# Elsevier

# Economics Letters

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

**ISSN:**0165-1765

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### May 1990, Volume 33, Issue 1

**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**267-272 Age-related minimum wages and hysteresis in unemployment***by*Graafland, J. J. & Huizinga, F.**273-275 The discretely time-varying risk premium on the AUD***by*Buchanan, Michael J. & Felmingham, Bruce S.**277-281 What have we learned since hotelling's letter? : A meta-analysis***by*Smith, V. Kerry & Kaoru, Yoshiaki**283-287 Duopoly equilibria when firms can change their decision once***by*Basu, Kaushik**289-294 Firm size and R&D effectiveness : A value-based test***by*Connolly, Robert A. & Hirschey, Mark**295-298 Lay-offs by seniority and equilibrium employment***by*Layard, R.**299-305 Efficient union labour contracts under seniority employment rules***by*A. Sampson, Anthony

### February 1990, Volume 32, Issue 2

**109-110 A limit theorem on the core : Addendum***by*McKenzie, Lionel**111-114 Elasticity of substitution in a regulated firm***by*Blackorby, Charles & Robert Russell, R.**115-119 On the possibility of price wars when firms use a 'Tit-for-tat' strategy***by*Dobson, Paul W. & Donald Sinclair, C.**121-125 Multi-choice problems and the essential order among decision rules***by*Paroush, Jacob**127-132 Exports and Japanese economic development***by*Grabowski, Richard & Sharma, Subhash C. & Dhakal, Dharmendra**133-135 Money growth and inflation dynamics***by*Gerlach, Stefan**137-140 How much better is disaggregate data?***by*Binkley, James K. & Nelson, Carl H.**141-145 Input substitution and technical change in U.S. high tech industries***by*Diwan, Romesh & Chakraborty, Chandana**147-152 Relative trading volume, risk measures and other firm characteristics during the market crash***by*Ben-Zion, Uri & Gutman, Eyal & Egbe, Emanuel & Brahams, Steven**153-156 A resolution of the equity premium puzzle***by*Chang Mo Ahn**157-161 The impact of mortgage activity on recent demand deposit growth***by*Duca, John V.**163-167 The long-run effects of alternative monetary policies under two-tier exchange rates***by*Lai, Ching-Chong & Chang, Wen-Ya**169-173 Estimating the impact of government R&D***by*Levy, David M.**175-180 On the determination of nominal wage dispersion***by*Blejer, Mario I.**181-185 The case of risk premia for risky jobs revisited***by*Lanoie, Paul**187-192 Multidimensional inequality comparisons : On aggravation and mitigation of inequalities***by*Rietveld, Piet**193-197 Using grouped data for constructing inequality indices : Parametric vs. non-parametric methods***by*Slottje, Daniel J.

### January 1990, Volume 32, Issue 1

**1-5 Non-market reopening, time-consistent plans and the structure of intertemporal preferences***by*Haller, Hans**7-12 Inflation, terms of trade, and debt capacity***by*Jain, Arvind K.**13-17 Phantom bidding against heterogeneous bidders***by*Graham, Daniel A. & Marshall, Robert C. & Richard, Jean-Francois**19-24 Orthogonality tests with de-trended data : Interpreting Monte-Carlo results using Nagar expansions***by*Banerjee, Anindya & Dolado, Juan & Galbraith, John W.**25-34 Small sample properties of simultaneous error components models***by*Matyas, Laszlo & Lovrics, Laszlo**35-41 Weighted least squares estimation of the linear probability model, revisited***by*Mullahy, John**43-48 A gradual switching regression model with a flexible transition path***by*Ohtani, Kazuhiro & Kakimoto, Sumio & Abe, Kenzo**49-51 Forward rate biases and inconsistencies with tax-modified fisher conditions***by*McClure, J. Harold**53-59 Cointegration-based tests of daily foreign exchange market efficiency***by*Coleman, Mark**61-65 An evaluation of survey exchange rate forecasts***by*Lai, Kon S.**67-73 Predicting the quantity of LDC debt rescheduling***by*Lloyd-Ellis, H. & McKenzie, G. W. & Thomas, S. H.**75-79 Market structure, union rent seeking, and firm profitability***by*Hirsch, Barry T.**81-84 A partial characterization of a history-dependent, subgame-perfect equilibrium : The case of an exhaustible resource duopoly***by*Cairns, Robert D. & Moreaux, Michel**85-89 Employer seniority discrimination : Evidence from enterpreneurial occupational choice***by*Tucker, Irvin III**91-96 Non-nested tests of efficient bargain and labour demand models***by*Christofides, Louis N.**97-100 An empirical analysis of self-employment in the Netherlands***by*De Wit, Gerrit & Van Winden, Frans A. A. M.**101-104 Application of the 'Oaxaca decomposition' to probit estimates : The case of unions and fringe benefit provision***by*Belman, Dale & Heywood, John S.

### December 1989, Volume 31, Issue 4

**299-301 On the stability properties of the long-run stationary equilibrium in macro-dynamic models under perfect foresight and static expectations***by*Ohyama, Michihiro**303-306 The discrete bid first auction***by*Chwe, Michael Suk-Young**307-312 A note on asymptotical strategy-proofness***by*Fristrup, Peter & Kleiding, Hans**313-317 Bounded price variation models with rational expectations and price risk***by*Holt, Matthew T.**319-323 Fairness in bargaining requires a context : An experimental examination of loyalty***by*Shogren, Jason F.**325-329 Income taxation and endogenous growth***by*Mino, Kazuo**331-335 Sectoral change, catching up and slowing down : OECD post-war economic growth revisited***by*Dowrick, Steve**337-341 A note on the Anderson-Hsiao estimator for panel data***by*Arellano, Manuel**343-347 Some results on the finite sample significance levels of instrumental variable tests for non-nested models***by*Burke, S. P. & Godfrey, L. G.**349-354 Model comparison when the endogenous variable is uncertain : An application of non-nested testing procedures***by*Green, Christopher J.**355-357 Extended tabulations for Dickey-Fuller tests***by*Guilkey, David K. & Schmidt, Peter**359-362 On testing for revealed preference conditions***by*Tsur, Yacov**363-366 System estimation of generalized working models : A semiparametric approach***by*Van Hoa, Tran**367-370 The sample spectrum of time series with trading day variation***by*McNulty, Mark S. & Huffman, Wallace E.**371-374 The asymmetric prime : An empirical note***by*Forbes, Shawn M. & Mayne, Lucille S.**375-380 Some empirical evidence on government purchase multipliers***by*Garcia-Mila, Teresa**381-386 Tariff burdens and optimal tariffs under alternative transport cost and market structures***by*Krutilla, Kerry**387-391 Empirical evidence on the properties of exchange rate forecasts and the risk premium***by*Peel, D. A. & Pope, P. F.**393-397 Dollar currency in Latin America : A Bolivian application***by*Melvin, Michael & de la Parra, Gonzalo Afcha**399-402 Small firms in U.S. manufacturing : A first report***by*Acs, Zoltan J. & Audretsch, David B.**403-406 The effect of migration on black incomes : Evidence from the 1940 census***by*Margo, Robert A.**407-410 Equivalence scales : A household production approach***by*Van Hoa, Tran & Ironmonger, D. S.

### December 1989, Volume 31, Issue 3

**211-214 A globally concave, symmetric, flexible cost function***by*Lewbel, Arthur**215-219 Advertising and consumer demand: a differential approach***by*Selvanathan, E. Antony**221-224 Profit-sharing in cournot oligopoly***by*Stewart, Geoff**225-230 Solution and estimation of a bivariate interdependent adjustment cost model***by*Kasa, Kenneth**231-233 Structural change and unit root econometrics***by*Reichlin, Lucrezia**235-238 Rules of thumb for comparing multinomial logit and multinomial probit coefficients***by*Stern, Steven**239-243 A computationally simple heteroskedasticity and serial correlation robust standard error for the linear regression model***by*Wooldridge, Jeffrey M.**245-249 Incorporating contemporaneous residual relationships for security prices***by*Jalilvand, Abolhassan & Kryzanowski, Lawrence**251-256 The information in the term structure of eurodollar interest rates***by*Krol, Robert**263-267 Co-integration tests for long run equilibrium in the monetary exchange rate model***by*McNown, Robert & Wallace, Myles**269-272 Dividend policy and tax structure***by*Lim, Kian-Guan**273-276 Viability in multiproduct industries***by*Mester, Loretta J.**277-280 Technological diffusion, vertical product differentiation and quality improvement***by*Stoneman, P.**281-286 Smoke detector effectiveness and the value of saving a life***by*Garbacz, Christopher**287-291 Subjective versus technical risk estimates: do risk communication policies increase consistency?***by*Kerry Smith, V. & Desvousges, William H.**293-298 Evidence on the fit of the log-linear income model versus a general statistical specification***by*Diamond, Charles A. & Simon, Curtis J. & Warner, John T.

### December 1989, Volume 31, Issue 2

**113-117 Binary choice probabilities and rankings***by*Fishburn, Peter C. & Falmagne, Jean-Claude**119-123 Modelling technical and allocative inefficiency in a translog production function***by*Kumbhakar, Subal C.**125-128 Effect of time preferences on indexation***by*Bar-Ilan, Avner**129-132 Firm-specific training in an incentive-compatible contract***by*Cothren, Richard**133-137 The expected stop-out price in a discriminating auction***by*Spindt, Paul A. & Stolz, Richard W.**139-143 Symmetric paths and evolution to equilibrium in the discounted prisoners' dilemma***by*Stanford, William**145-149 The Kalman filter model under the assumption of the first-order autoregressive process in the disturbance terms***by*Tanizaki, Hisashi**151-154 Optimal inflation and the government revenue mix***by*Yashiv, Eran**155-158 North American money surprises and financial market reactions: : An empirical note***by*Deaves, Richard**159-162 Should a factor-market distortion be widened?***by*Hayashibara, Masayuki & Jones, Ronald W.**163-167 Optimal commercial policy for an open economy with domestic distortions***by*Chang, Winston W. & Michael, Michael S.**169-171 Tariffs, employment and wage bargaining***by*Yip, Chong K.**173-177 Using country balance sheet data to predict debt rescheduling***by*Lloyd-Ellis, H. & Mckenzie, G. W. & Thomas, S. H.**179-182 The extended linear expenditure system with financial assets***by*Adams, Philip D.**183-187 Structuring an option to facilitate replication with transaction costs***by*Shaffer, Sherrill**189-192 Guaranteed lowest prices: do they facilitate collusion?***by*Logan, John W. & Lutter, Randall W.**193-198 More on the properties of a tax cum subsidy pollution control strategy***by*Yohe, Gary W.**199-204 Market structure and inter-industry wage differences : The case of Taiwan***by*Lai, Cheng-chung**205-209 Updating estimates of union non-union wage differentials in the United States***by*Ashraf, Javed

### 1989, Volume 31, Issue 1

**1-4 Rational performance and gibbard's pareto-consistent libertarian claim***by*Nagahisa, Ryo-ichi**5-7 The kalai/smorodinsky solution with time preferences***by*Anbarci, Nejat**9-12 Bayesian estimator of the linear regression model with an interval constraint on coefficients***by*Hasegawa, Hikaru**13-20 Estimation of multiplicative measurement-error models and some simulation results***by*Lin, An-loh**21-26 Semiparametric estimation and efficiency bounds of binary choice models when the models contain one continuous variable***by*Nawata, Kazumitsu**27-30 Comparative properties of sums of independent binomials with different parameters***by*Sah, Raaj Kumar**31-35 Testing non-linearities in world stock market prices***by*De Gooijer, Jan G.**37-41 On complete securities markets and the martingale property of securities prices***by*Muller, Sigrid M.**43-48 Financial innovations and the interest elasticity of money demand in Canada***by*Chowdhury, Abdur R.**49-53 Evidence on taxation and charitable giving from the 1983 U.S. treasury tax model file***by*Reece, William S. & Zieschang, Kimberly D.**55-59 Differential taxation and the encouragement of risk-taking***by*Sandmo, Agnar**61-64 Purchasing power parity and administered exchange rates***by*Samiei, S. H.**65-69 Fiscal policy, monetary policy and the efficiency of the stock market***by*Hancock, D. G.**71-75 Perfect option hedging and the hedge ratio***by*Muller, Sigrid M.**77-80 (s,S) Pricing policy when adjustment costs affect demand***by*Rosenbaum, David I. & Ye, Meng-Hua**81-85 Exchange rate pass-through and the relative concentration of German and Japanese manufacturing industries***by*Fisher, Eric**87-89 Optimal regulation of a consistent conjectures duopoly***by*Shaffer, Sherrill**91-94 Non-neutral technical change, capital, white-collar and blue-collar labor : Some empirical results***by*Kugler, P. & Muller, U. & Sheldon, G.**95-98 Discrimination in the provision of fringe benefits***by*Heywood, John S.**99-103 Collective bargaining, firm size and pensions in Canada***by*Meng, Ronald**105-108 Korean trade union growth during the period 1962-1984***by*Sharma, Basu**109-112 Migration equilibrium and variational inequalities***by*Nagurney, Anna

### October 1989, Volume 30, Issue 4

**269-274 Rational expectations with imperfect competition : A Bertrand-Edgeworth Example***by*Laffont, Jean-Jacques & Maskin, Eric**275-278 Being identical, behaving differently: A theorem on technological diffusion***by*Mariotti, Marco**279-286 On brand proliferation with vertical differentiation***by*Martinez-Giralt, Xavier**287-290 Four paradoxes in U.K. GDP***by*Mills, Terence C.**291-295 A cross-institutional comparison of the extent to which political representatives' voting behavior reflects constituents' preferences***by*Zupan, Mark A.**297-301 Asymptotic efficiency in principal-agent models with hidden information***by*Lockwood, Ben & Thomas, Jonathan**303-306 Interchangeability of equilibrium points in extensive games with complete information***by*Marchi, Ezio**307-311 On 'Maxwell's laws' of individual behaviour***by*Russell, Thomas**313-317 Portfolio choice with non-expected utility in continuous time***by*Svensson, Lars E. O.**319-321 On non-negative solvability of nonlinear input-output systems***by*Szidarovszky, Ferenc**323-326 On allocating the variance of output growth to trend and cycle components***by*Hall, Thomas E. & Windsor Fields, T. & Andrew Fields, M.**327-331 A note on rational speculative bubbles***by*Kompas, Tom & Spotton, Brenda**333-339 'Optimal' model selection when the true relationship is weak and occurs with a delay***by*Holmes, James M. & Hutton, Patricia A.**341-343 Quasi-concave optimisation : Sufficient conditions for a maximum***by*Mukherji, Anjan**345-349 Money demand instability: has it ended?***by*Miller, Stephen M.**351-356 The flypaper effect and the revenue impact of grants-in-aid***by*Islam, Muhammed N. & Choudhury, Saud A.**357-362 Purchasing power parity during the 1920s***by*Ardeni, Pier Giorgio & Lubian, Diego**363-366 Trade balance and exchange rate with the PPP theory***by*Wang, Susheng**367-371 Determinants of earned rates of return on equity of U.S. electric utilities, 1976-1984***by*Makhija, Anil K. & Spiro, Michael H.**373-378 Rates of return in the Indian private sector***by*Rao, M. J. Manohar & Datta, Ramesh C.**379-384 The screening hypothesis and the marginal productivity theory***by*Rao, M. J. Manohar & Datta, Ramesh C.**385-388 Redistributive impact of 'optimal' commodity taxes : Evidence from Indian data***by*Srinivasan, P. V.

### September 1989, Volume 30, Issue 3

**185-190 Accommodation, price flexibility and fluctuations***by*Ambler, Steve & Phaneuf, Louis**191-194 Fixed rules and decision rules : Time consistency and subgame perfection***by*Fershtman, Chaim**195-200 The advantageous nature of risk aversion in a three-player bargaining game where acceptance of a proposal requires a simple majority***by*Harrington, Joseph Jr.**201-205 Preliminary-test estimation of the scale parameter in a mis-specified regression model***by*Giles, David E. A. & Clarke, Judith A.**207-209 A note on bias from proxy variables with systematic errors***by*Herbert, John H. & Dinh, Khoan T.**211-216 Expected MSE of errors-in-variables and omitted variables models***by*Thursby, Jerry G.**217-221 Some fine-tuning for dominant diagonal matrices***by*Simon, Carl P.**223-226 Government capital and private output in the United States : Additional evidence***by*Ram, Rati & Ramsey, David D.**227-230 Money-velocity causality detection : Evidence from some developing countries***by*Shams, M.**231-236 Unit root behavior in velocity : Cross-country tests using recursive estimation***by*Siklos, Pierre L.**237-243 On the measurement of employment segregation***by*Silber, Jacques G.**245-248 Testing for long run purchasing power parity : A time series analysis for the greek drachma***by*Karfakis, Costas & Moschos, Demetrios**249-252 A note on partial vertical integration***by*Hendrikse, George & Peters, Hans**253-257 Can the concentration-collusion hypothesis be refuted empirically?***by*Werden, Gregory J. & Williams, Michael A.**259-262 Specific and general training in the theory of labor turnover***by*Kato, Takao**263-268 Attitudes towards unions and union membership***by*Christie, Virginia & Miller, Paul

### August 1989, Volume 30, Issue 2

**93-96 Quasi-rational expectations***by*Henocq, Christophe & Kempf, Hubert**97-101 Correlated effectivity functions***by*Abdou, J. & Mertens, J. -F.**103-107 A refinement and extension of the no-envy concept***by*Diamantaras, Dimitrios & Thomson, William**109-115 Intra-experimental income effects and risk aversion***by*McKee, Michael