The panel approach with fixed effects and nonlinear weather has become a popular method to uncover impacts on economic outcomes, but its ability capture long-run climatic adaptation remains unclear. Building upon framework proposed by McIntosh Schlenker (2006), this paper identifies empirical conditions under which the can approximate response climate. When these fail, obtained relationship may...

tourism industry has been the fastest and the most income-generating industry in the first decade of the third millennium. it has been for many countries including some of oic member countries a source of foreign exchange and contributed into their development. in this paper, we try to test empirically whether tourism expansion has had any significant effect on economic growth of oic member cou...

Vinod (1997, 1998) discuss the Godambe-Durbin theory of estimating functions (EFs) and its potential in econometrics. Here we consider a popular application of EFs called generalized estimating equations (GEE). It is typically applied to panel data, where the heteroscedasticity is analytically related to , the regression parameter, and where the dependent variable is binary. Geddes (1997) studi...

Using the data from a developing country like India, we offer an empirical analysis to examine the relationship between devaluation of the Rupee and the real trade balance with her major trading partners since the liberalization process that began in July 1991. Exploiting the recent advances in panel-data time-series econometrics, we document that devaluation may not be effective in improving t...

The purpose of this paper is to shed some light on the association between the stock returns of German DAX corporations and movements of the U.S. Dollar. The link turns out to be rather unstable, but it depends significantly on direction and magnitude of foreign trade, and on the existing level of the DM/ Dollar exchange rate. This conclusion is based on exchange-rate-exposure and APT-modelling...

This paper analyses whether wages in Germany respond to firm-specific profitability conditions. Particular emphasis lies on the question of whether the extent of rent-sharing varies across di erent systems of wage determination. Those may be categorised into sector-specific wage agreements, firm-specific wage agreements and wage determination without any bargaining coverage. To derive testable ...

We develop and apply a new method for estimating the economic benefits of an environmental amenity. The method is based upon the notion of estimating the derived demand for a privately traded option to utilize an open access good. In particular, the demand for state fishing licenses is used to infer the benefits of recreational fishing. Using panel data on state fishing license sales and prices...

Policy makers agree that vacant houses are undesirable. Moreover the existence of empty houses is used as an argument for allocating less land for new construction. So higher vacancy rates tend to trigger tighter restrictions on the supply of land. Such tighter restrictions lead to higher prices and, because of the incentives this creates for occupying housing, to lower housing vacancies (‘oppo...