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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 ...
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 ...