The Two-Stage Least Squares (2-SLS) is a well known econometric technique used to estimate the parameters of a multi-equation (or simultaneous equations) econometric model when errors across the equations are not correlated and the equation(s) concerned is (are) over-identified or exactly...

A high degree of multicollinearity among the explanatory variables severely impairs estimation of regression coefficients by the Ordinary Least Squares. Several methods have been suggested to ameliorate the deleterious effects of multicollinearity. In this paper we aim at comparing the...

Arnold Zellner and Nagesh Revankar in their well-known paper “Generalized Production Functions” [The Review of Economic Studies, 36(2), pp. 241-250, 1969] introduced a new generalized production function, which was illustrated by an example of fitting the generalized Cobb-Douglas function to...

This paper analyzes, within its feasible parameter space, the dynamics of the Uzawa-Lucas endogenous growth model. The model is solved from a centralized social planner perspective as well as in the model’s decentralized market economy form. We examine the stability properties of both versions...

Grandmont (1985) found that the parameter space of the most classical dynamic general-equilibrium macroeconomic models are stratified into an infinite number of subsets supporting an infinite number of different kinds of dynamics, from monotonic stability at one extreme to chaos at the other...

W. A. Barnett originated the Divisia monetary aggregates, using Diewert's results on superlative index numbers and Barnett's derivation of the user cost of monetary asset services. The resulting Divisia index can be interpreted as a first moment aggregating over growth rates with expenditure...

Our day-to-day experience suggests that certain variables are local in their effects. The influence of such variables is limited within the boundaries of the spatial entity (district) where they are physically located. In contrast, the effects of some other variables are percolating or pervasive...

Social sector with the objective to satisfy the welfare needs of the people and to correct the imbalances in the economy claims a sizeable proportion of the public expenditure and has emerged as a significant sector. This paper in this regard is a state level analysis on the growth of public...