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  Subjects -> BUSINESS AND ECONOMICS (Total: 3080 journals)
    - ACCOUNTING (90 journals)
    - BANKING AND FINANCE (261 journals)
    - BUSINESS AND ECONOMICS (1139 journals)
    - CONSUMER EDUCATION AND PROTECTION (24 journals)
    - COOPERATIVES (4 journals)
    - ECONOMIC SCIENCES: GENERAL (158 journals)
    - ECONOMIC SYSTEMS, THEORIES AND HISTORY (176 journals)
    - FASHION AND CONSUMER TRENDS (13 journals)
    - HUMAN RESOURCES (93 journals)
    - INSURANCE (23 journals)
    - INTERNATIONAL COMMERCE (126 journals)
    - INTERNATIONAL DEVELOPMENT AND AID (82 journals)
    - INVESTMENTS (27 journals)
    - LABOR AND INDUSTRIAL RELATIONS (43 journals)
    - MACROECONOMICS (15 journals)
    - MANAGEMENT (522 journals)
    - MARKETING AND PURCHASING (86 journals)
    - MICROECONOMICS (25 journals)
    - PRODUCTION OF GOODS AND SERVICES (137 journals)
    - PUBLIC FINANCE, TAXATION (34 journals)
    - TRADE AND INDUSTRIAL DIRECTORIES (2 journals)

BUSINESS AND ECONOMICS (1139 journals)                  1 2 3 4 5 6 | Last

Showing 1 - 200 of 1566 Journals sorted alphabetically
4OR: A Quarterly Journal of Operations Research     Hybrid Journal   (Followers: 9)
Abacus     Hybrid Journal   (Followers: 11)
Accounting Forum     Hybrid Journal   (Followers: 22)
Acta Amazonica     Open Access   (Followers: 3)
Acta Commercii     Open Access   (Followers: 2)
Acta Oeconomica     Full-text available via subscription   (Followers: 2)
Acta Scientiarum. Human and Social Sciences     Open Access   (Followers: 4)
Acta Universitatis Danubius. Œconomica     Open Access  
Acta Universitatis Nicolai Copernici Zarządzanie     Open Access   (Followers: 3)
AD-minister     Open Access   (Followers: 2)
ADR Bulletin     Open Access   (Followers: 5)
Advances in Developing Human Resources     Hybrid Journal   (Followers: 21)
Advances in Economics and Business     Open Access   (Followers: 12)
AfricaGrowth Agenda     Full-text available via subscription   (Followers: 1)
African Affairs     Hybrid Journal   (Followers: 57)
African Development Review     Hybrid Journal   (Followers: 33)
African Journal of Business and Economic Research     Full-text available via subscription   (Followers: 1)
African Journal of Business Ethics     Open Access   (Followers: 7)
African Review of Economics and Finance     Open Access   (Followers: 3)
Afro-Asian Journal of Finance and Accounting     Hybrid Journal   (Followers: 7)
Afyon Kocatepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi     Open Access   (Followers: 3)
Agronomy     Open Access   (Followers: 11)
Akademika : Journal of Southeast Asia Social Sciences and Humanities     Open Access   (Followers: 4)
Alphanumeric Journal : The Journal of Operations Research, Statistics, Econometrics and Management Information Systems     Open Access   (Followers: 4)
American Economic Journal : Applied Economics     Full-text available via subscription   (Followers: 126)
American Journal of Business     Hybrid Journal   (Followers: 15)
American Journal of Business and Management     Open Access   (Followers: 51)
American Journal of Business Education     Open Access   (Followers: 10)
American Journal of Economics and Business Administration     Open Access   (Followers: 24)
American Journal of Economics and Sociology     Hybrid Journal   (Followers: 28)
American Journal of Evaluation     Hybrid Journal   (Followers: 12)
American Journal of Finance and Accounting     Hybrid Journal   (Followers: 18)
American Journal of Health Economics     Full-text available via subscription   (Followers: 13)
American Journal of Industrial and Business Management     Open Access   (Followers: 23)
American Journal of Medical Quality     Hybrid Journal   (Followers: 7)
American Law and Economics Review     Hybrid Journal   (Followers: 26)
ANALES de la Universidad Central del Ecuador     Open Access   (Followers: 1)
Annales de l'Institut Henri Poincare (C) Non Linear Analysis     Full-text available via subscription   (Followers: 1)
Annals in Social Responsibility     Full-text available via subscription  
Annals of Finance     Hybrid Journal   (Followers: 28)
Annals of Operations Research     Hybrid Journal   (Followers: 8)
Annual Review of Economics     Full-text available via subscription   (Followers: 29)
Applied Developmental Science     Hybrid Journal   (Followers: 3)
Applied Economics     Hybrid Journal   (Followers: 44)
Applied Economics Letters     Hybrid Journal   (Followers: 28)
Applied Economics Quarterly     Full-text available via subscription   (Followers: 10)
Applied Financial Economics     Hybrid Journal   (Followers: 23)
Applied Mathematical Finance     Hybrid Journal   (Followers: 7)
Applied Stochastic Models in Business and Industry     Hybrid Journal   (Followers: 5)
Arab Economic and Business Journal     Open Access   (Followers: 3)
Archives of Business Research     Open Access   (Followers: 5)
Arena Journal     Full-text available via subscription   (Followers: 1)
Argomenti. Rivista di economia, cultura e ricerca sociale     Open Access   (Followers: 2)
ASEAN Economic Bulletin     Full-text available via subscription   (Followers: 5)
Asia Pacific Business Review     Hybrid Journal   (Followers: 5)
Asia Pacific Journal of Human Resources     Hybrid Journal   (Followers: 318)
Asia Pacific Viewpoint     Hybrid Journal  
Asia-Pacific Journal of Business Administration     Hybrid Journal   (Followers: 3)
Asia-Pacific Journal of Operational Research     Hybrid Journal   (Followers: 3)
Asian Business Review     Open Access   (Followers: 2)
Asian Case Research Journal     Hybrid Journal   (Followers: 1)
Asian Development Review     Open Access   (Followers: 14)
Asian Economic Journal     Hybrid Journal   (Followers: 8)
Asian Economic Papers     Hybrid Journal   (Followers: 7)
Asian Economic Policy Review     Hybrid Journal   (Followers: 3)
Asian Journal of Accounting and Governance     Open Access   (Followers: 3)
Asian Journal of Business Ethics     Hybrid Journal   (Followers: 7)
Asian Journal of Social Sciences and Management Studies     Open Access   (Followers: 6)
Asian Journal of Sustainability and Social Responsibility     Open Access  
Asian Journal of Technology Innovation     Hybrid Journal   (Followers: 8)
Asian-pacific Economic Literature     Hybrid Journal   (Followers: 5)
AStA Wirtschafts- und Sozialstatistisches Archiv     Hybrid Journal   (Followers: 5)
Atlantic Economic Journal     Hybrid Journal   (Followers: 15)
Australasian Journal of Regional Studies, The     Full-text available via subscription   (Followers: 2)
Australian Cottongrower, The     Full-text available via subscription   (Followers: 1)
Australian Economic Papers     Hybrid Journal   (Followers: 22)
Australian Economic Review     Hybrid Journal   (Followers: 6)
Australian Journal of Maritime and Ocean Affairs     Hybrid Journal   (Followers: 10)
Balkan Region Conference on Engineering and Business Education     Open Access   (Followers: 1)
Baltic Journal of Real Estate Economics and Construction Management     Open Access   (Followers: 1)
Banks in Insurance Report     Hybrid Journal   (Followers: 1)
BBR - Brazilian Business Review     Open Access   (Followers: 4)
Benchmarking : An International Journal     Hybrid Journal   (Followers: 11)
BER : Consumer Confidence Survey     Full-text available via subscription   (Followers: 4)
BER : Economic Prospects : An Executive Summary     Full-text available via subscription  
BER : Economic Prospects : Full Survey     Full-text available via subscription   (Followers: 2)
BER : Intermediate Goods Industries Survey     Full-text available via subscription   (Followers: 1)
BER : Manufacturing Survey : Full Survey     Full-text available via subscription   (Followers: 2)
BER : Motor Trade Survey     Full-text available via subscription   (Followers: 1)
BER : Retail Sector Survey     Full-text available via subscription   (Followers: 2)
BER : Retail Survey : Full Survey     Full-text available via subscription   (Followers: 2)
BER : Survey of Business Conditions in Building and Construction : An Executive Summary     Full-text available via subscription   (Followers: 4)
BER : Survey of Business Conditions in Manufacturing : An Executive Summary     Full-text available via subscription   (Followers: 3)
BER : Survey of Business Conditions in Retail : An Executive Summary     Full-text available via subscription   (Followers: 3)
BER : Trends : Full Survey     Full-text available via subscription   (Followers: 2)
BER : Wholesale Sector Survey     Full-text available via subscription   (Followers: 1)
Berkeley Business Law Journal     Free   (Followers: 11)
Bio-based and Applied Economics     Open Access   (Followers: 1)
Biodegradation     Hybrid Journal   (Followers: 1)
Biology Direct     Open Access   (Followers: 7)
Black Enterprise     Full-text available via subscription  
Board & Administrator for Administrators only     Hybrid Journal  
Border Crossing : Transnational Working Papers     Open Access   (Followers: 2)
Briefings in Real Estate Finance     Hybrid Journal   (Followers: 5)
British Journal of Industrial Relations     Hybrid Journal   (Followers: 30)
Brookings Papers on Economic Activity     Open Access   (Followers: 47)
Brookings Trade Forum     Full-text available via subscription   (Followers: 3)
BRQ Business Research Quarterly     Open Access   (Followers: 2)
Building Sustainable Legacies : The New Frontier Of Societal Value Co-Creation     Full-text available via subscription   (Followers: 1)
Bulletin of Economic Research     Hybrid Journal   (Followers: 17)
Bulletin of Geography. Socio-economic Series     Open Access   (Followers: 7)
Bulletin of Indonesian Economic Studies     Hybrid Journal   (Followers: 3)
Bulletin of the Dnipropetrovsk University. Series : Management of Innovations     Open Access   (Followers: 1)
Business & Entrepreneurship Journal     Open Access   (Followers: 16)
Business & Information Systems Engineering     Hybrid Journal   (Followers: 5)
Business & Society     Hybrid Journal   (Followers: 9)
Business : Theory and Practice / Verslas : Teorija ir Praktika     Open Access   (Followers: 1)
Business and Economic Research     Open Access   (Followers: 6)
Business and Management Horizons     Open Access   (Followers: 12)
Business and Management Research     Open Access   (Followers: 17)
Business and Management Studies     Open Access   (Followers: 9)
Business and Politics     Hybrid Journal   (Followers: 6)
Business and Professional Communication Quarterly     Hybrid Journal   (Followers: 7)
Business and Society Review     Hybrid Journal   (Followers: 5)
Business Economics     Hybrid Journal   (Followers: 6)
Business Ethics: A European Review     Hybrid Journal   (Followers: 16)
Business Horizons     Hybrid Journal   (Followers: 8)
Business Information Review     Hybrid Journal   (Followers: 13)
Business Management and Strategy     Open Access   (Followers: 40)
Business Research     Hybrid Journal   (Followers: 2)
Business Strategy and the Environment     Hybrid Journal   (Followers: 12)
Business Strategy Review     Hybrid Journal   (Followers: 7)
Business Strategy Series     Hybrid Journal   (Followers: 6)
Business Systems & Economics     Open Access   (Followers: 2)
Business Systems Research Journal     Open Access   (Followers: 5)
Business, Management and Education     Open Access   (Followers: 17)
Business, Peace and Sustainable Development     Full-text available via subscription   (Followers: 3)
Bustan     Hybrid Journal   (Followers: 1)
Cadernos EBAPE.BR     Open Access   (Followers: 1)
Cambridge Journal of Economics     Hybrid Journal   (Followers: 54)
Cambridge Journal of Regions, Economy and Society     Hybrid Journal   (Followers: 9)
Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l Administration     Hybrid Journal   (Followers: 1)
Canadian Journal of Economics/Revue Canadienne d`Economique     Hybrid Journal   (Followers: 26)
Canadian journal of nonprofit and social economy research     Open Access   (Followers: 2)
Capitalism and Society     Hybrid Journal   (Followers: 2)
Capitalism Nature Socialism     Hybrid Journal   (Followers: 11)
Case Studies in Business and Management     Open Access   (Followers: 8)
CBU International Conference Proceedings     Open Access   (Followers: 1)
Central European Journal of Operations Research     Hybrid Journal   (Followers: 5)
Central European Journal of Public Policy     Open Access   (Followers: 1)
CESifo Economic Studies     Hybrid Journal   (Followers: 16)
Chain Reaction     Full-text available via subscription  
Challenge     Full-text available via subscription   (Followers: 4)
China & World Economy     Hybrid Journal   (Followers: 15)
China : An International Journal     Full-text available via subscription   (Followers: 16)
China Economic Journal: The Official Journal of the China Center for Economic Research (CCER) at Peking University     Hybrid Journal   (Followers: 9)
China Economic Review     Hybrid Journal   (Followers: 10)
China Finance Review International     Hybrid Journal   (Followers: 5)
China Nonprofit Review     Hybrid Journal   (Followers: 3)
China perspectives     Open Access   (Followers: 11)
Chinese Economy     Full-text available via subscription  
Ciência & Saúde Coletiva     Open Access   (Followers: 2)
CLIO América     Open Access   (Followers: 1)
Cliometrica     Hybrid Journal   (Followers: 2)
COEPTUM     Open Access  
Community Development Journal     Hybrid Journal   (Followers: 24)
Compensation & Benefits Review     Hybrid Journal   (Followers: 6)
Competition & Change     Hybrid Journal   (Followers: 10)
Competitive Intelligence Review     Hybrid Journal   (Followers: 2)
Competitiveness Review : An International Business Journal incorporating Journal of Global Competitiveness     Hybrid Journal   (Followers: 5)
Computational Economics     Hybrid Journal   (Followers: 9)
Computational Mathematics and Modeling     Hybrid Journal   (Followers: 8)
Computer Law & Security Review     Hybrid Journal   (Followers: 15)
Computers & Operations Research     Hybrid Journal   (Followers: 10)
Construction Innovation: Information, Process, Management     Hybrid Journal   (Followers: 14)
Contemporary Wales     Full-text available via subscription   (Followers: 3)
Contextus - Revista Contemporânea de Economia e Gestão     Open Access   (Followers: 1)
Contributions to Political Economy     Hybrid Journal   (Followers: 6)
Corporate Communications An International Journal     Hybrid Journal   (Followers: 5)
Corporate Philanthropy Report     Hybrid Journal   (Followers: 2)
Corporate Reputation Review     Hybrid Journal   (Followers: 4)
Creative and Knowledge Society     Open Access   (Followers: 10)
Creative Industries Journal     Hybrid Journal   (Followers: 8)
CRIS - Bulletin of the Centre for Research and Interdisciplinary Study     Open Access   (Followers: 1)
Crossing the Border : International Journal of Interdisciplinary Studies     Open Access   (Followers: 4)
Cuadernos de Administración (Universidad del Valle)     Open Access   (Followers: 1)
Cuadernos de Economía     Open Access   (Followers: 1)
Cuadernos de Economia - Latin American Journal of Economics     Open Access   (Followers: 1)
Cuadernos de Estudios Empresariales     Open Access   (Followers: 1)
Current Opinion in Creativity, Innovation and Entrepreneurship     Open Access   (Followers: 8)
De Economist     Hybrid Journal   (Followers: 12)
Decision Analysis     Full-text available via subscription   (Followers: 8)
Decision Sciences     Hybrid Journal   (Followers: 15)
Decision Support Systems     Hybrid Journal   (Followers: 15)
Defence and Peace Economics     Hybrid Journal   (Followers: 16)
der markt     Hybrid Journal   (Followers: 1)
Desenvolvimento em Questão     Open Access  
Development     Full-text available via subscription   (Followers: 23)
Development and Change     Hybrid Journal   (Followers: 46)
Development and Learning in Organizations     Hybrid Journal   (Followers: 7)

        1 2 3 4 5 6 | Last

Journal Cover Bulletin of Economic Research
  [SJR: 0.28]   [H-I: 21]   [17 followers]  Follow
    
   Hybrid Journal Hybrid journal (It can contain Open Access articles)
   ISSN (Print) 0307-3378 - ISSN (Online) 1467-8586
   Published by John Wiley and Sons Homepage  [1583 journals]
  • FINANCIAL DEVELOPMENT AND MACROECONOMIC VOLATILITY
    • Authors: Yong Ma; Ke Song
      Abstract: Using cross-country panel data over the period 1996–2012, this paper examines the impact of financial development on macroeconomic volatility using GMM estimators. In contrast to the linear relationship identified in many previous studies, we present robust evidence suggesting that the effect of financial development on macroeconomic volatility is nonlinear and U-shaped. We also investigate the potential differences between developed and developing countries. The results of the paper add new evidence and shed interesting insights into the recent debate on the role of finance in macroeconomic fluctuations.
      PubDate: 2017-05-16T06:20:45.614161-05:
      DOI: 10.1111/boer.12123
       
  • AN EMPIRICAL NOTE ON COMMUTING DISTANCE AND SLEEP DURING WORKWEEK AND
           WEEKEND
    • Authors: Christian Pfeifer
      Abstract: The author uses six years of large-scale panel survey data for Germany to analyse the nexus between commuting distance from the place of residence to the workplace and quantity of sleep. Pooled and individual fixed-effects regressions indicate that workers with longer commuting distance sleep significantly less per night during the workweek, but not less during the weekend. A one kilometer longer commuting distance is on average correlated with 0.0035 (pooled) and 0.0011 (fixed-effects) hours less sleep per night during the workweek. As commuting seems to affect sleep quantity, it might negatively affect health and time allocation for other leisure activities.
      PubDate: 2017-05-16T06:20:39.541926-05:
      DOI: 10.1111/boer.12121
       
  • INTERACTION TERMS IN POISSON AND LOG LINEAR REGRESSION MODELS
    • Authors: Shengwu Shang; Erik Nesson, Maoyong Fan
      Abstract: This paper develops a difference-in-semielasticities (DIS) interpretation for the coefficients of dichotomous variable interaction terms in nonlinear models with exponential conditional mean functions, including but not limited to Poisson, Negative Binomial, and log linear models. We show why these interaction term coefficients cannot be interpreted as a DIS or semielasticity in the same manner as continuous coefficients, which has been overlooked by some empirical researchers. Then we show how interaction terms can be easily transformed into a DIS and derive the asymptotic distribution of this estimator. We illustrate the discrepancy between the interaction term coefficient and the DIS using an empirical example evaluating the relationship between employment, private health insurance and physician office visits. Our results can be applied in treatment effect models when the outcome variable is logged and the dichotomous variables indicating treatment participation and the post-treatment time period.
      PubDate: 2017-05-16T06:20:29.969011-05:
      DOI: 10.1111/boer.12120
       
  • STOCK-BOND CO-MOVEMENTS AND FLIGHT-TO-QUALITY IN G7 COUNTRIES: A
           TIME-FREQUENCY ANALYSIS
    • Authors: Selcuk Bayraci; Sercan Demiralay, Hatice Gaye Gencer
      Abstract: This paper examines co-movement between stock returns and changes in 10-year government bond yields as well as flight-to-quality behaviour in G7 countries. We conduct the wavelet squared coherence analysis to explore the dynamics in both time and frequency domain. Our results provide evidence of positive co-movements, which vary over time and across investment horizon. The higher co-movement is found to be more concentrated in the lower frequency bands. We further analyse the dynamic nature of the scale-dependent wavelet correlations and find that the correlations are highly volatile and significantly increase across different time scales during the episodes of equity market turbulence. The increase in correlations reflects flights from stocks to safer bond investments as a result of dramatic changes in investor sentiment and risk aversion at times of market stress.
      PubDate: 2017-04-28T11:13:33.339366-05:
      DOI: 10.1111/boer.12118
       
  • PREDICTING STOCK RETURNS AND VOLATILITY WITH INVESTOR SENTIMENT INDICES: A
           RECONSIDERATION USING A NONPARAMETRIC CAUSALITY-IN-QUANTILES TEST#
    • Authors: Mehmet Balcilar; Rangan Gupta, Clement Kyei
      Abstract: Evidence of monthly stock returns predictability based on popular investor sentiment indices, namely SBW and SPLS as introduced by Baker and Wurgler (, ) and Huang et al. () respectively are mixed. While, linear predictive models show that only SPLS can predict excess stock returns, nonparametric models (which accounts for misspecification of the linear frameworks due to nonlinearity and regime changes) finds no evidence of predictability based on either of these two indices for not only stock returns, but also its volatility. However, in this paper, we show that when we use a more general nonparametric causality-in-quantiles model of Balcilar et al., (forthcoming), in fact, both SBW and SPLS can predict stock returns and its volatility, with SPLS being a relatively stronger predictor of excess returns during bear and bull regimes, and SBW being a relatively powerful predictor of volatility of excess stock returns, barring the median of the conditional distribution.
      PubDate: 2017-04-28T11:12:53.199583-05:
      DOI: 10.1111/boer.12119
       
  • THE IMPACT OF PERSONALITY TRAITS ON WAGE GROWTH AND THE GENDER WAGE GAP
    • Authors: Konrad C. Schäfer; Jörg Schwiebert
      Abstract: This paper considers the impact of personality traits on the change of the gender wage gap. Using data from the German Socioeconomic Panel (SOEP), we first explore how personality traits affect wage growth rates. Then, a decomposition analysis is performed to analyse the dynamic effects of personality traits on the change of the gender wage gap over time. Our empirical results indicate that gender differences in conscientiousness and emotional stability lead to a widening of the wage gap over time. By contrast, gender differences in extraversion lead to a narrowing of the wage gap over time.
      PubDate: 2017-04-04T06:27:00.748727-05:
      DOI: 10.1111/boer.12115
       
  • TO REGULATE OR TO DEREGULATE? THE ROLE OF DOWNSTREAM COMPETITION IN
           UPSTREAM MONOPOLY VERTICALLY LINKED MARKETS
    • Authors: Michael Polemis; Konstantinos Eleftheriou
      Abstract: This paper attempts to cast light to the effect of monopoly regulation in Cournot markets compared to its effect in Bertrand markets. To this purpose, we use a simple model of a vertically linked market, where an upstream regulated natural monopoly is trading via two-part tariff contracts with a downstream duopoly. Combining our results to those of the existing literature on deregulated markets, we argue that when the downstream competition is in prices, efficiency dictates regulating the monopoly with a marginal cost based pricing scheme. However, this type of regulation leads to significant welfare loss, when the downstream market is characterized by Cournot competition.
      PubDate: 2017-03-21T09:32:24.769367-05:
      DOI: 10.1111/boer.12116
       
  • WHAT DETERMINES VACATION LEAVE? THE ROLE OF GENDER
    • Authors: Ali Fakih
      Abstract: Vacation leave is introduced in workplaces to improve the working environment. Surprisingly, it has been observed that a large number of workers do not use all of their entitled vacation days. This paper provides a novel set of facts about the gender differences in taking vacation time using the Canadian Workplace Employee Survey, which is a linked longitudinal employer-employee dataset. The results show considerable differences between men and women in the estimated effects of some demographic characteristics after controlling for job and workplace characteristics. However, they reveal significant implications of work arrangements (e.g., part-time work, flexible work schedules, and home-based work), job promotion, supervisory tasks, and union membership for vacation use, for both men and women. This paper provides further insights on the use of fringe benefits that may be useful to policymakers and businesses.
      PubDate: 2017-03-17T09:49:16.967537-05:
      DOI: 10.1111/boer.12114
       
  • UNION–FIRM BARGAINING AGENDA REVISITED: WHEN UNIONS HAVE DISTINCT
           PREFERENCES
    • Authors: Luciano Fanti; Domenico Buccella
      Abstract: In this paper we revisit the issue of the scope of bargaining between firms and unions by considering a more general union's utility function with distinct preferences and sequential negotiations. First, we compare exogenously given labour market institutions; i.e., right-to-manage (RTM) and sequential efficient bargaining (SEB). We show that the conventional wisdom, which states that firms always prefer RTM, no longer holds. In fact, when unions are adequately wage aggressive and have strong enough bargaining power, firms may prefer SEB negotiations; however, firms switch their preference to RTM when unions are very strong. Moreover, we show that a conflict of interest between the parties may emerge when unions are sufficiently employment oriented as well as sufficiently wage aggressive and not too strong or too weak in bargaining. Second, we analyse the endogenous choice of the bargaining agenda. We show that a rich plethora of equilibria may occur and new situations of conflict/agreement of interests between the bargaining parties arise in particular when unions are sufficiently wage-aggressive.
      PubDate: 2017-02-13T04:20:44.628195-05:
      DOI: 10.1111/boer.12113
       
  • AN ESTIMATION OF WORKER AND FIRM EFFECTS WITH CENSORED DATA
    • Authors: Ainara González de San Román; Yolanda F. Rebollo-Sanz
      Abstract: In this paper, we develop a new estimation method that is suitable for censored models with two high dimensional fixed effects and that is based on a sequence of least squares regressions, yielding significant savings in computing time and hence making it applicable to frameworks in which standard estimation techniques become unfeasible. We propose to apply this estimation method to investigate the role of firms in individual wage variation. Using a longitudinal match employer-employee dataset from Spain, we show that the analysis of wage determination can be misleading when wages are censored. In particular, the role of firm wage policies in wage dispersion is overestimated by more than ten percentage points, while the role of time-invariant individual characteristics is underestimated by fifteen percentage points. Hence, controlling for censored wages appears to reinforce the idea that when explaining individual wage dispersion, what workers ‘are’ is more important than what workers ‘do’.
      PubDate: 2017-01-24T08:31:34.026494-05:
      DOI: 10.1111/boer.12112
       
  • THE OPTIMAL RISK CHOICE OF COOPERATIVE AND NONCOOPERATIVE R&D IN
           DUOPOLY WITH SPILLOVERS
    • Authors: Mingqing Xing
      Abstract: This study examines the R&D risk choice in a duopoly market with technology spill overs. The firms conduct R&D programmes with different degrees of risk but an identical expected outcome and they compete or cooperate in R&D. Findings indicate that, in equilibrium, the R&D risk level decreases in the spill over rate under noncooperative R&D, while it may increase under cooperative R&D. Firms are more likely to engage in higher R&D risks under cooperative R&D than they are under non-cooperative R&D. Moreover, the equilibrium R&D risk level both under competition and cooperation R&D is always too low from the perspective of social welfare, and the extent of this inefficiency increases with the spill over rate if the size of the spill over is large, but the opposite may occur if the size of the spill over is small.
      PubDate: 2016-12-05T07:58:54.998801-05:
      DOI: 10.1111/boer.12109
       
  • PERSONALITY TRAITS AND THE PERCEPTION OF MACROECONOMIC INDICATORS: SURVEY
           EVIDENCE
    • Authors: Andreas Orland
      Abstract: I examine the determinants of both perceived inflation and unemployment in one single survey and include Big Five traits in the analysis. This is the first survey on this topic in Germany. My sample consists of 1771 students from different fields and levels. Using PhD students’ estimates as a reference, I create categories for underestimation and overestimation of both variables. Multinomial logit regressions show that females overestimate both variables. Education and news consumption reduce misestimation. A higher level of Neuroticism is related with a higher probability to overestimate unemployment. Overstating (understating) one indicator is associated with overstating (understating) the other.
      PubDate: 2016-11-28T07:25:36.404375-05:
      DOI: 10.1111/boer.12110
       
  • DEFINING RELEVANT MARKETS FOR PHARMACEUTICALS
    • Authors: Oana Mihaescu; Niklas Rudholm
      Abstract: To identify the relevant product markets for Swedish pharmaceuticals, a spatial econometrics approach is employed. First, we calculate Moran's Is for different market definitions and then we use a spatial Durbin model to determine the effect of price changes on quantity sold of own and competing products. As expected, the results show that competition is strongest between close substitutes; however, the relevant product markets for Swedish pharmaceuticals extend beyond close substitutes down to products included in the same class on the four-digit level of the Anatomic Therapeutic Chemical system as defined by the World Health Organization. The spatial regression model further indicates that increases in the price of a product significantly lower quantity sold of that product and in the same time increase the quantity sold of competing products. For close substitutes (products belonging to the same class on the seven-digit level of the Anatomic Therapeutic Chemical system), as well as for products that, without being close substitutes, belong to the same therapeutic/pharmacological/chemical subgroup (the same class on the five-digit level of the Anatomic Therapeutic Chemical system), increased competition is also visible after 1 July 2009 when the latest policy changes with regards to pharmaceuticals have been implemented in Sweden.
      PubDate: 2016-11-28T03:20:47.587134-05:
      DOI: 10.1111/boer.12106
       
  • IMPACT OF OUTCOME AMBIGUITY ON SELF-INSURANCE AND SELF-PROTECTION:
           EXPERIMENTAL EVIDENCE
    • Authors: Ozlem Ozdemir
      Abstract: This experimental study examines and compares individual valuations of the two risk reduction mechanisms: self-insurance and self-protection in risky versus ambiguous outcome situations. Results confirm that individuals do not perceive these mechanisms differently under risk. Moreover, ambiguity in the outcome (i.e., size of loss) affects valuations weakly, and changing representations of ambiguity do not alter valuation. In general, individuals are found to be ambiguity averse for low sizes of loss and ambiguity neutral for high sizes of loss, regardless of the probability of loss. Finally, no strong support is found for any particular model of ambiguity.
      PubDate: 2016-11-28T03:20:37.074678-05:
      DOI: 10.1111/boer.12111
       
  • TAYLOR RULE REACTION COEFFICIENTS AND REAL EXCHANGE RATE PERSISTENCE
    • Authors: Bernd Kempa
      Abstract: Recent literature has established a link between the persistence of real exchange rates and the degree of inertia in Taylor rule monetary policy reactions functions. This paper provides a different view on this link by investigating how the size of Taylor rule reaction coefficients impacts the adjustment dynamics of the real exchange rate. Within a stylized sticky-price open-economy macro model, it is demonstrated that a stronger interest rate reaction to inflation in the Taylor rule raises the convergence speed of the real exchange rate. Conversely, raising the coefficient on the output gap or attending to the exchange rate in an open-economy version of the Taylor rule slows down real exchange rate adjustment. In all cases, more rapid convergence comes at the cost of stronger initial real exchange rate misalignments in the wake of monetary policy shocks.
      PubDate: 2016-11-23T03:56:02.376488-05:
      DOI: 10.1111/boer.12108
       
  • MONEY AND INFLATION IN INDIA: EVIDENCE FROM P-STAR MODEL
    • Authors: Sunil Paul; Sartaj Rasool Rather, M. Ramachandran
      Abstract: This study uses P-star model to examine the role of money in explaining inflation in India. In particular, we compare the performance of traditional Phillips curve approach against P-star model in forecasting inflation. Moreover, the study estimates P-star model using the alternative measures of money such as simple sum and Divisia M3, to examine the relevance of aggregation theoretic monetary aggregates in explaining inflation. The empirical results indicate that P-star model with real money gap has an edge over traditional Phillips curve approach in forecasting inflation. More importantly, we found that the P-star model estimated with Divisia real money gap performs better than its simple sum counterpart. These empirical findings suggest that the changes in real money gap play a crucial role in explaining inflation in India.
      PubDate: 2016-11-15T07:34:38.597231-05:
      DOI: 10.1111/boer.12104
       
  • ‘CHOOSE TO BE OPTIMISTIC, IT FEELS BETTER'’ EVIDENCE OF OPTIMISM
           ON EMPLOYMENT UTILITY
    • Authors: Chris Dawson; Tim Hinks, Michail Veliziotis
      Abstract: Individual's expected wages exceed predicted market wages. Rational expectations imply the divergence should be zero. If individuals over-estimate the return from their attributes and view the paid-employment return distribution too favourably, then conditional on market wages, subsequent employment utility is likely to be low through disappointment.
      PubDate: 2016-11-13T08:35:35.863731-05:
      DOI: 10.1111/boer.12107
       
  • SECULAR MEAN REVERSION AND LONG-RUN PREDICTABILITY OF THE STOCK MARKET
    • Authors: Valeriy Zakamulin
      Abstract: The empirical financial literature reports evidence of mean reversion in stock prices and the absence of out-of-sample return predictability over horizons shorter than 10 years. Anecdotal evidence suggests the presence of mean reversion in stock prices and return predictability over horizons longer than 10 years, but thus far, there is no empirical evidence confirming such anecdotal evidence. The goal of this paper is to fill this gap in the literature. Specifically, using 141 years of data, this paper begins by performing formal tests of the random walk hypothesis in the prices of the real S&P Composite Index over increasing time horizons of up to 40 years. Although our results cannot support the conventional wisdom that the stock market is safer for long-term investors, our findings speak in favor of the mean reversion hypothesis. In particular, we find statistically significant in-sample evidence that past 15-17 year returns are able to predict the future 15-17 year returns. This finding is robust to the choice of data source, deflator, and test statistic. The paper continues by investigating the out-of-sample performance of long-horizon return forecasting based on the mean-reverting model. These latter tests demonstrate that the forecast accuracy provided by the mean-reverting model is statistically significantly better than the forecast accuracy provided by the naive historical-mean model. Moreover, we show that the predictive ability of the mean-reverting model is economically significant and translates into substantial performance gains.
      PubDate: 2016-11-13T08:35:33.610973-05:
      DOI: 10.1111/boer.12105
       
  • EQUALITY OF OPPORTUNITY: EAST VS. WEST GERMANY
    • Authors: Andreas Peichl; Martin Ungerer
      Abstract: The case of German reunification has been subject to extensive research on earnings inequality and labour market integration. However, little is known about the development of equality of opportunity (EOp) in East and West Germany after 1990. Using German micro data, we empirically analyse how circumstances beyond the sphere of individual control relate to inequality in East and West Germany. Our results show that EOp is larger in East than in West Germany. However, despite increasing income inequality, EOp remained surprisingly constant.
      PubDate: 2016-11-01T03:10:33.830516-05:
      DOI: 10.1111/boer.12103
       
  • HOW DO FISCAL CONSOLIDATION AND FISCAL STIMULI IMPACT ON THE
           SYNCHRONIZATION OF BUSINESS CYCLES'
    • Authors: Luca Agnello; Guglielmo Maria Caporale, Ricardo M. Sousa
      Abstract: Using quarterly data for a panel of advanced economies, we show that synchronized fiscal consolidation (stimulus) programmes in different countries make their business cycles more closely linked. We also find: (i) some evidence of decoupling when an inflation targeting regime is unilaterally adopted; (ii) an increase in business cycle synchronization when countries fix their exchange rates and become members of a monetary union; (iii) a positive effect of bilateral trade on the synchronization of business cycles. Global factors, such as a rise in global risk aversion and uncertainty and a reversal of nonstandard expansionary monetary policy, can also reduce the degree of co-movement of business cycles across countries. From a policy perspective, our work shows that an inflation targeting regime coupled with simultaneous fiscal consolidations can lead to more business cycle synchronization.
      PubDate: 2016-10-24T05:15:25.470151-05:
      DOI: 10.1111/boer.12101
       
  • AN ATTEMPT TO EXPLAIN DIFFERENCES IN ECONOMIC GROWTH: A STOCHASTIC
           FRONTIER APPROACH
    • Authors: Diana Aguiar; Leonardo Costa, Elvira Silva
      Abstract: Total factor productivity (TFP), factor accumulation, and growth are analysed for a panel of 40 countries in 2001–11. TFP growth and technical inefficiency are estimated using a stochastic frontier model. Environmental variables are found to have an important role in explaining differences in inefficiency across countries. Over 2001–11, the general improvement in technical efficiency of countries is almost outweighed by technological regress. Results indicate that differences in factor accumulation between OECD and emerging economies are more important than differences in TFP change to explain differences in economic growth. Results also indicate negative and significant random shocks for the OECD countries.
      PubDate: 2016-10-22T07:35:29.058926-05:
      DOI: 10.1111/boer.12102
       
  • SUSTAINABILITY AND OUTREACH: A COMPARATIVE STUDY OF MFIs IN SOUTH ASIA AND
           LATIN AMERICA AND THE CARIBBEAN
    • Authors: Sefa Awaworyi Churchill; Ana Marr
      Abstract: Previous studies indicate that microfinance institutions (MFIs) in Latin America and the Caribbean (LAC) have different operational strategies to MFIs in South Asia (SA). Given the recent emphasis placed on the feasibility of MFIs to achieve the dual goals of outreach and sustainability concurrently, we examine and compare the relationship between sustainability and outreach of MFIs in LAC with MFIs in SA. Our results indicate that trade-offs exist between outreach and sustainability in both regions. However, the severity of trade-off is dependent on which goal MFIs decide to focus on in each region.
      PubDate: 2016-10-22T07:35:24.982832-05:
      DOI: 10.1111/boer.12100
       
  • US HEALTH AND AGGREGATE FLUCTUATIONS
    • Authors: Aleksandar Vasilev
      Abstract: This paper aims to shed light on the importance of health considerations for business cycle fluctuations and the effect of health status on labour productivity and availability of labour input for productive use. To this end, Grossman's (2000) partial-equilibrium framework with endogenous health is incorporated in an otherwise standard Real-Business-Cycle (RBC) model. Health status in this setup is modelled as a utility-enhancing, intangible, and non-transferrable capital stock, which depreciates over time. The household can improve their health (‘produce health') through investment using a health-recovery technology. The main results are: (i) overall, the model compares well vis-a-vis data; (ii) the behaviour of the price of healthcare is adequately approximated by the shadow price of health in the model; (iii) the model-generated health variable exhibits moderate- to high correlation with a large number of empirical health indicators.
      PubDate: 2016-10-19T06:55:27.195667-05:
      DOI: 10.1111/boer.12099
       
  • WHOLESALE PRICES AND COURNOT-BERTRAND COMPETITION
    • Authors: Olga Rozanova
      Abstract: This note considers the competing vertical structures framework with Cournot-Bertrand competition downstream. It shows that the equilibrium wholesale price paid by a Cournot (Bertrand)-type retailer is above (below) marginal costs of a corresponding manufacturer. This result contrasts with the one under pure competition downstream (i.e., Cournot or Bertrand), where the wholesale price is set below (above) marginal costs in case of a Cournot (Bertrand) game at the retail level.
      PubDate: 2016-10-18T09:20:44.906371-05:
      DOI: 10.1111/boer.12098
       
  • IDIOSYNCRATIC AND AGGREGATE RISKS, INEQUALITY AND GROWTH
    • Authors: Yoseph Yilma Getachew
      Abstract: The paper disaggregates productivity shocks at a firm level into idiosyncratic and aggregate risks, and studies their impacts on inequality, growth and welfare. It develops a growth model with human capital and incomplete insurance and credit markets that provides a closed-form solution for income inequality dynamics. We find that uninsured idiosyncratic risks are the most important determinants of inequality, growth and welfare. They are the source of nondegenerate wealth distribution. A lower weight of these shocks leads to lower steady-state inequality, higher growth and welfare. A redistribution of income that serves as social insurance against such risks increases welfare and decreases inequality. But, it also decreases growth by distorting individual consumption and saving decisions.
      PubDate: 2016-09-16T01:41:35.940629-05:
      DOI: 10.1111/boer.12096
       
  • REGIONAL EFFECTS OF MONETARY POLICY IN CHINA: EVIDENCE FROM CHINA'S
           PROVINCES
    • Authors: Xiaohui Guo; Tajul Ariffin Masron
      Abstract: This study examines the provincial effects of monetary policy from 1978 to 2011 in China. We used the SVAR method to measure the magnitude and timing of each province's response to monetary policy shocks when considering the influences of spillover effects among provinces. Then we also explored the regional effects of monetary policy employing multiple linear regressions. The results confirm that provinces respond differently to monetary policy actions. It was found that in the short run, the influence of spillover effects on a province's response is very important, but in the long run, the negative influence of deposit transfers overtake the positive impact of the spillover effect. For the factors causing the regional effects on monetary policy, the results show that the interest rate channel is rather weak at the regional level in China. The bank lending channel can explain the regional effects of monetary policy to some extent. Thus in China, the bank lending channel is more effective than the interest rate channel at the regional level.
      PubDate: 2016-08-30T06:10:29.913309-05:
      DOI: 10.1111/boer.12095
       
  • DETERMINANTS OF SOVEREIGN BONDS RATINGS: A ROBUSTNESS ANALYSIS
    • Authors: Dimitrios Soudis
      Abstract: Several studies have attempted to deduce the determinants of sovereign bond ratings. In this study, Extreme Bounds Analysis is applied to approximately 30 factors proposed by the literature in order to assess their robustness with a focus on the relative importance that economic and political variables receive in the shaping of the ratings. We find that policies that constrain the public sector are among the most robust. Variables such as rule of law, openness to economic flows, central bank independence, and market friendly policies are found to be more robustly correlated with the ratings than foreign reserves, fiscal deficit, sovereign bond yields, and economic growth.
      PubDate: 2016-08-24T05:55:26.355094-05:
      DOI: 10.1111/boer.12093
       
  • FORECASTING GLOBAL EQUITY INDICES USING LARGE BAYESIAN VARS
    • Authors: Florian Huber; Tamás Krisztin, Philipp Piribauer
      Abstract: This paper proposes a large Bayesian Vector Autoregressive (BVAR) model with common stochastic volatility to forecast global equity indices. Using a monthly dataset on global stock indices, the BVAR model controls for co-movement commonly observed in global stock markets. Moreover, the time-varying specification of the covariance structure accounts for sudden shifts in the level of volatility. In an out-of-sample forecasting application we show that the BVAR model with stochastic volatility significantly outperforms the random walk both in terms of point as well as density predictions. The BVAR model without stochastic volatility, on the other hand, shows some merits relative to the random walk for forecast horizons greater than six months ahead. In a portfolio allocation exercise we moreover provide evidence that it is possible to use the forecasts obtained from our model with common stochastic volatility to set up simple investment strategies. Our results indicate that these simple investment schemes outperform a naive buy-and-hold strategy.
      PubDate: 2016-08-10T08:30:34.154824-05:
      DOI: 10.1111/boer.12094
       
  • HEDGING AND THE COMPETITIVE FIRM UNDER AMBIGUOUS PRICE AND BACKGROUND RISK
    • Authors: Yusuke Osaki; Kit Pong Wong, Long Yi
      Abstract: This paper examines the optimal production and hedging decisions of the competitive firm that possesses smooth ambiguity preferences and faces ambiguous price and background risk. The separation theorem holds in that the firm's optimal output level depends neither on the firm's attitude towards ambiguity nor on the incident to the underlying ambiguity. We derive necessary and sufficient conditions under which the full-hedging theorem holds and thus options are not used. When these conditions are violated, we show that the firm optimally uses options for hedging purposes if ambiguity is introduced to the price and background risk by means of mean-preserving spreads. We as such show that options play a role as a hedging instrument over and above that of futures.
      PubDate: 2016-08-09T09:17:29.629239-05:
      DOI: 10.1111/boer.12092
       
  •  GLOBAL AND DISAGGREGATED MEASURES OF EARNINGS MOBILITY: EVIDENCE
           FROM FIVE EUROPEAN COUNTRIES
    • Authors: Claudia Vittori; Paul Gregg
      Abstract: This paper offers the first application of the local approximation method pioneered by Schluter and Trede (2003) for the Shorrocks mobility indices across the earnings distribution for a range of European Countries covering the main European social models: Denmark, Germany, Spain, the UK and Italy in the pre-accession EU (1994-2001). This insightful approach allows us to offer a global and disaggregate analysis of mobility as proportionate change in inequality and hence provide the reader with a full set of information to make his/her own judgment about the extent of mobility and country ranking. Specifically, we investigate the degree to which mobility is driven by low or high earners and how this picture changes across three different earnings measures: full-time full-year working, adding part-time working and then part-year working.Our results draw out some general key facts. First of all the vast bulk of the measured mobility occurs in the tails especially the lower tail with at least half of the index driven by mobility in the bottom earning quintile. Second, in the top 20 percent of the distribution there are few movements of earnings that effect the level of permanent inequality except in Denmark. Third, no country has a clear dominance for mobility across the full earnings distribution but Denmark differs from the other countries with clearly greater mobility in the middle and at the top. Finally, we find that with the exception of Denmark and Italy, mobility does not lead to clear convergence to the mean but rather to points around 0.7-0.8 and 1.5 to 2 times the mean.
      PubDate: 2016-06-16T04:20:45.162644-05:
      DOI: 10.1111/boer.12091
       
  • NEGATIVE CORRELATION BETWEEN STOCK AND FUTURES RETURNS: AN UNEXPLOITED
           HEDGING OPPORTUNITY'
    • Authors: Parantap Basu; William T. Gavin
      Abstract: The negative correlation between equity and commodity futures returns is widely perceived by investors as an unexploited hedging opportunity. A Lucas (1982) asset-pricing model is adapted to analyse the fundamentals driving equity and commodity futures returns. Using the model we argue that such a negative correlation could arise as an equilibrium relationship which reflects traders' perceptions about the shocks driving the fundamentals such as energy and consumables, and does not necessarily indicate any hedging opportunity.
      PubDate: 2016-06-14T08:31:37.511876-05:
      DOI: 10.1111/boer.12090
       
  • THE RISK PREFERENCES OF ENTREPRENEURS IN INDONESIA
    • Authors: Kitae Sohn
      Abstract: Entrepreneurship is known to be important for innovation and economic growth, but relatively little attention has been paid to entrepreneurs in developing countries. We examined an important aspect of entrepreneurship: risk-taking. We analysed the Indonesian Family Life Survey and compared risk preferences between entrepreneurs and non-entrepreneurs. We found that risk tolerant workers were more likely to be entrepreneurs than risk averse workers by about 5 percentage points, or about 20 percent of the proportion of entrepreneurs in the labour force. The results imply that not all entrepreneurs in Indonesia are pushed into the sector; some actively take risks and seek innovations.
      PubDate: 2016-06-09T04:30:23.349791-05:
      DOI: 10.1111/boer.12088
       
  • A NOTE ON FOREIGN DIRECT INVESTMENT AND EXPORTS IN VERTICALLY
           DIFFERENTIATED INDUSTRIES
    • Authors: Jie Ma; Jidong Zhou
      Abstract: We examine the FDI versus exports decision of a multiproduct multinational firm which supplies vertically differentiated products, and show that the proximity-concentration trade-off can generate FDI-export coexistence, i.e., the firm supplies the low-quality products through FDI and the high-quality products through exports. We also show that the opposite can never happen. Moreover, when the multiproduct multinational firm faces price competition in the target markets, it has an incentive to use trade costs to soften price competition, which can reduce its FDI incentive.
      PubDate: 2016-05-12T07:45:44.88347-05:0
      DOI: 10.1111/boer.12087
       
  • ENTRY AND IMPORT QUOTA
    • Authors: Ming-Fang Tsai; Jiunn-Rong Chiou
      Abstract: An import quota set stricter than the free trade level is quite common for the domestic entry protection. However, this paper shows that as the products are vertically differentiated, an import quota that is simply set at the original free trade level could be effective on entrant protection. This quota policy also improves both consumer surplus and total domestic welfare, which is in sharp contrast to the implications of existing literature. Our result suggests that an import quota has a stronger protection effect on domestic production if the domestic and foreign products are vertically differentiated.
      PubDate: 2016-05-10T00:50:42.859351-05:
      DOI: 10.1111/boer.12081
       
  • FDI, SECTORAL OUTPUT AND REAL EXCHANGE RATE DYNAMICS UNDER FINANCIAL
           OPENNESS
    • Authors: Emmanuel K.K. Lartey
      Abstract: This paper adopts an alternative approach to the study of the impact of capital inflow on the real exchange rate by foremost, analysing the effect of FDI inflow on the ratio of tradables to nontradables, and then estimating the relationship between the tradable-nontradable ratio and the real exchange rate, while accounting for the role of financial openness. Based on data for a group of developing countries, the findings show that an increase in FDI inflow is associated with a decrease in the tradable-nontradable ratio, and that an increase in the tradable-nontradable ratio leads to a depreciation of the real exchange rate; this effect being greater with an increase in financial openness. This suggests that an increase in FDI inflow could result in an expansion of the nontradable sector, which would be associated with a greater appreciation of the real exchange rate under a higher level of financial openness.
      PubDate: 2016-03-14T08:16:43.933618-05:
      DOI: 10.1111/boer.12075
       
  • ‘HAVE YOU FELT ANGRY LATELY'’: A NOTE ON UNFAIR WAGE PERCEPTIONS
           AND THE NEGATIVE EMOTION OF ANGER
    • Authors: Christian Pfeifer
      Abstract: The author analyses the nexus between unfair wage perceptions of workers and the frequency of the negative emotion of anger. For this purpose, German household panel data for the years 2007, 2009, 2011 and 2013 are used. Angry feelings in the last four weeks have occurred significantly more frequently for workers who perceive their wage as unfair, whereas the own absolute hourly wage is not significantly correlated with the frequency of having felt angry. The results further indicate that workers have felt more often angry if working hours are larger; but the economic significance seems rather small compared to unfair wage perceptions.
      PubDate: 2016-03-03T09:17:59.686451-05:
      DOI: 10.1111/boer.12070
       
  • THE FORECASTING PERFORMANCE OF SETAR MODELS: AN EMPIRICAL APPLICATION
    • Authors: Gianna Boero; Federico Lampis
      Abstract: The aim of this paper is to evaluate the forecasting performance of SETAR models with an application to the Industrial Production Index (IPI) of four major European countries over a period which includes the last Great Recession. Both point and interval forecasts are considered at different horizons against those obtained from two linear models. We follow the approach suggested by Teräsvirta et al. (2005) according to which a dynamic specification may improve the forecast performance of the nonlinear models with respect to the linear models. We re-specify the models every twelve months and we find that the advantages of this procedure are particularly evident in the forecast rounds immediately following the re-specification.
      PubDate: 2016-01-11T02:09:43.445974-05:
      DOI: 10.1111/boer.12068
       
 
 
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