This paper analyzes the stochastic simulation of econometric models using three different methods for specifying the probability distribution of the structural error terms. The impact of these different assumptions on the simulation bias and model variance is explored empirically. Monte Carlo...

This paper considers the relationship between unions and financial performance using data from the 1980 and 1984 Workplace Industrial Relations Surveys. A qualitative indicator of financial performance is utilized and ordered probit estimates presented. These indicate that unionized...

In this paper we develop a model of workers' quit decisions. Using panel data on a sample of U.S. Federal government employees we use maximum-likelihood techniques to determine how much of the observed decline in quits with job tenure is a result of declining individual quit propensities ("...

This paper recasts the model presented in "The Dynamics of Job Separation: The Case of Federal Employees," as an optimal stopping problem. It shows that the individuals represented by the model are assumed to behave suboptimally and illustrates several policy analysis problems introduced by...

This paper attempts a replication of the Cornwell and Rupert (1988) study--hereafter CR. The CR study investigated the efficiency gains in a returns to schooling example by applying alternative sets of instrumental variables estimators for panel data regressions proposed by Hausman and Taylor...

I: Frontiers in Forecasting and Econometric Modelling -- 1. Combinations of High and Low Frequency Data in Macroeconometric Models -- 2. Stochastic Simulation, Prediction and Validation of Nonlinear Models -- 3. An Integrated Exhaustible Resource Model of Copper Market Dynamics -- II: Trade,...