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. ...
Title:Why Are Professional Forecasters Biased? Agency Versus Behavioral Explanations
Author(s):EHRBECK, Tilman; WALDMANN, RobertDate:1996Type of Publication:ArticleAbstract:Professional forecasters may not simply aim to minimize expected squared forecast errors. In models with repeated forecasts the pattern of forecasts reveals valuable information about the forecasters even before the outcome ...
Title:Why Is It So Difficult to Uncover the Risk-Return Tradeoff in Stock Returns?
Author(s):LANNE, Markku; SAIKKONEN, PenttiDate:2006Type of Publication:ArticleAbstract:The low power of the standard Wald test in a GARCH-in-Mean model with an unnecessary intercept is shown to explain the apparent absence of a risk-return tradeoff in stocks. The importance of this finding is illustrated ...
Title:Why so many local entrepreneurs?
Author(s):MICHELACCI, Claudio; SILVA, OlmoDate:2007Type of Publication:ArticleAbstract:We document that the fraction of entrepreneurs working in the region where they were born is significantly higher than the corresponding fraction for dependent workers. This is more pronounced in more developed regions and ...
Title:Yts, Employment, and Sample Selection Bias
Author(s):O'HIGGINS, NiallDate:1994Type of Publication:ArticleAbstract:In this paper, data from the first Youth Cohort Study (YCS) are used to analyse the effectiveness of the Youth Training Scheme (YTS) in England and Wales in terms of its impact, at an individual level, on the employment ...