Constitutional Foundations of Economic Freedom: A Time-Series Cross-Section Analysis

Using time-series cross-section analysis, we provide additional empirical validation for the principal-agent model developed by Adserà et al. (2003). In our innovation, efficient economic policy is proxied by “economic freedom” from the Fraser Institute database and constitutional “political institutions” are proxied by variables from the Database of Political Institutions. Our results suggest that the more credible the threat of removal from office, the more government officials will pursue efficient economic policies. The authors are grateful to Alan Hamlin and an anonymous referee for their highly valuable input to the development of this paper. Tel.: +1-604-291-4167     

Univariate Time-Series Analysis of Public Debt

Journal of Quantitative Economics - This paper presents a method whereby the properties of the undiscounted debt/GDP time-series for a country can be directly assessed in terms of components of...     

Strategies for Modelling Nonlinear Time-Series Relationships*

Building models of nonlinear relationships are inherently more difficult than linear ones There are more possibilities, many more parameters and thus more mistakes can be made. It is suggested that a strategy be applied when attempting such modelling involving testing for linearity, considering just a few model types of parsimonious form and then performing post-sample evaluation of the resulting models compared to a linear one. The strategy proposed is a ‘simple-to-general’ one and the application of a heteroskedasticity correction is not recommended     

浅议WEB页面到WAP页面转换过程

为解决WAP与WEB应用层之间的语言差别,本文提出一个从WAP页面转换方 案出发,设置了从HTML到WML网页转换方法,这种方法能解决移动计算设备 上网存在的语言差别问题,同时,也能够较好地解决普通WEB页面无线设备上显 示时可能出现的布局失调问题。     

Aging and Savings in Korea: A Time-Series Approach

Thanks to numerous empirical research studies, a general consensus has been reached on the effects of an aging population on the economy, particularly in terms of economic growth and savings. However, most of the previous research examines the effects of the aging on economically advanced countries. Furthermore, rarely have those studies used the time-series properties of the data. By applying two popular time-series statistical tools (multivariate cointegration analysis and vector error correction model) to Korean data, this paper finds: (1) There is a long-run equilibrium linkage among the aging, medical expenditure and savings; however (2) there is no Granger-causality present between aging and national savings in the short run in Korea.     

Time-Series Support for Balassa's Productivity-Bias Hypothesis: Evidence from Korea

In this paper we use the Johansen and Juselius cointegration technique and quarterly data over the period 1979–1993 to test the productivity-bias hypothesis between Korea and four of its major trading partners (Germany, Japan, the United Kingdom, and the United States). The results show that in all four cases the deviation of purchasing-power parity (PPP) from the equilibrium exchange rate has a long-run relationship with the productivity ratios, supporting the notion that as Korea becomes relatively more productive, the Korean won appreciates in real terms.     

Trade Liberalization and Productivity Growth: Time-Series Evidence from Australian Manufacturing

This paper uses historical annual data for 27 years from 1968-69 on eight two-digit ANZSIC industries to assess the impact of the changes in industry assistance on economic efficiency. The empirical analysis shows that a 1 per cent decline in the nominal rate of assistance leads to between O.J 8 and 056 per cent gain in total factor productivity, the latter our measure of economic efficiency. This finding has strong policy implications for the future of tariff reform in the manufacturing sector.     

Larry Page on Google北大核心CSSCISSCI

Last month, Larry Page sat down with Fortune Senior Writer Miguel Helft for a lengthy interview for a forthcoming Fortune magazine article. It was only Page’s second wide-ranging conversation with a print publication since becoming CEO of Google in April 2011. Fortune: When you’re thinking about the next bet you’re going to make, how do you pick? Larry Page:     

Time-Series Wage Differential in Taiwan: The Role of International Trade

Rising relative wages between skilled and unskilled workers in developed countries has been a popular subject of recent studies. This paper analyzes Taiwan, a semi-developed economy, where the relative wage reveals a declining trend since the mid-1980s. The authors study the role of international trade. A major point of departure is to distinguish the effects of net exports to OECD countries from those to non-OECD countries. The paper also differentiates the effects of net exports to China from those to non-OECD countries except China. It is found that net exports to the OECD countries raise the relative wage of skilled workers, whereas net exports to non-OECD countries and China diminish the relative wage. Moreover, the impacts of net exports to China are much larger than those to OECD and other non-OECD countries. The documented wage effects of international trade in this work diverge from what existing works have argued based on Heckscher–Ohlin theory.     

Immigrant Wage Adjustment in Australia: Cross Section and Time-Series Estimates*

Cross-sectional estimates of the comparative wage performance of natives and immigrants can be distorted if there are changes in labour market quality between immigrant cohorts. This question is investigated with a study of 1973 and 1981 cross-sections of Australian migrants. We find that migrants from non-English-speaking countries entering Australia about 1965 perform significantly better between 1973 and 1981 than predicted from the 1973 cross-section. Migrants from English-speaking countries time-series wage performance is consistent with the 1973 cross-section prediction. The paper interprets the analytic importance of these results.     

Time-Series Based Empirical Assessment of Random Urban Growth: New Evidence from France

Modern urban growth literature frequently uses unit-root tests in order to check the empirical relevance of Gibrat’s law of random growth. The contradictory nature of the test results provided by this literature is most likely linked to the low power of unit-root tests. To address this problem, we apply unit-root testing to a large-sized sample of high-quality French census data covering an exceptionally long time span of more than two centuries. We add subsequent cointegration tests in order to detect the possible presence of cointegrated random growth, which may reflect the fact that cities with a similar economic structure react fairly similarly to exogenous growth shocks. According to the test results, the random growth hypothesis cannot be rejected for a very large majority of the tested French cities; on the other hand, the null hypothesis of absence of cointegration cannot be rejected in more than 95% of the cases. Our findings therefore provide empirical support for non-cointegrated random growth.

     

A Time-Series Perspective on Convergence: Australia,UK and USA since 1870*

Tests of the Convergence Hypothesis or the tendency for per capita income levels to narrow over time, have generally utilized cross-sectional data and have usually found conflicting evidence. In this study we utilize time-series data on Australia, UK and USA for the period 1870–1992, and time-series tests, to consider both ‘catching-up2 and ‘long-run convergence’. The paper finds evidence in favour of long-run convergence in per capita income levels for the UK and Australia for the period 1892–1992 and catching-up in the case of UK and USA, and Australia and USA, giving some support for the exogenous approaches to economic growth.