We estimate the importance of preference interdependence from consumption choices. Our strategy follows the literature that tests the constraints imposed by optimality in the evolution of individual consumption. We derive a Euler equation from a preference specifi cation that allows for...

This paper presents a likelihood-based panel test of cointegrating rank in heterogeneous panel models based on the mean of the individual rank trace statistics. The existence of the first two moments of the asymptotic distribution of the individual trace statistic is established. Based on this,...

The panel cointegration test of Larsson et al (1998) test for the maximum number of cointegrating relations in a dynamic panel given the assumption of a common cointegrating rank. This paper presents a test for this assumption. The test is based on the test statistic of Larsson et al (1998) and...

This paper presents a general likelihood-based framework for inference in panel-VAR models with cointegrating restrictions. The cointegrating relations are restricted to each cross-section while the rest of the model is unrestricted. The homogenous restriction of common cointegrating space is...

This paper contributes to the interface literature of new methodological foundation of analyzing historical data with space and spatio-temporal phenomena. In particular, I consider estimating the spatial panel autoregressive model using the minimum distance estimator. Spatial autoregression has...

The analysis uses seven waves from the German Panel Study Labor Market and Social Security (PASS) covering the period from 2006 to 2013. During the observation period, Germany experienced a significant increase in average real incomes and employment, accompanied by a decrease of absolute income...

This econometric study assesses the efficiency of the income tax credit system introduced in France in 2005 on investment decisions for household retrofits, focusing on insulation measures. A logit model with random individual effects is estimated using an unbalanced panel of 23,879 households...

We study how the 1997-1998 Asian Financial Crisis affected consumption smoothing across households in Korean prefectures. The crisis caused the cross-sectional mean and volatility of household consumption to fall substantially. We show that such falls bias two standard tests towards rejecting...