Christopher Prescott, Arja Karivieri, Peter Campbell, Kristian Göransson & Sebastiano Tusa (ed.). 2021. Trinacria: ‘an island outside time’. International archaeology in Sicily. Oxford: Oxbow; 978-1-78925-591-1 hardback £55. - Volume 95 Issue 383

One of the more important questions in the area of quantitative economic policy concerns the suitability of optimal control theory for economic stabilization problems. Despite extensive theoretical and applied research in this area, the question of the appropriateness of control theory has still not been completely resolved. The papers by Kalchbrenner and Tinsley and by Prescott are, therefore,...

We examine the pricing of aggregate volatility risk in the cross-section of stock returns. Consistent with theory, we find that stocks with high sensitivities to innovations in aggregate volatility have low average returns. Stocks with high idiosyncratic volatility relative to the Fama and French (1993, Journal of Financial Economics 25, 2349) model have abysmally low average returns. This phen...

This paper tests the expectations hypothesis (EH) using US monthly data for bond yields spanning the 1952-2003 sample period and ranging in maturity from 1 month to 10 years. We apply the Lagrange multiplier test developed by Bekaert and Hodrick (2001) and extend it to increase the test power: (a) by introducing economic variables as conditioning information; and (b) by using more than two bond...

In this novel paper Michael Parkin puts forth a new real business cycle model, proposes a new method to test the model, and carries out the: proposed method using U.S. annual data from 1954 through 1986. The model differs in several ways from the well-known Kydland-Prescott type real business cycle model. The testing method also differs from well-known methods used to test real business cycle m...

In this article, the second in our series from RCVS, Linda Prescott-Clements explains how Veterinary Graduate Development Programme (VetGDP) will offer new vets support of VetGDP advisers. Also, on page 340, established graduate mentor Charlotte Moody gives her perspective importance adviser's role