Research

Refereed Publications

1) David H. Bernstein, Christopher F. Parmeter, "Returns to Scale in Electricity Generation: Replicated and Revisited," Energy Economics, 2017, ISSN 0140-9883, https://doi.org/10.1016/j.eneco.2017.12.024. (forthcoming)

Abstract: We replicate the findings of two influential studies on returns to scale in the United States electricity generation market. The main results are contrasted using both local-linear nonparametric regression, a technique robust to parametric functional form assumptions, as well as an updated data set. While the quantitative findings across all of the estimators deployed differ somewhat regarding the magnitude of returns to scale, we document a decrease in returns to scale within the electricity generation market from 1955 to 1996.

Working Papers

1) David Bernstein & Bent Nielsen, 2014. "Asymptotic theory for cointegration analysis when the cointegration rank is deficient," Economics Papers 2014-W06, Economics Group, Nuffield College, University of Oxford. (Revised and resubmitted, Econometrics)

Abstract: We consider cointegration tests in the situation where the cointegration rank is deficient. This situation is of interest in finite sample analysis and in relation to recent work on identification robust cointegration inference. We derive asymptotic theory for tests for cointegration rank and for hypotheses on the cointegrating vectors. The limiting distributions are tabulated. An application to US treasury yields series is given.

2) David H. Bernstein, 2018. "What moves the labor force participation rate?," Preprints, 2018100125, doi:10.20944/preprints201810.0125.v1. (Under review, Econometrics)

Abstract: The seasonally adjusted civilian labor force participation rate, the sum of employed and unemployed persons as a percentage of the civilian non-institutional population, is analysed in the general to specific modelling framework with a saturating set of step indicators from January 1977 through June 2018. The results indicate that, ceteris paribus, the rise in the ratio of women to men in the labor force in addition to positive demographic movements can largely account for the rise in the labor force participation rate up to January 2000. Subsequently, the aging population helps to explain the decline. Recessions play a transitory role.

The 2018 North American Productivity Workshop at Miami Business School