A sticky-price model is used to motivate a structural VAR analysis of the current account and the real exchange rate for seven major industrialized countries (the US, Canada, the UK, Japan, Germany, France, and Italy). The analysis is distinguished from previous work in that it adopts minimal...

This paper describes Bayesian procedures for forecasting countries' output growth rates and medians of a set of output growth rates using the Gibbs sampler.

In this paper we describe methods for obtaining the predictive distributions of outcome gains in the framework of a standard latent variable selection model. While most previous work has focused on estimation of mean treatment parameters as the method for characterizing outcome gains from...

Chib and Hamilton (2000) discuss Bayesian estimation of treatment response models subject to the restriction that the cross-regime correlation parameter is zero. This note points out important consequences of that restriction, and argues that the range of applicability of such an approach is...

The present paper formally models household labor supply decisions and establishes sufficient conditions established, such as the possibility of multiple equilibria in the labor market and how the announcement of a minimum wage policy can result in an overall lowering of wages and also give rise...

The spectrum auctions have heightened our perceprion of the electromagnetic spectrum. This invisible resource is one of the most valuable and important resource of our time.