Labor costs convergence in manufacturing between North America and Western Europe, 1960-1991

Article Abstract:

Hourly labor costs in the manufacturing sector of seven EC countries, the USA and Canada are used to test the factor price convergence (FPC) by employing Johansen's multivariate cointegration tests. We also examine if there is a two-way causality in wages between two groups of countries covered in this study. Both objectives are evaluated by developing error-correction models for Western Europe and North America. Our empirical findings provide support for the FPC and the existence of a long-run equilibrium cointegration relationship among labor costs in manufacturing. The estimation results of error correction models show that a feedback causality exists between manufacturing labor costs in North America and Western Europe.

Europe, Economics, Research and Development in the Social Sciences and Humanities, North America, Manufacturing industries, not elsewhere classified, Unit Labor Costs, Statistical Data Included, Analysis, Testing, Compensation and benefits, Labor costs, Convergence (Social sciences)

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Forecasting of foreign exchange rate by normal mixture models

Article Abstract:

The determination of foreign exchange rates using the normal mixture model (NMM) is analyzed. Comparisons with four existing foreign exchange rate models show that the NMM provides more accurate rate estimates. An analysis of the forecasting accuracy of two-, three- and four component NMS also yielded similar results. The effectiveness of encompassing models in forecasting is discussed.

Models, Prices and rates, Foreign exchange, Foreign exchange rates, Economic forecasting

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Agency costs and corporate control devices in the Turkish manufacturing industry

Article Abstract:

A study reveals the conflict of interests between managers and shareholders in Turkey's manufacturing industry. Control over management is influenced by the concentration of ownership, family ownership and foreign shareholders

Turkey, Research, Management, Costs, Industrial, Industrial costs

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