Gørgens, Tue; Hyslop, Dean Robert - In: Econometrics : open access journal 7 (2019) 1/1, pp. 1-16
models focus on state occupancy and typically specify low-order Markovian state dependence. Multi-spell duration models focus … on transitions between states and typically allow for state-specific duration dependence. We show that the former … show that these restrictions are severely rejected against the more flexible multi-spell duration models. …