This paper investigates the effect of a positive technology shock on per capita hours worked within the class of Bayesian Vector Auto-Regressive [BVAR] models. Such a framework avoids the current debate regarding the specification issue of per capita hours [level versus first-difference stationary]. Six priors are considered and for each, we examine the impulse responses of per capita hours fol...

This paper analyzes the optimal assignment of objects which arrive sequentially to agents organized in a waiting list. Applications include the assignment of social housing and organs for transplants. We analyze the optimal design of probabilistic queuing disciplines, punishment schemes, the optimal timing of applications and information releases. We consider three efficiency criteria: the vect...

In this paper, Hamilton’s (1989) Markov-switching model is extended to the simultaneous equations model. Using a framework for an instrumental variable interpretation of full information maximum likelihood (FIML) by Hausman (1975), we can deal with the problem of simultaneous equations based on the Hamilton filter. When we compared the proposed FIML Markov-switching model to LIML Markovswitchin...

This paper examines the sectoral and intertemporal impacts of international emigrant remittances by using a vector auto-regression (VAR) estimation focusing on Cambodia, Lao PDR, Myanmar and Vietnam (CLMV countries). The reason for targeting the CLMV countries is that they have still depended largely on remittance-earnings from their emigrant workers in their economies, and that the macroeconom...

Phillips curves are generally estimated under the assumption of linearity and parameter constancy. Linear models of inflation, however, have recently been criticized for their poor forecasting performance. The author investigates the linearity and constancy assumptions of a standard reduced-form Phillips curve for Canada using two different techniques: (i) the methodology proposed by Bai and Pe...

This paper analyzes the optimal allocation of objects which arrive sequentially to agents organized in a waiting list. Applications include the assignment of social housing, deceased donor organs and daycare slots. A mechanism is a probability distribution over all priority orders which are consistent with the waiting list. We consider three efficiency criteria: first order stochastic dominance...

Logistic smooth transition and Markov switching autoregressive models of a logistic transform of the monthly US unemployment rate are estimated by Markov chain Monte Carlo methods. The Markov switching model is identified by constraining the first autoregression coefficient to differ across regimes. The transition variable in the LSTAR model is the lagged seasonal difference of the unemployment...