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Persistent link: https://www.econbiz.de/10005526366
Persistent link: https://www.econbiz.de/10005526368
In the specification of linear regression models it is common to indicate a list of candidate variables from which a subset enters the model with nonzero coefficients. This paper interprets this specification as a mixed continuous-discrete prior distribution for coefficient values. It then...
Persistent link: https://www.econbiz.de/10005526373
This paper provides a general and efficient method for computing density ratio class bounds on posterior moments, given the output of a posterior simulator. It shows how density ratio class bounds for posterior odds ratios may be formed in many situations, also on the basis of posterior...
Persistent link: https://www.econbiz.de/10005427789
This paper surveys recently developed methods for Bayesian inference and their use in economic time series models. It begins by reviewing aspects of Bayesian inference essential to understanding the implications of the Bayesian paradigm for time series analysis. It next describes the use of...
Persistent link: https://www.econbiz.de/10005427790
The reduced rank regression model arises repeatedly in theoretical and applied econometrics. To date the only general treatments of this model have been frequentist. This paper develops general methods for Bayesian inference with noninformative reference priors in this model, based on a Markov...
Persistent link: https://www.econbiz.de/10005726735
The normal linear model, with sign or other linear inequality constraints on its coefficients, arises very commonly in many scientific applications. Given inequality constraints Bayesian inference is much simpler than classical inference, but standard Bayesian computational methods become...
Persistent link: https://www.econbiz.de/10005726739
We analyze changes in the gender structure at the top of the earnings distribution in the United States over the last 30 years using a 10% sample of individual earnings histories from the Social Security Administration. Despite making large inroads, females still constitute a small proportion of...
Persistent link: https://www.econbiz.de/10010939371
Randomness in individual discovery tends to spread out productivities in a population, while learning from others keeps productivities together. In combination, these two mechanisms for knowledge accumulation give rise to long-term growth and persistent income inequality. This paper considers a...
Persistent link: https://www.econbiz.de/10010930254
We study a model with heterogeneous producers that face collateral and cash-in-advance constraints. These two frictions give rise to a nontrivial financial market in a monetary economy. A tightening of the collateral constraint results in a recession generated by a credit crunch. The model can...
Persistent link: https://www.econbiz.de/10010930255