The aim of this paper is to evaluate the capacity of RBC models to mimic the French business cycle. We are thus led to investigate the three following assumptions on the labour market: (1) the non-time separability of leisure, (2) the indivisibility of labour and (3) the imperfect information on...

This study provides a Bayesian investigation of rank-ordered multinomial logit models employing conjugate priors for standard multinomial logit models as well as other priors. Also considered is a specification test of the independence of irrelevant alternatives assumption. The proposed...

This paper explores the possibility of using market data to identify consumer preferences. A utility function composed of "homogeneous" characteristics and goods-specific effects is used as a basic link between the goods space and the characteristics space. The functional form for the hedonic...

This paper discusses, estimates and compares some microeconometric models for simultaneous discrete endogenous variables. The models are based on the assumption that observed endogenous variables represent the outcome of a static discrete game. I discuss models based on non-cooperative...

In recent papers, Cecchetti et al (1990) and Kandel and Stambaugh (1990) showed that negative serial correlation in long horizon returns was consistent with an equilibrium model of asset pricing. In this paper we show that their results rely on misspecified Markov switching models for the...

Stata 3.1 is a program for data management, graphics, and statistical analysis. Since Version 2.1 was reviewed by Pederson (1991), Stata has added several platforms, third-party products, supporting services, and many features of interest to econometricians. The result is that Stata 3.1...

In this paper the effects of cost and demand characteristics on the magnitude and cyclical behaviour of markups in Canadian manufacturing are measured within a production theory framework. Price to marginal cost ratios for various manufacturing industries are computed, and the impact on their...