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Specification Issues (specification + issues)
Selected AbstractsSpecification issues in models of population and employment growth*PAPERS IN REGIONAL SCIENCE, Issue 1 2005Marlon G. Boarnet Spatial econometrics; population and employment growth Abstract., This article examines two specification issues common to spatial econometric population-employment growth models: the specification of the weight matrix and the dynamic stability implied by estimated lag parameters. Using data on Orange County census tracts from 1980 to 1990, we estimate a simultaneous system of regressions for tract population and employment growth. Six different weight matrices are tested, ranging from simple contiguity matrices to more complex matrices based on commute flows between census tracts. We also examine whether the inclusion of detailed information on land use improves performance of the lagged adjustment model. The results provide insights for future applications of econometric population-employment growth models. We found that the estimated lag parameters were consistent with dynamic stability for the models that included detailed land use data. Results varied for different weight matrices, but variation was mostly confined to interaction between population and employment growth. [source] Are Union Wage Differentials in the United States Falling?INDUSTRIAL RELATIONS, Issue 3 2008Article first published online: 21 MAY 200, MCKINLEY L. BLACKBURN This paper addresses several estimation and specification issues in estimating union wage differentials in the United States over the last two decades. Estimates provide strong evidence of a decline in the differential for women. For men, the differential appears to have declined for a person with overall average characteristics, but not for a male with characteristics of the average unionized male. [source] Debt, democratization, and development in Latin America: How policy can affect global warmingJOURNAL OF POLICY ANALYSIS AND MANAGEMENT, Issue 1 2008René W. Aubourg The environmental Kuznets curve (EKC) hypothesis conjectures a nonlinear relationship between pollution and economic growth, such that pollution per capita initially increases as countries economically develop, but then reaches a maximum point before ultimately declining. Much of the EKC literature has focused on testing this basic hypothesis and, in studies that find evidence of an EKC, estimating the "turning point" level of development at which the per capita pollution-growth relationship changes sign. This approach has not emphasized the policy relevance of specification issues or the potential role of policy variables. This research explores a modified EKC specification which conditions the pollution-growth relationship on a country's level of debt and degree of democratization. These variables turn out to be significant, implying that different political and economic contexts can shift EKCs and their turning points. These findings suggest that policies to relieve debt burdens and institute political reform, in addition to their usual justifications, also could be used as a strategy to reduce carbon emissions from developing countries. © 2008 by the Association for Public Policy Analysis and Management. [source] Model Specification and Risk Premia: Evidence from Futures OptionsTHE JOURNAL OF FINANCE, Issue 3 2007MARK BROADIE ABSTRACT This paper examines model specification issues and estimates diffusive and jump risk premia using S&P futures option prices from 1987 to 2003. We first develop a time series test to detect the presence of jumps in volatility, and find strong evidence in support of their presence. Next, using the cross section of option prices, we find strong evidence for jumps in prices and modest evidence for jumps in volatility based on model fit. The evidence points toward economically and statistically significant jump risk premia, which are important for understanding option returns. [source] | ||||||||||