Showing 1 - 10 of 7,594
. Les hypothèses simultanées sont une conséquence habituelle de la théorie économique, de sorte que le contrôle de la …
Persistent link: https://www.econbiz.de/10005100723
A wide range of tests for heteroskedasticity have been proposed in the econometric and statistics literatures. Although a few exact homoskedasticity tests are available, the commonly employed procedures are quite generally based on asymptotic approximations which may not provide good size...
Persistent link: https://www.econbiz.de/10005101027
In this paper, we use identification-robust methods to assess the empirical adequacy of a New Keynesian Phillips Curve (NKPC) equation. We focus on the Gali and Gertler's (1999) specification, on both U.S. and Canadian data. Two variants of the model are studied: one based on a...
Persistent link: https://www.econbiz.de/10005101039
This paper shows that a multiple regression with two highly correlated explanatory variables, both of them with a near zero correlation with the dependent variable may correspond to a spurious regression or to a homeostatic model, with estimates highly sensible to outliers. The regression method...
Persistent link: https://www.econbiz.de/10009493572
The present paper puts forward a new hypothesis about the economic circuit, which is a product of Marx’s “period of production” and Keynes’s determination order between investment and savings. It leads to a new definition of profit which excludes any remaining competition between savings...
Persistent link: https://www.econbiz.de/10015270656
The preponderance of the linear approach in the stock market modeling is the result of the Frisch-Slutsky paradigm which implies that the market can only converge to an equilibrium point or diverge, according to a monotonic or oscillatory trajectory. Moreover, this description of reality is...
Persistent link: https://www.econbiz.de/10015246238
The objective of the paper is to investigate to what extent business cycles co-move in Germany, France and Italy. We use a large-scale database of non-stationary series for the euro area in order to assess the effect of common versus idiosyncratic shocks, as well as transitory versus permanent...
Persistent link: https://www.econbiz.de/10004998840
In this paper, we consider testing marginal normal distributional assumptions. More precisely, we propose tests based on moment conditions implied by normality. These moment conditions are known as the Stein (1972) equations. They coincide with the first class of moment conditions derived by...
Persistent link: https://www.econbiz.de/10005100582
We consider the problem of determining the horizon beyond which forecasts from time series models of stationary processes add nothing to the forecast implicit in the conditional mean. We refer to this as the content horizon for forecasts, and define a forecast content function at horizons s = 1,...
Persistent link: https://www.econbiz.de/10005100645
Recent studies on general equilibrium models with transaction costs show that the dynamics of the real exchange rate are necessarily nonlinear. Our contribution to the literature on nonlinear price adjustment mechanisms is treefold. First, we model the real exchange rate by a Multi-Regime...
Persistent link: https://www.econbiz.de/10005100696