In many economic settings, the variable of interest is often a fraction or a proportion, being
defined only on the unit interval. The bounded nature of such variables and, in some cases …

This chapter focuses on the hypotheses testing problem when the hypotheses or models
under consideration are “nonnested” or belong to “separate” families of distributions, in the …

We provide a Keynesian growth theory in which pessimistic expectations can lead to very
persistent, or even permanent, slumps characterized by high unemployment and weak …

In this paper, Markov chain Monte Carlo sampling methods are exploited to provide a
unified, practical likelihood-based framework for the analysis of stochastic volatility models …

Concepts, methods and techniques of statistical physics in the study of correlated, as well as
uncorrelated, phenomena are being applied ever increasingly in the natural sciences …

Regression Analysis: A Constructive Critique identifies a wide variety of problems with
regression analysis as it is commonly used and then provides a number of ways in which …

Data envelopment analysis (DEA) is commonly used to measure the relative efficiency of
decision-making units. Often, in a second stage, a regression model is estimated to relate …

Traditionally, an assumption underlying econometric models is that the regressors are
observed without measurement error. In practice, however, economic observations, micro …

Portfolio analysis and optimization, together with the associated risk assessment and
management, require knowledge of the likely distributions of returns at different time scales …

This paper studies the properties of the Bayesian approach to estimation and comparison of
dynamic equilibrium economies. Both tasks can be performed even if the models are …