We study the effect of regional expenditure and revenue shocks on price differentials for 47 US states and 9 EU countries. We identify shocks using sign restrictions on the dynamics of deficits and output and construct two estimates for structural price differentials dynamics which optimally...

This paper examines the properties of G-7 cycles using a multicountry Bayesian panel VAR model with time variations, unit specific dynamics and cross country interdependences. We demonstrate the presence of a significant world cycle and show that country specific indicators play a much smaller...

In recent years, the International Accounting Standards Board (IASB) and its International Financial Reporting Standards (IFRSs) have made great strides toward achieving global accounting convergence. Various countries, including Japan and Canada, are either adopting or converging their national...

The past decade has witnessed significant advances in the microeconometric analysis of recreation data. In this review, we focus on two areas in which these innovations have been especially prolific: accounting for unobserved preference heterogeneity and controlling for unobserved and possibly...

Many online shoppers initially acquired through paid search advertising later return to the same website directly. These so-called "direct type-in" visits can be an important indirect effect of paid search. Because visitors come to sites via different keywords and can vary in their propensity to...

The emergence of widespread offshoring of information-based services is arguably one of the more transformative business phenomena of the last ten years. A growing body of research has examined the firm-level drivers and location factors (i.e., the "whys" and "wheres") of services offshoring....

We construct a DSGE-VAR model for competing head to head with the long history of published forecasts of the Reserve Bank of New Zealand. We also construct a Bayesian VAR model with a Minnesota prior for forecast comparison. The DSGE-VAR model combines a structural DSGE model with a statistical...

We investigate the similarities of macroeconomicfluctuations in the Mediterranean basin and their convergence. A model with three geo-political indicators, covering the West, the East and the MENA portions of the Mediterranean, characterizes well the historical experience since the early 1980....

We develop a two-stage consumer-level model of paid search advertising response based on standard aggregated data provided to advertisers by major search engines such as Google or Bing. The proposed model uses behavioral primitives in accord with utility maximization and allows recovering...

In this review we explore issues of the sensitivity of Bayes estimates to the prior and form of the likelihood. With respect to the prior, we argue that non-Bayesian analyses also incorporate prior information, illustrate that the Bayes posterior mean and the frequentist maximum likelihood...