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1.
This paper investigates the Keynesian view and the Wagner’s Law on the role of public expenditure on economic growth for Malaysia
(1970–2004). The empirical results using the Auto-Regression Distributed Lag (ARDL) model and the ‘bounds test’ (Pesaran et
al. in J Appl Econ 16:289–326, 2001) showed evidence of a long run relationship between total expenditures (including expenditures
on defense, education, development and agriculture) and Gross National Product. The results also show that with the structural
break in 1998, the long run causality is bi-directional for GNP and expenditures on administration and health, supporting
both Keynes view and Wagner’s Law. For all other expenditure categories the long run causality runs from GNP to the expenditures,
which supports Wagner’s Law.
An erratum to this article can be found at 相似文献
2.
Pelikan (J Evol Econ 21:341–366, 2011) develops an interesting conceptual framework that adds to prior work on generalised Darwinism. Despite claims to the contrary
we show that it is similar to the approach developed by Hodgson and Knudsen (J Evol Econ 16(4):343–366, 2006a, J Econ Behav Organ 75(1):12–24, 2010a, b), Aldrich et al. (J Evol Econ 18(5):577–596, 2008) and others. Pelikan also mischaracterises the Hodgson–Knudsen position over Lamarckism. We show why the term is misleading
(rather than strictly wrong) when applied to social evolution. 相似文献
3.
Truncated distributions commonly arise in economics and related areas, see, for example, Lee (Econ Lett 3:165–169, 1979), Lien (Econ Lett 19:243–247, 1985; Econ Lett 20:45–47, 1986), Burdett (Econ Lett 52:263–267, 1996), Sercu (Insur: Math and Econ 20:79–95, 1997), Abadir and Magdalinos (Econom Theory 18:1276–1287, 2002), and Horrace (J Econom 126:335–354, 2005). In this note, we consider the most commonly encountered truncated distributions with heavy tails: the truncated t distribution and the truncated F distribution. For each of these distributions, we derive explicit expressions for the moments and estimation procedures by
the method of moments and the method of maximum likelihood. An application is illustrated to a popular data set in the econometric
literature.
相似文献
4.
We reconsider necessary and sufficient conditions for dynamic inefficiency given in Zilcha (J Econ Theory 52:364–379, 1990,
J Econ Theory 55:1–16, 1991) and a critique by Rangazas and Russell (2005). First, we show that the characterization given
in Zilcha (1990) for nonstationary economies is correct and correct Zilcha’s proof. Second, using this insight, we complement
Rangazas and Russell’s (Econ Theory 26:701–716, 2005) discussion of the counterexamples to Zilcha (J Econ Theory 55:1–16,
1991). Third, we discuss consequences of our results for applied tests of (in-)efficiency based on the Zilcha criteria.
We would like to thank Itzhak Zilcha, and in particular Peter Rangazas and Steve Russell for detailed and very helpful comments. 相似文献
5.
Cook and Ludwig (J Public Econ 90:379–391, 2006) use data on homicide rates and gun prevalence proxies from US counties over the period 1980–19 相似文献
6.
Nicholas C. Yannelis 《Economic Theory》2009,38(2):419-432
We provide several different generalizations of Debreu’s social equilibrium theorem by allowing for asymmetric information
and a continuum of agents. The results not only extend the ones in Kim and Yannelis (J Econ Theory 77:330–353, 1977), Yannelis
and Rustichini (Stud Econ Theory 2:23–48, 1991), but also new theorems are obtained which allow for a convexifying effect
on aggregation (non-concavity assumption on the utility functions) and non-convex strategy sets (pure strategies). This is
achieved by imposing the assumption of “many more agents than strategies” (Rustichini and Yannelis in Stud Econ Theory 1:249–265,
1991; Tourky and Yannelis in J Econ Theory 101:189–221, 2001; Podczeck in Econ Theory 22:699–725, 2003).
To the memory of Gerard Debreu. A preliminary draft was presented in Paris, in April of 2005. I have benefited from the discussion,
comments and questions of Erik Balder, Jean-Marc Bonnisseu, Bernard Cornet and Filipe Martins Da-Rocha and Conny Podczeck.
A careful and knowledgeable referee made several useful comments and rescued me from a mishap. 相似文献
7.
While previous studies examine how the business cycle affects mortality in developed countries, less is known about this relationship
in developing countries. In this paper, we investigate whether the procyclical nature of mortality in developed countries
found by Ruhm (Q J Econ 115(2):617–650, 2000) and others is also present in Mexico. We assemble a unique panel data set that
contains state-level data on mortality rates by age and cause of death, GDP per capita, and socioeconomic status. We find
that for Mexico total mortality rates are procyclical, with the largest impact on those aged 20–49. While these findings are
similar to those in Ruhm (Q J Econ 115(2):617–650, 2000), the effects of business cycles on mortality rates differ for several
specific causes of death. These results suggest that whereas total mortality may be procyclical in both developed and developing
countries, significant differences may exist for some causes of death. 相似文献
8.
Is the monetary policy rule responsive to exchange rate changes? The case of Indonesia,Malaysia, the Philippines,and Thailand 总被引:1,自引:0,他引:1
Yu Hsing 《International Review of Economics》2009,56(2):123-132
Extending Obstfeld and Rogoff (J Econ Perspect 9:73–96, 1995), Ball (Monetary policy rules, University of Chicago Press, pp. 127–144, 1999), Svensson (J Int Econ 50: 155–183, 2000), Taylor (Am Econ Rev 91: 263–267, 2001), Gali and Gertler (J Econ Perspect 21:25–46, 2007), and others, this paper finds that central banks in the Philippines and Thailand respond negatively to the current real
exchange rate and positively to the lagged real exchange rate whereas central banks in Indonesia and Malaysia do not react
to the current or lagged real exchange rate. For the Philippines and Thailand, the null hypothesis that the sum of the coefficients
of the current and lagged real exchange rates is zero cannot be rejected at the 5% level. Central banks in these four countries
respond positively to the inflation rate and the output gap, suggesting that the concept of a simple or an extended Taylor
rule would apply to these countries. Monetary policy reaction functions for Indonesia and Thailand are steeper than those
for Malaysia and the Philippines and would be more responsive to a change in the inflation rate.
相似文献
9.
In this paper, we give an example in which the price of tradable emission permits increases despite firms’ adoption of less
polluting technology, a result that is in contrast with Montero (J Environ Econ 44:23–44, 2002) and Parry (J Regul Econ 14:229–254,
1998), among others. If two Cournot players switch to a cleaner technology, the price for permits may increase due to an increase
in the net demand for permits and a decrease in the net supply of permits after the clean technology is adopted. This is only
the case when output demand is quite elastic. 相似文献
10.
The main difficulty in treatment effect analysis with matching is accounting for unobserved differences (i.e., selection problem)
between the treatment and control groups, because matching assumes no such differences. The traditional way to tackle the
difficulty has been “control function” approaches with selection correction terms. This paper examines relatively new approaches:
sensitivity analyses—sensitivity to unobservables—in Rosenbaum (Biometrika 74:13–26, 1987), Gastwirth et al. (Biometrika 85:907–920,
1998) and Lee (J Appl Econ 19:323–337, 2004). These sensitivity analyses are applied to the data used in Lee and Lee (J Appl
Econ 20:549–562, 2005) to see how the assumption of no unobserved difference in matching affects the findings in Lee and Lee,
to compare how the different sensitivity analyses perform, and to relate the “sensitivity parameters” in the different sensitivity
analyses to one another. We find (i) the conclusions in Lee and Lee are weakened in the sense that only the “strong” ones
survive, (ii) the sensitivity analysis in Rosenbaum (Biometrika 74:13–26, 1987) is too conservative (and inferior to Gastwirth
et al.’s), and (iii) Gastwirth et al.’s and Lee’s approaches agree on some findings to be insensitive, but the two approaches
also disagree on some other findings.
The authors are grateful to the Editor and anonymous reviewers for their constructive and helpful comments. 相似文献
11.
This paper studies the optimal pricing of a two-sided monopoly platform when one side is affected by congestion. We show that
the divide-and-conquer pricing strategy (or skewed pricing) depends not only on the relative magnitude of the sides’ price
elasticities of demand but it also depends on the marginal congestion cost that an agent imposes on the others. Compared with
the no-congestion case, this pricing strategy gives rise to some interesting features that violate the results of Rochet and
Tirole (J Eur Econ Assoc 1:990–1029 in 2003, Rand J Econ 37:645–667 in 2006). In the case of equal price elasticities of demand, the no-congested side is charged the highest price. On the other hand,
in the case of different price elasticities, the platform congestion pricing depends on a certain threshold of the marginal
congestion cost. We show, under some conditions, that the divide-and-conquer pricing strategy is reversed. In the social context,
the Rochet and Tirole’s (J Eur Econ Assoc 1:990–1029 in 2003) cost allocation condition is modified by the congestion cost. We show that the congestion does not only affect the buyers’
contribution to the sellers’ surplus, but it also affects the sellers’ contribution to the buyers’. 相似文献
12.
In the context of mixed markets, Matsumura and Kanda (J Econ 84(1): 27–48, 2005) show that social welfare in free entry equilibrium
is maximized when there exists a public firm in the market. En passant, these authors state that this outcome is connected to the entry-deterring influence of a public firm. In this way, they
counter-act the excess entry problem of Mankiw and Whinston (Rand J Econ 17(1): 48–58, 1986). We explain this result arguing
that the state-owned firm can be an indirect instrument to regulate entry. In fact, under free entry equilibrium welfare may
be greater with the presence of a public firm than with a social planner.
相似文献
13.
Antonio Miralles 《Economic Theory》2010,42(3):523-538
Campbell (J Econ Theory 82:425–450, 1998) develops a self-enforced collusion mechanism in simultaneous auctions based on complete
comparative cheap talk and endogenous entry, with two bidders. His result is difficult to generalize to an arbitrary number
of bidders, since the entry-decision stage of the game is characterized by strategic substitutes. This paper analyzes more-than-two-bidder,
symmetric-prior cases. Two results are proved: (1) as the number of objects grows large, a full comparative cheap talk equilibrium
exists and it yields asymptotically fully efficient collusion; and (2) there is always a partial comparative cheap talk equilibrium.
All these results are supported by intuitive equilibria at the entry-decision stage (J Econ Theory 130:205–219, 2006; Math
Soc Sci 2008, forthcoming). Numerical examples suggest that full comparative cheap talk equilibria are not uncommon even with
few objects. 相似文献
14.
Konrad Podczeck 《Economic Theory》2009,38(2):399-418
This paper presents new methods to obtain purification results for continuum games, which don’t make use of the “many more
players than strategies” assumption (Yannelis in Econ Theory (in press) 2007) or of Loeb spaces (Loeb and Sun in Illinois
J Math 50, 747–762, 2006). The approach presented doesn’t use nonstandard analysis; it is based on standard measure theory
and in particular on the super-nonatomicity notion introduced in Podczeck (J Math Econ (in press) 2007).
Thanks to Erik Balder, Peter Loeb, Yeneng Sun, and Nicholas Yannelis for helpful comments. 相似文献
15.
After the publication of Ravallion’s Econ J 98:1171–1182, 1988 seminal work on chronic and transient poverty, wide attention
has been given to the components of poverty. We propose a Bayesian mixture model to measure poverty and divide it into chronic
and the transient poverty using the Foster, Greer and Thorbecke (FGT) measure. These two types of poverty are illustrated
using the Panel Study of Income Dynamics (PSID) data.
相似文献
16.
The Dixit (Econ J 90:95–106, 1980) hypothesis that incumbents use investment in capacity to deter potential entrants has found
little empirical support. Bagwell and Ramey (J Econ 27:660–680, 1996) propose a model where, in the unique game-theoretic
prediction based on forward induction or iterated elimination of weakly-dominated strategies, the incumbent does not have
the strategic advantage. We conduct an experiment with games inspired by these models. In the Dixit-style game, the incumbent
monopolizes the market most of the time even without the investment in capacity. In our Bagwell-and-Ramey-style game, the
incumbent also tends to keep the market, in contrast to the predictions of an entrant advantage. Nevertheless, we find strong
evidence that forward induction affects the behavior of most participants. The results of our games suggest that players perceive
that the first mover has an advantage without having to pre-commit capacity. In our Bagwell–Ramey game, evolution and learning
do not drive out this perception. We back these claims with data analysis and a theoretical framework for dynamics.
Financial support by the Spanish Ministerio de Ciencia and Tecnología (SEC2002-01352 and SEJ2006-11665-C02-01) and the Barcelona Economic Program of CREA and excellent research assistance by
David Rodríguez are gratefully acknowledged. The authors thank Aurora García Gallego and Armin Schmutzler for helpful comments. 相似文献
17.
In the context of a model due to Robinson, Solow and Srinivasan (the RSS model), we report results on the existence and characterization
of locally optimal programs, a concept taken from theoretical physics. In particular, we propose a (new) transversality condition
under which all locally optimal programs are good. An extended introduction places our theorems in the context of previous
work on the existence question, including that on agreeable programs. It appears that there is no completely rational way
to attack [the] problem without considering development programmes over an infinite horizon (Gale in Rev Econ Stud 34:1–8,
1967). The analysis of simple models is essential if we are to understand the corresponding situation for more complex models
of the economy (Mirrlees and Stern in J Econ Theory 4:268–288, 1972). The technical convenience, for clear and quantitative
results, of using an infinite time horizon is rather great (Hammond and Mirrlees in Models of economic growth, Wiley, New
York, pp 283–299, 1973). 相似文献
18.
We investigate the properties of Johansen’s (J Econ Dyn Control 12:231–254, 1988; Econometrica 59:1551–1580, 1991) maximum
eigenvalue and trace tests for cointegration under the empirically relevant situation of near-integrated variables. Using
Monte Carlo techniques, we show that in a system with near-integrated variables, the probability of reaching an erroneous
conclusion regarding the cointegrating rank of the system is generally substantially higher than the nominal size. The risk
of concluding that completely unrelated series are cointegrated is therefore non-negligible. We suggest ways of identifying
the problem and different approaches to reduce the size distortions of the tests. 相似文献
19.
Jack Robles 《Economic Theory》2008,35(1):19-36
I include a role for time preferences within a version of the Young (J Econ Theory 59:145–168, 1993b) evolutionary model of
bargaining. With or without time preferences, the stochastic stable convention yields a generalized version of the Nash (Econometrica
18:155–162, 1950) Bargaining Solution. When time preferences are added to the model, agents’ discount factors enter into the
stochastically stable convention in a natural manner. That is, an agent’s discount factor acts as a bargaining weight within
the Nash Bargaining Solution. By taking appropriate limits, an evolutionary foundation for the Rubinstein (Econometrica 50:97–110,
1982) Bargaining Solution is provided.
I thank Lew Evans, Jack Leach, Collin Starkweather, Aaron Strong, a referee and associate editor. All errors are my own. 相似文献
20.
Harutaka Takahashi 《Economic Theory》2008,37(1):31-49
I will study a multi-sector endogenous growth model with general constant returns to scale technologies and demonstrate the
existence, uniqueness and the saddle-path stability of the balanced growth equilibrium. I will first demonstrate the existence
of a balanced growth equilibrium, by showing that the balanced growth rate associated with the balanced growth equilibrium
is solely determined by solving a Frobenius root problem of the price equations derived from the Euler equations and the property
of the nonsubstitution theorem. Then I will show the saddle-path stability of the balanced growth equilibrium without any
capital intensity conditions, which is a generalized property proved in the two-sector endogenous growth models by de Guevara
et al. (J Econ Dyn Control 21, 115–143, 1997), Bond et al. (J Econ Theory 68, 149–173 1996) and Mino (Int Eco Rev 37, 227–251
1996). The theorem clearly implies that the balanced growth equilibrium has a transition path in the neighborhood of the balanced
growth equilibrium.
The paper was presented at the conferences “Irregular Growth: Beyond Balanced Growth” held on June 19–21, 2003 in Paris and
“Economic Growth and Distribution: On the Nature and Causes of the Wealth of Nations” held on June 16–18, 2004 in Lucca, Italy.
From the discussion with Alain Venditti at CNRS-GREQAM, Gerhard Sorger at University of Vienna and the conference participants,
I have been benefited much by writing this paper. Especially Alain Venditte had given me a chance to take a look at his unpublished
paper titled ” Indeterminacy and the Role of Factor Substitutability” jointly written with Kazuo Nishimura at Kyoto University
and published in Macroeconomic Dynamics, Vol. 8. The author also would like to thank an anonymous referee for useful suggestions. 相似文献