Increase in health and educational expenditure has an immense impact on the socio-economic conditions in any country at large and state at regional level. There is no definite agreement as to whether the rising health and educational expenditure are causally affecting to economic growth. This...

While managers' accounting and financial decisions are, for many, fascinating topics, selection bias poses a serious challenge to researchers estimating the decisions' effects using non-experimental data. Selection bias potentially occurs because managers' decisions are non-random and the...

One of the most exciting recent developments in financial research is the availability of new administrative, private sector and micro-level datasets that did not exist a few years ago. The unstructured nature of many of these observations, along with the complexity of the phenomena they...

This paper uses potential outcome time series to provide a nonparametric framework for quantifying dynamic causal effects in macroeconometrics. This provides sufficient conditions for the nonparametric identification of dynamic causal effects as well as clarify the causal content of several...

I discuss the econometrics and the economics of past research on the effects of minimum wages on employment in the United States. My intent is to try to identify key questions raised in the recent literature, and some from the earlier literature, which I think hold the most promise for...

In this chapter we show that all the known estimators of the coefficients of econometric models are inconsistent if their coefficients and error terms are not unique. In their stead, we present models having unique coefficients and error terms, with specific applicability to the analyses of...

Spatial units typically vary over many of their characteristics, introducing potential unobserved heterogeneity which invalidates commonly used homoskedasticity conditions. In the presence of unobserved heteroskedasticity, standard methods based on the (quasi-)likelihood function generally...

As every econometrician knows, in a regression with one regressor, the dependent and explanatory variables may be spuriously correlated if they may have been affected by some third variable, a common cause. In a highly regarded article, Granger and Newbold (1974) were not concerned with this...

The study of statistics is concerned with the collection, presentation, analysis and interpretation of numerical data. Another definition of statistics is that it is a body of methods and theories that are applied when making decisions in the face of uncertainty. Descriptive statistics or...