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Full-Text Articles in Economics
The Choice Of A Mixing Distribution In Duration Models, Sanjiv Jaggia
The Choice Of A Mixing Distribution In Duration Models, Sanjiv Jaggia
Economics
The Hougaard mixing distribution is considered for a Weibull duration model. This distribution is flexible and also encompasses the gamma and the inverse Gaussian distributions making it useful in discriminating between alternate distributions.
Testing Purchasing Power Parity Under The Null Hypothesis Of Co-Integration, Eric O'N. Fisher, Yoon Y. Park
Testing Purchasing Power Parity Under The Null Hypothesis Of Co-Integration, Eric O'N. Fisher, Yoon Y. Park
Economics
No abstract provided.
Centralization And Government Competition, David Joulfaian, Michael L. Marlow
Centralization And Government Competition, David Joulfaian, Michael L. Marlow
Economics
This paper examines the relationship between government size and fiscal centralization with specific focus on the separate influences of centralism and fragmentation on the size of public sector in the United States. The empirical findings at the national level provide support to the hypothesis that fiscal decentralization leads to a smaller government. The findings at the state and local levels, however, show no empirical relationship between government size and the degree of centralization.
Specification Tests Based On The Heterogeneous Generalized Gamma Model Of Duration: With An Application To Kennan's Strike Data, Sanjiv Jaggia
Specification Tests Based On The Heterogeneous Generalized Gamma Model Of Duration: With An Application To Kennan's Strike Data, Sanjiv Jaggia
Economics
In this paper, tests for neglected heterogeneity and functional form misspeciftcation of some commonly used parametric distributions are derived within a heterogeneous generalized gamma model. It is argued that the conventional test of heterogeneity may not be valid when the underlying hazard function is misspecified. Hence, if the estimated hazard function is deemed restrictive, tests for functional form misspecification should accompany any test of heterogeneity. An empirical illustration based on Kennan's (1985) model of strikes is used to show that incorrect inferences may be drawn, as in a number of previous analyses, if the relevant restrictions are not tested jointly.
Incentives And Political Contributions, Michael L. Marlow, David Joulfaian
Incentives And Political Contributions, Michael L. Marlow, David Joulfaian
Economics
No Abstract
Central Bank Credibility And Forecasting, Michael L. Marlow
The Relationship Between On-Budget And Off-Budget Government, David Joulfaian, Michael L. Marlow
The Relationship Between On-Budget And Off-Budget Government, David Joulfaian, Michael L. Marlow
Economics
This paper studies the hypothesis that controls on on-budget government spending leads to greater off-budget activity. Existence of a substitution effect suggests that our ability to control and measure the size of government is more difficult than previously thought.
Privatization And Government Size, Michael L. Marlow
Goals And Constraints Of The Federal Reserve System: A Study Of Its 'Profits' Policy, Michael L. Marlow
Goals And Constraints Of The Federal Reserve System: A Study Of Its 'Profits' Policy, Michael L. Marlow
Economics
This paper models the Federal Reserve's pursuit of goals within the constraining forces of Congress, the President, financial firms and the public. Two hypotheses are empirically examined. Hypothesis 1 is that the federal budget deficit is a determinant of Federal Reserve "profits," or U. S . Treasury deposits from the Federal Reserve. Hypothesis 2 is that government spending is significantly influenced by U. S. Treasury deposits from the Federal Reserve. Empirical support of these hypotheses suggests that the Federal Reserve is partially responsible for changes in the federal budget deficit and government spending.