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Heteroskedasticity and serial correlation in tests for rational expectations and/or simple market efficiency: A white-type approach
The simple market efficiency hypothesis implies that prediction errors, such as forward less spot exchange rates, will be orthogonal to elements of the information set. One can therefore test for market efficiency via ...
Three essays on technological progress and international trade
The thesis is divided into three essays. In the first essay, a two-by-two model is formulated in which changes in price are caused by technological progress that takes place in one sector. It is found that the factor used ...
Essays on demand for international reserves
This dissertation consists of four chapters. In the first chapter, a review is made of the research on international reserve demand in the last decade. The next three chapters offer alternative models of reserve demand. ...
Moving to a direct tax on consumption: Some transitional issues
The thesis shows two possible ways in which intergenerational redistributions associated with a reform from a comprehensive income tax to a direct consumption tax are affected when the standard models studying this phenomenon ...