This paper considers the problem of aggregation in the case of large linear dynamic panels, where each micro unit is … Pesaran (2003), an optimal aggregate function is derived, and the limiting behavior of the aggregation error is investigated … which 'observed' inflation persistence at the aggregate level is due to aggregation and/or common unobserved factors. Our …

with insecure property rights, we analyze how resources are transformed into productive capital to sustain consumption. We … allow property rights to improve as the country transforms natural resources into capital. The ensuing power struggle about … result, the country substitutes away from resources to capital too rapidly and invests more than predicted by the Hartwick …

The classical Wage Fund (Capital or Credit) framework is integrated with the simplest text-book version of the … theory involving capital and labour without neo-classical assumptions. Interestingly the growth story of the model seems to …. Technological progress without physical capital accumulation magnifies inequality in or out of steady state, generating a Picketty …

Agent-Based Model with Capital and Credit (hereafter CC-MABM). The novelty of this model with respect to the previous … framework consists in the introduction of capital goods that firms producing consumption goods (C-firms) purchase from capital … goods producers (K-firms). The introduction of durability (in the form of capital which depreciates gradually) has important …

KLEMS database. I distinguish between three types of capital: information and communication technologies (ICT), intellectual … property (IP) capital, and traditional capital. I assume that the aggregate output is produced using labor and these three … types of capital and allow for differences in the elasticities of substitution between labor, an aggregate of ICT and IP …

Despite the fact that many aggregates are nonlinear functions and the aggregation weights of many macroeconomic …, time-invariant aggregation weights. In this study a framework for nonlinear contemporaneous aggregation with possibly …