Bücher der Reihe Studies in Empirical Economics

Rising unemployment has become one of the most challenging problems for economic policy in many developed economies over the last fifteen years. In the second half of the 1970s and during the first half of the 1980s the labour market situation worsened dramatically. For the OECD area as a whole, unemployment as a percentage of the civilian labour force went up from 3.3 percent in 1974 to 8.1 percent in 1985. The increase in unemployment rates was even more pronounced for OECD-Europe, where it climbed from 3.3 percent to 10.5 percent in this period. Table 1.1: Unemployment Rates in some aECD Countries, 1974-1989 yearly average 1989 1974{79 1974 1979 1985 1980/85 1985/89 USA 5,6 5,8 7,2 5,2 6,8 8,1 6,2 UK 2,2 4,5 11,6 6,5 4,2 10,0 9,7 3,3 8,3 7,3 3,5 6,6 7,9 FRG 2,1 2,4 1,3 1,5 2,4 2,2 Sweden 1,6 1,7 Austria 1,1 1,7 3,6 3,4 1,5 3,0 3,5 Austria*) 1,5 2,0 4,8 5,0 1,9 3,6 5,3 OECDEurope 3,3 5,7 10,5 9,0 4,8 9,1 10,0 OECD 3,7 5,2 8,1 6,6 5,0 7,7 7,5 *) national definition - see footnote 1). Source: OECD, 1989; BMSA.

Since these themes are closely inter-related, several other topics covered are also worth stressing: vector autoregressive (VAR) models, cointegration and error-correction models, nonparametric methods in time series, and fractionally integrated models.

A disadvantage of parametric econometrics based on these assumptions is that it may not be robust to the slight data inconsistency with the particular parametric specification.

The purpose of the book is to explore new ways to analyze recent trends in income inequality and poverty, both from the perspective of quantifying poverty and inequality and quantifyig the impact of various factors on the trends in inequality and poverty.

Over the last 20 years, applied general equilibrium (AGE) modelling has developed from a small academic research program into a routinely used policy assessment tool. Contributions have been grouped into a methodological section, a trade section, and a section on energy issues, and this division accurately indicates the focus of the volume.

The other papers use newly developedmethods for microdata,especially qualitative data orlimited dependent variables to study microeconomic models ofbehaviour that explain labour market and output decisions.

This book is a collection of state-of-the-art papers on the properties of business cycles and financial analysis. Overall, the book provides a state-of-the-art over view of new directions in methods and results for estimation and inference based on the use of Markov-switching time-series analysis.

It is to demonstrate the enormous potential of the experimental method in economics by providing examples of how experimental economics can shed important new light on key issues of vital economic significance. The most active experimental economists contributed to this volume: Besides the editor of this volume there are to mention P.

While in the past educational and training institutions were often seen as providers of necessary skills for national economies, this view has changed, with education and training now being seen as a key ingredient for international competitiveness.

The disappearance of central planned economies left politicians, researchers, consultants, and academics with an interest in economies in transition in vagueness about the actual state of the economy and its short and medium term prospects.

These studies generally concluded that there is strong evidence in favour of export-led growth because export growth and income growth are highly correlated.

These studies generally concluded that there is strong evidence in favour of export-led growth because export growth and income growth are highly correlated.

(Kramer/Runde and Drost) and ARFIMA models (Drost).

The point of departure of most studies in this volume is the standard linear regression model Yt = x;fJt + U (t = I, ... The null hypothesis of most tests for structural change is that fJt = fJo for all t, i.e. that fJt = fJo (t< t*), and fJt = fJo + t1fJ (t"?:.

Franz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Baldwin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Burda . Coe . Moller . Wagner .

This study, based on a symposium on empirical public finance, indicates the diversity of empirical approaches that have been used to shed light on the problems of applied public finance and its application.

Traditional trade theory explains trade only by differences between countries, notably differences in their relative endowments of factors of production.

A number of advances have taken place in panel data analysisduring the pastthree decades and it continues to be one ofthe most active areas of research.

This work is a collection of panel data papers, both theoretical and applied. Theoretical topics include methodology papers on panel data probit models, treatment models, and error component models.

The present book is a collection of panel data papers, both theoretical and applied. Theoretical topics include methodology papers on panel data probit models, treatment models, error component models with an ARMA process on the time specific effects, asymptotic tests for poolability and their bootstrapped versions, confidence intervals for a doubly heteroskedastic stochastic production frontiers, estimation of semiparametric dynamic panel data models and a review of survey attrition and nonresponse in the European Community Household Panel. Applications include as different topics as e.g. the impact of uncertainty on UK investment, a Tobin-q investment model using US firm data, cost efficiency of Spanish banks, immigrant integration in Canada, the dynamics of individual health in the UK, the relation between inflation and growth among OECD and APEC countries, technical efficiency of cereal farms in England, and employment effects of education for disabled workers in Norway.

Particular emphasis is given to regional economic applications of spatial econometrics methods with a number of contributions specifically focused on the spatial concentration of economic activities and agglomeration, regional paths of economic growth, regional convergence of income and productivity and the evolution of regional employment.

While in the past educational and training institutions were often seen as providers of necessary skills for national economies, this view has changed, with education and training now being seen as a key ingredient for international competitiveness.

Shedding light on some of the most pressing open questions in the analysis of high frequency data, this volume presents cutting-edge developments in high frequency financial econometrics.

Complementing classical least squares regression methods which are designed to estimate conditional mean models, quantile regression provides an ensemble of techniques for estimating families of conditional quantile models, thus offering a more complete view of the stochastic relationship among variables.

This change in the monetary system requires that a Eur opean Central Bank is set up and a common monetary policy is pursued.

Complementing classical least squares regression methods which are designed to estimate conditional mean models, quantile regression provides an ensemble of techniques for estimating families of conditional quantile models, thus offering a more complete view of the stochastic relationship among variables.

Subject and purpose of the book is the investigation of economic policy issues with the help of non-cooperative game theory. The most important feature of our work is to look at the possible strategic interactions between various economic agents and/or institutions.

to tackle problemsofeconomic policy in a more effectivemanner.Giventhattheevaluationofpolicyoptions requiresasoundunderstandingofboththenatureandmag­ nitudeofeconomic,behaviouralandinstitutionalconstraints Preface VI thatarefaced bygovernments,there isaneedforempirical analysisofunderlyingpolicyquestionsandissues. Thiscollectionofessays on empirical finance indicates thatempiricalassessmentispossibleusingarichanddiverse setofempirical approaches. The various papers exemplify someofthevarioustechniquesthatcan beused byapplied researchersforsheddinglightonthequestionsofinterestin appliedpublicfinanceanditsapplications.

This change in the monetary system requires that a Eur opean Central Bank is set up and a common monetary policy is pursued.

The other papers use newly developedmethods for microdata,especially qualitative data orlimited dependent variables to study microeconomic models ofbehaviour that explain labour market and output decisions.