Browsing Economics by Title
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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 ... 
The Graduate Tax when Education is a Signal
(Elsevier, 20150729)This paper investigates the effects of a graduate tax when the return to education is uncertain and wages are determined through equilibrium in a labor market with signalling. The consequence of uncertainty is that both ... 
Granny versus game theorist: an experimental test of ambiguity in games
(Springer, 200803)We report on an experiment in which subjects choose actions in strategic games with either strategic complements or substitutes against a granny, a game theorist or other subjects. The games are selected in order to test ... 
Harsh default penalties lead to Ponzi schemes: a counterexample
(Elsevier, 201205)Pascoa and Seghir (2009) presented two examples to show that in the presence of utility penalties for default, collateral requirements do not always eliminate the occurrence of Ponzi schemes and equilibria may fail to ... 
The Henry Report and the taxation of work related expenses: principles versus practice
(CIPFA, 201306)The Henry Report on the future of the Australian tax system examined many areas of relevance to tax systems in general. One was the tax treatment of employment expenses. The Henry Report recommended that a new test should ... 
A heteroskedasticity robust BreuschPagan test for contemporaneous correlation in dynamic panel data models
(University of Exeter Business School, 20110816)This paper proposes a heteroskedasticityrobust BreuschPagan test of the null hypothesis of zero crosssection (or contemporaneous) correlation in linear panel data models. The procedure allows for either xed, strictly ... 
Horizontal, Vertical, and Conglomerate Cross Border
(Palgrave Macmillan, 20160223)By using data on crossborder acquisitions (CBAs), this paper explores the dis tribution of alternative strategies pursued when multinational enterprises integrate a foreign subsidiary into their organizational structure. ... 
How do institutions affect corruption and the shadow economy?
(Springer, 200912)This paper analyzes a simple model that captures the relationship between institutional quality, the shadow economy, and corruption. It shows that an improvement in institutional quality reduces the shadow economy and ... 
How far should tax research take account of the wider context? The cases of tax compliance and tax simplification
(University of Exeter, 2007) 
Imperfect competition and corporate governance
(Blackwell, 200812)This paper studies the objective function of the firm in imperfectly competitive industries. If those involved in decisions are also consumers the usual monopoly distortion is reduced. In oligopolistic industries, this may ... 
Implementing the wild bootstrap using a twopoint distribution
(Elsevier, 2007)We consider how to select the auxiliary distribution to implement the wild bootstrap for regressions featuring heteroscedasticity of unknown form. We propose a new class of twopoint distributions and suggest using the ... 
The importance of behavioral economics in tax research and tax reform: The issues of tax compliance and tax simplification
(University of Exeter, 2007)This paper presents evidence that too narrow an approach in research can produce misleading conclusions when the wider context of the tax system and the environment in which it has to operate are considered. Two areas are ...