This paper introduces two co-movement measures based on the Thick Pen Transform into the macroeconomic literature: the Thick Pen Measure of Association (TPMA) as well as Multi-Thickness Thick Pen Measure of Association (MTTPMA). Both measures are non-parametric, time-varying, and flexible....

The increasingly competitive market environment makes independent innovation the core of the enterprise's and evens the country's competitiveness. In order to solve the problem of its own limited R&D resources, firms need to find access to outside resources. Since the government mainly provides...

This paper suggests a new approach to evaluate realized covariance (RCOV) estimators via their predictive power on return density. By jointly modeling returns and RCOV measures under a Bayesian framework, the predictive density of returns and ex-post covariance measures are bridged. The forecast...

Flint changed its public water source in 2014, causing severe water contamination. We estimate the effect of in utero exposure to polluted water on health at birth using the recent Flint water crisis as a natural experiment. Matching vital statistics birth records with various sources of data,...

As universities cut library funding and forego expensive journal subscriptions, many academic organizations and researchers, including the American Educational Research Association (AERA), are moving towards open-access publications that are freely downloadable by anyone with a working internet...

Teaching is often assumed to be a relatively stressful occupation and occupational stress among teachers has been linked to poor mental health, attrition from the profession, and decreased effectiveness in the classroom. Despite widespread concern about teachers' mental health, however, little...

In 2014, the city of Flint, MI in the U.S. changed its public water source, resulting in severe water contamination and a public health crisis. Using the Flint Water Crisis as a natural experiment, we estimate the effect of in utero exposure to polluted water on health at birth. Matching vital...

When the nominal interest rate reaches the zero lower bound (ZLB), a conventional monetary policy, namely, the adjustment of short-term interest rate, may become impractical and ineffective for central banks. Therefore, quantitative easing (QE) is one of the few available policy options of...

Policy debates about the balance of vocational and general education programs focus on the school-to-work transition. But with rapid technological change, gains in youth employment from vocational education may be offset by less adaptability and thus diminished employment later in life. To test...

Sowohl in der Politik als auch in der bisherigen Forschung wird betont, dass berufsspezifische Ausbildungen einen Vorteil gegenüber allgemeinen Bildungsgängen haben, indem sie jungen Leuten den Übergang vom Bildungs- ins Berufssystem erleichtern. Eric A. Hanushek, Stanford University, Ludger...