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This paper proposes a generalized speci…cation for the panel data model with random e¤ects and …rst-order spatially autocorrelated residuals that encompasses two previously suggested speci…cations. The …rst one is described in Anselin's (1988) book and the second one by Kapoor, Kelejian, and Prucha (2007). Our encompassing speci…ca-tion allows us to test(More)
  • Rodney D Ludema, Anna Maria Mayda, Meredith Crowley, Peter Egger, Luigi Guiso, Andreas Haufler +3 others
  • 2013
International agreements are an important element of the world economic system, but questions remain as to why they are necessary. In trade theory, the terms-of-trade hypothesis posits that countries use tariffs in part to improve their terms of trade and that trade agreements cause them to internalize the costs that such terms-of-trade shifts impose on(More)
In this paper, we consider a spatial-autoregressive model with autoregressive disturbances, where we allow for endogenous regressors in addition to a spatial lag of the dependent variable. We suggest a two-step generalized method of moments (GMM) and instrumental variable (IV) estimation approach extending earlier work by, e.g., Kelejian and Prucha (1998,(More)
Egger, Peter, and Pfaffermayr, Michael—The impact of bilateral investment treaties on foreign direct investment This paper uses a large panel of OECD data on stocks of outward foreign direct investment (FDI) to evaluate the impact of bilateral investment treaties. For several variants of the knowledge capital model of multinationals, we demonstrate that(More)
The consequences of regional trade agreements (RTAs) on countries' welfare are disputed. In this paper, we assess these effects using stock returns from a recent data set that spans over two hundred RTA announcements, eighty economies, and twenty years. We measure the effects of news concerning RTAs on the returns of national stock markets, after adjusting(More)
Due to the heterogeneity of existing European sources of observational healthcare data, data source-tailored choices are needed to execute multi-data source, multi-national epidemiological studies. This makes transparent documentation paramount. In this proof-of-concept study, a novel standard data derivation procedure was tested in a set of heterogeneous(More)
JEL classification: C22 C32 F31 F33 Keywords: Exchange rate regimes Bilateral trade Endogenous treatment effects Heterogeneous treatment effects Random coefficients a b s t r a c t This paper provides evidence of heterogeneous treatment effects on trade for six different types of exchange rate regime transitions, utilizing data on 218,643 country-pair-year(More)