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Series:Research Paper 

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Using switching models to study business cycle asymmetries: 1. overview of methodology and application

Switching Models are advocated as interesting and tractable alternatives to conventional, linear models of the business cycle. Applications are motivated by the belief that expansions and recessions are distinct regimes with different data generating processes. Therefore, it is important that econometric specifications capture this fundamental asymmetry. With Switching Models, both the time-periods and characteristics of business cycle regimes can be derived simultaneously. Asymmetries can then be tested with a minimum of prior modeling assumptions and restrictions. Results with monthly data ...
Research Paper , Paper 9211

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Modelling U.S. services trade flows: a cointegration-ECM approach

The U.S. service surplus soared from near zero in 1985 to about $60 billion in 1992, offsetting about two thirds of the goods trade deficit. Could this merely reflect improvement in data collection? Or does this mean U.S. services industries are more competitive internationally than goods industries? Is the services surplus likely to continue to rise? This paper estimates a forecastable model of U.S. services trade to address the above questions. We find that data improvement actually had a negative net impact on the services surplus, since it affected imports more than exports. Instead, the ...
Research Paper , Paper 9518

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Sunspots, asset bubbles, and the store of value motive in overlapping generations models

Research Paper , Paper 9031

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Margin requirements, volatility and the transitory component of stock prices

Research Paper , Paper 8909

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Global stock markets and links in real activity

Research Paper , Paper 9109

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Short-term speculators and the origins of near-random walk exchange rate behavior

Research Paper , Paper 9221

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Wage linkages in union bargaining settlements

Research Paper , Paper 8805

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Technology, trade and growth: some empirical findings

International patent data for 39 countries from 1970 to 1985 are used to create proxies for imitation and innovation. Domestic imitation and innovation both appear to depend positively on high technology imports from developed countries, intellectual property rights, and the size of the economy. Additionally, transportation and communication infrastructure and quality adjusted research effort are found to contribute positively to domestic innovation. Finally, growth in real per capita GDP is positively related to physical capital stock growth, foreign and domestic innovation, and negatively ...
Research Paper , Paper 9727

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Loan swaps and the LDC debt problem

Research Paper , Paper 8615

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Securities class actions, corporate governance and managerial agency problems

This paper provides support for the proposition that securities class actions help solve agency problems. Two key findings support this conclusion. First, firms that are more likely to suffer from agency problems are more likely to face class actions. Risky firms, large firms, young firms, low market-to-book firms and non-dividend paying firms as of the end of 1990 were more likely to face a class action filing during the January 1991 to March 1998 period. Second, the probability of CEO turnover increases dramatically after class action filings. The increase can not be explained by omitted ...
Research Paper , Paper 9816

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Hardouvelis, Gikas A. 15 items

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