We consider hypothesis testing in a general linear time series regression framework when the possibly fractional order of integration of the error term is unknown. We show that the approach suggested by Vogelsang (1998a) for the case of integer integration does not apply to the case of...

Remittances are a very important source of income for many Nicaraguan families. More than 40% of all households receive remittances that on average amount to 12-15% of total household income in these households. More than 30% of these households receive remittances at least monthly, implying...

This paper estimates structural parameters of both a simple and an extended job separation model with the purpose of understanding constraints in the labor market in Bolivia. The results confirm the hypothesis that skilled labor is a scarce commodity in Bolivia, while unskilled labor is...

Two insurance companies I 1 ,I 2 with reserves R 1 (t),R 2 (t) compete for customers, such that in a suitable differential game the smaller company I 2 with R 2 (0)<R 1 (0) aims at minimizing R 1 (t)&#x2212;R 2 (t) by using the premium p 2 as control and the larger I 1 at maximizing by using p 1. Deductibles K 1 ,K 2 are fixed but may be different. If K 1 >K 2 and I 2 is the leader choosing its premium first, conditions for Stackelberg equilibrium are established. For gamma-distributed...</r>

We provide a framework for inference in dynamic equilibrium models including financial market data at daily frequency, along with macro series at standard lower frequency. Our formulation of the macro-finance model in continuous-time conveniently accounts for the difference in observation...

The estimates of the structural parameters of a job separations model derived from the theory of on-the-job search are reported in this papers. Given that each employer pays the same wage to all observably equivalent workers and that wage dispersion across employers exists in the sense that...