Bayesian regression analysis using poly-t densities

Poly-t densities are defined by the property that their kernel is a product, or ratio of products, of Student-t kernels. These multivariate densities arise as Bayesian posterior densities for regression coefficients, under a surprising variety of specifications for the prior density and the data generating process. Although no analytical expression exists for the integrating constant and moments of these densities, these parameters are obtained through numerical integration in a number of dimensions given by the number of Student-t kernels in the numerator, minus one. The paper reviews how poly-t densities arise in regression analysis, and summarizes the results obtained for a number of models.     

The firm's investment and employment policy through a business cycle

The paper studies with the help of a model the investment and employment policy through a business cycle for a firm which maximizes its discounted income and assumes that the forecasts are perfectly correct. In addition to investment and wages costs, the firm has to bear recruitment and firing costs; it has at its disposal four control variables: the selling price, the recruitment rate, the firing rate and the investment rate. The firm's strategy appears to be generally a sequence of elementary policies. This sequence highly depends on the relative values of parameters like the rate of depreciation of equipment, the natural rate of decrease of employment, the ratio of the unit recruitment and firing cost with respect to the wage rate, the rate of decrease of demand during recession. The results obtained are, on the whole, quite consistent with the behaviours which have been observed in the last years, and explain some of the features of recessions.     

On supply-constrained equilibria

The paper gives sufficient conditions for the existence of an equilibrium with price rigidities and quantity rationing where: (i) demand is never rationed; (ii) net trades of an a priori chosen numeraire are never rationed; and (iii) supply is rationed only when relative prices are downward rigid.     

Economic status of france: Past,present, and future

Conclusion To conclude, France may be only seventh or eighth in terms of manufacturing GDP per head and ninth or tenth in terms of GDP per head. This is, after all, not bad and certainly it is not bad if one compares France with the developing world. But such measurements are, in any case, only in terms of national accounting figures. I am sure life is much better in France than in the few countries which are ahead of it in those accounting terms. Maybe France is only seventh or eighth because it has to pay for all those other good aspects of life. Other interpretations would be that it is only seventh or eighth because the French people enjoy too much those good aspects, or even because they choose not to be too competitive with respect to the other countries. One of my colleagues used to say that if we French were to work as much as the Japanese do, we would be excessively competitive...and we do not want to harm the other countries. Invited Address at the Thirty-Third International Atlantic Economic Conference, April 4–10, 1992, French Riviera.     

Weighting income ranks and levels: A Multiple-Parameter Generalization For Absolute and Relative Inequality Indices

This paper gives a general expression for a multiple parameter index of absolute or relative inequality and indicates that the indices suggested by Atkinson, Kolm and Gini are particular cases of the proposed generalized index.