This paper investigates the finite sample properties of confidence intervals for structural vector error correction models (SVECMs) with long-run identifying restrictions on the impulse response functions. The simulation study compares methods that are frequently used in applied SVECM studies...

In this paper, I offer a theoretical explanation of the robust gender differences in educational achievement distributions of school children. I consider a one shot cheap talk game with two different types of senders (biased teachers and fair teachers), two types of receivers ("normal" and...

This paper analyzes empirically the impact of fiscal policy on the price level for the cases of Germany and Spain. We investigate whether the fiscal theory of the price level (FTPL) is able to deliver a reasonable explanation for the different performances of the price level in these two...

With this study we are the first to systematically compare todays two major counterparts as a source of accounting and financial data for researchers: Compustat North America by Standard & Poors and Worldscope by Thomson Financial. This investigation is conducted for U.S. and partly Canadian...

This paper documents the conglomerate discount for all available German firms andthe DAX 30 firms in detail. It shows a moderate discount of about 0.06 based onGerman comparable firms and of about 0.20 for a combined sample of German andEuropean peer groups. I further examine the relationship...

This paper investigates industry classification systems. During the last 50 yearsthere has been a considerable discussion of problems regarding the classification of economic data by industries. From my perspective, the central point of each classification is to determine a balance between...

We decompose by origin the sources of the variation in real aggregate output and aggregate price level in the Czech Republic, Hungary and Poland. We find that a sizable fraction of the variation is attributable to external shocks, especially so for aggregate price level. We show that euroarea...

Risk management technology applied to high dimensional portfolios needs simple and fast methods for calculation of Value-at-Risk (VaR). The multivariate normal framework provides a simple off-the-shelf methodology but lacks the heavy tailed distributional properties that are observed in data. A...

In recent policy debates some have argued that expansionary monetarypolicy in Japan can increase real output in Japan and in Japans neighbors,while others have warned that it is a beggar-thy-neighbor policy. In this paper weestimate structural vector autoregressions to assess the effects of...

Without doubt modern education in statistics must involve practical, computer-based data analysis but the question arises whether and how computational elements should be integrated into the canon of methodological education. Should the student see and study high-level programming code right at...