The aim of this paper is to analyze the relationships between common shocks affecting the real economy and those underlying co-fluctuations in U.S. financial markets. In order to do this, we test for links between these common factors and also use the econometric theory of non-stationary panel data to estimate the relationships. The estimates prove the existence of significant relationships bet...

While the gravity model has been one of the most successful applications in empirical trade, various attempts are still made to improve its regression results. One of the recent developments in the econometric technique is to extend the gravity model to a panel data framework and take into consideration the existence of dynamic effects. In this paper, we apply these new techniques to examine th...

This paper reports on an experiment designed to analyze information revelation in sequential guessing games. We observe a remarkable frequency of equilibrium outcomes. Deviations from the equilibrium are explained by learning considerations. By means of applying panel data econometric techniques, we find the presence of error cascades, which represent the situation where the deviation from lear...

Using newly developed econometric techniques, Pedroni and Yao (2006) show that China has been experiencing regional income divergence since the Reform Period, and that traditional explanations explaining divergence are insufficient. This paper considers the role of labor mobility in the context of endogenous growth with positive externalities to human capital. Using provincial level data on inc...

due to increasing number of international tourists and the enhancing role of tourism in economies of countries and competing environment, recognizing determinants in attracting international tourists seems very essential than ever before. public and private sectors need to examine determinants and forecast tourism demand. the primary aim of this study is using econometric techniques to analyzin...