Paulo Manuel Marques Rodrigues

In this paper we extend the two‐level factor model to account for cointegration between group‐specific factors in large datasets. We propose two nonlinear specifications: (i) a threshold vector error correction model (VECM) that allows for asymmetric adjustment across regimes; and (ii) a band VECM that captures state‐dependent adjustment which becomes active only when deviations from equilibrium exceed an inaction threshold. Monte Carlo simulations show that the proposed estimators perform well in finite samples, accurately recovering the cointegration relationship and the regime‐dependent adjustment mechanism in the designs considered. In an empirical application, we estimate a band factor VECM on a panel of government bond yields from multiple countries, extracting one global factor and two group‐specific factors associated with long‐ and short‐term maturities. The results provide evidence of discontinuous adjustment in the global term structure of interest rates, with stronger error correction during periods of larger deviations from the long‐run equilibrium.

Citation metrics are frequently used to assess research and rank journals and researchers. Nevertheless, this is still a process with asymmetric information. Tourism research has matured within a small community and through a multidisciplinary scientific paradigm. This paper aims to understand the determinants of tourism research citation patterns. To this end, 101,968 papers within fifteen years (2004-2018) are analysed. Our empirical results suggest that authors’ prestige, the multidisciplinary nature of research, and the impact factor of journals and bibliometric articles will likely increase an article’s citations. This paper represents a step forward in understanding the citation formation process in tourism research.

Climate (change) affects the prices of goods and services in different countries or regions differently. Simply relying on aggregate measures or summary statistics, such as the impact of average country temperature changes on HICP headline inflation, conceals a large heterogeneity across (sub-)sectors of the economy. Additionally, the impact of a weather anomaly on consumer prices depends not only on its sign and magnitude, but also on its location and the size of the area affected by the shock. This is especially true for larger countries or regions with diverse climate zones, since the geographical distribution of climatic effects plays a role in shaping economic outcomes. Using time series data of geolocations, we demonstrate that relying solely on country averages fails to adequately capture and explain the influence of weather on consumer prices in the euro area. We conclude that the information content hidden in rich and complex surface data can provide valuable insights into the role of weather and climate variables for price stability, and more generally may help to inform economic policy.

Citation metrics are frequently used to assess research and rank journals and researchers. Nevertheless, this is still a process with asymmetric information. Tourism and hospitality research have matured within a small community and through a multidisciplinary scientific paradigm. This paper aims to understand the determinants of tourism and hospitality research citation patterns. To this end, a total of 101,968 papers within fifteen years (2004–2018) is analysed. Our empirical results suggest that authors’ prestige, the multidisciplinary nature of research, and the impact factor of journals and bibliometric articles are likely to increase an article’s citations. This paper represents a step forward in understanding the citation formation process in tourism and hospitality research.