Browsing Economics by Title
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Externalities, monopoly and the objective function of the firm
(University of Birmingham, 200407)This paper provides a theory of general equilibrium with externalities and/or monopoly. We assume that the firm's decisions are based on the preferences of shareholders and/or other stakeholders. Under these assumptions a ... 
Federal tax competition and the efficiency consequences for local taxation of revenue equalization
(Springer, 201002)Recent work has shown that a system of equalization grants can neutralize the efficiency loss caused by tax competition among lowerlevel governments. These models, however, ignore the vertical tax externalities that occur ... 
Female employment and fertility: the effects of rising female wages
(201207)Increases in female employment and falling fertility rates have often been linked to rising female wages. However, over the last 30 years the US total fertility rate has been fairly stable while female wages have continued ... 
Financing Multilevel Government
(CIPFA, 2004) 
A fine is a more effective financial deterrent when framed retributively and extracted publicly
(Elsevier, 20140901)Introducing monetary fines to decrease an undesired behavior can sometimes have the counterintuitive effect of increasing the prevalence of the behavior being targeted. Such findings raise important social psychological ... 
Firm entry deregulation, competition and returns to education and skill
(Elsevier, 20140801)This paper studies the effect of firm entry deregulation on the returns to skill and education. We exploit a comprehensive episode of entry deregulation, unique in the industrialized world, as a quasinatural experiment. ... 
Firstorder asymptotic theory for parametric misspecification tests of Garch models
(Cambridge University Press, 200904)This paper develops a framework for the construction and analysis of parametric misspecification tests for generalized autoregressive conditional heteroskedastic (GARCH) models, based on firstorder asymptotic theory. The ... 
Fixedb asymptotic approximation of the sampling behaviour of nonparametric spectral density estimators
(Blackwell, 200801)We propose a new asymptotic approximation for the sampling behaviour of nonparametric estimators of the spectral density of a covariance stationary time series. According to the standard approach, the truncation lag grows ... 
Food scares in an uncertain world
(WileyBlackwell, 20130315) 
Food security, welfare, and partial deregulation of parastatals
(Oxford University Press, 20160410)Complete deregulation of parastatals is often advocated as a desirable reform, although it is usually opposed by vested interests and by those who perceive that the deregulated market can be dominated by a small number ... 
Forecasting Markovswitching dynamic, conditionally heteroscedastic processes
(Elsevier, 2004)Recursive formulae are derived for the multistep point forecasts and forecast standard errors of Markov switching models with ARMA(∞,q) dynamics (including the fractionally integrated case) and conditional heteroscedasticity ... 
The functional central limit theorem and weak convergence to stochastic integrals I: weakly dependent processes
(Cambridge University Press, 200010)This paper gives new conditions for the functional central limit theorem, and weak convergence of stochastic integrals, for nearepochdependent functions of mixing processes. These results have fundamental applications ... 
The functional central limit theorem and weak convergence to stochastic integrals II: fractionally integrated processes
(Cambridge University Press, 200010)This paper derives a functional central limit theorem for the partial sums of fractionally integrated processes, otherwise known as I(d) processes for d < 1/2. Such processes have long memory, and the limit distribution ... 
GEL methods for nonsmooth moment indicators
(Cambridge University Press, 2011)This paper considers the firstorder large sample properties of the generalized empirical likelihood (GEL) class of estimators for models specified by nonsmooth indicators. The GEL class includes a number of estimators ... 
A general bound for the limiting distribution of Breitung's statistic
(Cambridge University Press, 200810)We consider the Breitung (2002, Journal of Econometrics 108, 343–363) statistic ξn, which provides a nonparametric test of the I(1) hypothesis. If ξ denotes the limit in distribution of ξn as n → ∞, we prove (Theorem 1) ... 
Generalized utilitarianism and Harsanyi's impartial observer theorem
(The Econometric Society, 2010)Harsanyi's impartial observer must consider two types of lotteries: imaginary identity lotteries (“accidents of birth”) that she faces as herself and the real outcome lotteries (“life chances”) to be faced by the individuals ... 
Generating schemes for long memory processes: regimes, aggregation and linearity
(Elsevier, 200510)This paper analyses a class of nonlinear time series models exhibiting long memory. These processes exhibit short memory fluctuations around a local mean (regime) which switches randomly such that the durations of the ... 
Getting it done: Dynamic incentives to complete a project
(Wiley, 20150201)A principal wants an agent to complete a project. The agent undertakes unobservable effort, which affects in each period the probability that the project is completed. We characterize the contracts that the principal sets, ... 
Gini's transvariation analysis: an application on financial crises in developing countries
(Springer, 201302)The damage and the recurrence of financial crises have increased the concern of investors and policymakers on one hand and the interest of macroeconomists on the other. This paper presents an original non parametric ... 
Government policy towards multinational corporations
(Vanderbilt University, 20030520)We analyze an environment with asymmetric information where a country tries to attract a multinational corporation. The country can use both taxes and grants to meet its objective of maximizing net revenues. We show that ...