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We develop a twofold analysis of how the information provided by several economic indicators can be used in Markov-switching dynamic factor models to identify the business cycle turning points. First, we compare the performance of a fully non- linear multivariate specification (one-step...
Persistent link: https://www.econbiz.de/10011083476
We extend the Markov-switching dynamic factor model to account for some of the specificities of the day-to-day monitoring of economic developments from macroeconomic indicators, such as ragged edges and mixed frequencies. We examine the theoretical benefits of this extension and corroborate the...
Persistent link: https://www.econbiz.de/10011083562
reveals that small scale factor models out-perform large scale models in factor estimation and forecasting for high levels of …
Persistent link: https://www.econbiz.de/10011083917
One of the most extended empirical stylized facts about output dynamics in the United States is the positive autocorrelation of output growth. This paper shows that the positive autocorrelation can be better captured by shifts between business cycle states rather than by the standard view of...
Persistent link: https://www.econbiz.de/10005791933
We assess the cost of different types of terrorist attacks on the growth of output and of its components. Private Consumption and Investment are significantly and negatively affected by all terror indicators, and the largest impact is respectively associated with the number of victims or the...
Persistent link: https://www.econbiz.de/10008680754
In this Paper, I explore the relationship between native language and use of the Internet and examine whether English … is likely to retain its first-mover advantage of a large installed base of English language websites. I study this issue … that English language websites are less of a barrier for French-speaking youths than for French-speaking adults in Quebec …
Persistent link: https://www.econbiz.de/10005504208
The World Wide Web was originally a totally English-based medium due to its US origin. Although the presence of other … consumers of a home country affects production of web content in the home language and domestic welfare? In this paper, we … within a small country and thereby production of home language content. We find that bilingualism unambiguously softens …
Persistent link: https://www.econbiz.de/10011083227
The paper proposes a general model that will encompass trade and social benefits of a common language, a preference for … a variety of languages, the fundamental role of translators, an emotional attachment to maternal language, and the … considers minorities to suffer losses from the subordinate status of their language. In addition, the model treats the threat to …
Persistent link: https://www.econbiz.de/10011083809
chapter tries to identify the areas of life where English already serves as a lingua franca in the world (more or less) and … those where the language faces sharp competition and does not threaten to marginalize the other major languages. The former … argues that the advance of English will depend heavily on the motives to learn the other major languages in the world as well …
Persistent link: https://www.econbiz.de/10011084005
We construct new series for common native language and common spoken language for 195 countries, which we use together … with series for common official language and linguistic proximity in order to draw inferences about (1) the aggregate … dummy variable for common language, resting on official language, would say. In addition, ease of communication is far more …
Persistent link: https://www.econbiz.de/10011084380