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Optimal asset allocation with factor models for large portfolios
Pesaran, M. Hashem (contributor);  … - 2008
This paper characterizes the asymptotic behaviour, as the number of assets gets arbitrarily large, of the portfolio weights for the class of tangency portfolios belonging to the Markowitz paradigm. It is assumed that the joint distribution of asset returns is characterized by a general factor...
Persistent link: https://www.econbiz.de/10003720566
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A critique of the literature on the US financial debt crisis
Stein, Jerome L. - 2010
A healthy financial system encourages the efficient allocation of capital and risk. The collapse of the house price bubble led to the financial crisis that started in 2007. There is a large empirical literature concerning the relation between asset price bubbles and financial crises. I evaluate...
Persistent link: https://www.econbiz.de/10003936616
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The cult of statistical significance
Krämer, Walter - 2010
This article takes issue with a recent book by Ziliak and McCloskey (2008) of the same title. Ziliak and McCloskey argue that statistical significance testing is a barrier rather than a booster for empirical research in many fields and should therefore be abandoned altogether. The present...
Persistent link: https://www.econbiz.de/10008732285
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Is Prescott right? : welfare state policies and the incentives to work, learn and retire
Jacobs, Bas (contributor) - 2008
Persistent link: https://www.econbiz.de/10003674460
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Pitfalls in the use of ad valorem equivalent representations of the trade impacts of domestic policies
Whalley, John (contributor) - 2005
Numerical simulation exercises to analyze the impacts of potential changes in non-tariff policies commonly use ad valorem equivalent tariff treatment even though estimated impacts using explicit model representation and ad valorem equivalent treatments will differ. The difficulty for modellers...
Persistent link: https://www.econbiz.de/10003109945
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The fallacy of the fiscal theory of the price level, Again
Buiter, Willem H. - 2000
The Fiscal Theory of the Price Level (FTPL) rejects the fundamental 'Ricardian' proposition, that the government budget …
Persistent link: https://www.econbiz.de/10009781580
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Beyond the DSGE straitjacket
Pesaran, M. Hashem; Smith, Ron - 2011
. -- macroeconometric models ; DSGE ; VARs ; long run theory …
Persistent link: https://www.econbiz.de/10009127720
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Reactivity in economic science
Frey, Bruno S. - 2017
matter of course that economics should become a natural science. Such a characterization misses an essential aspect of a …
Persistent link: https://www.econbiz.de/10011700543
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The dynamic interplay of inequality and trust : an experimental study
Greiner, Ben (contributor); Ockenfels, Axel (contributor);  … - 2007
Persistent link: https://www.econbiz.de/10003624788
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Non-welfarist optimal taxation and behavioral public economics : presented at CESifo Venice Summer Institute, Workshop on Behavioral Public Economics, July 2004
Kanbur, Ravi; Pirttilä, Jukka; Tuomala, Matti - 2004
Research in behavioral economics has uncovered the widespread phenomenon of people making decisions against their own … interventions, through taxes and subsidies, might be called "behavioral public economics". However, such analysis, where the … government has an objective function that is different from that of individuals, is not new in public economics. In these cases …
Persistent link: https://www.econbiz.de/10011451127