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WWII and Long Run Convergence in the OECD

Robertson, Peter E.; Landon-Lane, John - Econometric Society - 2004

Existing evidence for unconditional convergence in the OECD is mixed, and depends largely on whether time series or … cross sectional methods are used. In this paper we reconsider the evidence for unconditional convergence by dividing the … long-run growth in output to test for unconditional convergence and to test for equality of long-run growth across …

Persistent link: https://www.econbiz.de/10005130215

Productivity of Nations: a stochastic frontier approach to TFP decomposition

Garcia, Fernando; Pires, Jorge Oliveira - Econometric Society - 2004

This paper tackles the problem of aggregate TFP measurement using stochastic frontier analysis (SFA). Data from Penn World Table 6.1 are used to estimate a world production frontier for a sample of 75 countries over a long period (1950-2000) taking advantage of the model offered by Battese &...

Persistent link: https://www.econbiz.de/10005699603

Party Polarization and Electoral Accountability

Testa, Cecilia - Econometric Society - 2004

In this paper we model the interaction between parties and candidates to highlight the mechanisms by which parties selecting candidates may discipline legislators. Parties are long-lived institutions providing incentives to short-lived candidates. Citizens have preferences over a multimentional...

Persistent link: https://www.econbiz.de/10005699610

The Impact of Structural Funds Policy on European Regions Growth. A Theoretical and Empirical Approach

Mari-Carmen Puigcerver-Pe\UNICODE{0xf1}alver - Econometric Society - 2004

between the two Programming periods appears on the estimated rates of beta -convergence and the catching-effect …

Persistent link: https://www.econbiz.de/10005699620

Pass-through from exchange rate to prices in Brazil:an analysis using time-varying parameters for the 1980 â€“ 2002 period

Albuquerque, Christiane R.; Portugal, Marcelo S. - Econometric Society - 2004

The aim of the present paper is to analyze the pass-through from exchange rate to inflation in Brazil from 1980 to 2002. Initially, we developed a model of a profit-maximizing firm based on the pricing-to-market approach presented by FEENSTRA and KENDAL (1997). In order to adapt the model to the...

Persistent link: https://www.econbiz.de/10005328886

Public and Private Information in Monetary Policy Models

Shin, Hyun Song; Amato, Jeffery D. - Econometric Society - 2004

We examine the impact of public information in an economy where agents also have diverse private information. Our work builds on seminal contributions by Townsend (1983) and Phelps (1983), and more recently Woodford (2002), which emphasized the importance of higher-order beliefs – that is,...

Persistent link: https://www.econbiz.de/10005328974

Monetary Magic? How the Fed Improved the Supply Side of the Economy

Sgherri, Silvia; Bayoumi, Tamim - Econometric Society - 2004

Extending recent theoretical contributions on sources of inflation inertia, we argue that monetary uncertainty accounts for sluggish expectations adjustment to nominal disturbances. Estimating a model in which rational individuals learn over time about shifts in U.S. monetary policy and the...

Persistent link: https://www.econbiz.de/10005342162

Heterogeneous Information about the Term Structure of Interest Rates, Least-Squares Learning and Optimal Interest Rate Rules for Inflation Forecast Targeting

Tesfaselassie, Mewael; Schaling, Eric; Eijffinger, Sylvester - Econometric Society - 2004

In this paper we incorporate the term structure of interest rates in a standard inflation forecast targeting framework. Learning about the transmission process of monetary policy is introduced by having heterogeneous agents - i.e. the central bank and private agents - who have different...

Persistent link: https://www.econbiz.de/10005342215

Estimation of Credit and Default Spreads: An Application to CDO Valuation

Noh, Jaesun - Econometric Society - 2004

Many securities are, to a certain extent, subject to credit risk in one way or another. Both the financial institutions and regulators are keen to have their credit risk exposures well managed. In order to fulfill their needs, the market for credit derivatives has become one of the fast growing...

Persistent link: https://www.econbiz.de/10005342295

Asymmetric Information, Stock Returns and Monetary Policy: A Theoretical and Empirical Analysis

Tas, Bedri Kamil Onur - Econometric Society - 2004

It is known that stock returns are affected by monetary policy. This paper theoretically and empirically investigates whether asymmetric information between the Federal Reserve and the public causes the relation between stock returns and monetary policy actions. The paper concludes that...

Persistent link: https://www.econbiz.de/10005130171