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Now showing items 11-20 of 27
The Political Economy of State Fair-Housing Laws Prior to 1968
(Vanderbilt University. Dept. of Economics, 2004-06)
The confluence of the Great Migration and the Civil Rights Movement propelled the drive for "fair-housing" legislation which attempted to curb overt discrimination in housing markets. This drive culminated in the passage ...
Competition and Confidentiality: Signaling Quality in a Duopoly when there is Universal Private Information
(Vanderbilt University. Dept. of Economics, 2004-07)
How does the need to signal quality through price affect equilibrium pricing and profits, when a firm faces a similarly-situated rival? In this paper, we provide a model of non-cooperative signaling by two firms that compete ...
A Dynamic Factor Approach to Nonlinear Stability Analysis
(Vanderbilt University. Dept. of Economics, 2004-08)
A method of principal components is employed to investigate nonlinear dynamic factor structure using a large panel data. The evidence suggests the possibility of nonlinearity in the U.S. while it excludes the class of ...
Existence and Efficiency of a Price-Taking Equilibrium in an Economy with Public Goods, Externalities, and Property Rights: A Coasian Approach
(Vanderbilt University. Dept. of Economics, 2004-01)
We consider a general equilibrium economy with public goods and externalities. Following Boyd and Conley (1997), we treat externality markets directly instead of indirectly through Arrovian commodities. Because such direct ...
Rational Ambiguity and Monitoring the Central Bank
(Vanderbilt University. Dept. of Economics, 2004-02)
In this paper we examine the consequences of having a Central Bank whose preferences are state contingent. This has variously been identified in the literature as a Central Bank that is "rationally inattentive", "risk ...
Estimation and Model Selection of Semiparametric Copula-Based Multivariate Dynamic Models under Copula Misspecification
(Vanderbilt University, 2004)
Recently Chen and Fan (2003a) introduced a new class of semiparametric copula-based multivariate dynamic (SCOMDY) models. A SCOMDY model specifies the conditional mean and the conditional variance of a multivariate time ...
Efficient Estimation of Semiparametric Multivariate Copula Models
(Vanderbilt University, 2004)
We propose a sieve maximum likelihood (ML) estimation procedure for a broad class of semiparametric multivariate distribution models. A joint distribution in this class is characterized by a parametric copula function ...
Social Saving of the Panama Canal
(Vanderbilt University, 2004)
At the time when the Panama Canal was handed over to Panama, most people believed that the Canal was of little material worth to the United States. However, what was the value of this canal to the United States in the ...
A Model Selection Test for Bivariate Failure-Time Data
(Vanderbilt University, 2004)
In this paper, we address two important issues in survival model selection for censored data generated by the Archimedean copula family; method of estimating the parametric copulas and data reuse. We demonstrate that for ...
Substitution and Risk Aversion: Is Risk Aversion Important for Understanding Asset Prices?
(Vanderbilt University, 2004)
This paper uses a recursive time-non-separable expected utility function to separate between the intertemporal elasticity of substitution (IES) and a measure of relative risk aversion to bets in terms of money (RAM). Risk ...