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Instrument Choice and the Returns to Education: New Evidence from Vietnam

Arcand, Jean-Louis; d'Hombres, Béatrice; Gyselinck, Paul - EconWPA - 2005

This paper focuses on instrument choice while consistently estimating the returns to education in Vietnam. Using data culled from the 2 rounds of the Vietnam Living Standards Survey (VLSS), we explore different sets of exogenous instruments that rely on demand and supply side sources of...

Persistent link: https://www.econbiz.de/10005076522

The Contagion Effect of the Terrorist Attacks of the 11th of September

Leitao, Joao; Oliveira, Cristovao - EconWPA - 2005

In the context of interdependence of the financial markets, it becomes interesting to analyze the implications associated with the Terrorist Attacks of the 11th of September of 2001, in the USA, in terms of the development of contagion mechanisms between the main international stock exchanges....

Persistent link: https://www.econbiz.de/10005076942

A Self-Consistent Model for the Forward Price Dynamics

Makhankov, Vlad - EconWPA - 2003

We consider mean-reverting stochastic processes and build a self- consistent model for forward price dynamics and their … applications in power industries. This model with stochastic volatility of the forward price is built using the ideas and equations … of stochastic differential geometry in order to close the system of equations for the forward price and its volatility …

Persistent link: https://www.econbiz.de/10005124894

Strongly Consistent Determination of the Rank of Matrix

Ratsimalahelo, Zaka - EconWPA - 2003

In this paper, we develop methods of the determination of the rank of random matrix. Using the matrix perturbation theory to construct or find a suitable bases of the kernel (null space) of the matrix and to determine the limiting distribution of the estimator of the smallest singular values. We...

Persistent link: https://www.econbiz.de/10005062540

Valid Confidence Intervals and Inference in the Presence of Weak Instruments

Nelson, Charles R.; Startz, Richard; Zivot, Eric - EconWPA - 1996

We investigate confidence intervals and inference for the instrumental variables model with weak instruments. Wald-based confidence intervals perform poorly in that the probability they reject the null is far greater than their nominal size. In the worst case, Wald-based confidence intervals...

Persistent link: https://www.econbiz.de/10005407967

System Identification in Noisy Data Environments: An Application to Six Asian Stock Markets

Los, Cornelis A - EconWPA - 2004

This paper analyzes the systematic relationship between the stock market valuations, the nominal GDPs and the interest rates of six Asian countries, using not 'single equation regression,' but an alternative methodology based on complete, multidirectional, least squares projections. We compare...

Persistent link: https://www.econbiz.de/10005408169

Systems Theory of Macroeconomics, Introduction to

Perison, A.G. - EconWPA - 2001

In spite of elaborate descriptive and correlational studies, the most ubiquitous phenomenon in economics, namely inflation, has remained unexplained in terms of its mathematical origins. Keynes had attempted to relate inflation to a mechanism of "sticky wages and prices". Hitherto, such theories...

Persistent link: https://www.econbiz.de/10005412616

Rank Test Based On Matrix Perturbation Theory

Ratsimalahelo, Zaka - EconWPA - 2003

In this paper, we propose methods of the determination of the rank of matrix. We consider a rank test for an unobserved matrix for which an estimate exists having normal asymptotic distribution of order N1/2 where N is the sample size. The test statistic is based on the smallest estimated...

Persistent link: https://www.econbiz.de/10005556321

Inference on a Structural Parameter in Instrumental Variables Regression with Weak Instruments

Wang, Jiahui; Zivot, Eric - EconWPA - 1996

In this paper we consider the problem of making inference on a structural parameter in instrumental variables regression when the instruments are only weakly correlated with the endogenous explanatory variables. Adopting a local-to-zero assumption as in Staiger and Stock (1994) on the...

Persistent link: https://www.econbiz.de/10005556384

Elusive effects of unemployment on happiness

Böckerman, Petri; Ilmakunnas, Pekka - EconWPA - 2005

This paper explores the connection between unemployment and subjective well-being in Finland by using cross-sections for the years 1990, 1996 and 2000 from World Values Surveys. An unprecedented increase in the national unemployment rate (from 3 to 17 per cent) did not produce a drop in the mean...

Persistent link: https://www.econbiz.de/10005556758