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, while the time span of the data remains fixed, and the cross-sectional dimension is fixed or increasing. We derive a Central … Limit Theorem (CLT) for the cross-sectional beta dispersion at a point in time, enabling us to test whether this quantity … beta dispersion, as a function of time-of-day, changes across days. We extend this further by developing inference …
Persistent link: https://www.econbiz.de/10012480274
This paper investigates the relation between returns on stock indices and their corresponding futures contracts in order to evaluate potential explanations for the pervasive yet anomalous evidence of positive, short-horizon portfolio autocorrelations. Using a simple theoretical framework, we...
Persistent link: https://www.econbiz.de/10012471575
National Time Accounting is a way of measuring society's well-being, based on time use. Its explicit form is the U …-index, for "unpleasant" or "undesirable", which measures the proportion of time an individual spends in an unpleasant state. In …; is U-shaped in age and un-trended over time in the USA although they are trended up in a number of EU countries and …
Persistent link: https://www.econbiz.de/10012464330
effects are likely small in comparison to the differences by age revealed in the IALS. We go on to discuss how particular …
Persistent link: https://www.econbiz.de/10012464574
We document five novel facts about Uncovered Interest Parity (UIP) deviations vis-à-vis the U.S. dollar for 34 currencies of advanced economies and emerging markets, using survey data on expected exchange rate. First, the UIP premium co-moves with global risk perception (VIX) for all...
Persistent link: https://www.econbiz.de/10012585407
The process of central bank (CB) evolution by emerging market economies (EMEs), including central bank independence (CBI) and transparency (CBT), converged towards that of the advanced economies (AEs) before the Global Financial Crisis (GFC) of 2007-2008. It was greatly aided by the adoption of...
Persistent link: https://www.econbiz.de/10012480286
The U.S. health system has been described as the most competitive, heterogeneous, inefficient, fragmented, and advanced system of care in the world. In this paper, we consider two questions: First, is the U.S. health care system productively efficient relative to other wealthy countries, in the...
Persistent link: https://www.econbiz.de/10012464374
Whether or not the marginal product of capital (MPK) differs across countries is a question that keeps coming up in discussions of comparative economic development and patterns of capital flows. Attempts to provide an empirical answer to this question have so far been mostly indirect and based...
Persistent link: https://www.econbiz.de/10012467127
Over the past twenty years, macroeconomic performance has improved in industrialized and developing countries alike. In a broad cross-section of countries inflation volatility has fallen markedly while output variability has either fallen or risen only slightly. This increased stability can be...
Persistent link: https://www.econbiz.de/10012467715
In the U.S., Great Britain, and in many other countries, the gap between the demand and the supply of human organs for transplantation is on the rise, despite the efforts of governments and health agencies to promote donor registration. In some countries of continental Europe, however, cadaveric...
Persistent link: https://www.econbiz.de/10012468089