We propose an econometric procedure for obtaining de facto exchange rate regime classifications which we apply to study the relationship between exchange rate regimes and economic growth. Our classification method models the de jure regimes as outcomes of a multinomial logit choice problem...

We model a country's de jure exchange rate policy as the choice from a multinomial logit response conditioned on the volatility of its bilateral exchange rate, the volatility of its international reserves, and the volatility of its effective exchange rate. The category with the highest...

Contingent valuation surveys have become an important tool in placing monetary values on non-market goods and amenities. Many policy issues involve evaluation of several alternatives such as different environmental quality levels, different levels of risk, etc. Contingent valuation then involves...

This paper proposes a different empirical approach to estimate the UIP by analyzing a large number of cross-country bilateral exchange rates using cross-section analysis. Different from conventional time-series UIP, cross-sectional UIP is examined with single equation estimation and panel...

This paper investigates the structural differences of the free floating exchange rate regime after the economic crisis compared to the managed float exchange rate regime before the economic crisis. This paper focuses on the relationship between exchange rates and economic fundamentals. It is...

This paper proposes a new test statistic to deter the presence of heteroskedasticity. The proposed test does not require a parametric specification of the mean regression function in the first stage regression. The regression function is estimated nonparametrically by the kernel estimation...

This paper examines the vertical integration issue of the electricity industry. This industry is typically vertically integrated and heavily regulated. The paper investigates the potential technological efficiency loss due to the vertical disintegration using the translog production function....

This paper proposes the generalized method of moment estimation of truncated or censored regression model, and applies this procedure to the recreational demand model estimation. In a typical limited dependent variable regression, the conditional mean of error distribution is no longer zero....