We show that two-stage least squares (2SLS) estimates of interactions can be misleading in settings with essential heterogeneity (e.g., selection into gains) and where complier status to the instrument depends on the interaction variable. The 2SLS estimator cannot disentangle interaction effects...

We show that two-stage least squares (2SLS) estimates of interactions can be misleading in settings with essential heterogeneity (e.g., selection into gains) and where complier status to the instrument depends on the interaction variable. The 2SLS estimator cannot disentangle interaction effects...

For a panel of six Central and Eastern European countries outside the eurozone (Bulgaria, Croatia, Czechia, Hungary, Poland and Romania) we estimate the spillover effects of the European Central Bank's Expanded Asset Purchase Program (APP) on exchange rates, equity prices, government bond yields...

For a panel of six Central and Eastern European countries outside the eurozone (Bulgaria, Croatia, Czechia, Hungary, Poland and Romania) we estimate the spillover effects of the European Central Bank's Expanded Asset Purchase Program (APP) on exchange rates, equity prices, government bond yields...

Agriculture is important for most of the world’s poor population not only as a source of income but defense against hunger. Over the last three decades, agricultural supply chain organizational structures in developing countries have increasingly become complex and transformed because of the...