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Linearity in instrumental variables estimation: Problems and solutions
Mogstad, Magne; Wiswall, Matthew - 2010
restriction in IV estimation, and discusses possible remedies. We first examine the biases due to nonlinearity in the commonly … where theory suggests a nonlinear relationship, yet previous research has used linear IV estimators. We find that relaxing … the linearity restriction in the IV estimation changes the qualitative conclusions about the relevant economic theory and …
Persistent link: https://www.econbiz.de/10010274706
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Exponent of cross-sectional dependence: Estimation and inference
Bailey, Natalia; Kapetanios, George; Pesaran, Hashem - 2012
An important issue in the analysis of cross-sectional dependence which has received renewed interest in the past few years is the need for a better understanding of the extent and nature of such cross dependencies. In this paper we focus on measures of cross-sectional dependence and how such...
Persistent link: https://www.econbiz.de/10010282124
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Active Ingredients: Exploring the Key Factors Affecting the Rising Cost of Developing New Drugs
Fossett, Sarah J.; Wunnava, Phanindra V. - 2017
What makes prescription drugs cost so much? The media and Congress say it is corporate greed, while pharmaceutical firms blame federal regulations and an expensive drug development process. This study focuses on R & D (R&D) expenditures at global pharmaceutical firms and explores the driving...
Persistent link: https://www.econbiz.de/10011744529
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Produce or speculate? Asset bubbles, occupational choice and efficiency
Cahuc, Pierre; Challe, Edouard - 2009
We study the macroeconomic effects of rational asset bubbles in an overlapping-generations economy where asset trading requires specialized intermediaries and where agents freely choose between working in the production or in the financial sector. Frictions in the market for deposits create...
Persistent link: https://www.econbiz.de/10010269510
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Predictability of asset returns and the efficient market hypothesis
Pesaran, Mohammad Hashem - 2010
This paper is concerned with empirical and theoretical basis of the Efficient Market Hypothesis (EMH). The paper begins with an overview of the statistical properties of asset returns at different frequencies (daily, weekly and monthly), and considers the evidence on return predictability, risk...
Persistent link: https://www.econbiz.de/10010276268
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To see is to believe: Common expectations in experimental asset markets
Cheung, Stephen L.; Hedegaard, Morten; Palan, Stefan - 2012
We challenge the recent claim that mispricing in the experimental asset markets introduced by Smith, Suchanek, and Williams (1988) is merely an artefact of confusion over declining fundamental value, and can be eliminated through appropriate training. We instead propose that when training is...
Persistent link: https://www.econbiz.de/10010289899
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Nonlinearity between the Shadow Economy and Level of Development
Wu, Dong Frank; Schneider, Friedrich - 2019
This paper is the first attempt to directly explore the long-run nonlinearity of the shadow economy. Using a dataset of …
Persistent link: https://www.econbiz.de/10012059115
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Linearity in Instrumental Variables Estimation: Problems and Solutions
Mogstad, Magne; Wiswall, Matthew - Institute for the Study of Labor (IZA) - 2010
restriction in IV estimation, and discusses possible remedies. We first examine the biases due to nonlinearity in the commonly … where theory suggests a nonlinear relationship, yet previous research has used linear IV estimators. We find that relaxing … the linearity restriction in the IV estimation changes the qualitative conclusions about the relevant economic theory and …
Persistent link: https://www.econbiz.de/10008678700
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The Changing Profile of Mexican Migrants to the United States: New Evidence from California and Mexico
Cornelius, Wayne A.; Marcelli, Enrico A. - 2000
Using recent data from southern California and Mexico we challenge the notion that the demographic profile of post-1970 Mexican migrants to the United States has remained constant. We find that more recent cohorts of migrants: (1) are more likely to settle permanently in the United States, (2)...
Persistent link: https://www.econbiz.de/10010262427
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The narrowing of the US gender earnings gap, 1959 - 1999: a cohort-based analysis
Weinberger, Catherine; Kuhn, Peter - 2006
Using Census and Current Population Survey data spanning 1959 through 1999, we assess the relative contributions of two factors to the decline in the gender wage gap: changes across cohorts in the relative slopes of men's and women's age-earnings profiles, versus changes in relative earnings...
Persistent link: https://www.econbiz.de/10010267640