This paper studies the asymptotic efficiency of estimates in nonlinear panel data models with fixed effects when both the cross-sectional sample size and the length of time series tend to infinity. The efficiency bounds for regular estimators are derived using the infinite-dimensional...

This paper studies the asymptotic efficiency in factor models with serially correlated errors and dynamic panel data models with interactive effects. We derive the efficiency bound for the estimation of factors, factor loadings and common parameters that describe the dynamic structure. We use...

Economists and financial analysts have begun to recognise the importance of the actions of other agents in the decision-making process. Herding is the deliberate mimicking of the decisions of other agents. Examples of mimicry range from the choice of restaurant, fashion and financial market...

This study presents evidence for the existence of job polarization in Japan, identifies its effects across four age cohorts, and shows its relationship to Japan's business cycles during 1984-2010. The findings indicate that middle-skilled occupations decreased most sharply among the youngest...

The papers in this special issue of Mathematics and Computers in Simulation are substantially revised versions of the papers that were presented at the 2011 Madrid International Conference on “Risk Modelling and Management” (RMM2011). The papers cover the following topics: currency hedging...

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...

We build a model economy in which a shortage of safe assets can create conditions for intrinsically useless `safe' bubble assets to circulate at a positive price. Our environment features infinitely lived individuals who are not subject to credit constraints but who face uninsurable...

This paper investigates effects of changes in mineral commodity prices on monetary policy. Using macroeconomic data from five developed countries (Australia, Canada and New Zealand as mineral-producing countries, and the US and the UK as non-mineral-resource countries), I estimate the impulse...

This paper uses a unique survey of the Chinese youth to construct a panel data in which we keep track of geographical and job mobilities. Our estimation results deliver the following major findings. (1) The sample individuals are highly mobile. Job quits and relo- cations are frequent and they...

In the pre-industrial era, there was a positive association between income and fertility across households within societies, but in the modern era, a clear association does not seem to exist, neither positive nor negative. Why the income-fertility relationship within societies changed over time...