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ACCOUNTING FOR RESOURCE DEPLETION: A MICROECONOMIC APPROACH   总被引:2,自引:0,他引:2  
The theoretical basis of a practical method of accounting for depletion of mineral resources is presented. Rent rises at the rate of interest, but depletion does not. Rent is equal to the sum of depletion and depreciation less any opportunity cost of present production as compared to waiting. Depletion follows a path which is dependent on the depreciation formula chosen by the accountant. The approach is compared to the methods proposed by the BEA in 1994.  相似文献   

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Abstract.  In this article I propose two different models for analyzing the conduct of monetary policy, facing certain expectations. The first is a autoregressive model, which implicitly accounts for adaptive expectations, while the second accounts for the rational expectations. I used these models to judge whether or not the Taylor rule can be a good benchmark for the conduct of monetary policy in Japan. The conclusion is that a simple AR model fits the data better than the Taylor rule, and that assuming rational expectations in Japan could be highly misleading, at least since the mid-1990s.  相似文献   

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A SYSTEMS APPROACH TO THE DEMAND FOR ALCOHOL AND TOBACCO   总被引:1,自引:0,他引:1  
This paper adopts a systems approach to estimate budget share equations for four categories of alcoholic drinks and for tobacco, using quarterly expenditure data for the period 1964 to 1983. The emphasis is on the importance of the tolerance effects of addiction and on the smoker's participation decision in correctly specifying the model of demand. The model makes explicit recognition of a separate participation decision and the estimates suggest that there is something to be gained by introducing variables to indicate changes in the distribution of income and the demographic structure of the population.  相似文献   

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地理信息系统在区域商业和经济中的应用初探   总被引:13,自引:1,他引:13  
有效地开发和利用地理空间数据,可以优化配置资源,降低商业运行成本,并规划、监测、改善区域商业和经济环境。而地理信息系统,不仅是关于地理数据的获取、存储、转换、分析和表示的原则、方法和工具,而且提供了认识空间现象的思维方式和解决空间问题的方法,可用于定义、分析、表现复杂的空间经济现象。基于这样的认识,本文试图从理论上探讨地理信息、商业环境和区域经济发展间的关系,并结合中国广东的区域经济状况,初步分析地理信息系统在商业和区域经济中的潜在应用。  相似文献   

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The paper investigates the relationship between bank interest rate margins and collateral for loans issued to new ventures. The analysis finds a convex U‐shaped relationship. The results indicate that while provision of collateral initially reduces bank exposure to risk (through security, more optimal levels of capital and lower moral hazard among entrepreneurs) that beyond a point, the positive risk‐wealth association gives rise to greater risk taking propensity among entrepreneurs and ultimately higher interest rates. This indicates that a lender's pricing policy may even somewhat help to level the competitive playing field between ventures launched by higher and moderately wealthy entrepreneurs.  相似文献   

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In this paper, we consider the case of finite time dimension in the panel stationarity tests with structural breaks. By fixing T, the finite sample properties of the tests for both micro (T small and N large) and macro (both T and N large) panel data are generally greatly improved. More importantly, the derivation of the tests for finite T and , as opposed to joint asymptotic where N and simultaneously, avoids the imposition of the rate condition making the test valid for any (T, N) blend. Four models corresponding to the usual combination of breaks are considered. The asymptotic distributions of the test are derived under the null hypothesis and are shown to be normally distributed. Their moments for T fixed are derived analytically employing Ghazal’s corollary 1. The case with unknown breaks is also considered. The proposed tests have generally empirical sizes that are very close to the nominal size. The Monte Carlo simulations show that the power of the test statistics increases substantially with N and T.  相似文献   

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To deal with a variety of inferential problems on non‐stationary cointegrated time series, this paper proposes a computationally feasible method based on the Whittle likelihood and examines its performance. For the empirical application of our method, the paper investigates three sets of Japanese and US monetary and financial time‐series data. To evaluate the p‐value of the likelihood ratio statistic, we propose an approximation procedure based on the gamma distribution and the accompanying Laguerre expansion for reducing the computational burden. We also provide a numerical procedure for the asymptotic covariance matrix of the Whittle estimator.  相似文献   

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This article provides the limit theory of real‐time dating algorithms for bubble detection that were suggested in Phillips, Wu, and Yu (PWY; International Economic Review 52 [2011], 201–26) and in a companion paper by the present authors (Phillips, Shi, and Yu, 2015; PSY; International Economic Review 56 [2015a], 1099–1134. Bubbles are modeled using mildly explosive bubble episodes that are embedded within longer periods where the data evolve as a stochastic trend, thereby capturing normal market behavior as well as exuberance and collapse. Both the PWY and PSY estimates rely on recursive right‐tailed unit root tests (each with a different recursive algorithm) that may be used in real time to locate the origination and collapse dates of bubbles. Under certain explicit conditions, the moving window detector of PSY is shown to be a consistent dating algorithm even in the presence of multiple bubbles. The other algorithms are consistent detectors for bubbles early in the sample and, under stronger conditions, for subsequent bubbles in some cases. These asymptotic results and accompanying simulations guide the practical implementation of the procedures. They indicate that the PSY moving window detector is more reliable than the PWY strategy, sequential application of the PWY procedure, and the CUSUM procedure.  相似文献   

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This paper provides a time-series analysis on the relationship between the extent of endogenous trade policy and both political and economic variables. The chosen trade policy indicator is the number of foreign-trade regulations passed each year for the benefit of a single firm or industry. The data are from Uruguay, 1925–1983. This country, which experienced an impressive economic decline, is an outstanding example of the rent-seeking society. The paper shows that endogenous regulations increased with discretionary policies, with adverse macroeconomic shocks and under dictatorship. It also shows that these regulations had a negative long-run effect on the growth rates of output and exports. The short-run effect was positive however.  相似文献   

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This paper estimates the United States and euro area NAIRU in a Bayesian framework. We set out a simple structural model explaining unemployment by demand and supply factors, which are treated as unobserved variables that have observable effects on measured unemployment, output and inflation. The model allows for unemployment persistence and a time-varying core inflation rate. The results show that although cyclical shocks are very persistent, most of the increase in European unemployment is driven by structural factors. The degree of persistence is lower in the United States but demand shocks seem to be more important in explaining variation in unemployment.  相似文献   

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