Title:Asymptotic Inference on Cointegrating Rank in Partial Systems
Author(s):HARBO, Ingrid; JOHANSEN, Soren; NIELSEN, Bent; RAHBEK, AndersDate:1998Type of Publication:ArticleAbstract:The likelihood ratio test for cointegrating rank is analyzed for partial (or conditional) systems in the vector autoregressive error-correction model. Under the assumption of weak exogeneity for the cointegrating parameters, ...
Title:Back to Keynes?
Author(s):VAN DER PLOEG, FrederickDate:2005Type of Publication:Article
Title:Banking Panics and Policy Responses
Author(s):ENNIS, Huberto M.; KEISTER, ToddDate:2010Type of Publication:ArticleAbstract:When policy makers have limited commitment power, self-fulfilling bank runs can arise as an equilibrium phenomenon. We study how such banking panics unfold in a version of the Diamond and Dybvig (1983) model. A run in this ...
Title:Bankruptcy, Finance Constraints, and the Value of the Firm
Author(s):GALE, Douglas; GOTTARDI, PieroDate:2011-01-01Type of Publication:ArticleAbstract:We study a competitive model in which market incompleteness implies that debt-financed firms may default in some states of nature, and default may lead to the sale of the firms' assets at fire sale prices when a finance ...
Title:Banks' Reserve Management, Transaction Costs, and the Timing of Federal Reserve Intervention
Author(s):BARTOLINI, Leonardo; BERTOLA, Giuseppe; PRATI, AlessandroDate:2001Type of Publication:ArticleAbstract:We use daily data on bank reserves and overnight interest rates to document a striking pattern in the high-frequency behavior of the US market for federal funds: depository institutions tend to hold more reserves during ...
Title:Benchmarking Performance
Author(s):COURTY, Pascal; MARSCHKE, GeraldDate:2005Type of Publication:Article
Title:Break Date Estimation for VAR Processes with Level Shift with an Application to Cointegration Testing
Author(s):SAIKKONEN, Pentti; LUETKEPOHL, Helmut; TRENKLER, CarstenDate:2006Type of Publication:ArticleAbstract:In testing for the cointegrating rank of a vector autoregressive process it is important to take into account level shifts that have occurred in the sample period. Therefore the properties of estimators of the time period ...
Title:Britain and Canada and their large neighboring monetary unions, part I
Author(s):HOWARTH, David; VERDUN, Amy; PADFIELD, Melissa; YOUNG, Patricia; WILLETT, Thomas D.; ARTIS, Michael J.; LAIDLER, David; SCHEMBRI, Lawrence; GRUBEL, Herbert; CROWLEY, Patrick M.Date:2006Type of Publication:Article
Title:Business Cycles for G7 and European Countries
Author(s):ARTIS, Michael J.; KONTOLEMIS, Zenon G.; OSBORN, Denise R.Date:1997Type of Publication:ArticleAbstract:This article proposes classical business cycle turning points for the G7 and a number of European countries based on industrial production. This enables us to examine the international nature of cyclical movements free ...
Title:Buyers' Miscoordination, Entry and Downstream Competition
Author(s):FUMAGALLI, Chiara; MOTTA, MassimoDate:2008Type of Publication:ArticleAbstract:This article shows that buyers' coordination failures might prevent entry in an industry with an incumbent firm and a more efficient potential entrant. If there were a single buyer, or if all buyers formed a central ...
Title:Can Non-Linear Time Series Models Generate US Business Cycle Asymmetric Shape?
Author(s):GALVAO, Ana Beatriz C.Date:2002Type of Publication:ArticleAbstract:Fifteen univariate non-linear time series models of US output are evaluated by their ability to reproduce the asymmetric shape of the US business cycle. Two models account for the growth being faster after a trough and ...
Title:Can Trade Help Poor People? The Role of Trade, Trade Policy and Market Access in Tanzania
Author(s):DUYGAN, Burcu; BUMP, Jesse BDate:2007Type of Publication:ArticleAbstract:Many development economists prescribe trade as a poverty-reducing formula. But how is this elixir supposed to work? This article contributes to the lively debate on this topic with household evidence from Tanzania — a poor ...
Title:Changes in the Wage Structure By Types of Contract, 1995-2002
Author(s):MOTELLON, Elisabet; LOPEZ-BAZO, Enrique; EL-ATTAR, MayssunDate:2010Type of Publication:ArticleAbstract:This paper analyses changes in the wage distribution in Spain between 1995 and 2002, using data from the Wage Structure Survey. Results show a modification of the wage distribution over the period under analysis, which ...
Title:Choice Under Complete Uncertainty When Outcome Spaces Are State Dependent
Author(s):PUPPE, Clemens; SCHLAG, Karl H.Date:2009Type of Publication:ArticleAbstract:One central objection to the maximin payoff criterion is that it focuses on the state that yields the lowest payoffs regardless of how low these are. We allow different states to have different sets of possible outcomes ...
Title:Christopher Dow on Major Recessions
Author(s):ARTIS, Michael J.; FLEMMING, J.; MATTHEWS, R.; WEALE, MartinDate:2000Type of Publication:Article