We extend Harris and Zhao (2007) by proposing a (Panel) Inflated Ordered Probit model, and demonstrate its usefulness by applying it to Bank of England Monetary Policy Committee voting data.

We estimate an alternative type of monetary policy rule according to which the central bank targets a discounted infinite sum of expected inflation and output gaps. Empirical results suggest that the Fed has a mean forward horizon of 4 to 8 quarters.

We extend the discrete data latent class literature by explicitly defining a latent variable for class membership as a function of both observables and unobservables, thereby allowing the equations defining the class membership and observed outcomes to be correlated. The procedure is then...

In this paper we present an econometric framework for modeling occupational choice that allows us to separately, and simultaneously, model supply-side and demand-side influences whilst allowing for potential ordering with regard to skill levels across occupations.