Spelling suggestions: "subject:"JEL 818, 333, 151"" "subject:"JEL 818, 333, 551""
1 |
Conventional versus network dependence panel data gravity model specificationsLeSage, James P., Fischer, Manfred M. January 2019 (has links) (PDF)
Past focus in the panel gravity literature has been on multidimensional fixed effects specifications
in an effort to accommodate heterogeneity. After introducing conventional multidimensional fixed effects, we find evidence of cross-sectional dependence in
flows.
We propose a simultaneous dependence gravity model that allows for network dependence
in flows, along with computationally efficient Markov Chain Monte Carlo estimation methods
that produce a Monte Carlo integration estimate of log-marginal likelihood useful for model
comparison. Application of the model to a panel of trade
flows points to network spillover
effects, suggesting the presence of network dependence and biased estimates from conventional
trade flow specifications. The most important sources of network dependence were found to
be membership in trade organizations, historical colonial ties, common currency and spatial
proximity of countries. / Series: Working Papers in Regional Science
|
2 |
MCMC estimation of panel gravity models in the presence of network dependenceLeSage, James P., Fischer, Manfred M. 02 October 2018 (has links) (PDF)
Past focus in the panel gravity literature has been on multidimensional fixed effects specifications in an effort to accommodate heterogeneity. After introducing fixed effects for each origin-
destination dyad and time-period speciffic effects, we find evidence of cross-sectional dependence in flows.
We propose a simultaneous dependence gravity model that allows for network dependence in flows, along with computationally efficient MCMC estimation methods that produce a Monte Carlo integration estimate of log-marginal likelihood useful for model comparison.
Application of the model to a panel of trade flows points to network spillover effects, suggesting
the presence of network dependence and biased estimates from conventional trade flow specifications. / Series: Working Papers in Regional Science
|
Page generated in 0.0655 seconds