matrices in linear-quadratic models***by*Ball, J. A. & Taub, B.**45-50 A random coefficient qualitative choice model of telecommunications demand : Results and conjectures***by*Gatto, Joseph & Kelejian, Harry & Stephan, Scott**51-56 Positioning banks for acquisitions : A research note***by*Prasad, Rose M. & Melnyk, Z. Lew**57-61 Optimal public good provision in the Ramsey tax model : A generalization***by*Douglas Wilson, John**63-70 Target zone exchange rate***by*Razzak, W. A.**71-78 Taxation of foreign capital and the optimum tariff***by*Tsaur, Tien-wang & Chu, Mei-Lie**79-84 Exchange rate pass-through : The case of Korean exports of manufactures***by*Athukorala, Premachandra**85-88 Price elasticities for residential demand for telephone calling time : An estimate on Swedish data***by*Lang, Harald & Lundgren, Stefan**89-93 The role of employers' authority when jobs are partially enforceable***by*Mori, Pier Angelo**95-98 The relative effects of unemployment insurance parameters on search strategy***by*Hotchkiss, Julie L.**99-103 Investment, profit-sharing and the degree of centralization***by*Palokangas, Tapio**105-110 Cross-sectional versus panel estimates of union wage effects : Evidence from PSID***by*Wunnava, Phanindra V. & Okunade, Albert A.**111-116 An error correction system for integrated consumption and portfolio allocation decisions***by*Patterson, K. D.

### December 1990, Volume 34, Issue 4

**311-316 Minimal cooperation in bargaining***by*Chun, Youngsub**317-321 Additive non-transitive preferences***by*Fishburn, Peter C.**323-328 A multiple-object auction with superadditive values***by*Gale, Ian**329-332 Contractual delay and efficiency in delegation games : Two-principal case***by*Kambe, Shinsuke & Matsushima, Hitoshi**333-337 Shock persistence and the measurement of prewar output series***by*Jaeger, Albert**339-343 Testing for the correct error term distribution : A simple two-step test***by*Hofler, Richard A. & Spector, Lee C.**345-350 Some evidence on the accuracy of Phillips-Perron tests using alternative estimates of nuisance parameters***by*Kim, Kiwhan & Schmidt, Peter**351-356 Does correcting for heteroscedasticity help?***by*Mishkin, Frederic S.**357-361 Tax arbitrage and the redistributive properties of progressive income taxation***by*Agell, Jonas & Persson, Mats**363-368 Entering a preannounced currency band***by*Ichikawa, Masaki & Miller, Marcus & Sutherland, Alan**369-373 Optimality of coupon-bearing debt under asymmetric information***by*De, Sankar & Kale, Jayant R.**375-379 The fleeting effect of advertising : Empirical evidence from a case study***by*Boyd, Roy & Seldon, Barry J.**381-385 The effect of conviction on the legitimate income of criminals***by*Lott, John Jr.**387-391 Further evidence on the job search theory***by*Groot, Wim

### November 1990, Volume 34, Issue 3

**205-209 Second-best subsidies in monopolistic competition***by*Costrell, Robert M.**211-214 Market power and the institutional asymmetry of the posted offer trading institution***by*Davis, Douglas D. & Williams, Arlington W.**215-220 Optimal sales to users who hold inventory***by*Glazer, Amihai & Hassin, Refael**221-226 Monotonicity of solutions in certain dynamic cooperative games***by*Rosenthal, Edward C.**227-229 On the non existence of envy-free and egalitarian-equivalent allocations in economies with indivisibilities***by*Thomson, William**231-235 Consumption and asset returns under non-expected utility : Some new evidence***by*Bufman, Gil & Leiderman, Leonardo**237-239 Revelation in informational dynamic settings***by*Verde, Roberto Burguet**241-244 Is the Allais paradox robust to a seemingly trivial change of frame?***by*Carlin, Paul S.**245-248 Long-term partnership in a repeated prisoner's dilemma with random matching***by*Matsushina, Hitoshi**249-253 A state space representation of sequential estimators***by*Ambler, Steve**255-259 Cointegration and I(0) measurement error bias***by*Fischer, Andreas M.**261-265 Bootstrap tests for generalized least squares regression models***by*Rayner, Robert K.**267-270 On the estimation of a fixed effects model with selectivity bias***by*Verbeek, Marno**271-275 Exchange rates and the trade balance : Some evidence from developing countries***by*Rose, Andrew K.**277-283 Market structure, incentive to patent and the pace of innovation***by*Pil Choi, Jay**285-288 Non-permanent jobs and search theory***by*Van Ophem, Hans**289-294 Placement service and offer arrival rates***by*Ebmer, Rudolf**295-300 English language proficiency and the economic progress of immigrants***by*Rivera-Batiz, Francisco L.**301-306 Heterogeneous matching, mismatch and the macro U-V curve***by*Brunello, Giorgio

### October 1990, Volume 34, Issue 2

**105-107 A note on the strategic transmission of endogenous information***by*De Groote, Xavier**109-112 Dominant strategy mechanisms with mutually payoff-relevant private information and with public information***by*Matsushima, Hitoshi**113-116 How big is the random walks in macroeconomic time series : Variance ratio tests***by*Malliaris, A. G. & Urrutia, Jorge L.**117-120 Seasonal unit-root tests on Canadian macroeconomic time series***by*Otto, Glenn & Wirjanto, Tony**127-129 GAITL: A generalised version of the almost ideal and translog demand systems***by*Bollino, Carlo Andrea & Violi, Roberto**131-135 Specification errors and the Chow test : An alternative view***by*Burrows, Peter M. & Cantrell, R. Stephen**137-141 The conditional logit estimator for unequal panels***by*Das, Sanghamitra**143-146 A computational algorithm for multiple equation models with panel data***by*Kinal, Terrence & Lahiri, Kajal**147-150 Choosing among multiple nonlinear non-nested regression models with different dependent variables : An application to money demand***by*Smith, Marlene A. & Smyth, David J.**151-155 A note on the Lagrange multiplier and F-statistics for two stage least squares regressions***by*Wooldridge, Jeffrey M.**157-162 The informational efficiency of the stock market : The international evidence of 1921-1930***by*Jeng, Chyong-Chiou & Butler, J. S. & Liu, Jin-Tan**163-168 Examining statistical differences between using returns and yields to maturity in bond market event studies***by*Swidler, Steve**169-173 The effect of federal deficits and debt on the tax-adjusted, short-term, real interest rate***by*Allen, Stuart D.**175-181 Do general and firm-specific employer payroll taxes have the same incidence? : Theory and evidence***by*Vaillancourt, Francois & Marceau, Nicolas**183-189 Tax-induced bias in forward rates, term premiums, and the term structure of interest rates***by*Kim, Seokchin**191-195 Male/female earnings differentials and the measurement of skills***by*Myatt, Antony & Murrell, David**197-202 Consumption and transitory income : An estimation on a panel of French data***by*Gardes, F. & Madre, J. L.

### September 1990, Volume 34, Issue 1

**1-4 The global correspondence principle***by*Kemp, Murray C. & Kimura, Yoshio & Tawada, Makoto**5-9 A feasible Nash implementation of Walrasian equilibria in the two-agent economy***by*Nakamura, Shinsuke**11-14 Profit sharing and work sharing***by*Hart, R. A.**15-19 Impossibility results with resoluteness***by*Kelly, Jerry S. & Hall, Maxwell**21-25 Quantifying the Allais paradox : Risk aversion and eccentricity in weighted linear utility***by*Hess, James D. & Holthausen, Duncan Jr.**27-32 Preliminary-test estimation of the standard error of estimate in linear regression***by*Clarke, Judith A.**33-35 Cointegrating exogeneity***by*Hunter, J.**37-42 A chi-square test for a unit root***by*Kahn, James A. & Ogaki, Masao**43-48 CORE: For decision models under uncertainty***by*Ramamohan Rao, T. V. S. & Singh, Saraswati P.**49-53 Testing the replication hypothesis : When the data set is subject to gross error***by*Levy, David M. & Feigenbaum, Susan**55-59 A test of the arbitrage pricing theory using accounting information***by*Martikainen, Teppo & Yli-Olli, Paavo**61-65 Tax-based incomes policies and productivity deals***by*Johnes, Geraint**67-71 Export composition and the impact of exports on economic growth of developing economies***by*Fosu, Augustin Kwasi**73-75 Unions, taxes and the structure of multinational enterprises***by*Huizinga, Harry**77-82 An empirical analysis of a firm's decision to franchise***by*Minkler, Alanson P.**83-88 Estimating seat belt effectiveness with seat belt usage data from the Centers for Disease Control***by*Garbacz, Christopher**89-92 Labor supply, unemployment benefits in an open economy model of interwar Britain***by*Sen, Partha**93-97 An international comparison of sector wage differentials***by*Wagner, Joachim**99-104 On the penalties for unfair labor practices : An econometric analysis***by*Das, Sanghamitra

### August 1990, Volume 33, Issue 4

**301-308 Variable returns to scale and the global correspondence principle in the theory of international trade***by*Ide, Toyonari & Takayama, Akira**309-314 A time-varying model of rational learning***by*Margaritis, Dimitris**315-317 Transitivity and consistency***by*Baigent, Nick**319-323 Common agency with adverse selection : Existence, uniqueness, and efficiency of separation equilibrium***by*Berkok, Ugurhan G.**325-328 Steady-state productivity relationships : Estimation and some implications***by*Byers, J. D.**329-332 A simple test for exogeneity in probit, logit, and poisson regression models***by*Grogger, Jeffrey**333-336 Global asymptotic stability of non-linear difference : Equations with non-differentiable functions***by*Szidarovszky, Ferenc**337-340 On the decomposition and normalization of interindustry linkages***by*Clements, Benedict J.**341-345 A note on the efficiency of the London metal exchange***by*Sephton, Peter S. & Cochrane, Donald K.**347-351 Temporary trade taxes, welfare and the current account***by*Lopez, Ramon & Panagariya, Arvind**353-357 Efficiency wages and currency devaluation***by*Lai, Ching-chong**359-362 How mobile is capital in developing countries?***by*Ul Haque, Nadeem & Montiel, Peter J.**363-367 Optional time-of-use pricing can be pareto superior or pareto inferior***by*Mackie-mason, Jeffrey K.**369-373 A new test of the price-concentration relationship in grocery retailing***by*Newmark, Craig M.**375-383 Regulatory policies in markets for delicate medical procedures***by*Krishnan, Murugappa & Roller, Lars-Hendrik**385-388 Imperfect information and wage flexibility***by*Bell, Linda A. & Gerlach, Stefan**389-394 Quits, layoffs and contracts on sharing investments in specific human capital***by*Lam, Kit-Chun & Liu, Pak-Wai**395-399 Multivariate exogeneity tests and poverty : Some evidence on the perception of poverty***by*Hayes, Kathy & Slottje, D. J. & Nieswiadomy, Michael

### July 1990, Volume 33, Issue 3

**203-206 Equilibrium in abstract economies with a non-compact infinite dimensional strategy space, an infinite number of agents and without ordered preferences***by*Tian, Guoqiang**207-210 The welfare implications of collusive duopoly***by*Rees, Ray**211-215 The inverse problem of asset price under non-expected utility***by*Wang, Susheng**217-222 A refinement and extension of the no-envy concept***by*Diamantaras, Dimitrios & Thomson, William**223-227 Principals and agents : Does the assignment of information matter?***by*Nelson, Julianne**229-232 On the regulation of procurement bids***by*Sinclair-Desgagne, Bernard**233-238 On debt neutrality in life-cycle models***by*Lopez-Garcia, Miguel-Angel**239-244 Ordinal probit model with random bounds***by*Bolduc, Denis & Poole, Erik**245-248 Quality, measurement errors, and profit function estimation : Using a clustered sample***by*Conlon, John R.**249-254 A Monte Carlo comparison of system Tobit estimators***by*Flood, Lennart R. & Tasiran, Ali C.**255-258 Bartlett's correction and the bootstrap in normal linear regression models***by*Rayner, Robert K.**259-263 Leader and maximum independence for a class of discrete choice models***by*Resnick, Sidney I. & Roy, Rishin**265-269 The solution of time-varying linear rational expectations models and the role of terminal conditions***by*Blake, A. P.**271-275 On the impact of government spending on consumption patterns : Some exploratory results***by*Katsaitis, O. & Angastiniotis, M.**277-281 Price and quantity elasticities in U.S. foreign trade***by*Kohli, Ulrich**283-286 The divergence of SIC industries from antitrust markets : Indications from Justice Department merger cases***by*Pittman, Russell W. & Werden, Gregory J.**287-292 Optional two-part tariffs constrained by price caps***by*Vogelsang, Ingo**293-298 On a non-cooperative theory of technology transfer***by*Marjit, Sugata

### June 1990, Volume 33, Issue 2

**101-108 Marshallian stability and long-run equilibrium in the theory of international trade with factor market distortions and variable returns to scale***by*Ide, Toyonari & Takayama, Akira**109-114 Transitory consumption, durability and different approaches to test the life cycle model***by*Kugler, Peter**115-119 Bargaining without convexity : Generalizing the Kalai-Smorodinsky solution***by*Anant, T. C. A. & Mukherji, Badal & Basu, Kaushik**121-125 The relative profitability of Nash bargaining on the labour demand curve or the contract curve***by*Dowrick, Steve**127-131 Preference functionals with prize-dependent distortion of probabilities***by*Puppe, Clemens**133-140 An improved rate for non-negative definite consistent covariance matrix estimation with heterogeneous dependent data***by*Quah, Danny**141-145 The computation of test statistics for multivariate regression models in event studies***by*Seaks, Terry G.**147-151 Equivalence properties of the Hausman statistic based on a generalized inverse***by*Thursby, Jerry G. & Dezhbakhsh, Hashem**153-157 Strategic aspects of exchange rate policy in a developing country***by*Asikoglu, Yaman & Uctum, Merih**159-164 Asset price volatility and information structures***by*Attanasio, Orazio P.**165-170 Testing for covariance stationarity in stock market data***by*Pagan, Adrian R. & Schwert, G. William**171-173 On the variance of stock price distributions***by*Braglia, Marcello**175-178 An information based model of industrial exit***by*Hudson, John**179-183 Race and employment in the federal sector***by*Heywood, John S. & Mohanty, Madhu S.**185-191 Externalities in migration***by*Darvish-Lecker, Tikva**193-196 On the optimality of equal class sizes***by*Lippman, Steven A.**197-201 Signalized intersection queuing theory and central business district auto congestion***by*Arnott, Richard

### May 1990, Volume 33, Issue 1

**1-4 Durable good monopoly with one-hoss-shay depreciation***by*Kim, Jae-Cheol**5-9 Vertical product differentiation can imply the Friedman-Savage utility function***by*Myles, Gareth D.**11-16 On the economics of nonmarket transfers : The role of altruism***by*Stark, Oded**17-20 On the meta-strategic inconsistency of a Paretian liberal***by*Gekker, Ruvin**21-27 A further test of a simple economic explanation for the existence and nature of political ticket splitting***by*Zupan, Mark A.**29-33 Egalitarian solutions and uncertain disagreement points***by*Chun, Youngsub & Thomson, William**35-40 Equilibrium bid functions for auctions with an uncertain number of bidders***by*Harstad, Ronald M. & Kagel, John H. & Levin, Dan**41-45 Aggregate output, capital, and labor in the post-war U.S. economy***by*Levy, Daniel**47-53 Inflation and relative price variability : The case of internationally traded primary commodities***by*Kaparakis, Emmanuel I. & Katsimbris, George M. & Miller, Stephen M.**55-61 Small sample properties of the multiple rank F-test with lagged dependent variables***by*Holmes, James M. & A. Hutton, Patricia**63-68 A simple approach to the identifiability of the proportional hazards model***by*Melino, Angelo & Sueyoshi, Glenn T.**69-73 A diagnostic check for model specification : An application to the yen-dollar exchange rate***by*Neftci, Salih N. & McNelis, Paul D. & Harrison, Michael J.**75-78 A specification test for models estimated by the Cragg estimator***by*Sadorsky, P. A.**79-81 Unifying Chow's demand for money via the multiple Cox test***by*Smith, Marlene A. & Smyth, David J.**83-86 Discouraged applicants for consumer credit: Empirical evidence and implications for public policy***by*Hawley, Clifford B. & Fujii, Edwin T.**87-93 Tariff-induced capital inflow and welfare under variable returns to scale***by*Yabuuchi, Shigemi**95-100 The influence of income on international capital movements : Some preliminary Australian evidence***by*Fausten, D. K.

### April 1990, Volume 32, Issue 4

**307-311 A model of electroral competition with interest groups***by*Coughlin, Peter J. & Mueller, Dennis C. & Murrell, Peter**313-317 Induced global risk preference***by*Fabella, Raul V.**319-323 The unprofitability of mixed-strategy equilibria in two-person games : A second folk-theorem***by*Holler, Manfred J.**325-330 Measurement methods for technological change embodied in inputs***by*Jang, Show-Ling & Norsworthy, J. R.**331-333 Financing decisions and the 'crowding out' effect : The case of the Philippines***by*Gochoco, Maria S.**335-338 How should ignorance of response to incentives affect tax rates?***by*Stern, Nicholas**339-344 Purchasing power parity : Another look at the long-run data***by*Kim, Yoonbai**345-352 Hypothesis testing with the sharpe and Treynor portfolio : Performance measures given non-synchronous trading***by*Kryzanowski, Lawrence & Sim, Ah Boon**353-357 Learning-by-doing and the emergence of monopoly : A note***by*Agliardi, Elettra**359-363 Abatement vs. cleanup : Where less is more***by*Shaffer, Sherrill**365-369 The equilibrium effort-wage elasticity in efficiency-wage models***by*Schmidt-Sorensen, Jan Beyer**371-376 The effects of benefits and duration dependence on re-employment probabilities***by*Groot, Wim**377-382 Literacy skills and the wages of young black and white males in the U.S***by*Rivera-Batiz, Francisco L.**383-387 Okun's ladder reexamined***by*Rose, Andrew K.**389-392 Wage rounds : A signalling interpretation***by*Chappell, David & Sampson, Anthony A.**393-398 Plant size and the decline of unionism***by*Even, William E. & Macpherson, David A.**399-403 Union effects on wage dispersion in Canadian industry***by*Meng, Ronald**405-409 The union-nonunion wage differential and monitoring costs***by*Vroman, S. B.

### March 1990, Volume 32, Issue 3

**199-204 Consistent linkages across markets***by*Shaffer, Sherrill**205-210 Staggered price setting with endogenous frequency of adjustment***by*Romer, David**211-215 Decision weights and the normal form axiom***by*Maxwell, Christopher**217-220 The incidence and duration of unemployment : Some long-term comparisons***by*Margo, Robert A.**221-224 Manufacturing output and labor productivity : Further evidence for the United States***by*Mohammadi, Hassan & Ram, Rati**225-230 Lindley-like mean correction in the improved estimation of regression models with non-scalar covariance matrix***by*Chaturvedi, A. & Shukla, Govind**231-235 Missing measurements in discrete response models***by*Lien, Donald & Rearden, David**237-241 The consequences of misspecification in time series processes***by*Zinde-Walsh, Victoria**243-246 An exact test for linear restrictions in seemingly unrelated regressions with the same regressors***by*Hashimoto, Noriko & Ohtani, Kazuhiro**247-250 Relative-price variability in the United States : A decomposition analysis***by*Ram, Rati**251-255 Friedman's velocity hypothesis : Some evidence for France***by*Bordes, Christian**257-260 A simple production model in trade and its applications***by*Marjit, Sugata**261-265 Are efficient contracts on the labour demand curve? : A note***by*Brunello, Giorgio