Offering a unifying theoretical perspective not readily available in any other text, this innovative guide to econometrics uses simple geometrical arguments to develop students' intuitive understanding of basic and advanced topics, emphasizing throughout the practical applications of modern theory and nonlinear techniques of estimation. One theme of the text is the use of artificial regressions for estimation, reference, and specification testing of nonlinear models, including diagnostic tests for parameter constancy, serial correlation, heteroscedasticity, and other types of mis-specification. Explaining how estimates can be obtained and tests can be carried out, the authors go beyond a mere algebraic description to one that can be easily translated into the commands of a standard econometric software package. Covering an unprecedented range of problems with a consistent emphasis on those that arise in applied work, this accessible and coherent guide to the most vital topics in econometrics today is indispensable for advanced students of econometrics and students of statistics interested in regression and related topics. It will also suit practising econometricians who want to update their skills. Flexibly designed to accommodate a variety of course levels, it offers both complete coverage of the basic material and separate chapters on areas of specialized interest.

Estimation and Inference in Econometrics

Migration, both within and beyond borders, has become an increasingly prominent theme in domestic and international debates, and is the topic of the 2009 Human Development Report (HDR09). The starting point is that the global distribution of capabilities is extraordinarily unequal, and that this is a major driver for movement of people. Migration can expand their choices — in terms of incomes, accessing services and participation, for example — but the opportunities open to people vary from those who are best endowed to those with limited skills and assets. These underlying inequalities, which can be compounded by policy distortions, is a theme of the report.The report investigates migration in the context of demographic changes and trends in both growth and inequality. It also presents more detailed and nuanced individual, family and village experiences, and explores less visible movements typically pursued by disadvantaged groups such as short term and seasonal migration.There is a range of evidence about the positive impacts of migration on human development, through such avenues as increased household incomes and improved access to education and health services. There is further evidence that migration can empower traditionally disadvantaged groups, in particular women. At the same time, risks to human development are also present where migration is a reaction to threats and denial of choice, and where regular opportunities for movement are constrained.National and local policies play a critical role in enabling better human development outcomes for both those who choose to move in order to improve their circumstances, and those forced to relocate due to conflict, environmental degradation, or other reasons. Host country restrictions can raise both the costs and the risks of migration. Similarly, negative outcomes can arise at the country levels where basic civic rights, like voting, schooling and health care are denied to those who have moved across provincial lines to work and live. HDR09 shows how a human development approach can be a means to redress some of the underlying issues that erode the potential benefits of mobility and/or force migration.

Human Development Report 2009. Overcoming Barriers: Human Mobility and Development

This paper estimates the effect on international trade of multilateral trade agreements-the World Trade Organization (WTO), its predecessor the General Agreement on Tariffs and Trade (GATT), and the Generalized System of Preferences (GSP) extended from rich countries to developing countries. I use a standard "gravity" model of bilateral merchandise trade and a large panel data set covering over 50 years and 175 countries. An extensive search reveals little evidence that countries joining or belonging to the GATT/WTO have different trade patterns from outsiders, though the GSP seems to have a strong effect. (JEL F13, F15)

/pdf/do-we-really-know-that-the-wto-increases-trade-4o1wkluyeh.pdf

Do We Really Know that the WTO Increases Trade

This book explores whether the world economy is breaking up into regional trading and currency blocs centred on the European Community, Japan and the United States. Frankel uses trade, investment and financial data to assess this issue. He concludes with an analysis of how trends in regional economic integration can be used as building blocks for a stronger multilateral system.

Regional Trading Blocs in the world economic system, reseñado por Antonio Ortiz-Mena L.N.

most (all?) behavior can be explained by assuming that agents have stable, well-defined preferences and make rational choices consistent with those preferences in markets that (eventually) clear. An empirical result qualifies as an anomaly if it is difficult to "rationalize," or if implausible assumptions are necessary to explain it within the paradigm. This column presents a series of such anomalies. Readers are invited to suggest topics for future columns by

/pdf/the-endowment-effect-loss-aversion-and-status-quo-bias-10i5r7vefb.pdf

The Endowment Effect, Loss Aversion, and Status Quo Bias

Global matrices of bilateral migrant stocks spanning 1960-2000 are presented, disaggregated by gender and based primarily on the foreign-born definition of migrants. More than one thousand census and population register records are combined to construct decennial matrices corresponding to the five census rounds between 1960 and 2000. For the first time, a comprehensive picture of bilateral global migration over the second half of the 20th century emerges. The data reveal that the global migrant stock increased from 92 million in 1960 to 165 million in 2000. Quantitatively, migration between developing countries dominates, constituting half of all international migration in 2000. When the partition of India and the dissolution of the Soviet Union are accounted for, migration between developing countries is remarkably stable over the period. Migration from developing to developed countries is the fastest growing component of international migration in both absolute and relative terms. The United States has remained the most important migrant destination in the world, home to one fifth of the world's migrants and the top destination for migrants from some 60 sending countries. Migration to Western Europe has come largely from elsewhere in Europe. The oil-rich Persian Gulf countries emerge as important destinations for migrants from the Middle East and North Africa and South and Southeast Asia. Finally, although the global migrant stock is predominantly male, the proportion of female migrants increased noticeably between 1960 and 2000. The number of women rose in every region except South Asia.

/pdf/where-on-earth-is-everybody-the-evolution-of-global-3rirjqd1br.pdf

Where on earth is everybody ? the evolution of global bilateral migration 1960-2000

While there exists sizeable literature documenting the importance of ethnic networks for international trade, little attention has been devoted to studying the effects of networks on foreign direct investment (FDI). The existence of ethnic networks may positively affect FDI by promoting information flows across international borders and by serving as a contract enforcement mechanism. This paper investigates the link between the presence of migrants in the United States and U.S. FDI in the migrants' countries of origin, taking into account the potential endogeneity concerns. The results suggest that U.S. FDI abroad is positively correlated with the presence of migrants from the host country. The data further indicate that the relationship between FDI and migration is driven by the presence of migrants with a college education.

Migrant Networks and Foreign Direct Investment

http://www-wds.worldbank.org/servlet/WDSContentServer/WDSP/IB/2005/05/09/000012009_20050509133025/Rendered/PDF/wps3581.pdf

Brain waste? Educated immigrants in the U.S. labor market

https://users.ox.ac.uk/~econ0247/Migration.pdf

Migrant networks and foreign direct investment

The global distribution of talent is highly skewed and the resources available to countries to develop and utilize their best and brightest vary substantially. The migration of skilled workers across countries tilts the deck even further. Using newly available data, the paper first reviews the landscape of global talent mobility, which is both asymmetric and rising in importance. Next, the determinants of global talent flows at the individual and firm levels are presented and some important implications are sketched. Third, the national gatekeepers for skilled migration and broad differences in approaches used to select migrants for admission are reviewed. Looking forward, the capacity of people, firms, and countries to successfully navigate this tangled web of global talent will be critical to their success.

Caglar Ozden

Papers

Where on earth is everybody ? the evolution of global bilateral migration 1960-2000

Migrant Networks and Foreign Direct Investment

Brain waste? Educated immigrants in the U.S. labor market

Migrant networks and foreign direct investment

Global Talent Flows