Many empirical gravity models are now based on generalized linear models (GLM), of which the Poisson pseudo-maximum likelihood estimator is a prominent example and the most-frequently used estimator. Previous literature on the performance of these estimators has primarily focussed on the role of...

Combining both academic and practitioner perspectives, this book provides authoritative insights into the integration of European labour markets against the background of increasing international labour mobility.

A large class of models with CES utility and iceberg trade costs are now known to generate isomorphic “gravity equations.” Economic interpretations of these gravity equations vary in terms of two basic elements: the exporter's “mass” variable and the elasticity of trade with respect to...

This paper assesses the role of intra-sectoral spillovers in total factor productivity across Chinese producers in the chemical industry. We use a rich panel data-set of 12,552 firms observed over the period 2004-2006 and model output by the firm as a function of skilled and unskilled labor,...

This paper investigates empirically the Bolton et al. (2006) hypothesis, according to which initial shareholders may provide incentives to managers to take actions that stimulate speculative bubbles. We test this hypothesis with data on up to 8544 directors and up to 1677 companies between...

This book presents a critical analysis of the role of international institutions and their performance in terms of justification, effectiveness and efficiency. The authors begin by discussing the controversies surrounding the Tobin Tax in the context of global governance. They move on to address...

This paper formulates a structural empirical model of heterogeneous firms whose workers exhibit fair-wage preferences. In the underlying theoretical framework, such preferences lead to a link between a firmâÂÂs operating profits on the one hand and wages of workers employed by this firm...