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We examine the asymptotic behavior of unit root tests against nonlinear alternatives of the exponential smooth transition type if the data is erroneously nonlinearly transformed. We show analytically and by a Monte Carlo study that the probability of rejecting the correct null of a random walk...
Persistent link: https://www.econbiz.de/10010289013
While it is widely agreed that Purchasing Power Parity (PPP) holds as a long-run concept the specific dynamic driving the process is largely build upon a priori economic belief rather than a thorough statistical modeling procedure. The two prevailing time series models, i.e. the exponential...
Persistent link: https://www.econbiz.de/10010289015
Ökonomische Experimente sind eine bislang selten verwendete Forschungsmethode im Bereich der agrarpolitischen Analyse. Dieser Beitrag erörtert die Grundlagen von Experimenten, vergleicht sie mit anderen Forschungsmethoden und zeigt ein mögliches Anwendungsgebiet für die Agrarpolitikanalyse...
Persistent link: https://www.econbiz.de/10010289016
We present a detailed analysis of the patient and resource scheduling problem in rehabilitation hospitals. In practice, the predominantly therapeutical treatments and activities which are prescribed for the patients are typically scheduled manually. This leads to rigid and inefficient schedules...
Persistent link: https://www.econbiz.de/10010289017
This article investigates economic performance when enforceable property rights are missing and basic needs matter for consumption. It suggests a new view of the so-called voracity effect according to which windfall gains in productivity induce behavior that leads to lower economic growth....
Persistent link: https://www.econbiz.de/10010289018
We analyze the contribution of speculation to exchange rate volatility using different assumptions regarding speculation strategies and monetary policy rules. We take the DORNBUSCH (1976) model as the starting point and adopt a slight modification of the money demand specification. With a money...
Persistent link: https://www.econbiz.de/10010289025
In Europe, a huge share of firms is family owned. Since family firms are known to be more risk averse concerning international transactions, an interesting question emerges: Do family firms adopt a different international sourcing pattern. Altering the Gloubal Sourcing model of Antràs and...
Persistent link: https://www.econbiz.de/10010289027
and the core, both with communication costs, are introduced. These notions require that there is a small cost, called a … communication cost, of deviating from a given outcome. With some additional standard sorts of assumptions on preferences, we … demonstrate that, given communication costs parameterized by ε > 0, for all sufficiently large economies, the core is non …
Persistent link: https://www.econbiz.de/10010289031
The Wiener-Kolmogorov signal extraction filters, which are widely used in econometric analysis, are constructed on the basis of statistical models of the processes generating the data. In this paper, such models are used mainly as heuristic devices that are to be specified in whichever ways are...
Persistent link: https://www.econbiz.de/10010289039
This paper explores the consequences of discriminatory trade liberalization in the presence of quota-protected single-firm industries. In recent years, trade liberalization among developing nations increasingly has occurred outside of the multi-lateral, GATT-based, negotiating rounds. Instead we...
Persistent link: https://www.econbiz.de/10010289061