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This paper studies how the sensitivity of consumption to income has changed over time as the degree of financial integration has risen. In standard theory, greater financial integration facilitates international borrowing and lending, helping to reduce the sensitivity of consumption growth to...
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We investigate the dynamics of appraisal smoothing in the NCREIF index return using time-varying asset pricing models …. We find that smoothing is on average close to zero but varies substantially over time. From the inception of the NCREIF … index in 1978 until the mid-1990s, there was little evidence of smoothing. Smoothing has increased significantly since the …
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exponential smoothing as demand planning framework. We extend and generalize the results obtained by Widiarta, Viswanathan and …
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based on local smoothing and an empirical process, respectively. Residual-based wild bootstrap versions of these two test …
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