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On Fiscal Illusion and Ricardian Equivalence in Local Public Finance

Banzhaf, H. Spencer - 2012

We re-evaluate two forms of fiscal illusion in local public finance: debt illusion and renter illusion. The Ricardian … Equivalence Theorem for local governments suggests the form of finance of a public program (tax or debt finance) has no effects on … hundreds of open space referenda in the U.S. using a variety of finance mechanisms, we find evidence that households do prefer …

Persistent link: https://www.econbiz.de/10012460619

Unbiased Estimation of the Half-Life to PPP Convergence in Panel Data

Choi, Chi-Young - 2004

Three potential sources of bias present complications for estimating the half-life of purchasing power parity deviations from panel data. They are the bias associated with inapproiate aggregation across heterogeneous coefficients, time aggregation of commodity prices, and downward bias in...

Persistent link: https://www.econbiz.de/10012468077

Cointegration Vector Estimation by Panel DOLS and Long-Run Money Demand

Mark, Nelson C. - 2002

We study the panel DOLS estimator of a homogeneous cointegration vector for a balanced panel of N individuals observed over T time periods. Allowable heterogeneity across individuals include individual-specific time trends, individual-specific fixed effects and time-specific effects. The...

Persistent link: https://www.econbiz.de/10012469343

Panel Data Hedonics : Rosen's First Stage and Difference-in-Differences as "Sufficient Statistics"

Banzhaf, H. Spencer - 2015

For decades, economists have used the hedonic model to estimate demands for the implicit characteristics of differentiated commodities. The traditional cross-sectional approach can recover marginal willingness to pay for characteristics, but has faltered over a difficult endogeneity problem for...

Persistent link: https://www.econbiz.de/10012457183