The recent volatility in global commodity prices and in the price of oil, in particular, has created renewed interest … reexamine the welfare gains from global monetary policy coordination in a world with trade in oil. …

alternatives and more economically plausible. We discuss implications of our analysis for the estimation of economic models of …

on the role of transaction costs for financial price volatility. For stock prices above French francs (FF) 500, the … volatility metric, we calculate 47,213 hourly volatility measures for all CAC40 stocks in the price range from FF 400 to FF 600 … and measure the volatility impact of the transaction cost increase at FF 500. We find that the median hourly range …

We consider estimating volatility risk factors using large panels of filtered or realized volatilities. The data … structure involves three types of asymptotic expansions. There is the cross-section of volatility estimates at each point in … h of the data used to compute the volatility estimates which rely on data collected at increasing frequency, h ? 0: The …

unlike nearly all previous such studies, we properly account for the endogeneity of gun ownership levels. We discuss the … three main sources of endogeneity bias - reverse causality (higher crime rates lead people to acquire guns for self … empirical researcher with both a clear modeling framework and a set of estimation and specification testing procedures that can …

age who receive less education because of the war. This paper shows that in the European countries involved in World War … Average Treatment Effects (Angrist and Imbens, 1994) of education connected to our war instruments. Inasmuch as World War II …

for the endogeneity of trade and for cross-country income differences, the openness elasticity of child labour at cross …

members was already high. In OLS estimation, this would cause endogeneity bias. The present Paper employs both fixed …-effects and binary choice methods to trace endogeneity in the formation of historical currency arrangements. Studying the … formation of currency blocs in the 1930s, we find strong evidence of endogeneity. We work with country-group fixed effects and …