We propose and evaluate a technique for instrumental variables estimation of linear models with conditional heteroskedasticity. The technique uses approximating parametric models for the projection of right-hand side variables onto the instrument space, and for conditional heteroskedasticity and...

<DIV>The distinguished International Seminar on Macroeconomics (ISoM) has met annually in Europe for thirty years. The papers included in this volume discuss openness and the fall and rise of stock market correlations between 1890 and 2001; defaults, underwriters and sovereign bond markets between 1815...</div>

<DIV><DIV><P>The distinguished International Seminar on Macroeconomics (ISoM) has met annually in Europe for thirty years. The papers included in <I>ISoM 2006 </I>discuss the relationship between prices and productivity in the OECD; monetary policy impact on inflation and output; implications of rising government...</i></p></div></div>

The distinguished International Seminar on Macroeconomics has met annually in Europe for over thirty years. The topics covered in this year’s volume fall into four categories: exchange rates, global business cycles, the financial crisis, and unemployment and the Great Recession. The chapters...

Check processing institutions are being forced to downsize their workforce to cut cost and improve the efficiency of their operations as a result of continued growth of electronic payments, a consequence of the increasing popularity of debit/credit cards and use of online banking. For these...

The relationship between interest rates and exchange rates is puzzling and poorly understood. But under some standard assumptions, interest rates can be adjusted to smooth real exchange rate movements at the possible price of increased volatility in other variables. In New Zealand, estimates...

The reintroduction of capital punishment after the end of the Supreme Court moratorium has permitted researchers to employ state level heterogeneity in the use of capital punishment to study deterrent effects. However, no scholarly consensus exists as to their magnitude. A key reason this has...

The panel data literature on deterrence and capital punishment contains a wide range of empirical claims despite the use of common data sets for analysis. We interpret the diversity of findings in the literature in terms of differences in statistical model assumptions. Rather than attempt to...