In this paper, we match firm data to individual work history files in order to simultaneously estimate the wage and employment duration processes of a longitudinal sample of two million French workers employed in roughly one million firms and followed over twenty years. The particular structure...

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...

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...

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...

Foreign Direct Investment has become an important source of long-term capital inflows for less developed countries in the last two decades. As documented in previous literature, FDI flows may increase permanently domestic output and represent an important source of technological spillovers for...

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 is...

This lecture explores conditions under which there is identification of the impact on an outcome of exogenous variation in a variable which is endogenous when data are gathered. The starting point is the Cowles Commission linear simultaneous equations model. The parametric and additive error...

We analyze the properties of a bias-corrected realized variance (RV) in the presence of iid market microstructure noise. The bias correction is based on the first-order autocorrelation of intraday returns and we derive the optimal sampling frequency as defined by the mean squared error (MSE)...

Economic models often imply that certain variables are cointegrated. However, tests often fail to reject the null hypothesis of no cointegration for these variables. One possible explanation of these test results is that the error is unit root nonstationary due to a nonstationary measurement...

This paper studies subsampling hypothesis tests for panel data that are possibly nonstationary, and cross-sectionally correlated and cross-sectionally cointegrated. The tests include panel unit root and cointegration tests as special cases. The number of cross-sectional units in the panel data...