In this paper, the annual maximum daily rainfall data from 1961 to 2010 are modelled for 18 stations in Taiwan. We fit the rainfall data with stationary and non-stationary generalized extreme value distributions (GEV), and estimate their future behaviour based on the best fitting model. The...

This paper aims to (a) calculate Devereux and Griffith’s (2003) forward-looking effective tax rates for 12 Asian countries over a span of 30 years, (b) show the impact of tax holidays on the effective tax rate in Asian countries, and (c) empirically explore the possibility of tax competition...

Estimation results obtained by parametric models may be seriously misleading when the model is misspecified or poorly approximates the true model. This study proposes two tests that jointly test the specifications of multiple response probabilities in unordered multino- mial choice models. Both...

This study considers uncertainty about the number of surviving children. Under prohibition of child labor, a higher survival probability of a child can increase opportunities for education investment as the fertility rate declines with a temporary increase in the number of surviving children....

This paper investigates the impact of low fertility on long-term capital accumulation and economic welfare. We find that the impact differs according to whether the low fertility arises from a decrease in the intensive or extensive margin of fertility. We show that an increase in the intensive...

In this study, we consider a one-period financial market with a monopolistic dealer/broker and an infinite number of investors. While the dealer who trades on his own account (with proprietary trading) simultaneously sets both the transaction fee and the asset price, the broker who brings...

The frequency of nominal wage adjustments varies with macroeconomic conditions, but existing New Keynesian models exclude such state dependency in wage setting, assuming time-dependent setting. This paper develops a New Keynesian model in which fixed wage-setting costs generate state-dependent...

This paper features the application of a novel and recently developed method of statistical and mathematical analysis to the assessment of financial risk: namely Regular Vine copulas. Dependence modelling using copulas is a popular tool in financial applications, but is usually applied to pairs...