We use data from the first wave of the Panel Study on American Religion and Ethnicity to estimate a multivariate sample selection model of charitable giving of time and money highlighting the roles of political ideology, religiosity, political and social involvement, and diversity in personal...

Examinations of the dynamics of daily returns and volatility in stock markets of the U.S., Hong Kong and mainland China (Shanghai and Shenzhen) over 2 January 2001 to 8 February 2013 suggest: (1) evidence of unidirectional return spillovers from the U.S. to the other three markets; but no...

This article reviews the recent literature on the econometric analysis of games in which multiple solutions are possible. Multiplicity does not necessarily preclude the estimation of a particular model (and, in certain cases, even improves its identification), but ignoring it can lead to...

Cet article présente les contributions originelles et essentielles de T. Sargent et C. Sims à la modélisation macro-économétrique. Après avoir exposé leur critique de la modélisation existante, cet article s'attache à préciser l'originalité de leurs approches respectives. La...

This study was commissioned by the Central Economic Council (CEC), and more particularly by the Special Advisory Commission ‘Construction'. It presents the sectoral results of a report that was produced in 2011 by the National Bank of Belgium and the Federal Planning Bureau. The federal...

This paper deals with real effects of bank-intermediated international capital flows to 11 CESEE coun-tries 1997-2012. The purpose is to check for structural breaks in the short-run relationship between bank-intermediated capital flows and output growth since 2008. The relationship is...

Agglomeration is a location pattern frequently observed in service industries such as hotels. This paper empirically examines whether agglomeration facilitates tacit collusion in the lodging industry using a quarterly data set of hotels in Texas. We jointly model a price and occupancy rate...

We analyse the relationship between the South African real exchange rate and economic fundamentals - demand, supply and nominal shocks. Using a time-varying parameter VAR we study the coherence, conditional volatility and impulse responses of the exchange rate over specific periods and policy...

To capture location shifts in the context of model selection, we propose selecting significant step indicators from a saturating set added to the union of all of the candidate variables. The null retention frequency and approximate non-centrality of a selection test are derived using a...

This paper discusses nonparametric kernel regression with the regressor being a \(d\)-dimensional \(\beta\)-null recurrent process in presence of conditional heteroscedasticity. We show that the mean function estimator is consistent with convergence rate \(\sqrt{n(T)h^{d}}\), where \(n(T)\) is...