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macroeconomics yet, but monetary theory on one side, business cycle theory on the other. A period during which all the right …
Persistent link: https://www.econbiz.de/10012471225
This paper estimates the nature and magnitude of the local externalities from own industry scale, as envisioned by Marshall. Census panel data on individual plants in high-tech and machinery industries across up to 487 countries are utilized, to quantify the direct effects of local external...
Persistent link: https://www.econbiz.de/10012471426
expansion appears to be the source of Kuska's erroneous indictment of "Keynesian" balance-of-payments theory.We also establish …
Persistent link: https://www.econbiz.de/10012478073
The Austrian theory of the "marginal use" is restated and extended. It is found that the Austrian concept of marginal …
Persistent link: https://www.econbiz.de/10012478959
We propose and evaluate a technique for instrumental variables estimation of linear models with conditional heteroskedasticity. The technique uses approximating parametric models for the projection of right hand side variables onto the instrument space, and for conditional heteroskedasticity and...
Persistent link: https://www.econbiz.de/10012465519
We propose and evaluate a technique for instrumental variables estimation of linear models with conditional heteroskedasticity. The technique uses approximating parametric models for the projection of right hand side variables onto the instrument space, and for conditional heteroskedasticity and...
Persistent link: https://www.econbiz.de/10012465520
This essay offers a brief history of macroeconomics, together with an evaluation of what has been learned over the past several decades. It is based on the premise that the field has evolved through the efforts of two types of macroeconomist-- those who understand the field as a type of...
Persistent link: https://www.econbiz.de/10012466316
Following an influential article by Angrist and Krueger (1992) on two-sample instrumental variables (TSIV) estimation, numerous empirical researchers have applied a computationally convenient two-sample two-stage least squares (TS2SLS) variant of Angrist and Krueger's estimator. In the...
Persistent link: https://www.econbiz.de/10012467267
Should the manufacturer of a product be held legally responsible when a consumer, while using the product, harms someone else? We show that if consumers have deep pockets then manufacturer liability is not economically efficient. It is more efficient for the consumers themselves to bear...
Persistent link: https://www.econbiz.de/10012467716
Geography shapes economic outcomes in a major way. This paper uses spatial empirical methods to detect and analyze trade patterns in a historical data set on Chinese rice prices. Our results suggest that spatial features were important for the expansion of interregional trade. Geography...
Persistent link: https://www.econbiz.de/10012468625