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    <title>EconStor Community: Cardiff Business School, Cardiff University</title>
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      <title>Measuring bank efficiency: Tradition or sophistication? - A note</title>
      <link>http://hdl.handle.net/10419/65842</link>
      <description>Title: Measuring bank efficiency: Tradition or sophistication? - A note
&lt;br/&gt;
&lt;br/&gt;Authors: Daley, Jenifer; Matthews, Kent
&lt;br/&gt;
&lt;br/&gt;Abstract: The recent literature on measuring bank performance indicates a preference for sophisticated techniques over simple accounting ratios. We explore the results and relationships between bank efficiency estimates using accounting ratios and Data Envelope Analysis (DEA) with bootstrap among Jamaican banks between 1998 and 2007. The results indicate different outcomes for the traditional accounting ratios and the sophisticated DEA methodology in the measurement of bank efficiency. GLS random effects two-variable regression tests for superiority using a risk index for insolvency suggest an advantage in favour of the DEA.</description>
      <pubDate>Wed, 29 Oct 2008 22:58:59 GMT</pubDate>
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    <item>
      <title>Real business cycles with a human capital investment sector and endogenous growth: Persistence, volatility and labor puzzles</title>
      <link>http://hdl.handle.net/10419/65841</link>
      <description>Title: Real business cycles with a human capital investment sector and endogenous growth: Persistence, volatility and labor puzzles
&lt;br/&gt;
&lt;br/&gt;Authors: Dang, Jing; Gillman, Max; Kejak, Michal
&lt;br/&gt;
&lt;br/&gt;Abstract: A positive joint two-sector productivity shock causes Rybczynski (1955) and Stolper and Samuelson (1941) effects that release leisure time and initially raises the relative price of human capital investment so as to favor it over goods production. This enables a basic RBC model, modified by having the household sector produce human capital investment sector, to succeed along related major dimensions of output, consumption, investment and labor, similar to the international approach of Maodifying the dynamics relative to the important work of Jones et al. (2005), two key US facts stressed by Cogley and Nason (1995) are captured: persistent movements in the growth rates of output and hump-shaped impulse responses of output. Further, physical capital investment has data consistent persistence within a hump-shaped impulse response. And Gali's (1999) challenging empirical finding that labour supply decreases upon impact of a positive productivity shock is reproduced, while volatility in working hours is also data-consistent because of the substitution between market and nonmarket sectors.</description>
      <pubDate>Fri, 29 Oct 2010 22:58:59 GMT</pubDate>
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      <title>Testing a DSGE model of the EU using indirect inference</title>
      <link>http://hdl.handle.net/10419/65840</link>
      <description>Title: Testing a DSGE model of the EU using indirect inference
&lt;br/&gt;
&lt;br/&gt;Authors: Meenagh, David; Minford, Patrick; Wickens, Michael
&lt;br/&gt;
&lt;br/&gt;Abstract: We use the method of indirect inference, using the bootstrap, to test the Smets and Wouters model of the EU against a VAR auxiliary equation describing their data. We find that their model generates excessive variance compared with the data. But their model fits the dynamic facts quite well if the errors have the properties assumed by SW but scaled down. We compare a New Classical version of the model which also performs reasonably if error properties are chosen using New Classical priors (notably excluding shocks to preferences). Both versions have (different) difficulties fitting the data if the actual error properties are used. A model combining rigid and flexible-wage/price sectors, with a weight of around 5% on the rigid sector, does best in fitting the data.</description>
      <pubDate>Mon, 29 Oct 2007 22:58:59 GMT</pubDate>
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    <item>
      <title>Non-smooth dynamics and multiple equilibria in a Cournot-Ramsey model with endogenous markups</title>
      <link>http://hdl.handle.net/10419/65839</link>
      <description>Title: Non-smooth dynamics and multiple equilibria in a Cournot-Ramsey model with endogenous markups
&lt;br/&gt;
&lt;br/&gt;Authors: Brito, Paulo; Costa, Luís F.; Dixon, Huw
&lt;br/&gt;
&lt;br/&gt;Abstract: We develop a simple Ramsey model with numerous Cournotian industries where entry generates an endogenous markup. The model produces two different regimes: a monopoly and an oligopoly one. We provide a rigorous study of non-smooth dynamics and we also analyse the global dynamics of the model, demonstrating the model exhibits robust heteroclinic orbits, either of the smooth or the non-smooth type. Similar economies may be in any of these regimes and they may change regime along its convergence path. Fixed costs and elasticities of demand, play a crucial role and changing their values may alter the dynamics in a radical way, either by inducing a discontinuous transition or a discontinuous hysteresis.</description>
      <pubDate>Mon, 29 Oct 2007 22:58:59 GMT</pubDate>
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