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The Estimation of Linear Models with Future Rational Expectations by Efficient and Instrumental Variable Methods
Wickens, Michael R. - C.E.P.R. Discussion Papers - 1986
This paper considers the estimation of a number of commonly used single-equation linear models, all of which have … proposed in each case. The choice of estimation method is usually represented as a trade-off between efficiency on the one hand … of an efficient estimation method depends on whether or not the model has a unique solution and often this will not be …
Persistent link: https://www.econbiz.de/10005656310
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Tobacco and Alcohol: Complements or Substitutes? A Structural Model Approach
Göhlmann, Silja; Requate, Till; Schmidt, Christoph M; … - C.E.P.R. Discussion Papers - 2008
explanatory variables. This approach is applied to German survey data. Our estimation results suggest that a reduction in tobacco …
Persistent link: https://www.econbiz.de/10005656259
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Systemic Risk and Network Formation in the Interbank Market
Cohen-Cole, Ethan; Patacchini, Eleonora; Zenou, Yves - C.E.P.R. Discussion Papers - 2011
We propose a novel mechanism to facilitate understanding of systemic risk in financial markets. The literature on systemic risk has focused on two mechanisms, common shocks and domino-like sequential default. Our approach is a formal model that provides an intellectual combination of the two by...
Persistent link: https://www.econbiz.de/10009003370
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R&D and Strategic Industrial Location in International Oligopolies
Pires, Garcia; José, Armando - C.E.P.R. Discussion Papers - 2006
In a spatial economy where oligopolist firms compete in R&D, it is found that geography affects the innovative behaviour of firms. Notably, international differences in market size conduce to endogenous asymmetries between firms given that firms located in the country with more demand have...
Persistent link: https://www.econbiz.de/10005656193
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Factor-GMM Estimation with Large Sets of Possibly Weak Instruments
Kapetanios, George; Marcellino, Massimiliano - C.E.P.R. Discussion Papers - 2010
This paper analyses the use of factor analysis for instrumental variable estimation when the number of instruments …-GMM estimation, which is also easily implemented. …
Persistent link: https://www.econbiz.de/10008468588
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Evaluating An Innovative Redundancy-Retraining Project: The Austrian Steel Foundation
Winter-Ebmer, Rudolf - C.E.P.R. Discussion Papers - 2001
was financed by (higher) contributions from unemployment insurance funds, by the previous firms themselves, as well as by …
Persistent link: https://www.econbiz.de/10005136662
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Education Policy Reform and the Return to Schooling from Instrumental Variables
Denny, Kevin; Harmon, Colm - C.E.P.R. Discussion Papers - 2000
This paper exploits an unusual policy reform that had the effect of reducing the direct cost of schooling in Ireland in the late 1960’s. This gave rise to an increased level of schooling but with effects that vary substantially across family background. This interaction of educational reform...
Persistent link: https://www.econbiz.de/10005067582
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Property Tax and Urban Sprawl. Theory and Implications for U.S. Cities
Song, Yan; Zenou, Yves - C.E.P.R. Discussion Papers - 2005
This article attempts a formal analysis of the connection between property tax and urban sprawl in U.S. cities. We develop a theoretical model that includes households (who are also landlords) and land developers in a regional land market. We then test the model empirically based on a national...
Persistent link: https://www.econbiz.de/10005067619
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Estimating Agglomeration Economies with History, Geology, and Worker Effects
Combes, Pierre-Philippe; Duranton, Gilles; Gobillon, Laurent - C.E.P.R. Discussion Papers - 2008
Does productivity increase with density? We revisit the issue using French wage and TFP data. To deal with the ‘endogenous quantity of labour’ bias (i.e., urban agglomeration is consequence of high local productivity rather than a cause), we take an instrumental variable approach and...
Persistent link: https://www.econbiz.de/10005114470
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More Schooling, More Children: Compulsory Schooling Reforms and Fertility in Europe
Fort, Margherita; Schneeweis, Nicole; Winter-Ebmer, Rudolf - C.E.P.R. Discussion Papers - 2011
We study the relationship between education and fertility, exploiting compulsory schooling reforms in Europe as source of exogenous variation in education. Using data from 8 European countries, we assess the causal effect of education on the number of biological kids and the incidence of...
Persistent link: https://www.econbiz.de/10009324255