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International investment positions and exchange rate dynamics

Binder, Michael; Offermanns, Christian J. - Fachbereich Wirtschaftswissenschaft, Freie Universität … - 2014

We revisit medium- to long-run exchange rate determination, focusing on the role of international investment positions. To do so, we make use of a new econometric framework accounting for conditional long-run homogeneity in heterogeneous dynamic panel data models. In particular, in our model the...

Persistent link: https://www.econbiz.de/10010956168

On the degree of homogeneity in dynamic heterogeneous panel data models

Offermanns, Christian J. - Fachbereich Wirtschaftswissenschaft, Freie Universität … - 2014

We propose a semi-parametric approach to heterogeneous dynamic panel data modelling. The method generalizes existing approaches to model cross-section homogeneity within such panels. It allows for partial influence of other cross-section units on estimated coefficients, differentiating between...

Persistent link: https://www.econbiz.de/10010956184

The size and growth of state populations in the United States

Soo, Kwok Tong - In: Economics Bulletin 32 (2012) 2, pp. 1238-1249

This paper explores the population distribution across U.S. states over time. We test for Zipf's Law on the size … distribution of state populations and Gibrat's Law for the growth of state populations. State populations follow a lognormal … distribution more closely than they do a Zipf or Pareto distribution. State population growth is negatively related to current …

Persistent link: https://www.econbiz.de/10011278667

The relationship between economic growth and inequality: evidence from the age of market liberalism

Angeles-Castro, Gerardo - Verein für Socialpolitik, Ausschuss für … - 2006

became positive, although it is likely that income distribution improves with economic growth at a latter stage; the …

Persistent link: https://www.econbiz.de/10005082710

Financial constraints for investors and the speed of adaptation: Are innovators special?

von Kalckreuth, Ulf - Deutsche Bundesbank - 2004

financing conditions. Financial constraints affect the distribution of investment over time in a fundamental way. Following a …

Persistent link: https://www.econbiz.de/10005083073

International investment positions and exchange rate dynamics: a dynamic panel analysis

Binder, Michael; Offermanns, Christian J. - Deutsche Bundesbank - 2007

In this paper we revisit medium- to long-run exchange rate determination, focusing on the role of international investment positions. To do so, we develop a new econometric framework accounting for conditional long-run homogeneity in heterogeneous dynamic panel data models. In particular, in our...

Persistent link: https://www.econbiz.de/10005083203

Panel estimation of state dependent adjustment when the target is unobserved

von Kalckreuth, Ulf - Deutsche Bundesbank - 2008

Understanding adjustment processes has become central in economics. Empirical analysis is fraught with the problem that the target is usually unobserved. This paper develops, simulates and applies GMM methods for estimating dynamic adjustment models in a panel data context with partially...

Persistent link: https://www.econbiz.de/10005083264

Financing constraints, firm level adjustment of capital and aggregate implications

von Kalckreuth, Ulf - Deutsche Bundesbank - 2008

Following a positive shock, financing constraints will prolong or impede economic expansion that would have been optimal in an unconstrained environment. The study of dynamic adjustment therefore offers a direct way of verifying the presence of financing constraints and assessing their...

Persistent link: https://www.econbiz.de/10005083281

The Predictive Value of Subjective Labour Supply Data: A Dynamic Panel Data Model with Measurement Error

Euwals, Rob - International Conferences on Panel Data - 2002

This paper tests the predictive value of subjective labour supply data for adjustments in working hours over time. The idea is that if subjective labour supply data help to predict next year's working hours, such data must contain at least some information on individual labour supply...

Persistent link: https://www.econbiz.de/10005086449

On the Heterogeneity Bias of Pooled Estimators in Stationary VAR Specifications

Rebucci, Alessandro - International Monetary Fund (IMF) - 2003

This paper studies asymptotically the bias of the fixed effect (FE) estimator induced by cross-section heterogeneity in the slope parameters of stationary vector autoregressions (VARs). The paper also compares the FE, the mean group estimator (MG), and a simple instrumental variable alternative...

Persistent link: https://www.econbiz.de/10005263898