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Searching for a Break in Gnp
Christiano, Lawrence J. - 2021
It has been suggested that existing estimates of the long-run impact of a surprise move in income may have a substantial upward bias due to the presence of a trend break in post war U.S. GNP data. This paper shows that the statistical evidence does not warrant abandoning the no trend null...
Persistent link: https://www.econbiz.de/10013228038
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Regression Discontinuity in Time : Considerations for Empirical Applications
Hausman, Catherine - 2017
Recent empirical work in several economic fields, particularly environmental and energy economics, has adapted the regression discontinuity (RD) framework to applications where time is the running variable and treatment begins at a particular threshold in time. In this guide for practitioners,...
Persistent link: https://www.econbiz.de/10012951355
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Electricity Consumption and Durable Housing : Understanding Cohort Effects
Costa, Dora L. - 2011
We find that households living in California homes built in the 1960s and 1970s had high electricity consumption in … 2000 relative to houses of more recent vintages because the price of electricity at the time of home construction was low …. Homes built in the early 1990s had lower electricity consumption than homes of earlier vintages because the price of …
Persistent link: https://www.econbiz.de/10013130975
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Dynamic Corrective Taxes with Time-Varying Salience
Gilbert, Ben - 2018
electricity consumption …
Persistent link: https://www.econbiz.de/10012911462
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Household Electricity Demand, Revisited
Reiss, Peter C.; White, Matthew W. - 2021
Recent efforts to restructure and partially deregulate electricity markets have renewed interest in understanding how … household electricity demand that addresses these difficulties. We estimate the model using data for a representative sample of … California households, and summarize how electricity demand elasticities vary in that state. We then use the model to analyze the …
Persistent link: https://www.econbiz.de/10013248390
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Recursive and Sequential Tests of the Unit Root and Trend Break Hypothesis : Theory and International Evidence
Banerjee, Anindya; Lumsdaine, Robin L.; Stock, James H. - 2021
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/10013248699
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Nonrenewable Resource Prices : Deterministic or Stochastic Trends?
Lee, Junsoo; List, John A.; Strazicich, Mark C. - 2021
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/10013227016
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Money and Income, Causality Detection
Hsiao, Cheng - 2021
In this paper we intend to survey and suggest the theoretical framework of the important aspects of causality detection with the purpose of conveying to the reader the essential features and the different forms in which inferences may be drawn from given data. Section II presents the basic...
Persistent link: https://www.econbiz.de/10013310821
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Unit Roots in Macroeconomic Time Series : Some Critical Issues
McCallum, Bennett T. - 2021
, the paper argues that the absence of cointegration among variables does not imply the absence of any practically useful …
Persistent link: https://www.econbiz.de/10013224193
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Continuous-Time Linear Models
Cochrane, John H. - 2012
models, the relation between levels and differences, integration and cointegration, and the Hansen-Sargent prediction …
Persistent link: https://www.econbiz.de/10013104725