This paper explores the role of consumption habits using an estimated nonlinear dynamic stochastic general equilibrium (DSGE) model with heteroscedastic shocks. It finds that habits interact with time-varying volatility to produce a better and more plausible fit to the data. They accentuate the...

This article describes a new approximation method for dynamic stochastic general equilibrium (DSGE) models. The method allows nonlinear models to be estimated efficiently and relatively quickly with the fully-adapted particle filter. The article demonstrates the method by estimating, on US data,...

This study examines determinants of gross in-migration by race (white and black) over the 1965-1970 time period. The ordinary least squares results reveal that both white migrants and black migrants have an aversion to cold weather and prefer to move shorter rather than longer distances. White...

The results of this study for the 50 states imply that considerations of distance play an important role in the migration decision of blacks, with the distance variable being statistically significant at the five percent level or better in 80 percent of the cases. The racial composition variable...