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Calibration and the volatility of labor: A cautionary note

Salyer, Kevin D. - 2001

A key parameter in real business cycle models is the weight on the utility of leisure. Typically this parameter is chosen so that the steady-state level of work activity matches the corresponding measure in the data, i.e. the amount of time workers spend in market activity. While the calibration...

Persistent link: https://www.econbiz.de/10010318614

A frequent misuse of significance tests

Mayer, Thomas - 2001

Economists sometimes interpret the failure of a significance test to disconfirm a hypothesis as evidence that this hypothesis is valid. Six examples of this are cited from recent journals. But this is a as interpretation of what significance tests show. While in general it is correct that every...

Persistent link: https://www.econbiz.de/10010318617

Intersection bounds: Estimation and inference

Chernozhukov, Victor; Lee, Sokbae; Rosen, Adam - 2012

bounds as a by-product of our inferential procedures. We develop theory for large sample inference based on the strong …

Persistent link: https://www.econbiz.de/10010318689

State of Literature on Small to Medium-Size Enterprises and Entrepreneurship in Low-Income Communities

Ács, Zoltán J.; Kallas, Kadri - 2007

Motivated by differences in new-firm survival across regions, this paper explores the impact of regional human capital on new-firm survival rates. New-firm survival is interpreted through formation rates of surviving versus closed firms in the service sector. By incorporating knowledge...

Persistent link: https://www.econbiz.de/10010318827

Testing the significance of calendar effects

Hansen, Peter Reinhard; Lunde, Asger - 2003

correlation structure, and its main advantage is that it is capable of producing data-mining robust significance. We apply the …

Persistent link: https://www.econbiz.de/10010318856

Debt, liquidity and dynamics

Polemarchakis, H. M.; Rochon, Céline - 2001

Money, which provides liquidity, is distinct from debt. The introduction of a bank that issues money in exchange for debt and pays out its profit as dividend to shareholders modifies the model of overlapping generations. Monetary policy can set, alternatively, the nominal rate of interest or the...

Persistent link: https://www.econbiz.de/10010318857

Annexation or conquest? The economics of empire building

Grossman, Herschel I.; Mendoza, Juan - 2002

This paper develops an economic theory of empire building. This theory addresses the choice among three strategies that … Conquest. The theory yields hypotheses that relate the choice among these strategies to such factors as the economic gains from … liquidity constraints on Þnancing imperial armies. This theory also yields hypotheses about the scope of imperial ambitions. The …

Persistent link: https://www.econbiz.de/10010318858

Helping the invisible hand: A theory of endogenous mutual concern

Kolmar, Martin - 2001

This paper develops a theory of endogenous mutual concern. The mutual concern or the morality of economic agents is …

Persistent link: https://www.econbiz.de/10010318859

Endogenously excludable goods

Kolmar, Martin - 2001

In this paper we analyze the optimal interplay between the publie and private enforceement of property rights. In doing so we endogenize the distinction between public and club goods on the one and private and common-pool goods on the other hand. The private enforcement of property rights is...

Persistent link: https://www.econbiz.de/10010318860

A characterization of virtual Bayesian implementation

Serrano, Roberto; Vohra, Rajiv - 2002

We provide a characterization of virtual Bayesian implementation in pure strategies for environments satisfying no-total-indifference. A social choice function in such environments is virtually Bayesian implementable if and only if it satisfies incentive compatibility and a condition we term...

Persistent link: https://www.econbiz.de/10010318865