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Articles 901 - 930 of 1733
Full-Text Articles in Economics
Effects Of Labour Taxes On Hours Of Market And Home Work: The Role Of International Capital Mobility And Trade, Hian Teck Hoon
Effects Of Labour Taxes On Hours Of Market And Home Work: The Role Of International Capital Mobility And Trade, Hian Teck Hoon
Research Collection School Of Economics
The Prescott hypothesis that permanently higher marginal tax rates on labour income fully explain the decline in market hours worked in Europe (relative to North America) over three decades is subject to a theoretical investigation. The Prescott model consists of isolated economies that are not linked by international capital mobility or international exchange of goods. We study a two-country model with free international capital mobility. We find that imposing higher marginal labour tax rates in one country leads to international capital inflows into that country, which acts to counteract the negative employment effect of higher taxes. Market hours worked in …
The Influence Of State Policy And Proximity To Medical Services On Health Outcomes, Jing Li
The Influence Of State Policy And Proximity To Medical Services On Health Outcomes, Jing Li
Research Collection School Of Economics
This paper examines two factors that help to explain geographic variation in health outcomes. The first factor concerns proximity to medical services. The second factor is state-specific health care policy that may impede access to nearby medical services. Four key findings are obtained. First, the effect of local doctors on reducing mortality rates of various diseases in a county attenuates with distance. Second, at approximately the same distance, in-state doctors contribute more to lowering mortality rates in the primary county than do out-of-state doctors. Third, the lesser impact of nearby out-of-state doctors is further reduced when the primary state adopts …
Improving Money's Worth Ratio Calculations: The Case Of Singapore's Pension Annuities, Joelle H. Y. Fong, Jean Lemaire, Yiu Kuen Tse
Improving Money's Worth Ratio Calculations: The Case Of Singapore's Pension Annuities, Joelle H. Y. Fong, Jean Lemaire, Yiu Kuen Tse
Research Collection School Of Economics
This article contributes to a better understanding of the risks involved in a life annuity investment. We examine the distribution of weighted annuity benefits and assess various measures of dispersion such as the coefficient of variance. In particular, we quantify the standard deviation about the expected value, thereby extending the usefulness of the popular money’s worth framework for annuity valuation. The effort toward a more detailed and more accurate risk picture of investing in annuities enables retirees to differentiate among products that may appear seemingly uniform in terms of money’s worth, but vary widely in terms of their risk attributes.
Interim Equilibrium Implementation, Takashi Kunimoto
Interim Equilibrium Implementation, Takashi Kunimoto
Research Collection School Of Economics
A social choice rule is said to be implementable if one can design a mechanism(or institution) in which the set of outcomes prescribed by a given solutionconcept coincides with that specified by the social choice rule. I adoptinterim equilibrium (i.e., Bayesian Nash equilibrium where each agent’s interimbeliefs do not necessarily admit a prior) as the solution concept andinvestigate the corresponding implementation problem in general incompleteinformation environments. I identify arguably the weakest set of conditionsunder which implementation in interim equilibrium is possible. By doingso, I also unify the literature of the so-called Bayesian implementation andNash implementation.
Monetary Regime Choice In Singapore: Would A Taylor Rule Outperform Exchange-Rate Management?, Hwee Kwan Chow, G. C. Lim, Paul D. Mcnelis
Monetary Regime Choice In Singapore: Would A Taylor Rule Outperform Exchange-Rate Management?, Hwee Kwan Chow, G. C. Lim, Paul D. Mcnelis
Research Collection School Of Economics
This paper adopts a dynamic stochastic general equilibrium-vector autorgressive (DSGE-VAR) approach to examine the managed exchange-rate system at work in Singapore. We examine if the country has any reason to fear floating the exchange rate and adopting a Taylor rule. Our results show that, in terms of overall inflation volatility, the exchange rate rule has a comparative advantage over the Taylor rule when export price shocks are the major sources of real volatility, while a Taylor rule dominates when domestic productivity shocks drive real volatility. The exchange-rate rule also dominates the Taylor rule for reducing inflation persistence.
Number Of Firms And Price Competition, Kyle Bagwell, Gea Myoung Lee
Number Of Firms And Price Competition, Kyle Bagwell, Gea Myoung Lee
Research Collection School Of Economics
The relationship between the number of firms and price competition is a central issue in economics. To explore this relationship, we modify Varianís (1980) model and assume that firms are privately informed about their costs of production. Allowing that the support of possible cost types may be large, we show that an increase in the number of firms induces lower (higher) prices for lower-cost (highercost) firms. We also characterize the pricing distribution as the number of firms approaches infinity, finding that the equilibrium pricing function converges to the monopoly pricing function for all but the lowest possible cost type. If …
The Lasting Impact Of Parental Early Life Malnutrition On Their Offspring: Evidence From The China Great Leap Forward Famine, Seonghoon Kim, Quheng Deng, Belton M. Fleisher, Shi Li
The Lasting Impact Of Parental Early Life Malnutrition On Their Offspring: Evidence From The China Great Leap Forward Famine, Seonghoon Kim, Quheng Deng, Belton M. Fleisher, Shi Li
Research Collection School Of Economics
We investigate whether the effects of parents’ in utero malnutrition extend to the second generation (their children). Specifically, we explore whether the second generation’s level of schooling is negatively impacted by their parents’ malnutrition in utero, using the China Famine as a natural experiment. We find that, the impact of mother’s in utero malnutrition due to the Famine reduced second generation male and female entrance into junior secondary school by about 5–7 percentage points. We measure famine severity with provincial excess death rates instrumented by measures of adverse climate conditions, which corrects for possible biases induced by measurement errors and …
Dynamic Poverty Decomposition Analysis: An Application To The Philippines, Tomoki Fujii
Dynamic Poverty Decomposition Analysis: An Application To The Philippines, Tomoki Fujii
Research Collection School Of Economics
In this paper, we propose a new method of poverty decomposition. Our method remedies the shortcomings of existing methods and has some desirable properties such as time reversion consistency and subperiod additivity. It integrates the existing methods of growth redistribution decomposition and sector-based decomposition, because it allows us to decompose the change in poverty into growth and redistribution components for each group (e.g., regions or sectors) in the economy. We extend our method to include six components and provide an empirical application to the Philippines for the period 1985–2009.
X-Differencing And Dynamic Panel Model Estimation, Chirok Han, Peter C. B. Phillips, Donggyu Sul
X-Differencing And Dynamic Panel Model Estimation, Chirok Han, Peter C. B. Phillips, Donggyu Sul
Research Collection School Of Economics
This paper introduces a new estimation method for dynamic panel models with fixed effects and AR(p) idiosyncratic errors. The proposed estimator uses a novel form of systematic differencing, called X-differencing, that eliminates fixed effects and retains information and signal strength in cases where there is a root at or near unity. The resulting "panel fully aggregated" estimator (PFAE) is obtained by pooled least squares on the system of X-differenced equations. The method is simple to implement, consistent for all parameter values, including unit root cases, and has strong asymptotic and finite sample performance characteristics that dominate other procedures, such as …
Reinterpreting King Solomon's Problem: Malice And Mechanism Design, Brishti Guha
Reinterpreting King Solomon's Problem: Malice And Mechanism Design, Brishti Guha
Research Collection School Of Economics
I argue for an alternative interpretation of King Solomon's problem in terms of one of the two claimants being “malicious”. A “malicious” claimant places no intrinsic value on the object but derives utility from depriving the rival claimant. This new interpretation permits a simpler solution than those considered in the literature; I derive a mechanism that induces truthful revelation where the equilibrium involves a single round of elimination of weakly dominated strategies, and no monetary transfers. I consider extensions which allow for the malicious claimant to also place some low but positive intrinsic valuation on the object; I also discuss …
Financial Development, International Capital Flows, And Aggregate Output, Jurgen Von Hagen, Haiping Zhang
Financial Development, International Capital Flows, And Aggregate Output, Jurgen Von Hagen, Haiping Zhang
Research Collection School Of Economics
We develop a tractable two-country overlapping-generations model and show that cross-country differences in financial development can explain three recent empirical patterns of international capital flows: Financial capital flows from relatively poor to relatively rich countries, while foreign direct investment flows in the opposite direction; net capital flows go from poor to rich countries; despite its negative net international investment positions, the United States receives a positive net investment income. International capital mobility affects output in each country directly through the size of domestic investment and indirectly through the aggregate saving rate. Under certain conditions, the indirect effect may dominate the …
Nonparametric Testing For Anomaly Effects In Empirical Asset Pricing Models, Sainan Jin, Liangjun Su, Yonghui Zhang
Nonparametric Testing For Anomaly Effects In Empirical Asset Pricing Models, Sainan Jin, Liangjun Su, Yonghui Zhang
Research Collection School Of Economics
In this paper we propose a class of nonparametric tests for anomaly effects in empirical asset pricing models in the framework of nonparametric panel data models with interactive fixed effects. Our approach has two prominent features: one is the adoption of nonparametric component to capture the anomaly effects of some asset-specific characteristics, and the other is the flexible treatment of both observed/constructed and unobserved common factors. By estimating the unknown factors, betas, and nonparametric function simultaneously, our setup is robust to misspecification of functional form and common factors and avoids the well-known “error-in-variable” (EIV) problem associated with the commonly used …
Specification Testing For Transformation Models, Arthur Lewbel, Xun Lu, Liangjun Su
Specification Testing For Transformation Models, Arthur Lewbel, Xun Lu, Liangjun Su
Research Collection School Of Economics
Consider a nonseparable model Y=R(X,U) where Y and X are observed, while U is unobserved and conditionally independent of X. This paper provides the first nonparametric test of whether R takes the form of a transformation model, meaning that Y is monotonic in the sum of a function of X plus a function of U. Transformation models of this form are commonly assumed in economics, including, e.g., standard specifications of duration models and hedonic pricing models. Our test statistic is asymptotically normal under local alternatives and consistent against nonparametric alternatives. Monte Carlo experiments show that our test performs well in …
A New Approach To Bayesian Hypothesis Testing, Yong Li, Tao Zeng, Jun Yu
A New Approach To Bayesian Hypothesis Testing, Yong Li, Tao Zeng, Jun Yu
Research Collection School Of Economics
In this paper a new Bayesian approach is proposed to test a point null hypothesis based on the deviance in a decision-theoretical framework. The proposed test statistic may be regarded as the Bayesian version of the likelihood ratio test and appeals in practical applications with three desirable properties. First, it is immune to Jeffreys’ concern about the use of improper priors. Second, it avoids Jeffreys–Lindley’s paradox, Third, it is easy to compute and its threshold value is easily derived, facilitating the implementation in practice. The method is illustrated using some real examples in economics and finance. It is found that …
Job Market Signaling With Human Capital Investment, Gea Myoung Lee, Seung Han Yoo
Job Market Signaling With Human Capital Investment, Gea Myoung Lee, Seung Han Yoo
Research Collection School Of Economics
In this paper, we consider the social value of signaling by recasting the Spence's (1973) signaling model in a causal relationship: human capital investment is necessary to reduce the marginal cost of signaling. Our model contains distinct features: (i) the choice of signaling a§ects the level of human capital investment and (ii) the proportion of high and low type in the entire workers is endogenously determined. From the perspective of welfare, we compare two contrasting forms of signaling, separating and pooling, and Önd that the choice of a proper form of signaling is dependent on how each signaling induces the …
Optimal Estimation Of Cointegrated Systems With Irrelevant Instruments, Peter C. B. Phillips
Optimal Estimation Of Cointegrated Systems With Irrelevant Instruments, Peter C. B. Phillips
Research Collection School Of Economics
It has been known since Phillips and Hansen (1990) that cointegrated systems can be consistently estimated using stochastic trend instruments that are independent of the system variables. A similar phenomenon occurs with deterministically trending instruments. The present work shows that such "irrelevant" deterministic trend instruments may be systematically used to produce asymptotically efficient estimates of a cointegrated system. The approach is convenient in practice, involves only linear instrumental variables estimation, and is a straightforward one step procedure with no loss of degrees of freedom in estimation. Simulations reveal that the procedure works well in practice both in terms of point …
Minimum Investment Requirement, Financial Integration And Economic (In)Stability: A Refinement To Matsuyama (2004), Haiping Zhang
Minimum Investment Requirement, Financial Integration And Economic (In)Stability: A Refinement To Matsuyama (2004), Haiping Zhang
Research Collection School Of Economics
This note proposes a simple, more precise, necessary condition for symmetry breaking in Matsuyama (Financial Market Globalization, Symmetry-Breaking, and Endogenous Inequality of Nations, Econometrica, 2004 ), i.e., the positive interest rate response to income changes, which essentially arises from the assumptions of financial frictions and minimum investment size requirement of individual projects. This condition also holds under the more general settings. Thus, this note o ers an empirically testable hypothesis, i.e., Matsuyama's symmetry breaking is more likely, if the interest rate response to income changes is positive and sufficiently large.
Identifying Latent Structures In Panel Data, Liangjun Su, Zhentao Shi, Peter C. B. Phillips
Identifying Latent Structures In Panel Data, Liangjun Su, Zhentao Shi, Peter C. B. Phillips
Research Collection School Of Economics
This paper provides a novel mechanism for identifying and estimating latent group structures in panel data using penalized regression techniques. We focus on linear models where the slope parameters are heterogeneous across groups but homogenous within a group and the group membership is unknown. Two approaches are considered -- penalized least squares (PLS) for models without endogenous regressors, and penalized GMM (PGMM) for models with endogeneity. In both cases we develop a new variant of Lasso called classifier-Lasso (C-Lasso) that serves to shrink individual coefficients to the unknown group-specific coefficients. C-Lasso achieves simultaneous classification and consistent estimation in a single …
Quasi-Maximum Likelihood Estimation For Spatial Panel Data Regressions, Zhenlin Yang
Quasi-Maximum Likelihood Estimation For Spatial Panel Data Regressions, Zhenlin Yang
Research Collection School Of Economics
This article considers quasi-maximum likelihood estimations (QMLE) for two spatial panel data regression models: mixed effects model with spatial errors and transformed mixed effects model (where response and covariates are transformed) with spatial errors. One aim of transformation is to normalize the data, thus the transformed models are more robust with respect to the normality assumption compared with the standard ones. QMLE method provides additional protection against violation of normality assumption. Asymptotic properties of the QMLEs are investigated. Numerical illustrations are provided.
Testing Homogeneity In Panel Data Models With Interactive Fixed Effects, Liangjun Su, Qihui Chen
Testing Homogeneity In Panel Data Models With Interactive Fixed Effects, Liangjun Su, Qihui Chen
Research Collection School Of Economics
This paper proposes a residual-based LM test for slope homogeneity in large dimensional panel data models with interactive fixed effects. We first run the panel regression under the null to obtain the restricted residuals, and then use them to construct our LM test statistic. We show that after being appropriately centered and scaled, our test statistic is asymptotically normally distributed under the null and a sequence of Pitman local alternatives. The asymptotic distributional theories are established under fairly general conditions which allow for both lagged dependent variables and conditional heteroskedasticity of unknown form by relying on the concept of conditional …
Testing For Indirect Reciprocity In Charitable Activities, Christine Ho
Testing For Indirect Reciprocity In Charitable Activities, Christine Ho
Research Collection School Of Economics
We propose a test of indirect reciprocity using US data on charitable activities in terms of both time and money. We find that expecting help from friends or relatives in the future positively affects the probability and the amount of charitable activities performed.
Predictive Regression Under Various Degrees Of Persistence And Robust Long-Horizon Regression, Peter C. B. Phillips, Ji Hyung Lee
Predictive Regression Under Various Degrees Of Persistence And Robust Long-Horizon Regression, Peter C. B. Phillips, Ji Hyung Lee
Research Collection School Of Economics
The paper proposes a novel inference procedure for long-horizon predictive regression with persistent regressors, allowing the autoregressive roots to lie in a wide vicinity of unity. The invalidity of conventional tests when regressors are persistent has led to a large literature dealing with inference in predictive regressions with local to unity regressors. Magdalinos and Phillips (2009b) recently developed a new framework of extended IV procedures (IVX) that enables robtist chi-square testing for a wider class of persistent regressors. We extend this robust procedure to an even wider parameter space in the vicinity of unity and apply the methods to long-horizon …
Estimation Of Time-Varying Adjusted Probability Of Informed Trading And Probability Of Symmetric Order-Flow Shock, Daniel Preve, Yiu Kuen Tse
Estimation Of Time-Varying Adjusted Probability Of Informed Trading And Probability Of Symmetric Order-Flow Shock, Daniel Preve, Yiu Kuen Tse
Research Collection School Of Economics
Recently Duarte and Young (2009) study the probability of informed trading (PIN) proposed by Easley et al. (2002) and decompose it into two parts: the adjusted PIN (APIN) as a measure of asymmetric information and the probability of symmetric order-flow shock (PSOS) as a measure of illiquidity. They provide some cross-section estimates of these measures using daily data over annual periods. In this paper we propose a method to estimate daily APIN and PSOS by extending the method in Tay et al. (2009) using high-frequency transaction data. Our empirical results show that while PIN is positively contemporaneously correlated with variance, …
Relook Link Between Low Wages And Foreign Workers, Hian Teck Hoon
Relook Link Between Low Wages And Foreign Workers, Hian Teck Hoon
Research Collection School Of Economics
He felt that the commonplace idea that the huge inflow of foreign workers in the past decade caused a stagnation and even decline in real wage earnings of Singaporean workers in the bottom half of the income distribution was flawed. He argued that real wage earnings of the median worker actually increased when the number of inflows of foreign workers was reaching its peak. Prof Hoon thus felt that Singapore must now find a means to gear its political and economic institutions to continue to embrace economic openness in the next half-century, in order to be able to deliver good …
Egalitarian Division Under Leontief Preferences, Jin Li, Jingyi Xue
Egalitarian Division Under Leontief Preferences, Jin Li, Jingyi Xue
Research Collection School Of Economics
We consider the problem of fairly dividing l divisible goods among n agents with the generalized Leontief preferences. We propose and characterize the class of generalized egalitarian rules which satisfy efficiency, group strategy-proofness, anonymity, resource monotonicity, population monotonicity, envy-freeness and consistency. On the Leontief domain, our rules generalize the egalitarian-equivalent rules with reference bundles. We also extend our rules to agent-specific and endowment-specific egalitarian rules. The former is a larger class of rules satisfying all the previous properties except anonymity and envy-freeness. The latter is a class of efficient, group strategy-proof, anonymous and individually rational rules when the resources are …
From Coercion To Politics To Law: The Evolution Of Property Rights Protection, Fali Huang
From Coercion To Politics To Law: The Evolution Of Property Rights Protection, Fali Huang
Research Collection School Of Economics
This paper shows how property rights security improves over time as a result of increasing legal quality and political democratization in a political economy context, where political and legal institutions adapt to evolving factor composition of land and capital in the dynamic economic development process. There seems to exist a clear sequence of di⁄erent forms of protection in that it is unlikely to have a strong rule of law with an exploitative political regime, or to have a democratic political system when the distribution of potential coercive power is too skewed. The routine form of protection thus shifts from coercion …
Limit Theory For An Explosive Autoregressive Process, Xiaohu Wang, Jun Yu
Limit Theory For An Explosive Autoregressive Process, Xiaohu Wang, Jun Yu
Research Collection School Of Economics
Large sample properties are studied for a first-order autoregression (AR(1)) with a root greater than unity. It is shown that, contrary to the AR coefficient, the least-squares (LS) estimator of the intercept and its t-statistic are asymptotically normal without requiring the Gaussian error distribution, and hence an invariance principle applies. The coefficient based test and the t test have better power for testing the hypothesis of zero intercept in the explosive process than in the stationary process.
Singapore's Housing Policies: 1960-2013, Sock Yong Phang, Kyunghwan Kim
Singapore's Housing Policies: 1960-2013, Sock Yong Phang, Kyunghwan Kim
Research Collection School Of Economics
The focus of this case study is on the important role of real estate and housing policies in Singapore’s economic development. In the sphere of housing policy, Singapore is known for its high homeownership rates, the very significant role played by the government in housing supply and housing finance, and the wealth that has been created and distributed in the process.
Nonparametric Regression Estimation With General Parametric Error Covariance: A More Efficient Two-Step Estimator, Liangjun Su, Aman Ullah, Yun Wang
Nonparametric Regression Estimation With General Parametric Error Covariance: A More Efficient Two-Step Estimator, Liangjun Su, Aman Ullah, Yun Wang
Research Collection School Of Economics
Recently Martins-Filho and Yao (J Multivar Anal 100:309–333, 2009) have proposed a two-step estimator of nonparametric regression function with parametric error covariance and demonstrate that it is more efficient than the usual LLE. In the present paper we demonstrate that MY’s estimator can be further improved. First, we extend MY’s estimator to the multivariate case, and also establish the asymptotic theorem for the slope estimators; second, we propose a more efficient two-step estimator for nonparametric regression function with general parametric error covariance, and develop the corresponding asymptotic theorems. Monte Carlo study shows the relative efficiency loss of MY’s estimator in …
Detecting Bubbles In Hong Kong Residential Property Market, Matthew S. Yiu, Jun Yu, Lu Jin
Detecting Bubbles In Hong Kong Residential Property Market, Matthew S. Yiu, Jun Yu, Lu Jin
Research Collection School Of Economics
This study uses a newly developed bubble detection method (Phillips, Shi, and Yu, 2011) to identify real estate bubbles in the Hong Kong residential property market. Our empirical results reveal several positive bubbles in the Hong Kong residential property market, including one in 1995, a stronger one in 1997, yet another one in 2004, and a more recent one in 2008. In addition, the method identifies two negative bubbles in the data, one in 2000 and the other one in 2001. These empirical results continue to be valid for the mass segment and the luxury segment. However, this method has …