A new test for fourth-order autoregressive disturbances

This paper proposes a new test for simple fourth-order autoregressive disturbances in the linear regression model. The test is shown to be most powerful invariant in a given neighourhood of the alternative hypothesis for all design matrices. An empirical power comparison suggests that the test is generally more powerful than the Wallis test, the difference in power probably being slight for most economic applications, although for certain design matrices, the power advantage of the new test is very real. Selected bounds for the test's significance points are tabulated.     

The role of miniatures in computable general equilibrium modelling : Experience from ORANI

ORANI is a large general equilibrium model of the Australian economy used by policy analysts and university research workers. This paper describes the role of miniature models in the development and application of ORANI. Miniature versions of ORANI have been useful in (a) explaining results; (b) detecting errors; (c) conducting sensitivity analyses; (d) experimenting with new specifications; and (e) teaching. The present paper concentrates mainly on (a) and (b). A miniature model is developed to explain ORANI results for the effects of increases in protection, reductions in the real costs of labour, increases in oil prices and increases in real aggregate demand.     

International merger activity and the national regulation of mergers: A UK perspective

This paper traces out recent changes in the globalisation of merger activity and considers its implications for national and international regulation of mergers and joint ventures. It argues that a large proportion of mergers involve small firms which may have an important effect on the competitive process and that regulation of large mergers should be complemented by industrial and financial policies to encourage the growth of smaller independent firms.     

The six phases of cost reduction: Effective use can increase profits

The success of cost reduction (CR) is as tied to the commitment of top management as it is to the sophisticated analysis of problem areas. It is necessary that management prepare the organization for any changes that introducing a CR program might bring about. Management also must provide the impetus for the continuation o f such a project after it has been initiated. Effective use of CR can significantly increase a company's profits. This particular approach includes two basic methods of attacking the problem of cutting costs: prevention and cure. The author delineates six phases of a CR plan for a company to follow in order to achieve tangible results.     

Voluntary Export Restraints and Resource Allocation in Exporting Countries

This article analyzes the resource implications of voluntaryexport restraints (VERs) for exporting countries. A simple analyticalmethod is used to demonstrate that, by reducing the marginalrevenue of its factors of production, a VER causes an industryin the exporting country to contract, and that the efficiencylosses from a VER depend on the ease with which sales can bediverted from the restricted toward the unrestricted markets.The method is applied to test the effects of the U.S. OrderlyMarketing Agreement (OMA) for producers of leather footwearin the Republic of Korea during the period 1977–81. Weestimate that the marginal revenue product of factors employedin leather footwear declined by as much as 9 percent becauseof the OMA, an estimate that is corroborated by inspection oftime series on output, employment, and wages of the Korean footwearsector. This implies that there was pressure on the Korean footwearindustry to contract as a result of the OMA.     

At the cutting edge of new realism: the engineers’ 35 hour week campaign

British engineering unions’ campaign for a 35 hour week in 1989–90 was a watershed dispute in terms of strike strategy and its impact on collective bargaining institutions. This article examines the dynamics of the dispute and the tensions between the national and local leaderships of the union campaign and compares it to similar ones waged by the German metalworkers’ union, IG Metall.     

An impact assessment perspective in research planning: the case of a research institute in China

This paper address the planning process for a Chinese Tecnological Research Institute. We suggest broadening the scope of planning to encompass wideranging impacts. This orientatin facilitates product selection and research utilization.