Applied econometric work takes a superficial approach to causality. Understanding economic affairs, making good policy decisions, and progress in the economic discipline depend on our ability to infer causal relations from data. We review the dominant approaches to causality in econometrics, and suggest why they fail to give good results. We feel the problem cannot be solved by traditional tool...

The issue of normalization arises whenever two different values for a vector of unknown parameters imply the identical economic model. A normalization implies not just a rule for selecting which among equivalent points to call the maximum likelihood estimate (MLE), but also governs the topography of the set of points that go into a small-sample confidence interval associated with that MLE. A po...

The paper deals with the problem of identifying the internal dependencies and similarities among a large number of random processes. Linear models are considered to describe the relations among the time series and the energy associated to the corresponding modeling error is the criterion adopted to quantify their similarities. Such an approach is interpreted in terms of graph theory suggesting ...

Presenting a paper to any conference with the name ‘Keynes’ in the title, particularly to one sponsored by the Post Keynesian Study Group, is fraught with danger. For the exegitical debate about ‘what Keynes really meant’ is often carried out with as much fervour as the arguments between the Fathers of the early Church. Indeed, some of the latter material has a familiar sound. Origen, for examp...

A graphical processing unit (GPU) is a hardware device normally used to manipulate computer memory for the display of images. GPU computing, also known as general purpose GPU computing, is the practice of using a GPU device for scienti c or general purpose computations that are not necessarily related to the display of images. The ability of a GPU to render rapidly changing complex images depen...

Many urban activity and location decisions can be viewed as the outcomes of sequential search processes. In this paper are addressed the special econometric aspects associated with the analysis of observations on such processes. Four distinct informational situations of particular relevance to search phenomena are identified, each one corresponding to different data-availability conditions. The...

Research papers in empirical finance and financial econometrics are among the most widely cited, downloaded and viewed articles in the discipline of Finance. The special issue presents several papers by leading scholars in the field on “Recent Developments in Financial Economics and Econometrics”. The breadth of coverage is substantial, and includes original research and comprehensive review pa...

Economists increasingly face opportunities to collaborate with ecologists on landscape-level analyses of socioeconomic and ecological processes. Tnis often calls for developing empirical models to project land use change as input into ecological models. Providing ecologists with the land use information they desire can present many challenges regarding data, modeling, and econometrics. This pap...

This paper reviews a number of conceptual issues pertaining to the implementation of an explicit " spatial " perspective in applied econometrics. It provides an overview of the motivation for including spatial effects in regression models, both from a theory-driven as well as from a data-driven perspective. Considerable attention is paid to the inferential framework necessary to carry out estim...