Edited by J. M AW S O N been introduced. In both countries, the key challenge Neighbourhood Renew... more Edited by J. M AW S O N been introduced. In both countries, the key challenge Neighbourhood Renewal and has been integration: reconciling the territorial issues facing diverse places with the functional organization of
An econometric model of fossil fuel demand has been estimated for eight OECD countries, relating ... more An econometric model of fossil fuel demand has been estimated for eight OECD countries, relating coal, oil and gas demands to GDP and prices. In addition a model of endogenous technical progress has been estimated, aiming to include both price induced innovation in energy and structural change in the economy as long-term determinants of energy consumption. A number of possible international carbon/energy tax agreements are simulated, showing the impacts on carbon dioxide emissions and comparing the two models. In the long run the magnitude of taxes required to stabilize or reduce emissions would be large, and there are important differences between countries in price responses, which must be taken into account in international modelling and policy formulation.
This special issue of Economic Modelling marks the retirement of S.G.B. Henry and this introducto... more This special issue of Economic Modelling marks the retirement of S.G.B. Henry and this introductory article outlines the important contribution, which he has made to modelling and econometrics over the last 40 years. The two authors of this article have both worked closely with Brian Henry for major but separate parts of his career. In this article we come together to survey the work and contribution of this influential economist and to celebrate a life of considerable achievement.
The link between team payroll and competitive balance plays a central role in the theory of team ... more The link between team payroll and competitive balance plays a central role in the theory of team sports but is seldom investigated empirically. This paper uses data on team payrolls in Major League Baseball between 1980 and 2000 to examine the link and implements Granger causality tests to establish whether the relationship runs from payroll to performance or vice versa. While there is no evidence that causality runs from payroll to performance over the entire sample period, the data shows that the cross section correlation between payroll and performance increased significantly in the 1990s. As a comparison, the paper examines the relationship between pay and performance in English soccer, and it is shown that Granger causality from higher payrolls to better performance cannot be rejected. We argue that this difference may be a consequence of the open market for player talent that obtains in soccer compared to the significant restrictions on trade that exist in Major League Baseball.
In this paper we empirically analyse the factors which determined consumer credit in Greece in th... more In this paper we empirically analyse the factors which determined consumer credit in Greece in the period before and after the financial liberalisation, while accounting for significant changes in structure due to the lifting of credit restrictions and the subsequent impressive boom of consumer loans. We use multivariate cointegration techniques to estimate a vector error correction model (VECM) and identify separate demand and supply relationships for consumer loans. We introduce demand and supply-related shifts in parameters through the inclusion of appropriate dummy variables and trends in the long-run relationships. We partly deviate from the typical Johansen procedure and estimate the model in two steps. We find that the theoretical exclusion and coefficient-size restrictions on the demand and supply cointegrating vectors are valid. Our results are consistent with the operation of a bank lending channel in Greece. We also find that the supply side was mostly responsible for the acceleration of consumer loan growth following credit liberalisation.
Edited by J. M AW S O N been introduced. In both countries, the key challenge Neighbourhood Renew... more Edited by J. M AW S O N been introduced. In both countries, the key challenge Neighbourhood Renewal and has been integration: reconciling the territorial issues facing diverse places with the functional organization of
An econometric model of fossil fuel demand has been estimated for eight OECD countries, relating ... more An econometric model of fossil fuel demand has been estimated for eight OECD countries, relating coal, oil and gas demands to GDP and prices. In addition a model of endogenous technical progress has been estimated, aiming to include both price induced innovation in energy and structural change in the economy as long-term determinants of energy consumption. A number of possible international carbon/energy tax agreements are simulated, showing the impacts on carbon dioxide emissions and comparing the two models. In the long run the magnitude of taxes required to stabilize or reduce emissions would be large, and there are important differences between countries in price responses, which must be taken into account in international modelling and policy formulation.
This special issue of Economic Modelling marks the retirement of S.G.B. Henry and this introducto... more This special issue of Economic Modelling marks the retirement of S.G.B. Henry and this introductory article outlines the important contribution, which he has made to modelling and econometrics over the last 40 years. The two authors of this article have both worked closely with Brian Henry for major but separate parts of his career. In this article we come together to survey the work and contribution of this influential economist and to celebrate a life of considerable achievement.
The link between team payroll and competitive balance plays a central role in the theory of team ... more The link between team payroll and competitive balance plays a central role in the theory of team sports but is seldom investigated empirically. This paper uses data on team payrolls in Major League Baseball between 1980 and 2000 to examine the link and implements Granger causality tests to establish whether the relationship runs from payroll to performance or vice versa. While there is no evidence that causality runs from payroll to performance over the entire sample period, the data shows that the cross section correlation between payroll and performance increased significantly in the 1990s. As a comparison, the paper examines the relationship between pay and performance in English soccer, and it is shown that Granger causality from higher payrolls to better performance cannot be rejected. We argue that this difference may be a consequence of the open market for player talent that obtains in soccer compared to the significant restrictions on trade that exist in Major League Baseball.
In this paper we empirically analyse the factors which determined consumer credit in Greece in th... more In this paper we empirically analyse the factors which determined consumer credit in Greece in the period before and after the financial liberalisation, while accounting for significant changes in structure due to the lifting of credit restrictions and the subsequent impressive boom of consumer loans. We use multivariate cointegration techniques to estimate a vector error correction model (VECM) and identify separate demand and supply relationships for consumer loans. We introduce demand and supply-related shifts in parameters through the inclusion of appropriate dummy variables and trends in the long-run relationships. We partly deviate from the typical Johansen procedure and estimate the model in two steps. We find that the theoretical exclusion and coefficient-size restrictions on the demand and supply cointegrating vectors are valid. Our results are consistent with the operation of a bank lending channel in Greece. We also find that the supply side was mostly responsible for the acceleration of consumer loan growth following credit liberalisation.
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Papers by Stephen Hall