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How Does Rising House Price Influence Stock Market Participation in China?
A Micro-Household Perspective
This is an empirical study on the effect of house price on stock-market participation and its depths based on unique China Household Finance Survey (CHFS) data in 2011 and 2013 including 36213 sample households. We mainly ...
Evaluating the Joint Efficiency of German Trade Forecasts
A nonparametric multivariate approach
I analyze the joint efficiency of export and import forecasts by leading economic research institutes for the years 1970 to 2017 for Germany in a multivariate setting. To this end, I compute, in a first step, multivariate ...
Bismarck to no effect: Fertility decline and the introduction of social insurance in Prussia
Economists have long argued that introducing social insurance will reduce fertility. The hypothesis relies on standard models: if children are desirable in part because they provide security in case of disability or old ...
Functional stable limit theorems for efficient spectral covolatility estimators
We consider noisy non-synchronous discrete observations of a continuous semimartingale. Functional stable central limit theorems are established under high-frequency asymptotics in three setups: onedimensional for the ...
Structural Vector Autoregressive Analysis in a DataRich Environment
Large panels of variables are used by policy makers in deciding on policy actions. Therefore it is desirable to include large information sets in models for economic analysis. In this survey methods are reviewed for ...
Confidence Bands for Impulse Responses
Bonferroni versus Wald
In impulse response analysis estimation uncertainty is typically displayed by constructing bands around estimated impulse response functions. These bands may be based on frequentist or Bayesian methods. If they are based ...