The objective of this paper is to examine the long-run Purchasing Power Parity hypothesis in a dynamic panel of twenty OECD countries, using recently developed heterogeneous panel cointegration tests that have not been previously applied to PPP. Another contribution is that we investigate the symmetry and proportionality conditions in PPP using likelihood-based inference as suggested by Johanse...

The prime objective of the study is to identify the long-run and short-run relationship between Indian stock price viz., BSE SENSEX (hereafter named as BSE) and gold price (GOLD) in India. The daily closing price data were collected for the period of ten years ranging from 1st April 2004 to 31st March 2014 with 2490 observations. The study employed two models: Model one us...

In this paper we investigate the merits of artiicial neural networks in forecasting foreign exchange rates. From previous research it is known that it is hard to beat the random walk model using structural exchange rate models. In this paper we show that by using a suitable multivariate speciication a structural model can be derived that beats the random walk. By introducing a new method for mu...

In this paper we will present a numerical method for computing incompressible free surface ows in irregular ge ometries in three dimensions The approach we are taking is based on three ideas The rst is the second order ac curate projection method of Bell Colella and Glaz Bell et al for computing nite di erence approximations to the incompressible ow equations on rectangular grids The second is ...

This paper considers the importance of moving average errors for the Johansen trace test of cointegrating rank based upon approximating vector autoregressions (VARs). Two cases are emphasized and explored, both taking as their starting point the Wold decomposition. Though each case defined satisfies the same cointegrating vector, one is a case of multicointegration while the other, based on res...

The main purpose of this paper is analyses the short and long run relationship between budget deficit and trade deficit in some MENA countries. The data cover the period from 1971-2000 (and for I.R. IRAN 1 959-2003).The relationship between these variables will be analyses in short and long run by using Johansen cointegration tests, ECM, and Granger causality test. The empirical evidence provid...

The apparently rare chelonine wasp genus Wushenia Zettel was previously known only from a single species Wushenia nana Zettel, collected by Townes at 1150 m from Wushe, Taiwan in 1983. Here we describe a second species, Wushenia australiensis sp. nov. from coastal New South Wales, Australia. This second species extends the known distribution of the genus from the Oriental into the Australasian ...

Identifying sources of sampling variation and quantifying their magnitude is critical to the interpretation of ecological field data. Yet, most monitoring programs of reef fish populations based on underwater visual censuses (UVC) consider only a few of the factors that may influence fish counts, such as the diver or census methodology. Recent studies, however, have drawn attention to a broader...