econometric performance of regime-switching models for interest rate data from the US, Germany and the UK. There is strong …

We ask whether stock returns in France, Germany, Japan, the UK and the US are predictable by three instruments: the …

States, the United Kingdom, and Germany using the Campbell-Shiller (1991) regressions and a vector …-problem effects is largely consistent with term structure data from the U.S., U.K., and Germany …

. In addition to standard Wald tests, we formulate Lagrange Multiplier and Distance Metric tests which require estimation … under the non-linear constraints of the null hypotheses. Estimation under the null is achieved by iterating on approximate …

This paper investigates the relationship between product market competition (PMC) and innovation. A growth model is … reduce innovation incentives for laggards. There are four key predictions. First, the relationship between product market … competition (PMC) and innovation is an inverted U-shape. Second, the equilibrium degree of technological neck-and-neckness' among …

How does firm entry affect innovation incentives and productivity growth in incumbent firms? Micro-data suggests that … threat spurs innovation incentives in sectors close to the technological frontier--successful innovation allows incumbents to … prevent entry. In laggard sectors it discourages innovation--increased entry threat reduces incumbents' expected rents from …