This study examines the long-run relationship between carbon emissions and energy consumption, income and foreign trade in the case of China by employing time series data of 1975–2005. In particular the study aims at testing whether environmental Kuznets curve (EKC) relationship between CO2 emissions and per capita real GDP holds in the long run or not. Auto regressive distributed lag (ARDL) me...

The paper investigated the effect of investment promotion (IP) on foreign direct investment flow (FDI) into Ghana. Cointegration among the variables was established using auto regressive distributed lag (ARDL) models in the presence of a mix of I (0) and I (1) variables. The control variables, inflation and trade openness were statistically significant in the short run. Whilst inflation exerted...

Observational consequences of a jet-driven supernova (SN) explosion model are presented. The results are compared in detail with optical observations of SN 1998bw associated with a Gamma-Ray Burst. It is shown that the jet model is able to reproduce virtually all the optical observations available for this SN, although a spherical model fails to explain some of observed features. Because of the...

Wagner’s Law states that the share of government expenditure in GNP will increase with economic development; many associated empirical studies substitute GNP with GDP. This paper presents an empirical investigation into the validity of Wagner’s Law for New Zealand over the period 19602007 and compares the results obtained using these two measures of output. Application of the autoregressive dis...

This paper attempts a resolution of the Fisher effect puzzle in terms of estimator choice. Using both short-term and long-term interest rates for 14 OECD countries, we find ample evidence supporting the existence of a long-run Fisher effect in which interest rates move oneto-one with inflation. Our results suggest that the reason why the Fisher effect has not found support internationally lies ...

While much public attention and considerable controversy surround pharmaceutical marketing practices and their impact on physicians, views on the matter have largely been shaped by anecdotal evidence or results from analyses with insufficient controls. Making use of a dynamic fixed effects distributed lag regression model, we empirically assess the role that two central components of pharmaceut...

This analysis is a straightforward implementation of both long-run and short-run identifying or overidentifying restrictions on a vector error correction model in the “structural VAR” framework. The framework utilizes covariance restrictions, long-run multiplier restrictions, error correction coefficient restrictions, and restrictions on slope coefficients of the stimultaneous interactions in t...

This paper proposes a factor augmented autoregressive distributed lag (FADL) framework for analyzing the dynamic effects of common and idiosyncratic shocks. We first estimate the common shocks from a large panel of data with a strong factor structure. Impulse responses are then obtained from an autoregression, augmented with a distributed lag of the estimated common shocks. The approach has thr...

The response of business capital to user costs is central to economic evaluations of tax and monetary policies. Despite intensive research effort though, no consensus about the size of this elasticity has been achieved. The divergence in prior estimates may arise because previous studies have neglected cointegration among capital, its user costs, and sales. Using German firm-level panel data, t...