open directory as PDF-file
Further information and access to full text (for registered users) are available at EconPapers, EBSCO, JSTOR, WISO and DigiZeitschriften.
Content:
Content
Original Papers Flaig, Gebhard: Why We Should Use High Values for the Smoothing Parameter of the Hodrick-Prescott Filter JBNST - Vol. 235/6 - 2015, pp. 518-538.
+ show abstract- hide abstractThe HP filter is the most popular filter for extracting the unobserved trend and cycle components
from a time series. Many researchers consider the smoothing parameter ? = 1600 as something
like a universal constant. It is well known that the HP filter is an optimal filter under some
restrictive assumptions, especially that the “cycle” is white noise. In this paper we show that we
can get a good approximation of the optimal Wiener-Kolmogorov filter for autocorrelated cycle
components by using the HP filter with a much higher smoothing parameter than commonly
used. In addition, a new method – based on the properties of the differences of the estimated
trend – is proposed for the selection of the smoothing parameter. Bessey, Donata, Uschi Backes-Gellner: Staying Within or Leaving the Apprenticeship System? Revisions of Educational Choices in Apprenticeship Training JBNST - Vol. 235/6 - 2015, pp. 539-552.
+ show abstract- hide abstractThe decision to revise an educational choice has hardly been analyzed in previous research.
Dropping out is only one possible choice, and we distinguish between dropping out (leaving
the apprenticeship system) and changing or upgrading (staying within the apprenticeship system)
as three possibilities to revise an educational decision, using a dataset that consists of apprentices who have dissolved their apprenticeship contract. We analyze the determinants of leaving
apprenticeship training using competing risks models. Dropout decisions seem to be driven by
financial considerations such as financial distress, but local labor market conditions seem to
have no effect on them. Our findings underline the importance of distinguishing between the
different choices instead of focusing exclusively on dropping out. Kluth, Sebastian, Martin Gasche: Replacement Rates in the German Statutory Pension System JBNST - Vol. 235/6 - 2015, pp. 553-583.
+ show abstract- hide abstractThis paper aims to find an adequate concept to evaluate the replacement rate of the latest retiree
generation of 2010. Classic replacement rates fail to provide meaningful conclusions because
they can only be calculated for around half the retirees. This paper proposes an alternative
figure, the so-called life cycle replacement rate, which relates individuals’ pension payments to
the average real income over their whole working history. In sum, work history related characteristics like marital status, income or retirement age strongly influence individuals’ replacement
rates. Furthermore, women’s replacement rates particularly benefit from non-contribution based
pension entitlements, e.g. for periods of child-raising. Mertins, Vanessa, Max Albert: Does Participation Increase Outcome Acceptance? Evidence from a Power-to-take Experiment JBNST - Vol. 235/6 - 2015, pp. 584-607.
+ show abstract- hide abstractIt is often conjectured that participatory decision making may increase acceptance, especially
of unfavorable decisions. The present paper tests this conjecture in a three-person power-totake experiment. Two takers decide which fraction of the responder’s endowment to transfer to
themselves; the responder decides which part of the endowment to destroy. Thus, responders
can punish greedy takers, but only at a cost to themselves. We modify the game by letting the
responder participate in takers’ transfer decisions and consider the effect of low/high levels of
participation on the destruction rate. We find that participation matters, but only under special
conditions: Responders with participation rights destroy significantly less only if they (1) have
reciprocal inclinations, and (2) are confronted with highly unfavorable outcomes. Thus, in line
with standard economic modeling and leading classes of behavioral theories, our data suggest
that procedural effects of decision making are mostly negligible. Maul, Daniel, Martin Fischer, Dirk Schiereck: Speculation in Futures Markets and the Impact on Agricultural Commodity Prices: A Time Series Analysis of the CFTC Reports for Wheat, Corn and Soybeans JBNST - Vol. 235/6 - 2015, pp. 608-629.
+ show abstract- hide abstractOver the last few years, rising prices and increasing price volatility of major agricultural food
commodities were observed. This caused a debate among various organizations about who
is responsible for this development. While many Non-Governmental Organizations proclaim
that speculations in future markets cause the rise in food prices, academic research provides
ambiguous results on this topic. This controversy is the motivation for this study. In order to
offer additional insights, the relationship between the price changes of corn, wheat, and soybeans and the corresponding changes in open interests are analyzed. Commitments of Traders
as well as Disaggregated Commitments of Traders reports are investigated to determine whether the activities of speculators adversely affect food prices. First, Johansen cointegration tests
are employed to analyze the relationship between price and position data. Second, VAR and
VECM are used to analyze short- and long-term dynamics. The results of the empirical analysis
demonstrate that in the short-run price changes precede changes in open interest. Additionally,
soybeans show a long-run equilibrium relationship between both series, indicating that speculators influenced past prices to some extent. However, the percentage price change is rather
low. Therefore, sharp rises in soybean prices cannot be explained by it. Shahrin, Aidil Rizal: Does the Forward Discount Represent a Long Memory Process or Short Memory Process with Multiple Changes in the Mean? JBNST - Vol. 235/6 - 2015, pp. 630-641.
+ show abstract- hide abstractThis study aims to determine whether forward discount represents a long memory or short
memory process with multiple changes in the mean. Based on the samples of six currencies
from November 3, 1986, to March 6, 1998, using Baek and Pipiras’s (2012, 2014) statistical
procedures, our findings suggest that forward discount is a short memory process with multiple
changes in the mean rather than long memory. These changes in mean are the result of an
intervention by monetary authorities in the forex market. Thus, earlier findings of long memory
in forward discount, as reported in the extant literature, are questionable. Wagner, Martin, Jaroslava Hlouskova: Growth Regressions, Principal Components Augmented Regressions and Frequentist Model Averaging JBNST - Vol. 235/6 - 2015, pp. 642-662.
+ show abstract- hide abstractIn this paper we consider frequentist model averaging for principal components augmented
regressions illustrated with the Fernandez et al. (2001) data set on economic growth determinants. We compare and contrast our method and findings with the WALS approach of Magnus
et al. (2010).
Book Reviews Piketty, Thomas: Capital in the Twenty-first Century JBNST - Vol. 235/6 - 2015, pp. 663-663.
Trautwein, Hans-Michael (Hrsg.): Die Entwicklung der Raumwirtschaftslehre von ihren Anfängen bis in die Gegenwart JBNST - Vol. 235/6 - 2015, pp. 664-666.
Coyle, Diane: GDP: A Brief but Affectionate History JBNST - Vol. 235/6 - 2015, pp. 667-667.
|