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I apply the Johansen and Swensen (1999, 2004) method of testing exact rational expectations within the cointegrated VAR (Vector Auto-Regressive) model, to testing the New Keynesian (NK) model. This method permits the testing of rational expectation systems, while allowing for non-stationary...
Persistent link: https://www.econbiz.de/10010295321
Filtering has had a profound impact as a device of perceiving information and deriving agent expectations in dynamic economic models. For an abstract economic system, this paper shows that the foundation of applying the filtering method corresponds to the existence of a conditional expectation...
Persistent link: https://www.econbiz.de/10012696242
Changes in the American lifestyle are putting more individuals at risk due to the declining quality of their diets. In the last 20 years, the readily available high-fat foods (e.g., "fast foods") combined with the decreased caloric requirements due to lower physical activity levels is assumed to...
Persistent link: https://www.econbiz.de/10015078977
It is widely agreed that randomized controlled trials - social experiments - are the gold standard for evaluating social programs. There are, however, many important issues that cannot be tested using social experiments, and often things go wrong when conducting social experiments. This paper...
Persistent link: https://www.econbiz.de/10011650708
When evaluating a pilot or demonstration program, there are risks from drawing inferences from a single test. This paper reviews the experiences of replication efforts from demonstrations using randomized controlled trials in the initial evaluation and the replications. Although replications of...
Persistent link: https://www.econbiz.de/10011650786
have allowed estimation techniques for missing data in this survey to be placed on a stronger and more structured … detailed results for traded products. Furthermore, the new estimation techniques lay the basis for a future reduction of the …
Persistent link: https://www.econbiz.de/10015327897
This article deals with income advantages derived from owner-occupied housing and their impact on the personal income distribution. Using micro-data from the British Household Panel Study (BHPS), the German Socio-Economic Panel (SOEP), and the U.S. Panel Study of Income Dynamics (PSID) we find...
Persistent link: https://www.econbiz.de/10010310652
This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to staggered wage contracts with time discounting), the...
Persistent link: https://www.econbiz.de/10010313770
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