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The Ricardian model predicts that countries should produce and export relatively more in industries in which they are relatively more productive. Though one of the most celebrated insights in the theory of international trade, this prediction has received virtually no attention in the empirical...
Persistent link: https://www.econbiz.de/10013224408
We study the properties of a quasi-maximum likelihood (QML) for the parameters of a quot;weakquot; GARCH process obtained by contemporaneous aggregation of two independent quot;strongquot; GARCH processes. The inconsistency of the Gaussian quasi-likelihood estimator (QMLE) has already been...
Persistent link: https://www.econbiz.de/10012742212
Persistent link: https://www.econbiz.de/10012483171
The Ricardian model predicts that countries should produce and export relatively more in industries in which they are relatively more productive. Though one of the most celebrated insights in the theory of international trade, this prediction has received virtually no attention in the empirical...
Persistent link: https://www.econbiz.de/10012462394
Though one of the pillars of the theory of international trade, the extreme predictions of the Ricardian model have made it unsuitable for empirical purposes. A seminal contribution of Eaton and Kortum (2002) is to demonstrate that random productivity shocks are sufficient to make the Ricardian...
Persistent link: https://www.econbiz.de/10012464955
Persistent link: https://www.econbiz.de/10003782432
Persistent link: https://www.econbiz.de/10011644223
Persistent link: https://www.econbiz.de/10011917176
Empirical analysis often involves using inexact measures of desired predictors. The bias created by the correlation between the problematic regressors and the error term motivates the need for instrumental variables estimation. This paper considers a class of estimators that can be used when...
Persistent link: https://www.econbiz.de/10010942496
In this paper, we propose a new family of multivariate loss functions to test the rationality of vector forecasts without assuming independence across variables. When only one variable is of interest, the loss function reduces to the flexible asymmetric family proposed by Elliott, Komunjer, and...
Persistent link: https://www.econbiz.de/10011009963