Title:Unit Root and Cointegration Testing: Guest Editors' Introduction
Author(s):LUETKEPOHL, Helmut; RODRIGUES, Paulo M. M.Date:2008Type of Publication:ArticleAbstract:By pointing out the spurious regression problem, Granger and Newbold (1974) have shown the importance of stochastic trends in time series data in the context of linear regression models. At the time, removing trends by ...
Title:Unit Root Tests for Time Series with Level Shifts: A Comparison of Different Proposals
Author(s):LANNE, Markku; LUETKEPOHL, HelmutDate:2002Type of Publication:ArticleAbstract:A number of unit root tests which accommodate a deterministic level shift at a known point in time are compared in a Monte Carlo study. The tests differ in the way they treat the deterministic term of the DGP. It turns out ...
Title:Unobserved Components in Arch Models: An Application to Seasonal Adjustment
Author(s):FIORENTINI, Gabriele; MARAVALL, AgustinDate:1996Type of Publication:ArticleAbstract:The paper deals with unobserved components in ARIMA models with GARCH errors, in the context of an actual application, namely seasonal adjustment of the monthly Spanish money supply series. The series shows clear evidence ...
Title:Upstairs, Downstairs: Computers and Skills on Two Floors of a Large Bank
Author(s):AUTOR, David; LEVY, Frank; MURNANE, RichardDate:2002Type of Publication:ArticleAbstract:Many studies document a positive correlation between workplace computerization and employment of skilled labor in production. Why does this correlation arise? The authors posit that improvements in computer-based technology ...
Title:Use and Misuse of Unobserved Components in Economic-Forecasting
Author(s):MARAVALL, AgustinDate:1994Type of Publication:ArticleAbstract:The paper deals with unobserved components in economic time series within a general model-based approach. The component, its final estimator, and the preliminary one (which also includes the forecast) are seen to follow ...
Title:Vertex Centralities in Input-Output Networks Reveal the Structure of Modern Economies
Author(s):BLÖCHL, Florian; THEIS, Fabian J.; VEGA-REDONDO, Fernando; FISHER, Eric O’N.Date:2011Type of Publication:ArticleAbstract:Input-output tables describe the flows of goods and services between the sectors of an economy. These tables can be interpreted as weighted directed networks. At the usual level of aggregation, they contain nodes with ...
Title:Vertical Integration and R&D Infort-Nation Flow: Is There a Need for 'Firewalls'?
Author(s):MILLIOU, ChrysovalantouDate:2004Type of Publication:ArticleAbstract:We examine the impact of R&D information flow on innovation incentives and welfare. in particular, we consider the case in which the information flows from a downstream nonintegrated firm to the downstream division of a ...
Title:Wages and the Size of Firms in Dynamic Matching Models
Author(s):BERTOLA, Giuseppe; GARIBALDI, P.Date:2001Type of Publication:ArticleAbstract:This paper studies the joint distribution of wages and employment levels in simple matching models of job creation and destruction with costly search and firm-specific labor demand shocks. Existing evidence on the relationship ...
Title:Weak Instruments and Weak Identification, in Estimating the Effects of Education, on Democracy
Author(s):BOBBA, Matteo; COVIELLO, DecioDate:2007Type of Publication:ArticleAbstract:Is there any relation between education and democracy? Once we correct for weak instruments and identify education as “weakly exogenous” we find new evidence that education systematically predicts democracy. Our results ...
Title:What Determines Entrepreneurial Clusters?
Author(s):GUISO, Luigi; SCHIVARDI, FabianoDate:2011Type of Publication:ArticleAbstract:We contrast two potential explanations of the substantial differences in entrepreneurial activity observed across geographical areas: entry costs and external effects. We extend the Lucas model of entrepreneurship to allow ...
Title:What Drives Spreads in the Euro Area Government Bond Market?
Author(s):MANGANELLI, Simone; WOLSWIJK, Guido; RAVN, Morten O.; THESMAR, DavidDate:2009Type of Publication:ArticleAbstract:Spreads between euro area government bond yields are related to short-term interest rates, which are in turn related to market liquidity, to cyclical conditions, and to investors' incentives to take risk. In theory, lower ...
Title:Which One Should I Imitate?
Author(s):SCHLAG, Karl H.Date:1999Type of Publication:ArticleAbstract:An individual repeatedly faces the same decision. Payoffs generated by his available actions are noisy. This individual forgets earlier experience and is limited to learn by observing current success of two other individuals. ...