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We conclude with an application comparing the performance of density forecasts produced by a linear Phillips curve model of inflation versus a Markov-switching Phillips curve,
While the baseline structural model is estimated under the strong assumption that the within- group correlation in unobservable characteristics is equal to the correlation in
Our base model for counties with new plants is shown in the first column of results in Table 4. The estimated logit model in- dicates that the presence of an interstate
In the cases of independent noise and noise with dependence in tick time, the volatility is identifiable even though HL’s es- timators are inconsistent.. On the other hand,
To evaluate a comparable strategy using the least-squares es- timates we first evaluate the predicted mean spread and total ac- cording to the estimated model then, using the
The paper introduces a multivariate stochastic volatility model based on the Wishart autoregressive process that leads to closed-form solutions for the conditional Laplace
That we nd evidence for a volatility reduction in aggregate - nal sales is perhaps not surprising given that we have already shown that the Bayesian model comparison nds evidence
Using our model of program participation to nd the best matches from the national sample for each Trabajar worker, we have estimated the net income gain from the program. We nd
