Now showing items 601-610 of 610
Taylor Rules and Macroeconomic Instability
or How the Central Bank Can Pre-empt Sunspot Expectations
This paper derives new results on the effects of employing Taylor rules in economies that are subject to real market imperfections such as production externalities. Taylor rules that aggressively respond to output can ...
Stock Performance around Share Repurchase Announcements in Germany
Empirical studies of open-market share repurchases in the U.S. typically find a mean abnormal return around the announcement day of about 3%. In Germany share repurchases were highly restricted before May 1998. Since then ...
Maximization of Empirical Shannon Information in Testing Significant Variables of Linear Model
Search for an unknown set A,Card(A) = s, of significant variables of a linear model with random IID discrete binary carriers and finitely supported IID noise is studied. Two statistics T1, Ts, based on maximization of ...
Testing for Unit Roots in Time Series with Level Shifts
Tests for unit roots in univariate time series with level shifts are proposed and investigated. The level shift is assumed to occur at a known time. It may be a simple one-time shift which can be captured by a dummy variable ...
Estimation of a Function with Discontinuities via Local Polynomial Fit with an Adaptive Window Choice
We propose a method of adaptive estimation of a regression function and which is near optimal in the classical sense of the mean integrated error. At the same time, the estimator is shown to be very sensitive to discontinuities ...
Semiparametric Analysis of German East-West Migration Intentions
Facts and Theory
East-West migration in Germany peaked at the beginning of the 90s although the average wage gap between Eastern and Western Germany continues to average about 25%. We analyze the propensity to migrate using microdata from ...