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Party formation and coalitional bargaining in a model of proportional representation

Author

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  • Joanne S. McGarry

    (University of Birmingham)

  • Marcus J. Chambers

    (University of Essex)

Abstract

This paper considers the estimation of the parameters of general systems of differential- difference equations (DDEs) in which the lag parameters themselves can be treated as unknown and are not restricted to be integers. The asymptotic properties of an infeasible frequency domain maximum likelihood estimator are established as well as those of a feasible version based on truncating an infinite series that arises in the computation of the spectral density function of the observed discrete time series. Precise conditions that the truncation parameter must satisfy are provided. Simulation exercises are performed to assess the small sample properties of the estimator, including the estimation of cycle durations, and the results provide guidance as to the choice of truncation parameter in finite samples. An empirical illustration of the use of DDEs to represent the cyclical component in a continuous time unobserved components model is also provided using data on U.S. real GNP.

Suggested Citation

  • Joanne S. McGarry & Marcus J. Chambers, 2004. "Party formation and coalitional bargaining in a model of proportional representation," Discussion Papers 04-07, Department of Economics, University of Birmingham.
    • Handle: RePEc:bir:birmec:04-07
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    File URL: https://repec.cal.bham.ac.uk/pdf/04-07.pdf
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    More about this item

    Keywords

    differential-difference equations; frequency domain; cycles;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

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