Contributed Papers, TUESDAY, AUGUST 29, 2:00 - 3:30 p.m.

Vector Processes: Autocorrelation Testing and Impulse Responses (Session 29B-21)

Chair: Niels Haldrup (University of Aarhus, Denmark)

Testing Vector Autocorrelation in Dynamic Models
Jurgen A. DOORNIK (Nuffield College, UK)

Testing Autocorrelation in a System Perspective
Ghazi SHUKUR (Lund University, Sweden)
David Edgerton

Impulse Response Analysis in Infinite Order Cointegrated Vector Autoregressive Processes
Helmut LUTKEPOHL (Humboldt University, Germany)
Pentti Saikkonen

Consumer Demand 3 (Session 29B-22)

Chair:Ranjan Ray (Delhi School of Economics, Delhi University, India)

Children and Demands: Tests for Exogeneity
Valerie LECHENE (Hedm-INRA, France)
Martin Browning

Demographic Homotheticity Bias in Demand Analysis
Panos PASHARDES (University of Cyprus)
Panayiota Flori-Lyssiotou

Towards a Balanced Consumer Market: An Equivalence Scale Exercise for Poland
Adam SZULC (Warsaw School of Economics, Poland)

Hazard Model Estimation (Session 29B-23)

Chair: Geert Ridder (Vrije Universiteit, The Netherlands)

Econometric Analysis of Sequential Discrete Choice Models
Mark Y. AN (Duke University, USA)

Nonparametric Hazard Rate Estimation
Shiferaw GURMU (University of Virginia, USA)
Paul Rilstone
Steven Stern

Maximum Likelihood Estimation and Specification Test of the Proportional Hazard Model Using Grouped Durations
Keunkwan RYU (Seoul National University, Korea)

Business Cycles 2(Session 29B-25)

Chair:Paul Fisher (Bank of England)

Classical Business Cycles for G7 and European Countries
Zenon G. KONTOLEMIS (University of Manchester, UK)
Michael J. Artis
Denise R. Osborn

Interest Rate Spreads as Predictors of Business Cycle
Kajal LAHIRI (State University of New York, USA)

Another Look at the Business Cycle Indicator: A SUTSE Approach
Tommaso PROIETTI (Universita di Perugia, Italy)
Guido Pellegrini

European Convergence (Session 29B-26)

Chair:Ana R. Lamo (London School of Economics, UK)

On Measuring the Costs of Labour Immobility and Heterogeneity in Europe
Maria DEMERTZIS (University of Strathclyde, Scotland)
A.J. Hughes Hallett

Convergence and International Policy Coordination in the EU: A Dynamic Games Approach
Rudy C. DOUVEN (Tilburg University, The Netherlands)
J.E.J. Plasmans

European Asymmetries
Miguel SEBASTIAN (Universidad Complutense, Spain)
Fernando Ballabriga
Javier Valles

Capital Flows (Session 29B-31)

Chair: Shyam Nath (University of Mauritius, Mauritius)

A Quantitative Analysis of the Effects of Capital Controls: Spain, 1986-1990
Oscar BAJO-RUBIO (UNED, Spain)
Simon Sosvilla-Rivero

The New Wave of Private Capital Inflows: Push or Pull?
Eduardo FERNANDEZ-ARIAS (The World Bank, USA)

The Possibility of Welfare Gains with Capital Inflows in a Small Tariff-Ridden Economy
Partha SEN (Delhi School of Economics, India)
Arghya Ghosh
Abheek Barman

Bootstrap Methods (Session 29B-32)

Chair:John L. Knight (University of Western Ontario, Canada)

The Level and Power of the Bootstrap T-test in the AR(1) Midek with Trend
John C. NANKERVIS (University of Surrey, UK)
N.E. Savin

Bootstrap Methodologies for Nonparametric Efficiency Estimates
Paul W. WILSON (University of Texas, USA)

Empirical Labor Market Analysis (Session 29B-33)

Chair:H. Peter Boswijk (University of Amsterdam, The Netherlands)

Estimating Aggregate Labor Market Relations
Karsten ALBAEK (University of Copenhagen, Denmark)
Henrik Hansen

Common Trends Analysis of Danish Unemployment
Henrik HANSEN(University of Copenhagen, Denmark)
Anders Warne

Worker Flows & Job Flows in Danish Manufacturing, 1980-91
Bent E. SORENSEN (University of Copenhagen, Denmark)
Karsten Albaek

Option Trading, Hedging & Volatility(Session 29B-35)

Chair:Jean-Pierre Urbain (University of Limburg, The Netherlands)

The Optimal Financing Strategy of a High-Tech Firm: The Role of Warrants
Leonardo BECCHETTI (University "Tor Vergata", Italy)
Michele Bagella

Local Parametric Analysis of Hedging in Discrete Time
Peter BOSSAERTS (Tilburg University, The Netherlands)
Pierre Hillion

The Effect of Option Trading at the DTB on the Underlying Stocks'n Return Variance
Mark TREDE (Universitat zu Koln, Germany)
Mark Wahrenburg

Implementation(Session 29B-36)

Chair:John Hillas (SUNY Stony Brook, USA)

Abreu-Matsushima Mechanisms: Experimental Evidence
Abdullah YAVAS (Pennsylvania State University, USA)
Martin Sefton

Natural Implementation with a Simple Punishment
Yoshikatsu TATAMITANI (University of Tsukuba, Japan)
Tatsuyoshi Saijo
Takehiko Yamato

The Theory of Implementation when the Planner is a Player
Sandeep BALIGA (King's College, Cambridge University, UK)
Luis Corchon
Tomas Sjostrom

General Equilibrium 12: Overlapping Generations (Session 29B-41)

Chair: Richard Venniker (Tinbergen Institute, The Netherlands)

Dynamical Incomplete Markets with Overlapping Generations
Valeri MARAKULIN (Institute of Mathematics, Russian Academy of Sciences)

Quasilinear, Over-lapping Generations Economies
Joaquim SILVESTRE (University of California, Davis, USA)

Are There Endogenous Cycles in Realistic Overlapping Cohorts Models?
Andras SIMONOVITS (HAS, Budapest, Hungary)

Monetary Theory 2 (Session 29B-42)

Chair: Benjamin Bental (Technion, Israel)

Money and Credit in a Private Information Economy
Hanqing ZHOU (University of Hong Kong)

Liquidity Problems and Default in a General Equilibrium Model of Decentralized Trading
Francisco ALCALA (Universidad de Murcia, Spain)

Barter and Monetary Exchange under Private Information: Endogenous Information Structure
Young Sik KIM (Victoria University of Wellington, New Zealand)

Finance Markets: Empirics(Session 29B-43)

Chair: Alexandros Benos (HEC, France)

Estimation of Volatility and Regression Analysis under Price Limits
K.C. John WEI (Hong Kong University of Science and Technology)
Raymond Chiang

Do Interest Rates Follow Unit-Root Processes? -- Evidence from Cross-Maturity Treasury-Bill Yields
Hua ZHANG (The Chinese University of Hong Kong)
Yangru Wu

Empirical Studies of Productivity (Session 29B-45)

Chair: Volker Wieland (Stanford University, USA)

Research Efficiency of Pharmaceutical Firms - A Multi-Capital Valuation
Tomofumi ANEGAWA (Keio University, Japan)

Learning Effects in Semiconductor Fabrication
Nile W. HATCH (Institute for Management, Innovation and Organization, UC Berkeley, USA)
Stefan Reichelstein

Productivity Differential among Large and Small Firms: Evidence from U.S. Panel Data
Rajeev DHAWAN (University of California, L.A., USA)

Corruption (Session 29B-46)

Chair: David Li (University of Michigan, USA)

Fighting Corruption
Juan D. CARRILLO (GREMAQ, France)

Sustainability of Corruption and Optimal Deterrence
Lambros PECHLIVANOS (Boston University,USA)

Contracting in the Shadow of a Corrupt Court
Vai-Lam MUI (University of Southern California, USA)

Cooperative Games 2 (Session 29B-53)

Chair: Shinsuke Kambe (Gakushuin University, Japan)

Elementary Equivalence Theorems for Bargaining Sets with Infinitely Many Commodities
Yoshimasa NOMURA (Chiba University, Japan)

The Bargaining Set and Coalition Formation
Ken-ichi SHIMOMURA (Kyoto University, Japan)

Stable Coalition Structures with Negative External Effects
Sang-Seung YI (Dartmouth College, USA)

Growth 9: Estimating Growth (Session 29B-54)

Chair: Wei Li (Duke University, USA)

How to Estimate Growth Equations
Paul EVANS (Ohio State University, USA)

Reopening the Convergence Debate: A New Look at Cross-Country Growth Empirics
Gerardo ESQUIVEL (Harvard University, USA)
Francesco Caselli
Fernando Lefort

Sources of Long Term Economic Growth: Empirical Evidence from Developed and Developing Countries
Lawrence J.LAU (Stanford University, USA)

Program World Conference Econometric Society Tokyo, August 1995