This paper addresses a significant gap in the existing literature on financial inclusion - namely, the dynamic instability of the impacts generated by its determinants in four major emerging market economies: Brazil, Russia, India, and China. A time-varying coefficients framework is applied to...

1. General Introduction -- 2. Dynamics in Econometrics -- 3. Estimating the Model -- 4. Testing the Model -- 5. Non-Stationarity and Cointegration -- 6. Specifying the ARDL Model -- 7. Vector Autoregressions -- 8. Panel Data Models -- 9. Non-Stationary Panels -- 10. The Binary Qualitative Model.

The existing literature on large dynamic factor models invariably assumes that the cross sectional covariance matrix is diagonal. This is due to the curse of dimensionality which means that many parameters need to be estimated for large data sets. This paper introduces a novel maximum likelihood...

The existing literature on large dynamic factor models invariably assumes that the cross sectional covariance matrix is diagonal. This is due to the curse of dimensionality which means that many parameters need to be estimated for large data sets. This paper introduces a novel maximum likelihood...

We present a new class of methods for identification and inference in dynamic models with serially correlated unobservables, which typically imply that state variables are econometrically endogenous. In the context of Industrial Organization, these state variables often reflect econometrically...

We develop a novel analytical method for studying optimal paths in dynamic optimization problems under general monotonicity conditions. The method centers on a locator function--a simple object constructed directly from the model's primitives--whose roots identify interior steady states and...

Economic policies often involve dynamic interventions, where individuals receive repeated interventions over multiple periods. This dynamics makes past responses informative to predict future responses and ultimate outcomes depend on the history of interventions. Despite these phenomena,...