Pure time series-based tests fail to find empirical support formonetary exchange rate models. In this paper we apply pooled timeseries estimation on a forward-looking monetary model, resulting inparameter estimates which are in compliance with the underlyingtheory. Based on a panel version of...

Recently, there has been a growing interest in developing econometric tools to conduct counterfactual analysis with aggregate data when a "treated" unit suffers an intervention, such as a policy change, and there is no obvious control group. Usually, the proposed methods are based on the...

Asian economies are extremely vulnerable to climate due to rapid economic progress, poor governance structure and governmental performance. Keeping in view the fragility of Asia economies in context of environmental deterioration, we examine the role of climate change in shaping economic...

This paper provides a new methodology for the analysis of multiple long run relations in panel data models where the cross section dimension, n, is large relative to the time series dimension, T. For panel data models with large n researchers have focussed on panels with a single long run...

This paper tackles the issue of cross-section dependence for the monetary exchange rate model in the presence of unobserved common factors using panel data from 1973 until 2007 for 19 OECD countries. Applying a principal component analysis we distinguish between common factors and idiosyncratic...

This paper tackles the issue of cross-section dependence for the monetary exchange rate model in the presence of unobserved common factors using panel data from 1973 until 2007 for 19 OECD countries. Applying a principal component analysis we distinguish between common factors and idiosyncratic...

This paper tackles the issue of cross-section dependence for the monetary exchange rate model in the presence of unobserved common factors using panel data from 1973 until 2007 for 19 OECD countries. Applying a principal component analysis we distinguish between common factors and idiosyncratic...

Based on newly constructed prefectural land price data, we estimate long-run equilibrium relationships using a panel cointegration analysis, and then estimate an error-correction model (ECM) for land prices. The panel cointegration analysis reveals that the PVR cum price expectation can be...

We investigate rationality of financial and real sectors' CPI inflation expectations in Turkey by using multivariate panel cointegration method. Using panel techniques strengthened our empirical results by not only increasing sample size but also allowing heterogeneity across groups of...

This paper seeks to test empirically some of the major economic reasons for Latin America(s poor investment performance since the onset and aftermath of the debt crisis. In so doing, it attempts to uncover those economic relationships and policies that need to be promoted in order to raise and...