Celebrated Econometricians: Katarina Juselius and Soren Johansen

This Special Issue collects contributions related to the advances in the theory and practice of Econometrics induced by the research of Katarina Juselius and Søren Johansen, whom this Special Issue aims to celebrate [...

Do fiscal variables affect fiscal expectations? Experiments with real world and lab data

We generate observable expectations about fiscal variables through laboratory experiments using realworld data fromseveral European countries as stimuli.We compare a VAR model of expectations for data that is presented in a fiscal frame with one for neutrally presented data.We test the validity of the setup and find that participants understand the meaning of the fiscal variables, but also that their ability to perceive the correct characteristics of fiscal policy is limited. Expectations are consistent neither with rational nor with purely adaptive expectations, but instead follow an augmented-adaptive scheme

Air and water pollution over time and industries with stochastic dominance

We employ a stochastic dominance (SD) approach to analyze the components that contribute to environmental degradation over time. The variables include countries\u2019 greenhouse gas (GHG) emissions and water pollution. Our approach is based on pair-wise SD tests. First, we study the dynamic progress of each separate variable over time, from 1990 to 2005, within 5-year horizons. Then, pair-wise SD tests are used to study the major industry contributors to the overall GHG emissions and water pollution at any given time, to uncover the industry which contributes the most to total emissions and water pollution. While CO2 emissions increased in the first order SD sense over 15 years, water pollution increased in a second-order SD sense. Electricity and heat production were the major contributors to the CO2 emissions, while the food industry gradually became the major water polluting industry over time. SD sense over 15 years, water pollution increased in a second-order SD sense. Electricity and heat production were the major contributors to the CO2 emissions, while the food industry gradually

‘Academic Freedom and World Class Universities: A virtuous circle?

Using empirical data from over 1500 respondents (drawn from across the UK) to a survey on academic freedom, and the Times Higher’s World University Rankings, this paper is a comparative assessment of the relationship between professed levels of defacto protection for academic freedom by teaching and research staff in individual UK universities, and their institution’s excellence, as evinced by world university rankings. The study reveals that normative protection for academic freedom is strongest in Russell Group universities and weakest in post-1992 institutions. Additionally, the professed level of protection for academic freedom reported by respondents to the survey is shown to have a positive relationship with the World Rankings’ positions of their institutions. Furthermore, the study considers whether academic freedom may be a prerequisite for, or defining characteristic of, a world-class university. Finally, the paper assesses the possible policy implications of this research for universities and their leaders, and higher educational policy makers, within the UK and beyond, seeking to improve the Times Higher’s World Ranking positions of their institutions

A Conversation with Katarina Juselius

This article was prepared for the Special Issue ‘Celebrated Econometricians: Katarina Juselius and Søren Johansen’ of Econometrics. It is based on material recorded on 30–31 October 2018 in Copenhagen. It explores Katarina Juselius’ research, and discusses inter alia the following issues: equilibrium; short and long-run behaviour; common trends; adjustment; integral and proportional control mechanisms; model building and model comparison; breaks, crisis, learning; univariate versus multivariate modelling; mentoring and the gender gap in Econometrics

A Conversation with Søren Johansen

This article was prepared for the Special Issue "Celebrated Econometricians: Katarina Juselius and Søren Johansen" of Econometrics. It is based on material recorded on 30 October 2018 in Copenhagen. It explores Søren Johansen’s research, and discusses inter alia the following issues: estimation and inference for nonstationary time series of the I(1), I(2) and fractional cointegration types; survival analysis; statistical modelling; likelihood; econometric methodology; the teaching and practice of Statistics and Econometrics