In this work, we begin with an investigation into the temporal correlation in default risk. We first establish a link between the dynamics of house price changes and the dynamics of default rates in the Gaussian copula framework by specifying a time series model for a common risk factor. We show...

This dissertation makes a contribution to regional studies by constructing Multi-Factor Productivity (MFP) growth measures at the state level for the US. The first essay of the dissertation exploits a dual growth accounting technique to calculate sector-specific MFP growth for all US states from...

A large body of empirical literature has investigated the linkages between exports and output. Nevertheless, empirical evidence remains inconclusive and the topic remains open to discussion. Additionally, a number of studies have examined the positive effects that export diversification may have...

This dissertation investigates the role of fiscal policy on economic activity by analyzing the response of major macroeconomic variables to innovations to the average marginal income tax rate (AMTR) measures in the U.K. by employing vector autoregressive (VAR) models. We identify these...

Some of the literature about foreign direct investment (FDI) analyzes the location of FDI. It tries to identify the factors that affect FDI flows. On the association between remittances and growth, this is still an open discussion. This journal style dissertation is an attempt to investigate...

This dissertation investigates the implications of different methods of identifying exogenous shocks to defense purchases for estimating the macroeconomic effects of shocks to government purchases. Four identification schemes are examined: the narrative approach of Ramey and Shapiro (1997), a...

This dissertation analyzed spatial agglomeration economies associated with the geographical distribution of the U.S. biotech industry. Three location issues associated with the biotech industry were addressed in the study. The first study utilized a Bayesian spatial tobit model and examined the...

As a result of the Uruguay Round (UR), the impact on the international rice market is profound. In addition, another round of the WTO trade negotiations has started and the impacts of potential policy changes on rice trade are unknown. The major U.S. benefit of the UR has been the access to the...

We examine the use of a contracting method in mergers and acquisitions known as an earnout. In this type of transaction, the bidder agrees to pay the target an initial amount for the acquisition plus future payments contingent on the achievement of performance milestones. Theory suggests that...

Bayesian estimation has gained ground after Markov Chain Monte Carlo process made it possible to sample from exact posterior distributions. This research aims at contributing to the ongoing debate about the relative virtues of the Frequentist and Bayesian theories by concentrating on the...