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In this paper, we develop a model of technology adoption and economic growth in which households optimally obtain either a concept-based, general education or a skill-specific, vocational education. General education is costly to obtain, but enables workers to operate new production technologies. Firms weigh the cost of adopting and operating new technologies against increased profits and optimally choose the level of adoption. We show that an economy whose policies favor vocational education will grow slower in equilibrium than one that favors general education. More importantly, the gap between their growth rates will increase with the growth rate of available technology. By characterizing the optimal Ramsey education policy we also demonstrate that the optimal subsidy for general education increases with the growth rate of available technology. Our theory suggests that European education policies that favored specialized, vocational education might have worked well, both in terms of growth rates and welfare, during the 1960s and 1970s when available technologies changed slowly. However, in the information age of the 1980s and 1990s when new technologies emerged at a more rapid pace, they might have contributed to an increased growth gap relative to the United States. 相似文献
23.
We estimate the degree of stickiness in aggregate consumption growth for the U.S. considering the effects of the Great Recession. The behavior of stickiness estimate in the crisis is somewhat as the U-shaped pattern. Our findings imply that during the crisis consumers’ attentiveness to aggregate information has slightly increased, thereby reducing the persistence of aggregate consumption growth. However, the reduction in persistence is transitory. Since 1980, the U.S. faced five recessions and in most of them the degree of stickiness declined, albeit temporarily. 相似文献
24.
In an attempt to better understand the impact of the World Bank on human development in poor countries, we use cross-country data on African countries for the 1990–2002 period to examine this relationship. The coefficient estimates of our parsimonious fixed-effects models indicate that while loans and grants of the Bank have had a positive impact on some relatively short-term indicators of health and education in an average African country, there is little evidence to suggest that such loans and grants have helped these countries to consolidate on the short-term gains. 相似文献
25.
In this paper the authors employ the cointegration approach to explore empirically the existence of a possible long-run equilibrium
relationship between the U.S. budget deficits and the current account deficits. This study uses annual nominal data in levels
for the postwar period 1946–1988. Both the DW and the ADF tests confirm that the two deficits are not cointegrated. It implies
that the two deficits have no possibility of reverting to a long-run equilibrium relation. 相似文献
26.
The paper formulates and estimates for India for the period 1950–1980 an aggregate production function wherein the supply of real money balances in the economy appears as a limitational factor of production. The rationale for the formulation is argued from the importance of working capital funds in organising production, and how the supply of money, or the lack thereof, may constrain its availability in a financially underdeveloped economy characterized by imperfect capital markets.Comments and suggestions by annonymous referees for the journal as well as by the participants in the seminar at the Institute of Economic Growth, Delhi, India and the session on money and production at the Windsor meetings of the Canadian Economic Association are gratefully acknowledged. Thanks are also due Mr. Salah Foda for programming assistance. 相似文献
27.
ABSTRACT This study examines the four commonly tested hypotheses in hydroelectricity consumption – economic growth literature for 12 Asian countries. Our results from a recently developed hidden cointegration technique uncover rich and significant relationships between negative and positive components of the variables under consideration. In particular, we find evidence to support the neutrality hypothesis in five countries (Bangladesh, Indonesia, Pakistan, Philippines, and Thailand), the growth hypothesis in four countries (India, Japan, South Korea and Taiwan), and both growth and conservation hypotheses in three countries (China, Malaysia, and New Zealand). These findings suggest that appropriate economic policies should be elaborated on the basis of the country’s specific hydroelectricity consumption–growth nexus. Finally, our new evidence suggests that the lack of stable relationship between hydroelectricity consumption and economic growth documented in previous studies for some of these countries could be due to the failure to properly account for the nonlinearity property in the data. 相似文献
28.
We examine and compare a large number of generalized autoregressive conditional heteroskedastic (GARCH) and stochastic volatility (SV) models using series of Bitcoin and Litecoin price returns to assess the model fit for dynamics of these cryptocurrency price returns series. The various models examined include the standard GARCH(1,1) and SV with an AR(1) log-volatility process, as well as more flexible models with jumps, volatility in mean, leverage effects, t-distributed and moving average innovations. We report that the best model for Bitcoin is SV-t while it is GARCH-t for Litecoin. Overall, the t-class of models performs better than other classes for both cryptocurrencies. For Bitcoin, the SV models consistently outperform the GARCH models and the same holds true for Litecoin in most cases. Finally, the comparison of GARCH models with GARCH-GJR models reveals that the leverage effect is not significant for cryptocurrencies, suggesting that these do not behave like stock prices. 相似文献
29.
Journal of Quantitative Economics - 相似文献
30.
Public policy relating to consumer comprehension of television commercials: A review and some empirical results 总被引:1,自引:0,他引:1
The utility of disclosure supers in television commercials in providing consumers with useful information is investigated. First the role of the various regulatory agencies in monitoring disclosure supers is reviewed. Next we review the role of consumer behavior theory in explaining how consumers process disclosure information. Then we develop and test hypotheses relating to four format aspects of disclosure supers. The findings supported the hypotheses. Viewers demonstrated lower levels of comprehension for disclosure information relative to information in the body copy of the commercials. Comprehension of disclosure information increased when typeface of disclosure was larger and when a voice-over accompanied the disclosure, but decreased when volume of information in disclosure supers increased. The implications of the findings for public policy are discussed.
Verbraucherpolitische Einflunahme auf das Verbraucherverständnis von Werbebotschaften im Fernsehen: Ein überblick und einige empirische Befunde
Zusammenfassung Der Beitrag befa\t sich mit dem Nutzen von Informationsauflagen bei Werbespots im Fernsehen, die dem Konsumenten nützliche Informationen zur Verfügung stellen sollen. Zunächst werden die verschiedenen Institutionen geschildert, die die Befolgung von Informationsauflagen überwachen. Als nächstes wird die Bedeutung der Theorie des Konsumentenverhaltens behandelt, wenn es darum geht, die Verarbeitung des Inhaltes von Informationsauflagen durch die Konsumenten zu erklären. Anschlie\end entwickeln die Autoren einige Hypothesen über die Wirkung unterschiedlicher Gestaltungsbedingungen auf die Informationsübermittlung. Diese Hypothesen werden durch die Befunde im wesentlichen bestätigt: Der Inhalt von Informationsauflagen wird insgesamt weniger gut verstanden als der eigentliche Inhalt der Werbebotschaft. Das Verständnis der Informationsauflage ist höher bei grö\erem Schriftgrad. Es ist auch höher, wenn ihr Inhalt nicht allein in Schriftform bezeichnet wird, sondern wenn er zusätzlich auch noch gesprochen wird. Es ist allerdings geringer bei grö\erer Informationsmenge. Abschlie\end werden einige verbraucherpolitische Empfehlungen gegeben.相似文献