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State-space Models with Regime Switching
Both state-space models and Markov switching models have been highly productive paths for empirical research in macroeconomics and finance. This book presents recent advances in econometric methods that make feasible the estimation of models that have both features. One approach, in the classical framework, approximates the likelihood function; the other, in the Bayesian framework, uses Gibbs-sampling to simulate posterior distributions from data.The authors present numerous applications of these approaches in detail: decomposition of time series into trend and cycle, a new index of coincident economic indicators, approaches to modeling monetary policy uncertainty, Friedman's "plucking" model of recessions, the detection of turning points in the business cycle and the question of whether booms and recessions are duration-dependent, state-space models with heteroskedastic disturbances, fads and crashes in financial markets, long-run real exchange rates, and mean reversion in asset returns.
Dealing with Endogeneity in Regression Models with Dynamic Coefficients
The purpose of this monograph is to present a unified econometric framework for dealing with the issues of endogeneity in Markov-switching models and time-varying parameter models, as developed by Kim (2004, 2006, 2009), Kim and Nelson (2006), Kim et al. (2008), and Kim and Kim (2009). While Cogley and Sargent (2002), Primiceri (2005), Sims and Zha (2006), and Sims et al. (2008) consider estimation of simultaneous equations models with stochastic coefficients as a system, we deal with the LIML (limited information maximum likelihood) estimation of a single equation of interest out of a simultaneous equations model. Our main focus is on the two-step estimation procedures based on the control function approach, and we show how the problem of generated regressors can be addressed in second-step regressions.
Concerning My Daughter
The Prize-winning International Bestseller When a mother allows her thirty-something daughter to move into her apartment, she wants for her what many mothers might say they want for their child: a steady income, and, even better, a good husband with a good job with whom to start a family. But when Green turns up with her girlfriend Lane in tow, her mother is unprepared and unwilling to welcome Lane into her home. In fact, she can barely bring herself to be civil. Having centred her life on her husband and child, her daughter’s definition of family is not one she can accept. Her daughter’s involvement in a case of unfair dismissal involving gay colleagues from the university where she wor...
State-Space Models with Regime Switching
Both state-space models and Markov switching models have been highly productive paths for empirical research in macroeconomics and finance. This book presents recent advances in econometric methods that make feasible the estimation of models that have both features. One approach, in the classical framework, approximates the likelihood function; the other, in the Bayesian framework, uses Gibbs-sampling to simulate posterior distributions from data. The authors present numerous applications of these approaches in detail: decomposition of time series into trend and cycle, a new index of coincident economic indicators, approaches to modeling monetary policy uncertainty, Friedman's "plucking" model of recessions, the detection of turning points in the business cycle and the question of whether booms and recessions are duration-dependent, state-space models with heteroskedastic disturbances, fads and crashes in financial markets, long-run real exchange rates, and mean reversion in asset returns.
Lee Chang-dong
Film Studies. Asian Studies. This is the latest in Seoul Selection's series on Korea's ranking filmmakers. Written by Kim Young-jin, one of Korea's foremost film critics, the book--which includes interviews, a biography, filmography and synopses--examines the cinematic world of Lee Chang-dong, widely hailed as one of Korea's top directors, despite having produced only four films to date. Lee's films embrace the scars of Korean history and reality as well as the illusory nature of the film medium. His latest work Secret Sunshine, a comeback film of sorts as Lee returns to directing after a stint as Korea's Minister of Culture, has been invited to the Cannes Film Festival. His filmography includes Green Fish, Oasis, and Peppermint Candy.
Financial Crisis and Transformation of Korean Business Groups
Sea-Jin Chang argues that the Korean financial crisis of 1997 was due to the inertia of both the business groups known as chaebols and the Korean government which prevented adaptation to changing external environments. Once the Korean government stopped central economic planning and pursued economic liberalization in the 1980s, the transition created a void under which neither the government nor markets could monitor chaebols' investment activities. The intricate web of cross-shareholding, debt guarantees, and vertical integration resulted in extensive cross-subsidization and kept chaebols from shedding unprofitable businesses. The government's continued interventions in banks' lending practices created 'moral hazards' for both chaebols and banks. This treatment demonstrates how the structure of chaebols later inhibited other adaptations and for all practical purposes became nearly dysfunctional. The book argues that restructuring of chaebols should focus on improving corporate governance systems. After such restructuring, the author predicts, chaebols will re-emerge as stronger, more focused global players.
Green Tribology
Tribology is the study of friction, wear and lubrication. Recently, the concept of “green tribology” as “the science and technology of the tribological aspects of ecological balance and of environmental and biological impacts” was introduced. The field of green tribology includes tribological technology that mimics living nature (biomimetic surfaces) and thus is expected to be environmentally friendly, the control of friction and wear that is of importance for energy conservation and conversion, environmental aspects of lubrication and surface modification techniques, and tribological aspects of green applications such as wind-power turbines or solar panels. This book is the first comprehensive volume on green tribology. The chapters are prepared by leading experts in their fields and cover such topics as biomimetics, environmentally friendly lubrication, tribology of wind turbines and renewable sources of energy, and ecological impact of new technologies of surface treatment.
