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Cointegration
`This most commendable volume brings together a set of papers which permits ready access to the means of estimating quantitative relationships using cointegration and error correction procedures. Providing the data to show fully the basis for calculation, this approach is an excellent perception of the needs of senior undergraduates and graduate students.' - Professor W.P. Hogan, The University of Sydney Applied economists, with modest econometric background, are now desperately looking for expository literature on the unit roots and cointegration techniques. This volume of expository essays is written for them. It explains in a simple style various tests for the existence of unit roots and how to estimate cointegration relationships. Original data are given to enable easy replications. Limitations of some existing unit root tests are also discussed.
Varieties of Capitalism and New Institutional Deals
In response to global and technological challenges, this text highlights the continuing diversity of national institutional reconfigurations and policy reforms from an institutional-economics perspective.
Demand for M2 in an Emerging-Market Economy
This paper analyses demand for M2 in Malaysia from August 1973 to December 1995 under both the closed- and open-economy framework. Based on the cointegration and weak-exogeneity test results, short-run dynamic error-correction models are specified and estimated. The results indicate that the demand is for real M2. Both the long- and short-run models are well-specified and are fairly stable. The long-run income elasticity is close to one with the opportunity cost variables carrying the expected signs. The external events have some influence on the stability.
The Stock Market Channel of Monetary Policy
This paper argues that the stock market is an important channel of monetary policy. Monetary policy affects real economic activity because inflation levies a property tax on stocks in addition to an income tax on dividend payments. Inflation thus taxes stocks more heavily than it does bonds. Households alter their required rate of return as inflation changes, and firms adjust production in order to satisfy their shareholders’ demands. As the stock market channel grows in importance, the appropriate intermediate target for the central bank is the price level, with price stability being the ultimate goal.
Charter Schools in Eight States
The first U.S. charter school opened in 1992, and the scale of the charter movement has since grown to 4,000 schools and more than a million students in 40 states plus the District of Columbia. With this growth has also come a contentious debate about the effects of the schools on their own students and on students in nearby traditional public schools (TPSs). In recent years, research has begun to inform this debate, but many of the key outcomes have not been adequately examined, or have been examined in only a few states. Do the conflicting conclusions of different studies reflect real differences in effects driven by variation in charter laws and policies; or do they reflect differences in...
Rapport sur le developpement dans le monde 2018
Chaque annee, le Rapport sur le developpement dans le monde de la Banque mondiale met en vedette un sujet d'importance capitale pour le developpement mondial. Le Rapport sur le developpement dans le monde 2018 - APPRENDRE pour realiser la promesse de l'education - est le premier consacre integralement a l'education. Et le moment s'y prete particulierement : l'education a toujours ete essentielle au bien-etre de l'etre humain, mais elle l'est plus encore en cette periode de rapides mutations economiques et sociales. Le meilleur moyen de preparer les enfants et les jeunes a l'avenir est de placer l'apprentissage au centre de toutes les interventions de promotion de l'education. Le Rapport sur ...
Advances in Economic Forecasting
The book's contributors assess the performance of economic forecasting methods, argue that data can be better exploited through model and forecast combination, and advocate for models that are adaptive and perform well in the presence of nonlinearity and structural change.
Economic Foundations of Law second edition
Economic Foundations of Law (2nd ed.) provides an economic analysis of the major areas of the law: property law, torts, contracts, criminal law, civil procedure, corporation law and financial markets, taxation and labor law. In line with current trends in legal scholarship, discussion is focused on economic principles such as risk aversion, efficiency, opportunity cost, moral hazard, rent-seeking behaviour and economies of scale. Accessible, comprehensive and well written, this book uses extensive practical examples and explanations to illustrate key points. There are numerous applications to lawyers and the legal profession, with detailed discussions of subjects as diverse as the proposed market for transplantable human organs, the market for adoptions, the market for bail bonds, the unanticipated effects of Megan’s law, and issues of racial profiling. Fully updated and revised, a new chapter on labor law has also been included.
Extreme Value Theory and Applications
It appears that we live in an age of disasters: the mighty Missis sippi and Missouri flood millions of acres, earthquakes hit Tokyo and California, airplanes crash due to mechanical failure and the seemingly ever increasing wind speeds make the storms more and more frightening. While all these may seem to be unexpected phenomena to the man on the street, they are actually happening according to well defined rules of science known as extreme value theory. We know that records must be broken in the future, so if a flood design is based on the worst case of the past then we are not really prepared against floods. Materials will fail due to fatigue, so if the body of an aircraft looks fine to th...
