Research Publications and Outputs: Recent submissions
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Two heads are less bubbly than one: Team decision-making in an experimental asset market
Published 2011-09-01In the world of mutual funds management, responsibility for investment decisions is increasingly entrusted to small teams instead of individuals. Yet the effect of team decision-making in a market environment has never ...Open AccessWorking Paper -
Likelihood-Based Confidence Sets for the Timing of Structural Breaks
Published 2011-08-01We propose the use of likelihood-based confidence sets for the timing of structural breaks in parameters from time series regression models. The confidence sets are valid for the broad setting of a system of multivariate ...Open AccessWorking Paper -
Estimation of Forward-Looking Relationships in Closed Form: An Application to the New Keynesian Phillips Curve
Published 2011-06-01We illustrate the importance of placing model-consistent restrictions on expectations in the estimation of forward-looking Euler equations. In two-stage limited-information settings where first-stage estimates are used to ...Open AccessWorking Paper -
A Response to Cogley and Sbordone’s Comment on "Closed-Form Estimates of the New Keynesian Phillips Curve with Time-Varying Trend Inflation"
Published 2011-06-01In their 2010 comment (which we refer to as CS10), Cogley and Sbordone argue that: (i) our estimates are not entirely closed form, and hence are arbitrary; (ii) we cannot guarantee that our estimates are valid, while their ...Open AccessWorking Paper -
The Risk and Incentives Trade-off in the Presence of Heterogeneous Managers
Published 2002-04-01Agency theory predicts a negative relationship between risk and incentives, yet recent empirical evidence has not consistently found such a relationship. In fact, some researchers have found a positive relationship. By ...Open AccessWorking Paper