Gagliardini, Patrick; Gourieroux, Christian - Institut für Schweizerisches Bankwesen <Zürich> - 2004
The aim of this paper is to explain why cross-sectional estimated migration correlations displayed in the academic and … a model with stochastic migration in which the parameters of interest, that are migration correlations, are precisely … defined. The impossibility of estimating consistently the migration correlations from cross-sectional data only is emphasized …