Showing 1 - 2 of 2
Given the unobserved nature of expectations, this paper employs latent variable analysis to examine three financial instability models and assess their out-of-sample forecasting accuracy. We compare a benchmark linear random walk model, which implies exogenous instability phenomena, with a...
Persistent link: https://www.econbiz.de/10014521225
Starting from the premise that productivity is heterogeneous across firms, Melitz (2003) explains why individual productivity is key in determining the capability of a firm to export. In this paper we build a model along Melitz's lines to show that also financial capacity, captured by the level...
Persistent link: https://www.econbiz.de/10011492068