This paper proposes finite-sample procedures for testing the SURE specification in multi-equation regression models, i.e. whether the disturbances in different equations are contemporaneously uncorrelated or not.

In this paper we examine educational data whch has a cross-classified structure. A cross-classified value-added multilevel model is proposed for these data and the problem of estimation are discussed in relation to the probllem of an endogenous regressor.

The weekend effect is an empirical enomaly that has attracted substantial attention. Following the work of Connoly (1989) it is necessary to revisit previous empirical work. In this paper we examine the weekend effect in Malaysia over the period 1986-1993.

In this paper, we develop finite-sample inference procedures for stationary and nonstationary autoregressive (AR) models.

This paper prouves a new representation theorem for domains with both discrete and continuous variables.

Recent tests using long data series find evidence in favor of long-run PPP (by rejecting either the null hypothesis of unit roots in real exchange rates and relative prices.)

This paper takes stock of the ECB's macroeconometric modelling strategy by focusing on the models and applications used in the Forecasting and Policy Modelling Division. We focus on the guiding principles underpinning the current portfolio of the main macroeconomic models and illustrate how they...

This paper presents the updated macroprudential stress test for the euro area banking system, comprising around 100 of the largest euro area credit institutions across 19 countries. The approach involves modelling banks' reactions to changing economic conditions. It also examines the effects of...