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Methods to Estimate Dynamic Stochastic General Equilibrium Models
(Université de Montréal. Département de sciences économiques., 2003)
This paper employs the one-sector Real Business Cycle model as a testing ground for four different procedures to estimate Dynamic Stochastic General Equilibrium (DSGE) models. The procedures are: 1 ) Maximum Likelihood, ...
Nonlinear Monetary Policy Rules: Some New Evidence for the U.S.
(Université de Montréal. Département de sciences économiques., 2003)
This paper derives optimal monetary policy rules in setups where certainty equivalence does not hold because either central bank preferences are not quadratic, and/or the aggregate supply relation is nonlinear. Analytical ...
Short run and long run causality in time series: Inference
(Université de Montréal. Département de sciences économiques., 2003)
We propose methods for testing hypotheses of non-causality at various horizons, as defined in Dufour and Renault (1998, Econometrica). We study in detail the case of VAR models and we propose linear methods based on running ...
Explaining the Great Divergence: Medium and Message on the Eurasian Land Mass, 1700-1850
(Université de Montréal. Département de sciences économiques., 2003)
Between 1700 and 1850, per-capita income doubled in Europe while falling in the rest of Eurasia. Neither geography nor economic institutions can explain this sudden divergence. Here the consequences of differences in ...
In Search of Advice for Physicians in Entry-Level Medical Markets
(Université de Montréal. Département de sciences économiques., 2003)
We consider entry-level medical markets for physicians in the United Kingdom. These markets experienced failures which led to the adoption of centralized market mechanisms in the 1960's. However, different regions introduced ...
Directed Technical Change and International Trade
(Université de Montréal. Département de sciences économiques., 2003)
Recent changes in comparative advantage in the largest OECD economies differ significantly from the predictions of Heckscher-Ohlin-Vanek theory. Japan's rising share of OECD machinery exports and the improvement in the ...
Resource-Monotonicity for House Allocation Problems
(Université de Montréal. Département de sciences économiques., 2003)
We study a simple model of assigning indivisible objects (e.g., houses, jobs, offices, etc.) to agents. Each agent receives at most one object and monetary compensations are not possible. We completely describe all rules ...
Efficient Priority Rules
(Université de Montréal. Département de sciences économiques., 2003)
We study the assignment of indivisible objects with quotas (houses, jobs, or offices) to a set of agents (students, job applicants, or professors). Each agent receives at most one object and monetary compensations are not ...
Population Ethics and the Value of Life
(Université de Montréal. Département de sciences économiques., 2003)
Public policies often involve choices of alternatives in which the size and the composition of the population may vary. Examples are the allocation of resources to prenatal care and the design of aid packages to developing ...
Finite-Sample Diagnostics for Multivariate Regressions with Applications to Linear Asset Pricing Models
(Université de Montréal. Département de sciences économiques., 2003)
In this paper, we propose several finite-sample specification tests for multivariate linear regressions (MLR) with applications to asset pricing models. We focus on departures from the assumption of i.i.d. errors assumption, ...