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Selection of Multivariate Stochastic Volatility Models via Bayesian Stochastic Search
(Department of Economics, 2009)
We propose a Bayesian stochastic search approach to selecting restrictions on multivariate regression models where the errors exhibit deterministic or stochastic conditional volatilities. We develop a Markov Chain Monte ...
Is Teacher Pay “Adequate”?
(Department of Economics, 2005)
In school finance lawsuits plaintiffs often claim that pay levels are not sufficient to recruit teachers who can deliver constitutionally-mandated levels of educational services. In this paper I consider several ways in which one might bring...
Crude Oil and Stock Markets: Stability, Instability, and Bubbles
(Department of Economics, 2008)
We analyze the long-run relationship between the world price of crude oil and international stock markets over 1971:1-2008:3 using a cointegrated vector error correction model with additional regressors. Allowing for ...
Uncommitted Couples: Some Efficiency and Policy Implications of Marital Bargaining
(Department of Economics, 2002)
This paper studies married couple's dynamic investment and consumption choices under the assumption that the couple cannot commit across time to not to renegotiate their decisions. The inefficiencies that can arise are characterized. Efficiency...
The Effects of Welfare-to-Work Program Activities on Labor Market Outcomes
(Department of Economics, 2006)
Studies examining welfare-to-work program effectiveness present mixed and sometimes discrepant findings, partly due to research design, data, and methodological limitations. Using administrative data on Missouri and North Carolina welfare recipients...
Heterogeneous Information and Investment under Uncertainty
(Department of Economics, 2007)
by greater uncertainty and higher potential expected return investment will be by an abnormally high percentage of informed investors and may increase overall. For over 10,000 instances of firm-level FDI data for Korea from 1996 to 2001, regression results...
Inequality, Group Cohesion, and Public Good Provision: An Experimental Analysis
(Department of Economics, 2004)
Recent studies argue that inequality reduces group cohesiveness and dampens support for expenditures on public goods and social programs. In light of competing theoretical explanations and mixed empirical evidence of the ...
Excess Sensitivity in Consumption without Liquidity Constraint: Evidence from Monthly Household Panel Data
(Department of Economics, 2007)
The monthly salaries and allowances of Korean government employees are known in advance but vary greatly throughout the year. Using a large Korean monthly panel data set from 1994 to 2003, we examine how nondurable consumption ...
Herding and Bank Runs
(Department of Economics, 2007)
Traditional models of bank runs do not allow for herding effects, because in these models withdrawal decisions are assumed to be made simultaneously. I extend the banking model to allow a depositor to choose his withdrawal ...
Using State Administrative Data to Measure Program Performance
(Department of Economics, 2006)
We use administrative data from Missouri to examine the sensitivity of earnings impact estimates for a job training program based on alternative nonexperimental methods. We consider regression adjustment, Mahalanobis ...
Rational Participation Revolutionizes Auction Theory
(Department of Economics, 2005)
Potential bidders respond to a seller's choice of auction mechanism for a common-value or affiliated-values asset by endogenous decisions whether to incur a participation cost (and observe a private signal), or forego ...
Price Experimentation with Strategic Buyers
(Department of Economics, 2006)
A two-period model in which a monopolist endeavors to learn about the permanent demand parameter of a specific repeat buyer is presented. The buyer may strategically reject the seller's first-period offer for one of two ...
The Impact of Welfare Reform on Leaver Characteristics, Employment and Recidivism: An Analysis of Maryland and Missouri
(Department of Economics, 2007)
reform. We find that after welfare reform leavers are much more likely to be working. Although in Maryland those working have earnings that are somewhat below employed leavers prior to reform, in Missouri earnings for employed leavers are unchanged...
Long-Term Oil Price Forecasts: A New Perspective on Oil and the Macroeconomy
(Department of Economics, 2010)
-space oil market model, in which global real economic activity and real oil prices share a common stochastic trend. Changes in unanticipated fluctuations and changes in the forecasted longterm average of discounted real oil prices sum to real oil price...
Who is Afraid of the Friedman Rule?
(Department of Economics, 2004)
In this paper, we explore the connection between optimal monetary policy and heterogeneity among agents. We study a standard monetary economy with two types of agents in which the stationary distribution of money holdings is non-degenerate. Sans...
Sustainable economic growth in Iraq : role of industrialization, deforestation, trade, employment, technology, and agriculture
(University of Missouri, College of Agriculture, Food and Natural Resources, 2023)
In the present study, the sustainable economic growth of Iraq is evaluated by analyzing six key explanatory variables, namely industrialization, deforestation, trade, employment, and agricultural expansion, which is measured by arable land...
Joint Estimation of Sequential Labor Force Participation and Fertility Decisions Using Markov Chain Monte Carlo Techniques
(Department of Economics, 2004)
In this paper we estimate the causal effect of children on the labor supply of women using panel data on women from the 1979 National Longitudinal Survey of Youth (NLSY79). We examine the effect of children both prior to and after birth as well...
Inflationary Finance in a Simple Voting Model
(Department of Economics, 2001)
This paper is an attempt at answering the somewhat counterfactual question: if monetary policy was to be decided in the arena of public voting (that is not by independent central banks), then what kind of monetary policies (specifically, inflation...
Information Aggregation in Auctions with an Unknown Number of Bidders
(Department of Economics, 2005)
Information aggregation, a key concern for uniform-price, common-value auctions with many bidders, has been characterized in models where bidders know exactly how many rivals they face. A model allowing for uncertainty ...
Access Price and Vertical Control Policies for a Vertically Integrated Upstream Monopolist when Sabotage is Costly
(Department of Economics, 2009)
Input price and novel vertical control regulations are derived for a vertically integrated upstream monopolist when the monopolist can engage in non-price discrimination against a downstream rival. The paper extends the literature on sabotage...