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Determinants of Long-Term Growth : A Bayesian Averaging of Classical Estimates (BACE) Approach

Doppelhofer, Gernot - 2000

This paper examines the robustness of explanatory variables in cross-country economic growth regressions. It employs a novel approach, Bayesian Averaging of Classical Estimates (BACE), which constructs estimates as a weighted average of OLS estimates for every possible combination of included...

Persistent link: https://www.econbiz.de/10012471000

Consumption Risk and International Asset Returns : Some Empirical Evidence

Cumby, Robert E. - 1987

The paper examines if real stock returns in four countries are consistent with consumption-based models of international asset pricing. The paper finds that ex-ante real stock returns exhibit statistically significant fluctuations over time and that these fluctuations cannot be explained by...

Persistent link: https://www.econbiz.de/10012476685

Social Security and Democracy

Mulligan, Casey B. - 2002

Many political economic theories use and emphasize the process of voting in their explanation of the growth of Social Security, government spending, and other public policies. But is there an empirical connection between democracy and Social Security program size or design? Using some new...

Persistent link: https://www.econbiz.de/10012469756

The World Distribution of Income (estimated from Individual Country Distributions)

Sala-i-Martin, Xavier - 2002

We estimate the world distribution of income by integrating individual income distributions for 125 countries between … hosted 11% of the world's poor in 1960. It hosted 66% of them in 1998. We estimate nine indexes of income inequality implied … by our world distribution of income. All of them show substantial reductions in global income inequality during the 1980s …

Persistent link: https://www.econbiz.de/10012469781

Perspectives on PPP and Long-Run Real Exchange Rates

Froot, Kenneth A. - 1994

This paper reviews the large and growing literature which tests PPP and other models of the long-run real exchange rate. We distinguish three different stages of PPP testing and focus on what has been learned from each. The most important overall lesson has been that the real exchange rate...

Persistent link: https://www.econbiz.de/10012473947

Shining a Light on Purchasing Power Parities

Pinkovskiy, Maxim - 2018

study of PPP-adjusted estimates of GDP around the world between 1992 and 2010. First, we find that while market exchange … optimal. Using data from the Penn World Tables, we find that, indeed, it is optimal to only use the latest price data, and …

Persistent link: https://www.econbiz.de/10012453295

Newer Need Not be Better : Evaluating the Penn World Tables and the World Development Indicators Using Nighttime Lights

Pinkovskiy, Maxim - 2016

Penn World Tables and of the World Development Indicators better estimate true income per capita. We find that revisions of …-price series in both PWT 8.0 and PWT 8.1, the two most recent vintages of the PWT. We additionally find that the World Development … Indicators are as good, and often better, measures of unobserved true income as are any recent vintages of the Penn World Tables …

Persistent link: https://www.econbiz.de/10012456459

Interpreting Tests of Forward Discount Bias Using Survey Data on Exchange Rate Expectations

Froot, Kenneth A. - 1986

Survey data on exchange rate expectations are used to divide the forward discount into expected depreciation and a risk premium. Our starting point is the common test oh whether the forward discount is an unbiased predictor of future changes in the spot rate. We use the surveys to decompose the...

Persistent link: https://www.econbiz.de/10012477109

Using Survey Data to Test Some Standard Propositions Regarding Exchange Rate Expectations

Frankel, Jeffrey A. - 1985

Survey data provide a measure of exchange rate expectations that is superior to the commonly-used forward exchange rate in the respect that it does notinclude a risk premium. We use survey data and the technique of bootstrapping to test a number of propositions of interest. We are able to reject...

Persistent link: https://www.econbiz.de/10012477408

International Interest-Rate and Price-Level Linkages Under Flexible Exchange Rates : A Review of Recent Evidence

Cumby, Robert E. - 1982

Persistent link: https://www.econbiz.de/10012478187