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Aggregation without the Aggravation? Nonparametric Analysis of the Representative Consumer
Cherchye, Laurens; Crawford, Ian; De Rock, Bram; … - Institute for the Study of Labor (IZA) - 2011
In the tradition of Afriat (1967), Diewert (1973) and Varian (1982), we provide a revealed preference characterisation of the representative consumer. Our results are simple and complement those of Gorman (1953, 1961), Samuelson (1956) and others. They can also be applied to data very readily...
Persistent link: https://www.econbiz.de/10009416928
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Aggregation and Labor Supply Elasticities
Kneip, Alois; Merz, Monika; Storjohann, Lidia - Institute for the Study of Labor (IZA) - 2013
The aggregate Frisch elasticity of labor supply has played a key role in business cycle analysis. This paper develops a statistical aggregation procedure which allows for worker heterogeneity in observables and unobservables and is applicable to an individual labor supply function with...
Persistent link: https://www.econbiz.de/10010702016
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Human Capital Formation, Life Expectancy and the Process of Economic Development
Cervellati, Matteo; Sunde, Uwe - Institute for the Study of Labor (IZA) - 2002
This paper presents a microfounded theory of long-term development. We model the interplay between economic variables, namely the process of human capital formation and technological progress, and the biological constraint of finite lifetime expectancy. All these processes affect each other and...
Persistent link: https://www.econbiz.de/10005822453
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Exports and Labour Demand: Searching for Functional Structure in Multi-Output Multi-Skill Technologies
Koebel, Bertrand M. - Institute for the Study of Labor (IZA) - 2005
In order to simplify the representation of a technological relationship between inputs and outputs, a production unit’s technology must typically satisfy some restrictive conditions, some of them being well known in the literature. This paper presents new results for aggregating labour inputs...
Persistent link: https://www.econbiz.de/10005822473
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On Econometric Analysis of Structural Systems with Permanent and Transitory Shocks and Exogenous Variables
Pagan, Adrian; Pesaran, M. Hashem - Institute for the Study of Labor (IZA) - 2007
This paper considers the implications of the permanent/transitory decomposition of shocks for identification of structural models in the general case where the model might contain more than one permanent structural shock. It provides a simple and intuitive generalization of the influential work...
Persistent link: https://www.econbiz.de/10005822651
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Human Capital, Mortality and Fertility: A Unified Theory of the Economic and Demographic Transition
Sunde, Uwe; Cervellati, Matteo - Institute for the Study of Labor (IZA) - 2007
This paper provides a unified theory of the economic and demographic transition. Individuals make optimal decisions about fertility, education of their children and the type and intensity of the investments in their own education. These decisions are affected by different dimensions of mortality...
Persistent link: https://www.econbiz.de/10005763470
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Life Expectancy and Economic Growth: The Role of the Demographic Transition
Cervellati, Matteo; Sunde, Uwe - Institute for the Study of Labor (IZA) - 2009
In this paper we investigate the causal effect of life expectancy on economic growth by explicitly accounting for the role of the demographic transition. In addition to focusing on issues of empirical identification, this paper emphasizes the role of the econometric specification. We present a...
Persistent link: https://www.econbiz.de/10004999937
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The Economic and Demographic Transition, Mortality, and Comparative Development
Cervellati, Matteo; Sunde, Uwe - Institute for the Study of Labor (IZA) - 2013
We propose a unified growth theory to investigate the mechanics generating the economic and demographic transition, and the role of mortality differences for comparative development. The framework can replicate the quantitative patterns in historical time series data and in contemporaneous...
Persistent link: https://www.econbiz.de/10010775592
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A Reappraisal of the Inflation-Unemployment Tradeoff
Snower, Dennis; Karanassou, Marika; Sala, Hector - Institute for the Study of Labor (IZA) - 2002
This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth" describing the … able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation, and … these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no …
Persistent link: https://www.econbiz.de/10005761764
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The Return of the Long-Run Phillips Curve
Graham, Liam; Snower, Dennis J. - Institute for the Study of Labor (IZA) - 2002
-run inflation-unemployment tradeoff. …
Persistent link: https://www.econbiz.de/10005822071