This paper considers nonparametric identification of nonlinear dynamic models for panel data with unobserved voariates. Including such unobserved covariates may control for both the individual-specific unobserved heterogeneity and the endogeneity of the explanatory variables. Without specifying...

Although coordination of wage bargaining probably affects entry barriers and competition in product markets, research on price determination has typically not considered such factors. In this paper the price markup depends on coordination and is estimated on a panel of 15 OECD countries. The...

Capital markets may be an important tool in the reduction of pollution emissions. Indeed, they provide firms with an incentive to maintain a good environmental record (or at least, a good reputation) in order to maximize the value of their equity shares. Also, efficient capital markets may...

The paper studies the causality relationship between economic openness and indigenous factors. The construction of the Openness Index and the Indigenous Index provides a measure on the extent of openness and indigenous development among world economies. The two indices are used to study their...

The major contribution of this study is to combines both climatic and macroeconomic factors simultaneously in the estimation of mortality using the capital city of 22 OECD countries from the period 1990 to 2008. The empirical results provide strong evidences that higher income and a lower...

This paper contributes to the literature on macroeconometric evaluation of active labour market policies (ALMP) by considering the regional effects on both the matching process and the job-seeker rate. We use an unique new data set on all Austrian job-seekers between 2001 to 2007 and apply GMM...

We use a panel cointegration model with multiple time- varying individual effects to control for the missing factors in the credit spread puzzle. Our model specification enables as to capture the unobserved dynamics of the systematic risk premia in the bond market. In order to estimate the...