The dramatic rise of house prices in many cities of China has brought huge attention from both the governmental and academic circles. There is a huge debate on whether the increasing house prices are driven by market fundamentals or just by speculation. Like Levin and Wright (1997a, 1997b), we...

This article describes the data collection and use of data for the computation of rankings within RePEc (Research Papers in Economics). This encompasses the determination of impact factors for journals and working paper series, as well as the ranking of authors, institutions, and geographic...

We analyze the properties of various methods for bias-correcting parameter estimates in both stationary and non-stationary vector autoregressive models. First, we show that two analytical bias formulas from the existing literature are in fact identical. Next, based on a detailed simulation...

In a recent paper, Engel, C. (1999) presents monte-carlo evidence to suggest that unit root tests cannot detect a non-stationary component in the real exchange rate even when this component accounts for almost half of its longhorizon forecast error variance. This hidden non-stationary component...

We investigate predictive abilities of nonlinear models for stock returns when density forecasts are evaluated and compared instead of the conditional mean point forecasts. The aim of this paper is to show whether the in-sample evidence of strong nonlinearity in mean may be exploited for...

The collapse of world currencies had created most of investors and public did not want to keep currency as their reserves. They plan to possess other financial instruments such as commodities and precious metals as a substitute for currencies; and one of it is gold. Gold had been identified as a...

The marketing and sales polices of Iranian crude oil have been revised and changed after the Islamic Revolution of 1979. Production policy that drastically cut back production in order to maintain oil reserves for future generations. In terms of marketing Iranian crude oil, the new revolutionary...

Fractional dependent variables and models with state dependence arise in many economic applications. However, estimating models with fractional dependent variables is complicated by the presence of two corner solution outcomes. When coupled with a dynamic panel data setting, estimating...

Conventional wisdom suggests that improving water governance is the key to solving water insecurity in developing countries but there are also many disagreements on operational and methodological issues. In this paper, we build on the work of Saleth and Dinar and surveyed 100 water experts from...

This study tested the unbiased pricing hypothesis in the copper, aluminum, nickel, and lead markets for the period October 2011 to May 2021. Wavelets and a time-varying parameter model with Bayesian priors were the primary tools. Each metal market was found to be weak market efficient, the...