There are strong incentives to delay or accelerate investment to take advantage of predictable changes in after-tax prices. For sufficiently long-lived capital goods, these incentives are so strong that the intertemporal elasticity of investment demand is nearly infinite. For temporary tax changes, the equilibrium shadow price of long-lived capital goods should fully reflect the tax subsidy reg...

The paper surveys the price competitiveness of agricultural production in Central and East European Countries (CEECs). It draws together empirical work conducted by the authors and other studies that have estimated domestic resource cost (DRC) ratios for agriculture in various CEECs. The paper identifies that in general CEEC crop production is more internationally competitive than livestock far...

Maximum Likelihood Estimation and Lagrange Multiplier Tests for Panel Seemingly Unrelated Regressions with Spatial Lag and Spatial Errors: An Application to Hedonic Housing Prices in Paris This paper proposes maximum likelihood estimators for panel seemingly unrelated regressions with both spatial lag and spatial error components. We study the general case where spatial effects are incorporated...