We investigate learning in a setting where each period a population has to choose between two actions and the payoff of each action is unknown by the players. The population learns according to reinforcement and the environment is non-stationary, meaning that there is correlation between the...

We use a 12-dimensional VAR to examine the dynamic effects on the labor market of four structural technology and policy shocks. For each shock, we examine the dynamic e®ects on the labor market, the importance of the shock for labor market volatility, and the comovement between labor market...

We investigate to what extent the business cycles in Europe have become more synchronised since the sixties, using the classical business cycles framework. Four Bry & Boschan-like procedures for dating the turning points are compared. It is found that the cycles across countries have become more...

Assessing the importance of borrowing constraints for college entry is key for education policy analysis in the U.S. economy. I present a computable dynamic general equilibrium model with overlapping generations and incomplete markets that allows me to measure the fraction of households...

The authors argue that equilibrium unemployment has varied in the UK over the last twenty years, and that time series econometric methods have not always been suited to uncovering its evolution. Recent changes in the UK labour market seem to have had a significant impact on equilibrium...

This paper is concerned with univariate noncausal autoregressive models and their potential usefulness in economic applications. We argue that noncausal autoregressive models are especially well suited for modeling expectations. Unlike conventional causal autoregressive models, they explicitly...

In this paper we derive, under the assumption of Gaussian errors with known error covariance matrix, asymptotic local power bounds for seasonal unit root tests for both known and unknown deterministic scenarios and for an arbitrary seasonal aspect. We demonstrate that the optimal test of a unit...

Recent years have seen a surge in websites that provide news for free and, up to the end of 2001, daily newspapers in Italy have shown a growing trend towards making available online for free; the exact articles published on paper. To assess whether on-line news and traditional daily newspapers...