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作者：TOLEDO, W; MARQUIS, MH
作者单位：State University System of Florida; Florida State University
摘要：Permanent sector specific productivity shocks alter the relative marginal products of capital and labor across sectors, such that the existing factor allocations are suboptimal. The subsequent factor reallocations may involve the costly movement and redeployment of capital and labor across sectors. To proxy the magnitude of these disturbances, this paper focuses on capital, rather than labor, allocative disturbances, since firms can make temporary adjustments in employment levels in response t...
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作者：BALKE, NS; SLOTTJE, DJ
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：This paper analyzes the impact of macroeconomic activity on the level of poverty in the U.S. economy. We use a macroeconometric model of poverty in the United States where the rate of poverty is presumed to depend upon changes in various indicators of macroeconomic performance and policy. We empirically model the relationship between poverty and the macroeconomy with a hybrid model that employs a reduced form model to capture the dynamic interactions among the data and a structural economic mo...
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作者：TANIZAKI, H
摘要：In this paper, the time-varying parameter model based on the Kalman filter is combined with the binary choice model. Next, estimation of the unknown parameters is examined without using any distribution. Finally, a money excess demand function is estimated as an application to the problem.
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作者：MOON, CG; STOTSKY, JG
摘要：Caudill, Ault, and Saba (1989) introduce an approach to estimating a hedonic price equation that accounts for censoring due to rent control in a rental housing market. This paper extends and clarifies their assertion on the consistency of the ordinary least squares estimates (OLS) and their estimates. We indicate how the nature of the rent control law affects the consistency properties of the two estimation methods.
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作者：KUEHLWEIN, M
摘要：This paper examines testable implications of the life-cycle theory of saving with lifetime uncertainty. Theory suggests that persons facing lower mortality rates should exhibit greater consumption growth. Nonparametric tests, using the Retirment History Survey, provide mixed support for the theory. A parameterized model allowing for altruism provides more support. Estimates of a bequest parameter indicate that elderly households value contributions to bequests as highly as contributions to the...
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作者：DOMOWITZ, I; HUBBARD, RG; PETERSEN, BC
作者单位：Columbia University; National Bureau of Economic Research; Washington University (WUSTL)
摘要：We reply to the Comment by Kamerschen and Park on our 1988 paper published in this Review. We find that the econometric point raised by these authors is flawed, because differences in model structure and data are ignored. In particular, the importance of materials input in assessing price-cost margins is reiterated here, and illustrated with the 1988 paper's original table. Other points of the Comment are refuted by direct reference to statistical results and inferred conclusions in the 1988 p...
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作者：KOLSTAD, CD; LEE, JK
作者单位：Bank of Korea
摘要：This paper concerns the problem of properly specifying the dynamic structure of models of industry costs and factor demands. The paper compares three common frameworks: long-run costs with all factors assumed in equilibrium (Full Static Equilibrium), short-run costs with variable factors in short-run equilibrium (Partial Static Equilibrium) followed by computation of long-run costs, and short-run costs including internal capital adjustment costs (Partial Dynamic Equilibrium). The approach of t...
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作者：GAMBLE, JA; LESAGE, JP
作者单位：University System of Ohio; University of Toledo
摘要：This Monte Carlo study compares the performance of a recently proposed multiprocess mixture model and a more traditional random walk time-varying parameter (TVP) model in the face of structural shifts and outliers. The mixture model performs well and the latter model performs poorly. This finding is of general interest, since investigators often adopt random-walk TVP models to accommodate potential regime shifts in regression relationships. The findings suggest that the TVP estimation procedur...
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作者：SANSO, M; CUAIRAN, R; SANZ, F
摘要：The gravity equation has been frequently and successfully used for nearly thirty years to further understanding of the determinants of bilateral trade flows across countries and, subsequently, to analyze commercial policy measures. A maintained hypothesis by the applied literature on international trade as gravity equation loglinearity is questioned in this paper since the possibility of a general functional form is open through Box-Cox transformations. Using data corresponding to the sixteen ...
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作者：BORDLEY, RF
作者单位：National Science Foundation (NSF)
摘要：Of the share lost to one product because of a price change, diversion fractions are the fractions of that lost share going to each of the other products. This paper expresses product cross-elasticities in terms of diversion fractions and a scaling factor. Since the automotive market includes more than 200 products, time-series data are insufficient for estimating all elasticities. Instead, this paper estimates automotive elasticities by specifying the diversion fractions using cross-sectional ...
