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Nonrenewable Resource Prices : Deterministic or Stochastic Trends?
Lee, Junsoo - 2005
In this paper we examine temporal properties of eleven natural resource real price series from 1870-1990 by employing a Lagrangian Multiplier unit root test that allows for two endogenously determined structural breaks with and without a quadratic trend. Contrary to previous research, we find...
Persistent link: https://www.econbiz.de/10012467192
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Recursive and Sequential Tests of the Unit Root and Trend Break Hypothesis : Theory and International Evidence
Banerjee, Anindya - 1990
This paper investigates the possibility, raised by Perron (1989, 1990a), that aggregate economic time series can be characterized as being stationary around broken trend lines. Unlike Perron, we treat the break date as unknown a priori. Asymptotic distributions are developed for recursive,...
Persistent link: https://www.econbiz.de/10012475507
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Cointegration and Tests of Present Value Models
Campbell, John Y. - 1986
In a model where a variable Y[sub t] is proportional to the present value, with constant discount rate, of expected future values of a variable y[sub t] the "spread" S[sub t]= Y[sub t] - [theta sub t] will be stationary for some [theta] whether or not y[sub t]must be differenced to induce...
Persistent link: https://www.econbiz.de/10012477190
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Breaks in the Phillips Curve : Evidence from Panel Data
Smith, Simon C.; Timmermann, Allan; Wright, Jonathan H. - National Bureau of Economic Research - 2023
We revisit time-variation in the Phillips curve, applying new Bayesian panel methods with breakpoints to US and European Union disaggregate data. Our approach allows us to accurately estimate both the number and timing of breaks in the Phillips curve. It further allows us to determine the...
Persistent link: https://www.econbiz.de/10014250170
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Impulse Response Functions for Self-Exciting Nonlinear Models
Francis, Neville; Owyang, Michael T.; Soques, Daniel F. - National Bureau of Economic Research - 2023
We calculate impulse response functions from regime-switching models where the driving variable can respond to the shock. Two methods used to estimate the impulse responses in these models are generalized impulse response functions and local projections. Local projections depend on the observed...
Persistent link: https://www.econbiz.de/10014372466
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Testing for Parameter Instability and Structural Change in Persistent Predictive Regressions
Andersen, Torben; Varneskov, Rasmus Tangsgaard - National Bureau of Economic Research - 2021
variables may be fractionally integrated and the predictive relation may feature cointegration, we provide sup-Wald break tests …
Persistent link: https://www.econbiz.de/10012496124
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Tax Policy and Investment in a Global Economy
Chodorow-Reich, Gabriel; Smith, Matthew; Zidar, Owen M.; … - National Bureau of Economic Research - 2024
We evaluate the 2017 Tax Cuts and Jobs Act. Combining reduced-form estimates from tax data with a global investment … model, we estimate responses, identify parameters, and conduct counterfactuals. Domestic investment of firms with the mean ….S. multinationals rises substantially. These incentives also boost domestic investment, indicating complementarity between domestic and …
Persistent link: https://www.econbiz.de/10014512034
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Regime Changes and FDI : A Tale of Two Countries – Poland and Israel
Razin, Asaf; Cieślik, Andrzej - National Bureau of Economic Research - 2024
direct investors. To focus on the common patterns in the effects on foreign direct investment, of liberal vs. illiberal …'s growth, causing a sharp decline in foreign direct investment …
Persistent link: https://www.econbiz.de/10014576643
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FDI and Superstar Spillovers : Evidence from Firm-to-Firm Transactions
Amiti, Mary; Duprez, Cédric; Konings, Jozef; Van … - National Bureau of Economic Research - 2023
Despite competition concerns over the increasing dominance of global corporations, many argue that productivity spillovers from multinationals to domestic firms justify pro- FDI policies. For the first time, we use firm-to-firm transaction data in a developed country to examine the impact of...
Persistent link: https://www.econbiz.de/10014250146
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Foreign Technology Adoption as a Flying Propeller
Hu, Yunfang; Kunieda, Takuma; Nishimura, Kazuo; Wang, Ping - National Bureau of Economic Research - 2023
We construct a dynamic general equilibrium model of foreign direct investment (FDI) and foreign technology adoption …
Persistent link: https://www.econbiz.de/10014250176