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Now showing items 1-9 of 9
A Theory of Divided Government
(JSTOR, 1996)
This paper extends the spatial theory of voting to the case in which policy choices depend upon the interaction between executive and the legislature. Voters are strategic and to analyze equilibrium the authors apply ...
Income Distribution, Political Instability, and Investment
(Elsevier, 1996)
This paper successfully tests on a sample of 71 countries for the period 1960–85 the following hypotheses. Income inequality, by fuelling social discontent, increases sociopolitical instability. The latter, by creating ...
Hierarchical Bayes Models with Many Instrumental Variables
(National Bureau of Economic Research, 1996)
In this paper, we explore Bayesian inference in models with many instrumental variables that are potentially weakly correlated with the endogenous regressor. The prior distribution has a hierarchical (nested) structure. ...
Nonparametric Applications of Bayesian Inference
(National Bureau of Economic Research, 1996)
The paper evaluates the usefulness of a nonparametric approach to Bayesian inference by presenting two applications. The approach is due to Ferguson (1973, 1974) and Rubin (1981). Our first application considers an educational ...
Understanding Risk and Return
(University of Chicago Press, 1996)
This paper uses an equilibrium multifactor model to interpret the cross-sectional pattern of postwar U.S. stock and bond returns. Priced factors include the return on a stock index, revisions in forecasts of future stock ...
Rational Capital Budgeting in an Irrational World
(University of Chicago Press, 1996)
This article addresses the following basic capital budgeting problem: suppose that cross-sectional differences in stock returns can be predicted based on variables other than P(e.g., book-to-market) and that this predictability ...
How Does Privatization Work? Evidence from the Russian Shops
(University of Chicago Press, 1996)
We use a survey of 452 Russian shops, most of which were privatized between 1992 and 1993, to measure the importance of alternative channels through which privatization promotes restructuring. Restructuring is measured as ...
Political Instability and Economic Growth
(Springer Verlag, 1996)
This paper investigates the relationship between political instability and per capita GDP growth in a sample of 113 countries for the period 1950 through 1982. We define political instability as the propensity of a government ...
Measuring Money Growth When Financial Markets are Changing
(Elsevier Science B.V., Amsterdam, 1996)
This article considers constructing monetary aggregates in the presence of financial market innovations and changes in the relationship between individual assets and output. We propose two procedures for constructing a ...