0 −α 0 1 y t−1 )/σ 0 ) and [1−Φ((y ∗ −μ 1 −α 1 1 y t−1 )/σ 1 )] cannot both tend to zero at the same time. 2 Since the … necessary to ensure that the numerator and the denominator would not both tend to zero at the same time. As explained in … belowthatithassubstantialeffects on its stability. 5 the value of G(y t−1 ) for the conditioning values under consideration. Finally we look at DGP 4 …

, anonymous referees and seminar participants at Duke, FRB Chicago, Georgetown, Harvard/MIT, Iowa, Michigan, Princeton, Stanford … discharge data in assessing hospital quality. 5 Recent work by Gowrisankaran and Town (1999) developed a framework to control … for the non-random assignment of patients. This work modeled mortality as a function of indicator variables for each …

monopoly requiring unitary ownership at the network level and either public control or ownership. This is the way the industry … from government control and by removing subsidies. At the same time, governments have been keen to reduce public … increasing market share for rail transport, given the concerns at the growing problems of congestion and environmental pollution …

AND EMMA XIAOQIN FAN April 2005 Paul Dickie is an Associate Professor of International Finance at the Victoria University … local currency debt markets was recognized as at least part of the reason why firms undertook short-term borrowing in … debt markets, and 78 percent within international debt markets, had remaining maturities of more than one year at the end …

activity at the domestic level, indicating that, in the framework of the European Monetary Union, policymakers can only … Mahfouz (2002) and Briotti (2005) con- clude that, at least in the very short run, fiscal policies have some Keynesian effects … comments from seminar participants at CEPII, ECARES, ZEI, CPB, Sorbonne, CEPS and in particular Marco Buti, Domenico Giannone …

Realized Volatilities Tim Bollerslev y Michael Gibson z Hao Zhou x First Draft: September 2004 The work of Bollerslev was … price of a European call option maturing at time t with strike price K. As shown by Britten-Jones and Neuberger (2000), this … maintain only the minimal assumptions in (1) and (2). However, we will at times use the phrases volatility risk premium and …

Realized Volatilities Tim Bollerslev y Michael Gibson z Hao Zhou x First Draft: September 2004 The work of Bollerslev was … price of a European call option maturing at time t with strike price K. As shown by Britten-Jones and Neuberger (2000), this … maintain only the minimal assumptions in (1) and (2). However, we will at times use the phrases volatility risk premium and …

Realized Volatilities Tim Bollerslev y Michael Gibson z Hao Zhou x First Draft: September 2004 The work of Bollerslev was … price of a European call option maturing at time t with strike price K. As shown by Britten-Jones and Neuberger (2000), this … maintain only the minimal assumptions in (1) and (2). However, we will at times use the phrases volatility risk premium and …

unemployment gap. This robust estimation/policy combination is shown to be highly effective at mitigating the effects of natural … Similarly, Giannoni and Woodford (2004) emphasize that in a linear-quadratic frame- work the Euler equation describing the … expectations formation is left for future work. 4 of natural rate evolution. In the terminology of Levin and Williams (2003), such …

matter, either when using Hamilton’s own dataset or our alternative samples. It should be stressed at the outset that this is … example, at the 5 per cent significance level, the null would be rejected if κ 2 > 3.84. In this case the alternative … computation is generally a formidable numerical problem and, as it is required at each iteration, makes the algorithm slow and …