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Schumpeterian Profits in the American Economy: Theory and Measurement

Nordhaus, William D. - Cowles Foundation for Research in Economics, Yale University - 2004

The present study examines the importance of Schumpeterian profits in the United States economy. Schumpeterian profits … are defined as those profits that arise when firms are able to appropriate the returns from innovative activity. We first … show the underlying equations for Schumpeterian profits. We then estimate the value of these profits for the non …

Persistent link: https://www.econbiz.de/10005593448

The Mildest Recession: Outputs, Profits, and Stock Prices as the U.S. Emerges from the 2001 Recession

Nordhaus, William D. - Cowles Foundation for Research in Economics, Yale University - 2002

paper next examines the behavior of profits in recent years and shows that financial finagling has infected the aggregate … profits numbers. Finally, the study constructs a measure of the forward-looking return on equities and concludes that the …

Persistent link: https://www.econbiz.de/10005593648

Nonparametric Predictive Regression

Kasparis, Ioannis; Andreou, Elena; Phillips, Peter C.B. - Cowles Foundation for Research in Economics, Yale University - 2012

A unifying framework for inference is developed in predictive regressions where the predictor has unknown integration properties and may be stationary or nonstationary. Two easily implemented nonparametric F-tests are proposed. The test statistics are related to those of Kasparis and Phillips...

Persistent link: https://www.econbiz.de/10011213863

Testing Covariance Stationarity Under Moment Condition Failure with an Application to Common Stock Returns

Phillips, Peter C.B.; Loretan, Mico - Cowles Foundation for Research in Economics, Yale University - 1990

This paper studies tests for covariance stationarity under conditions which permit failure in the existence of fourth order moments. The problem is important because many econometric diagnostics such as tests for parameter constancy, constant variance and ARCH and GARCH effects routinely rely on...

Persistent link: https://www.econbiz.de/10005464057

Infinite Density at the Median and the Typical Shape of Stock Return Distributions

Han, Chirok; Cho, Jin Seo; Phillips, Peter C.B. - Cowles Foundation for Research in Economics, Yale University - 2009

Statistics are developed to test for the presence of an asymptotic discontinuity (or infinite density or peakedness) in a probability density at the median. The approach makes use of work by Knight (1998) on L_1 estimation asymptotics in conjunction with non-parametric kernel density estimation...

Persistent link: https://www.econbiz.de/10004998320