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Solferino, Nazaria; Waldmann, Robert J. - Centro di Studi Internazionali Sull'Economia e la … - 2008

The signs of forecast errors can be predicted using the difference between individuals' forecasts and the average of earlier forecasts of the same variable. It is possible to improve forecasts without worsening any. It is difficult to reconcile this result with the rational expectations...

Persistent link: https://www.econbiz.de/10005450626

How to use data swapping to create useful dummy data for panel datasets

Jacobebbinghaus, Peter; Müller, Dana; Orban, Agnes - Forschungsdatenzentrum der Bundesagentur für Arbeit, … - 2010

render valid results. For complex datasets such as panel data or linked data, the creation of useful dummy data is not …

Persistent link: https://www.econbiz.de/10008515138

A robust criterion for determining the number of static factors in approximate factor models.

Alessi, Lucia; Barigozzi, Matteo; Capasso, Marco - 2008

We propose a refinement of the criterion by Bai and Ng [2002] for determining the number of static factors in factor models with large datasets. It consists in multi-plying the penalty function by a constant which tunes the penalizing power of the function itself as in the Hallin and Liška...

Persistent link: https://www.econbiz.de/10011604949

3-step analysis of public finances sustainability: the case of the European Union

Afonso, António; Rault, Christophe - 2008

specific panel unit root test to investigate the meanreverting behaviour of general government expenditure and revenue ratios …. Secondly, we apply the bootstrap panel cointegration techniques that account for the time series and cross … and revenues via SUR analysis. While results imply that public finances were not unsustainable for the EU panel, fiscal …

Persistent link: https://www.econbiz.de/10011604954

Budgetary and external imbalances relationship: a panel data diagnostic

Afonso, António; Rault, Christophe - 2008

, using recent bootstrap panel cointegration techniques and SUR methods. We investigate the magnitude of the relationship … panel cointegration tests used allow for within and between correlation, while the SUR results show both positive and …

Persistent link: https://www.econbiz.de/10011605007

Responses to monetary policy shocks in the east and the west of Europe: a comparison

Jarociński, Marek - 2008

This paper compares impulse responses to monetary policy shocks in the euro area countries before the EMU and in the New Member States (NMS) from central-eastern Europe. We mitigate the small sample problem, which is especially acute for the NMS, by using a Bayesian estimation that combines...

Persistent link: https://www.econbiz.de/10011605016

FDI and productivity convergence in central and eastern Europe: an industry-level investigation

Bijsterbosch, Martin; Kolasa, Marcin - 2009

This paper presents empirical evidence of the effect of FDI inflows on productivity convergence in central and eastern Europe, using industry-level data. Four conclusions stand out. First, there is a strong convergence effect in productivity, both at the country and at the industry level....

Persistent link: https://www.econbiz.de/10011605038

Current account benchmarks for central and eastern Europe: a desperate search?

Ca' Zorzi, Michele; Chudik, Alexander; Dieppe, Alistair - 2009

sustainability approach á la Lane and Milesi-Ferretti (LM) versus the structural current accounts literature (SCA) based on panel …

Persistent link: https://www.econbiz.de/10011605041

Financing obstacles and growth: an analysis for euro area non-financial corporations

Coluzzi, Chiara; Ferrando, Annalisa; … - 2009

, significantly affect firm growth. For this purpose, we use an unbalanced panel of about 1,000,000 observations for around 155 …,000 non-financial corporations in five euro area countries. In addition to the balance sheet information in this panel, we …

Persistent link: https://www.econbiz.de/10011605043

Petrodollars and imports of oil exporting countries

Beck, Roland; Kamps, Annette - 2009

including a large cross section of oil exporting countries, we show with a panel cointegration analysis that import demand in …

Persistent link: https://www.econbiz.de/10011605058