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Conditional moment tests for parametric duration models

Prieger, James E. - 2000

This paper develops and compares specification tests for parametric duration models estimated with censored data. The tests are based on generalized residuals (the integrated hazard), which is exponentially distributed if the model is correctly specified. I present several conditional moment...

Persistent link: https://www.econbiz.de/10010318610

Calibration and the volatility of labor: A cautionary note

Salyer, Kevin D. - 2001

A key parameter in real business cycle models is the weight on the utility of leisure. Typically this parameter is chosen so that the steady-state level of work activity matches the corresponding measure in the data, i.e. the amount of time workers spend in market activity. While the calibration...

Persistent link: https://www.econbiz.de/10010318614

A frequent misuse of significance tests

Mayer, Thomas - 2001

Economists sometimes interpret the failure of a significance test to disconfirm a hypothesis as evidence that this hypothesis is valid. Six examples of this are cited from recent journals. But this is a as interpretation of what significance tests show. While in general it is correct that every...

Persistent link: https://www.econbiz.de/10010318617

Stochastic processes subject to time-scale transformations: An application to high-frequency FX data

Jordá, Oscar; Marcellino, Massimiliano - 2000

This paper is a general investigation of temporal aggregation in time series analysis. It encompasses traditional research on time aggregation as a particular case and extends the analysis to irregular intervals of aggregation. The Data Generating Process is allowed to evolve at regular,...

Persistent link: https://www.econbiz.de/10010318618

Intersection bounds: Estimation and inference

Chernozhukov, Victor; Lee, Sokbae; Rosen, Adam - 2012

bounds as a by-product of our inferential procedures. We develop theory for large sample inference based on the strong …

Persistent link: https://www.econbiz.de/10010318689

State of Literature on Small to Medium-Size Enterprises and Entrepreneurship in Low-Income Communities

Ács, Zoltán J.; Kallas, Kadri - 2007

Motivated by differences in new-firm survival across regions, this paper explores the impact of regional human capital on new-firm survival rates. New-firm survival is interpreted through formation rates of surviving versus closed firms in the service sector. By incorporating knowledge...

Persistent link: https://www.econbiz.de/10010318827

Testing the significance of calendar effects

Hansen, Peter Reinhard; Lunde, Asger - 2003

When evaluating the significance of calendar effects, such as those associated with Monday and January, it is necessary to control for all possible calendar effects to avoid spurious results. The downside of having to control for a large number of possible calendar effects is that it diminish...

Persistent link: https://www.econbiz.de/10010318856

Debt, liquidity and dynamics

Polemarchakis, H. M.; Rochon, Céline - 2001

Money, which provides liquidity, is distinct from debt. The introduction of a bank that issues money in exchange for debt and pays out its profit as dividend to shareholders modifies the model of overlapping generations. Monetary policy can set, alternatively, the nominal rate of interest or the...

Persistent link: https://www.econbiz.de/10010318857

Annexation or conquest? The economics of empire building

Grossman, Herschel I.; Mendoza, Juan - 2002

This paper develops an economic theory of empire building. This theory addresses the choice among three strategies that … Conquest. The theory yields hypotheses that relate the choice among these strategies to such factors as the economic gains from … liquidity constraints on Þnancing imperial armies. This theory also yields hypotheses about the scope of imperial ambitions. The …

Persistent link: https://www.econbiz.de/10010318858

Helping the invisible hand: A theory of endogenous mutual concern

Kolmar, Martin - 2001

This paper develops a theory of endogenous mutual concern. The mutual concern or the morality of economic agents is …

Persistent link: https://www.econbiz.de/10010318859