Empirical studies of economic growth across countries are abundant and rich in conclusions, some of them widely accepted. This is not the case, however, with the empirics of business cycles. Particularly, there exists little evidence explaining why some countries take more time than others...

This paper considers the extension to panel data of models that are specified cross-sectionally in terms of a likelihood. It considers specifically the estimation of stochastic frontier models but the same issue arises in many other models. The model can be estimated for any single value of the...

This paper considers a spatial panel data regression model with serial correlation on each spatial unit over time as well as spatial dependence between the spatial units at each point in time. In addition, the model allows for heterogeneity across the spatial units using random effects. The...

In an attempt to explain male-female wage differential, I estimated the relative marginal productivity and relative wage of female workers compared to those of male workers using panel data of Japanese firms. The relative wage of female workers is also estimated from the same data....

In this paper we analyse contributions to a public good within an inter-generational framework where at the end of each session one generation of subjects leave advice for the succeeding generation via free form messages. Such advice can be private (advice left by one player in generation t is...

This paper utilizes a nonparametric panel data sample selection model to correct selection bias in the analysis of longitudinal medical claims data. Selection bias in the health economics data is a common problem and many health economists have used Heckman type selection models in...

This paper considers a spatial panel data regression model with serial correlation on each spatial unit over time as well as spatial dependence between the spatial units at each point in time. In addition, the model allows for heterogeneity across the spatial units using random effects. The...

In this paper, we investigate the role of the components of demographic change on economic development. Population growth has both positive and negative effects on income growth. Kelley and Schmidt (1995) states that high birth rates are costly in terms of growth but this effect can be offset by...

This paper investigates causes of the recent sharp decline in the money multiplier in Japan from the bank side. Two candidates for the cause are examined: the first is the worsening of the banks’ financial soundness, and the second is the zero interest rate policy. Using panel data of...

This study intends to determine the relationship existing between the exchange rate regime and real volatility. After revising the theoretical and empirical results of previous research, it is proposed a new methodology that corrects deficiencies of previous empirical papers. The results show...