Buscar recursos académicos

Existing strategies for econometric analysis related to macroeconomics are subject to a number of serious objections, some recently formulated, some old. These objections are summarized in this paper, and it is argued th...

Materias / palabras clave: Stock exchanges; Bolsas de valores; Finance; Mexico; Finanzas; México; Speculation; Especulación

This paper models occasional, discrete shifts in the growth rate of a nonstationary series. Algorithms for inferring these unobserved shifts are presented, a byproduct of which permits estimation of parameters by maximum...

Materias / palabras clave: Discretion; Monetary policy; Unification; Economics; Policy analysis; German; Shock (circulatory); Work (physics); Macroeconomics; Public administration; Political science; Law

We present cross-country evidence consistent with Schumpeter's view that the financial system can promote economic growth, using data on 80 countries over the 1960–1989 period. Various measures of the level of financia...

Our theory of costly contracts emphasizes that contractual rights can be of two types: specific rights and residual rights. When it is costly to list all specific rights over assets in the contract, it may be optimal to ...

T. S. Breusch, A. R. Pagan; The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics, The Review of Economic Studies, Volume 47,