Anthony Garratt is a Senior Lecturer in Economics at Birbeck College, University of London. He has previously worked at the London Business School (1989-1994), the Bank of England (1994-1996), Trinity College and the Department of Applied Economics at the University of Cambridge (1996-2002). Prior to moving to Birkbeck he was Senior Lecturer at the University of Leicester. Kevin Lee is a Professor of Economics at the University of Leicester. He studied economics and statistics at the Universities of Sheffield and Bristol and received his PhD from the London School of Economics. Prior joining the University of Leicester, he was a Fellow of Queens' College and a Senior Research Officer of the Department of Applied Economics at the University of Cambridge. He was Head of the Department of Economics at Leceister (1999-2002) and is currently Dean of the University's Graduate School. He is also an Honorary Research Associate at the University of Cambridge, Research Fellow at the University of Nottingham, and Associate Editor of Applied Economics. M. Hashem Pesaran is Professor of Economics at the University of Cambridge and University of Southern California. Previously he has been head of the Economic Research Department at the Central Bank of Iran, the Under-Secretary of the Ministry of Education, Iran, Professor of Economics at UCLA, and a Vice President at the Tudor Investment Corporation. Dr. Pesaran is founding editor of the Journal of Applied Econometrics and is Honorary President of Cambridge Econometrics. He has held visiting positions at Harvard University, UCLA, University of Pennsylvania, and the University of Southern California. He is author of several books and edited collections, and is a co-developer of the econometric software package Microfit, published by OUP. Yongcheol Shin is Professor of Applied Econometrics at the University of Leeds. He has previously held positions at the University of Edinburgh and at the University of Cambridge. He has over 20 journal publications in the areas of econometrics, empirical finance, and macroeconomics.