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Using a rich data set on government spending forecasts in Japan, we provide new evidence on the effects of unexpected changes in government spending when the nominal interest rate is near the zero lower bound (ZLB). The on-impact output multiplier is 1.5 in the ZLB period, and 0.6 outside of it....
Persistent link: https://www.econbiz.de/10012014448
conduct simulations and find that the estimation error of the present bias parameter is so large that its effect is difficult …
Persistent link: https://www.econbiz.de/10013472340
In economic discussions, currency board systems are frequently described as arrangements with self-binding character to the monetary authorities by their strict rules and establishments by law. Hard pegs and especially currency boards are often seen as remedies to overcome economic and financial...
Persistent link: https://www.econbiz.de/10011753130
In the presence of selection bias, traditional estimators of pseudo panel data are inconsistent. In this paper, the … selection bias. Specifically, they propose a Wald test for the null hypothesis that there is no selection bias. Under rejection …-panel regressions to test for selection bias and estimate the returns to education in Colombia. The authors corroborate the existence of …
Persistent link: https://www.econbiz.de/10010308943
Business cycle indicators based on the balance statistics are a widely used method tomonitor the actual economic situation. In contrast to official data, indicators frombusiness surveys are early available and typically not revised after their first publication.But as surveys can be in general...
Persistent link: https://www.econbiz.de/10010312085
, organizations may bias their communication. The bias depends on the ex ante beliefs of donors and on mass media reporting. …
Persistent link: https://www.econbiz.de/10010313330
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the one hand we correct the individual forecasts, and on the other we calculate bias based weights. A simulation study …
Persistent link: https://www.econbiz.de/10010316655
This paper introduces bias-corrected estimators for nonlinear panel data models with both time invariant and time …
Persistent link: https://www.econbiz.de/10010318527