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作者：Hall, AR; Rudebusch, GD; Wilcox, DW
作者单位：Federal Reserve System - USA; Federal Reserve System - USA
摘要：Recent research has emphasized the poor finite-sample performance of the instrumental variables (IV) estimator when the instruments are weakly correlated with the regressors. We show how the canonical correlations between regressors and instruments can provide a measure of instrument relevance in the general multiple-instrument-multiple-regressor case. However, our simulation results indicate that any such relevance measure probably has little practical merit, as its use may actually exacerbat...
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作者：Peretto, PF
摘要：I present a model of endogenous innovation where firms undertake in-house research and development (R&D). The concentration of sales and R&D resources determines the scale and efficiency of R&D operations and rate of productivity growth. In zero-profit equilibrium, R&D expenditure is one component of total fixed costs and determines the number of active firms. This feedback generates interdependent pricing, investment, and entry/exit decisions. The (jointly determined) rate of growth and numbe...
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作者：Bental, B; Peled, D
作者单位：Western University (University of Western Ontario)
摘要：In this paper sustained technological progress results from the feedback between technical change and the accumulation of wealth. The production technology is affected by a productivity factor which ensues from research and development. The research and development process is described as a sequential search problem in which optimal decisions depend on current levels of wealth and technology. The resulting growth path displays invention cycles. A discovery of a significant technological improv...
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作者：Bovenberg, AL; Smulders, SA
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：To explore the link between a tighter environmental policy and economic growth, we employ an endogenous growth model with endogenous technological progress in abatement technologies. The environment, which is modelled as a renewable resource, acts both as a public consumption good and as a public input into production. The entire transition towards a new balanced-growth path after a tightening of environmental policy is computed analytically. We find sharp contrasts between short-run and long-...
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作者：Geoffard, PY; Philipson, T
作者单位：University of Chicago
摘要：This paper studies an economic model of the dynamic spread of an infectious disease, contrasting its implications in terms of the occurrence of the disease itself, as well as the effects of public health interventions, with those of mathematical epidemiology.
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作者：Eckstein, Z; Foulides, C; Kollintzas, T
作者单位：Boston University; Athens University of Economics & Business; Centre for Economic Policy Research - UK
摘要：In this note we synthesize exogenous and endogenous sources of economic growth in a stochastic dynamic log linear general equilibrium model. Endogenous growth could be the result of internal constant returns to scale, external increasing returns to scale in the production of human capital or in the production of goods. We get a closed form log linear representation for the dynamic laws of motion for the human and physical capital stocks. Using the solution we distinguish between different sour...
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作者：Maccini, LJ; Zabel, E
作者单位：State University System of Florida; University of Florida
摘要：This paper explores the idea that stockout avoidance motives together with serial correlation in demand and/or the backlogging of excess demand is sufficient to induce firms to behave so that the variance of production exceeds the variance of sales. We show that the idea holds under a wide range of circumstances facing firms, including additive as well as multiplicative demand uncertainty, a general form of serial correlation in demand, whether inventory and shortage costs apply, and whether p...
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作者：Rilstone, P
摘要：This paper considers nonparametric kernel estimation of models with generated regressors and derives the asymptotic distribution of the resulting estimators. It is also shown how generated regressors may be used to reduce the dimensionality of certain nonparametric models. A labour supply equation is estimated to illustrate the technique.
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作者：Ramaiah, KC; Dalal, AJ
作者单位：Northern Illinois University
摘要：This paper examines the relationship between separability of the direct production function in inputs and separability of the indirect production function in input prices. In particular, it shows that simultaneous direct and indirect weak separability implies homotheticity of the direct production function, and hence homotheticity of the indirect production function. Thus, inferences regarding direct separability based on empirical tests for indirect separability would be valid only if homothe...
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作者：Matusz, SJ
摘要：I merge a model of monopolistic competition in the production of intermediate goods with the Shapiro-Stiglitz model of efficiency wages to show that the introduction of international trade leads to increased employment in both countries. The intuition is that trade results in a greater division of labor due to the increased variety of available intermediates. The resulting increase in productivity yields higher real wages, thus relaxing the efficiency-wage constraint and permitting an increase...
