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The Estimation of Linear Models with Future Rational Expectations by Efficient and Instrumental Variable Methods

Wickens, Michael R. - C.E.P.R. Discussion Papers - 1986

This paper considers the estimation of a number of commonly used single-equation linear models, all of which have … proposed in each case. The choice of estimation method is usually represented as a trade-off between efficiency on the one hand … of an efficient estimation method depends on whether or not the model has a unique solution and often this will not be …

Persistent link: https://www.econbiz.de/10005656310

Five Open Questions About Prediction Markets

Wolfers, Justin; Zitzewitz, Eric - C.E.P.R. Discussion Papers - 2006

Interest in prediction markets has increased in the last decade, driven in part by the hope that these markets will prove to be valuable tools in forecasting, decision-making and risk management - in both the public and private sectors. This paper outlines five open questions in the literature,...

Persistent link: https://www.econbiz.de/10005504341

Can Openness Deter Corruption? The Role of Foreign Direct Investment

Larrain B., Felipe; Tavares, José - C.E.P.R. Discussion Papers - 2007

The economics literature provides ample evidence that higher corruption discourages FDI inflows. In this paper we address, for the first time in the literature in a systematic way, the exact reverse link, i.e., the empirical effect of FDI inflows on corruption. We present a simple model that...

Persistent link: https://www.econbiz.de/10005504415

Childhood Family Structure and Schooling Outcomes: Evidence for Germany

Francesconi, Marco; Jenkins, Stephen P; Siedler, Thomas - C.E.P.R. Discussion Papers - 2005

We analyse the impact on schooling outcomes of growing up in a family headed by a single mother. Growing up in a non-intact family in Germany is associated with worse outcomes in models that do not control for possible correlations between common unobserved determinants of family structure and...

Persistent link: https://www.econbiz.de/10005498067

The Econometric Analysis of Risk Terms

Pagan, Adrian; Ullah, Aman - C.E.P.R. Discussion Papers - 1986

This paper provides a critical survey of the methods employed to model the effects of risk in econometric models. Most of the popular methods are shown to suffer from errors-in-variables bias, and an instrumental variable method is suggested to overcome this problem. The technique exploits the...

Persistent link: https://www.econbiz.de/10005498189

Betting the House

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2014

Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...

Persistent link: https://www.econbiz.de/10011145419

Education Policy Reform and the Return to Schooling from Instrumental Variables

Denny, Kevin; Harmon, Colm - C.E.P.R. Discussion Papers - 2000

This paper exploits an unusual policy reform that had the effect of reducing the direct cost of schooling in Ireland in the late 1960’s. This gave rise to an increased level of schooling but with effects that vary substantially across family background. This interaction of educational reform...

Persistent link: https://www.econbiz.de/10005067582

Property Tax and Urban Sprawl. Theory and Implications for U.S. Cities

Song, Yan; Zenou, Yves - C.E.P.R. Discussion Papers - 2005

This article attempts a formal analysis of the connection between property tax and urban sprawl in U.S. cities. We develop a theoretical model that includes households (who are also landlords) and land developers in a regional land market. We then test the model empirically based on a national...

Persistent link: https://www.econbiz.de/10005067619

Intrafamily Resource Allocations: A Dynamic Model of Birth Weight

del Bono, Emilia; Ermisch, John F; Francesconi, Marco - C.E.P.R. Discussion Papers - 2008

This paper estimates a model of dynamic intrahousehold investment behavior which incorporates family fixed effects and child endowment heterogeneity. This framework is applied to large American and British survey data on birth outcomes, with focus on the effects of antenatal parental smoking and...

Persistent link: https://www.econbiz.de/10005662165

Cyclical Productivity in Europe and the United States, Evaluating the Evidence on Returns to Scale and Input Utilization

Inklaar, Robert - C.E.P.R. Discussion Papers - 2006

This paper studies procyclical productivity growth at the industry level in the U.S. and in three European countries (France, Germany and the Netherlands). Industry-specific demand-side instruments are used to examine the prevalence of non-constant returns to scale and unmeasured input...

Persistent link: https://www.econbiz.de/10005791211

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