risk in the mortgage market raises the default rate and spreads to the rest of the economy, creating a recession. In our … model two shocks are well suited to replicate the subprime crisis and the Great Recession: the mortgage risk shock and the …. This policy is successful in stabilizing the mortgage market and makes all agents better off. …

pooled estimation we conducted proves to be superior in working with individual corporate bond data panels and helps related …

I derive the unconditional transformed likelihood function and its derivatives for a fixed-effects panel data model … polynomial of the spatial weights matrix and, in general, tends to infinity with increasing sample size. Consistent estimation …