Offering a unifying theoretical perspective not readily available in any other text, this innovative guide to econometrics uses simple geometrical arguments to develop students' intuitive understanding of basic and advanced topics, emphasizing throughout the practical applications of modern theory and nonlinear techniques of estimation. One theme of the text is the use of artificial regressions for estimation, reference, and specification testing of nonlinear models, including diagnostic tests for parameter constancy, serial correlation, heteroscedasticity, and other types of mis-specification. Explaining how estimates can be obtained and tests can be carried out, the authors go beyond a mere algebraic description to one that can be easily translated into the commands of a standard econometric software package. Covering an unprecedented range of problems with a consistent emphasis on those that arise in applied work, this accessible and coherent guide to the most vital topics in econometrics today is indispensable for advanced students of econometrics and students of statistics interested in regression and related topics. It will also suit practising econometricians who want to update their skills. Flexibly designed to accommodate a variety of course levels, it offers both complete coverage of the basic material and separate chapters on areas of specialized interest.

Estimation and Inference in Econometrics

This paper develops and estimates a dynamic stochastic general equilibrium (DSGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilization. It is estimated with Bayesian techniques using seven key macroeconomic variables: GDP, consumption, investment, prices, real wages, employment, and the nominal interest rate. The introduction of ten orthogonal structural shocks (including productivity, labor supply, investment, preference, cost-push, and monetary policy shocks) allows for an empirical investigation of the effects of such shocks and of their contribution to business cycle e uctuations in the euro area. Using the estimated model, we also analyze the output (real interest rate) gap, dee ned as the difference between the actual and model-based potential output (real interest rate). (JEL: E4, E5)

/pdf/an-estimated-dynamic-stochastic-general-equilibrium-model-of-3l2zkahrlo.pdf

An estimated dynamic stochastic general equilibrium model of the euro area

This paper develops and estimates a dynamic stochastic general equilibrium (DSGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilisation. It is estimated with Bayesian techniques using seven key macro-economic variables: GDP, consumption, investment, prices, real wages, employment and the nominal interest rate. The introduction of ten orthogonal structural shocks (including productivity, labour supply, investment, preference, cost-push and monetary policy shocks) allows for an empirical investigation of the effects of such shocks and of their contribution to business cycle fluctuations in the euro area. Using the estimated model, the paper also analyses the output (real interest rate) gap, defined as the difference between the actual and model-based potential output (real interest rate).

An estimated dynamic stochastic general equilibrium model of the euro area. NBB Working Paper Nr. 35

Econometric policy evaluation: A critique

https://www.nber.org/system/files/working_papers/w8245/w8245.pdf

Does Financial Liberalization Spur Growth

The Consortia Block Exemption Regulation (CBER) implemented by Commission Regulation (EU) No 697/2014 of 24 June 2014 will expire April 25th, 2020. Given the number of times the CBER has been reviewed over the years, and given the restructuring of the industry in the years since the demise of the conference system for European trades, the current five-year review of the CBER is an ideal moment to put forward some pathways to achieving a balance of interests between all actors involved, and in the interests of considering global regulatory implications. The main research question is: Are the interests of carriers and shippers in balance in the CBER era? If they are now, will they also be in the future? If not, what evidence does each actor have that the interests are not in balance, and what should be changed to bring back balance? The intent of the paper is to provide a road map for action by regulators. The study provides insights into the differing terms used and approaches by regulators, the different perspectives by the actors in a maritime supply chain, as well as exploring the benefits and drawbacks of each regulatory pathway. Finally, the need for data for permanent monitoring, and the specific types of required data, is addressed. The research is therefore relevant for scholars from a conceptual point of view, and for regulators as well as all actors in the maritime supply chain.

Regulation in the liner shipping industry : pathways to a balance of interests: technical report

Port Privatisation in the United Kingdom and Continental Europe: An Evaluation of Past Experience and New Drivers

This paper focuses on the response of port authorities to the changing market environment in which they operate. It documents the changes taking place in the relationships between port authorities and terminal management companies and considers the strategic issues faced by these groups and other port interests. In particular, it investigates the potential conflicts of interest for a port authority in matters related to the level of competition amongst terminals within a port and the amount of competition amongst ports.(This abstract was borrowed from another version of this item.)

Co-operation and competition in international container transport: Strategies for ports

The modal share of rail freight transport has shown little movement during the past years, despite the policy efforts made. This raises the question if intermodality should be really considered a strength for rail freight transport development. In order to make a strong case for future development decisions on rail freight transport, this paper is studying its direct and indirect economic impact on the Belgian national economy. It adapts the existing input–output methodology by distilling the rail freight sector from the existing general combined ‘public and freight land transport sector’ within the national calculations of the Belgian input–output table, performed by the Federal Planning Office every five years. The methodology is developed by adopting a set of assumptions, necessary to overcome data limitations, and with the collection of relevant customer and supplier data from the largest Belgian rail freight operator, holding a market share of over 85%. The outcome of the research is an adapted input–output table with a detailed 'rail freight transport' sector, highlighting the different economic relationships with the original sectors of the national input–output table. It is no surprise that strong links with other transportation sectors exist. In addition, a Leontief multiplier is calculated, approximating the total economic effect in terms of monetary units, when the output demand in the investigated rail freight sector is increased by one of this monetary unit. The study reveals a potentially high total effect on the national economy. 

The indirect economic impact of rail freight transport: an input-output case study for Belgium

Inland navigation in Belgium and the Netherlands has been liberalized since November 30, 1998 in consequence of European Directive 96/75/EC. The purpose of this Directive is, amongst other things, to make the sector more competitive. This paper, which was written before the liberalization took effect, constitutes a first attempt to model the consequences of deregulation. The first part describes the structure of the inland navigation market and the European situation before deregulation. In the second part, a set of empirical results is presented that helps to clarify the impact of deregulation on inter- as well as intra-modal competition.

Regulation and deregulation in inland navigation

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