Please use this identifier to cite or link to this item:
http://dspace.mediu.edu.my:8181/xmlui/handle/10419/17982Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.creator | Mercereau, Benoît | - |
| dc.creator | Miniane, Jacques Alain | - |
| dc.date | 2008 | - |
| dc.date.accessioned | 2013-10-16T06:57:44Z | - |
| dc.date.available | 2013-10-16T06:57:44Z | - |
| dc.date.issued | 2013-10-16 | - |
| dc.identifier | http://hdl.handle.net/10419/17982 | - |
| dc.identifier | ppn:561277257 | - |
| dc.identifier | RePEc:zbw:ifwedp:7211 | - |
| dc.identifier.uri | http://koha.mediu.edu.my:8181/xmlui/handle/10419/17982 | - |
| dc.description | The present value model of the current account has been very popular, as it provides an optimal benchmark to which actual current account series have often been compared. We show why persistence in observed current account data makes the estimated optimal series very sensitive to small-sample estimation error, making it close to impossible to determine whether the paths of the two series truly bear any relation to each other. Moreover, the standard Wald test of the model will falsely accept or reject the model with substantial probability. Monte Carlo simulations and estimations using annual and quarterly data from five OECD countries strongly support our predictions. In particular, we conclude that two important consensus results in the literature – that the optimal series is highly correlated with the actual series, but substantially less volatile – are not statistically robust. | - |
| dc.language | eng | - |
| dc.publisher | Kiel Institute for the World Economy (IfW) Kiel | - |
| dc.relation | Economics Discussion Papers / Institut für Weltwirtschaft 2008-10 | - |
| dc.rights | http://creativecommons.org/licenses/by-nc/2.0/de/deed.en | - |
| dc.subject | C52 | - |
| dc.subject | C11 | - |
| dc.subject | F41 | - |
| dc.subject | F32 | - |
| dc.subject | ddc:330 | - |
| dc.subject | Current account | - |
| dc.subject | present value model | - |
| dc.subject | model evaluation | - |
| dc.subject | Leistungsbilanz | - |
| dc.subject | Zeitreihenanalyse | - |
| dc.subject | Zeitpräferenz | - |
| dc.subject | Dynamische Investitionsrechnung | - |
| dc.subject | Theorie | - |
| dc.subject | OECD-Staaten | - |
| dc.title | Should We Trust the Empirical Evidence from Present Value Models of the Current Account? | - |
| dc.type | doc-type:workingPaper | - |
| Appears in Collections: | EconStor | |
Files in This Item:
There are no files associated with this item.
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.