Values, prices of production and market prices: some more evidence from the Greek economy

This paper extends the empirical investigation of the relationbetween labour values and different price forms in the caseof the Greek economy. Subjecting the labour theory of valueto empirical tests with data from various countries helps inthe derivation of general conclusions regarding its empiricalvalidity and practical usefulness. Our results on the closenessof values and prices as measured by their absolute deviationand correlation, the shape of the wage–profit curves,the predictive power of labour values over market prices comparedwith other ‘value bases’, and the comparison offundamental Marxian categories when estimated in value and priceterms provide further support for the empirical strength ofthe labour theory of value.     

Bootstrap and Pretest J-Type Non-Nested Tests for Orthogonal Regression Models: Some Monte Carlo Evidence

This paper compares the size and power of two J-type tests for weakly correlated or nearly orthogonal non-nested regression models: a bootstrap and a pretest test. The latter seems to outperform the former in terms of its size characteristics, especially when the alternative model has more non-nested regressors and the orthogonality between the two sets of regressors is severe. The bootstrap test does better in terms of power.

     

An updated ranking of academic journals in economics

Abstract We conduct an update of the ranking of economic journals by Kalaitzidakis, Mamuneas, and Stengos (2003) . However, our present study differs methodologically from that earlier study in an important dimension. We use a rolling window of years between 2003 and 2008, for each year counting the number of citations of articles published in the previous 10 years. This allows us to obtain a smoother longer view of the evolution of rankings in the period under consideration and avoid the inherent randomness that may exist at any particular year, because of new entrants.     

Sensitivity Analysis And Schemes Of Arrangement

Formal mathematical techniques are being used increasingly as aids to commercial decision-making. We propose that those deciding whether to liquidate or trade-out should, as a matter of course, have sufficient information to enable sensitivity analysis on any forecast returns. Sensitivity analyses are notably lacking in documentation used for predicting the outcomes of schemes of arrangement such as the complex Estate Mortgage Trusts (EMT) moratorium on the withdrawal of funds by unitholders. This article details the outcomes of some schemes of arrangement in Australia in the 1960s and 1970s and discusses the EMT moratorium. The moratorium procedures provide the setting and data for simulations and sensitivity analyses. Coupled with the evidence provided by Dean (1977, 1983) and Aitken (1981), this suggests a need for information on the expected timing of payouts to enable sensitivity analysis whenever a scheme involves delayed distributions.     

Testing for bivariate stochastic dominance using inequality restrictions

We propose a test of bivariate stochastic dominance within a generalized framework for testing inequality restrictions, utilizing the covariance structure of the estimates of the joint distribution functions. Monte Carlo simulations and an empirical example assess its usefulness.     

An empirical investigation of the relationship between education and growth in Pakistan

In this paper we try to examine the impact of education on growth in Pakistan for the time period of 1973–2001. Education, measured as gross enrollments and total expenditures, is broken down into primary, secondary and tertiary as well as by gender in each of the above categories. Time series techniques are used to determine whether education, for each category, has a causal impact on growth. The robustness of these results is then examined using the Levine–Renelt (1992) methodology. We find that secondary and higher education has a strong and robust impact on growth, whereas, at the primary level only initial female enrolments show a causal but not robust impact on growth.     

Specification and sensitivity analysis of cross-country growth regressions

We compare the sensitivity analysis of cross-country growth regressions based on extreme bounds analysis to a more direct specification testing approach using non-nested hypotheses tests. The results suggest that those specifications that are adequate are also those that include two of the only few conditioning variables that are found to be robust, namely the standard deviation of inflation and the standard deviation of domestic credit. First Version Received: November 2000/Final Version Received: May 2001     

A non-linear sensitivity analysis of cross-country growth regressions

We extend the sensitivity analysis of cross-country growth regressions of Levine and Renelt (1992) by introducing a semi-parametric formulation of their regression function. Our results differ from theirs in how certain policy variables affect growth rates. We find that distortion variables, such as the standard deviation of gross domestic credit and inflation and real exchange rate distortions, have a robust negative effect on growth. JEL Classification: O47, C14
Une analyse de sensibilité non-linéaire des régressions de croissance pour divers pays. Les auteurs utilisent une formulation semi-paramétrique des équations de croissance de Levine et Renelt (1992) pour divers pays afin de rendre leur analyse de sensibilité plus compréhensive. Les résultats different de ceux de Levine et Renelt en ce que certaines variables de politique affectent les taux de croissance. On découvre que certains facteurs comme l'écart type du crédit intérieur brut et de l'inflation, et des distorsions des taux de change réels, ont un effet négatif important sur la croissance.