Despite its importance as a public good, little research studies how fire protection services affect housing markets or other economic outcomes. We focus on fire levies that are up for renewal so that the timing of the levy is exogenous, to help preserve the independence of votes. We use...

This paper proposes a functional coefficient quantile regression model with heterogeneous and time-varying regression coefficients and factor loadings. Estimation of the model coefficients is done in two stages. First, we estimate the unobserved common factors from a linear factor model with...

R2 and adjusted R2 may exaggerate a model's true ability to predict the dependent variable in the presence of overfitting, whereas leave-one-out R2 (LOOR2) is robust to overfitting. We demonstrate this by replicating 279 regressions from 100 papers in top economics journals, where the median...

The Great Recession and the COVID-19 pandemic shared two of its critical macroeconomic consequences: a major increase in world uncertainty and great stress on public finances. In this paper, we show that not only these are not independent phenomena but, on the contrary, world economic...

This paper examines the impact of global value chain (GVC) participation on total factor productivity in African economies. The analysis is based on panel corrected standard errors, IV-estimation technique and the novel Method of Moment (MM)-panel quantile regression. The results reveal that...

The study examines the impact of the insurance market on economic complexity in 28 OECD nations within a period of 1995-2020. The study also examines whether the impact of life insurance on economic complexity would be different from that of the non-life insurance sector within the insurance...