Job satisfaction may affect the propensity to respond to job satisfaction surveys, so that estimates of average satisfaction and the effects of determinants of satisfaction may be biased. We examine response bias using data from a postal job satisfaction survey of family doctors. We link all the...

This study analyzes the cyclical behaviour of the default rates of Italian bank borrowers over the last two decades. A vector autoregression (VAR) modelling technique is employed to assess the extent to which macroeconomic shocks affect the banking sector (first round effect). The VAR also helps...

This paper uses the unique Taxpayer Compliance Measurement Program (TCMP) micro data to study the equity effects of noncompliance. We access four years of TCMP data, 1979,1982,1985, and 1988. The TCMP data allows us to observe income and taxes before and after a tax audit. In order to generate a...

Vector autoregressions (VAR's) are an important tool in time series analysis. However, relatively little is known about the finite-sample behaviour of parameter estimators. We address this issue here, by investigating maximum likelihood estimators (MLE's) in the context of a purely nonstationary...

This paper studies money based and exchange rate based disinflation in an open economy model with explicit microfoundations. For benchmark parameter values, it is found that a money slowdown leads to a recession in the short run whereas exchange rate based disinflation leads to very rapid...