This paper develops univariate and multivariate forecasting models for realized volatility in Australian stocks. We consider multivariate models with common features or common factors, and we suggest estimation procedures for approximate factor models that are robust to jumps when the...

We present theoretical and empirical results on consumption during an unemployment spell.

As is amply documented, there appears to be a large discrepancy between the marginal propensity to purchase food out of cash income and that out of food stamps. In this paper, we have examined both the formal and empirical bases of the claim that marginal welfare stigma explains this puzzling...

No distinction is made between the marginal social cost of public funds (MCF) and the shadow value of government revenue in the public finance literature. Their separate roles are demonstrated in this paper, where the MCF is used as a scaling coefficient to account for changes in tax...

It is argued that inflation creates private incentives for (socially costly) inside money to supplant (socially costless) outside money. Consequently, the familiar 'shoe leather cost' of inflation, that operates through a reduced demand for money under inflation, is supplemented by a separate...

This paper examines the impact of export orientation, import competition, foreign ownership and the rate of capital accumulation on the relative demand for skilled and unskilled labor in pre-crisis Indonesia.

This paper considers the application of ‘cultural quotas’ to radio broadcasting: a requirement that a minimum percentage of broadcast content be of local origin. Using a Hotelling location model derived in Richardson (2004) we show that, while the laissez-faire solution involves less than...

As debt work-outs facilitate recovery from Asia'a recession, GDP there can be expected to rise and manufactured exports to expand. Asian imports and investment will remain low, however, as crisis-enhanced foreign debt is serviced and domestic savings continue to be sent abroad. Superficially,...

We use unique data in which both partners report about household finances to demonstrate that there is often disagreement about whether the household has experienced financial difficulty in the past year. Four alternative explanations for this disagreement are tested using the data. The results...