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A general theory of price and quantity aggregation and welfare measurement
Hillinger, Claude - 2002
The paper presents a general theory of the aggregation of prices and quantities that unifies the field and relates … topics that in the past have been treated separately and unsatisfactorily, or not at all. The theory does without the common … the theory lead to Törnqvist indexes defined on the appropriate data set. A numerical example confirms that in the non …
Persistent link: https://www.econbiz.de/10011514055
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Trade restrictiveness indices in presence of externalities : an application to non-tariff measures
Beghin, John C.; Disdier, Anne-Célia; Marette, Stéphan - 2014
We extend the trade restrictiveness index approach to the case of market imperfections and domestic regulations addressing them. We focus on standard-like non-tariff measures (NTMs) affecting cost of production and potentially enhancing demand by reducing negative externalities. We apply the...
Persistent link: https://www.econbiz.de/10010412410
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Micro-geographic property price and rent indices
Ahlfeldt, Gabriel M.; Heblich, Stephan; Seidel, Tobias - 2021
We develop a programming algorithm that predicts a balanced-panel mix-adjusted house price index for arbitrary spatial units from repeated cross-sections of geocoded micro data. The algorithm combines parametric and non-parametric estimation techniques to provide a tight local fit where the...
Persistent link: https://www.econbiz.de/10012597680
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New characteristics and hedonic price index numbers
Crawford, Ian; Neary, J. Peter - 2019
Changes in product characteristics on the extensive margin are an important and hitherto neglected dimension of quality change. Standard techniques for quality-adjusting price indices cannot handle such changes satisfactorily, which leads to an economically and statistically significant bias in...
Persistent link: https://www.econbiz.de/10011977187
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Growth expectations, undue optimism, and short-run fluctuations
Enders, Zeno; Kleemann, Michael; Müller, Gernot J. - 2013
line with theory, induce a negative nowcast error but raise economic activity in the short run. They account for up to 30 …
Persistent link: https://www.econbiz.de/10010224834
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Firm heterogeneity, capital misallocation and optimal monetary policy
González, Beatriz; Nuño, Galo; Thaler, Dominik; … - 2021
We analyze monetary policy in a New Keynesian model with heterogeneous firms and financial frictions. Firms differ in their productivity and net worth and face collateral constraints that cause capital misallocation. TFP endogenously depends on the time-varying distribution of firms. Although a...
Persistent link: https://www.econbiz.de/10012697125
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Optimal trend inflation
Adam, Klaus; Weber, Henning - 2018
Sticky price models featuring heterogeneous firms and systematic firm-level productivity trends deliver radically different predictions for the optimal inflation rate than their popular homogenous-firm counterparts: (1) the optimal steady-state inflation rate generically differs from zero and...
Persistent link: https://www.econbiz.de/10011845313
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On the productivity advantage of cities
Jacob, Nick; Mion, Giordano - 2020
Ever since Marshall (1890) agglomeration externalities have been viewed as the key factor explaining the existence of cities and their size. However, while the various micro foundations of agglomeration externalities stress the importance of Total Factor Productivity (TFP), the empirical...
Persistent link: https://www.econbiz.de/10012211220
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The singular value decomposition of a technology matrix
Fisher, Eric O'Neill - 2014
This paper is the first application of the singular value decomposition in general equilibrium theory. Every technology …
Persistent link: https://www.econbiz.de/10010229880
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Taxation, industry integration and production efficiency
Moriconi, Simone - 2016
Taxes levied on production processes (e.g. VAT), are today a very important source of government revenues in developed economies. Theories of optimal taxation conclude that these taxes are detrimental to production efficiency, when firms operate in perfectly competitive markets. These theories...
Persistent link: https://www.econbiz.de/10011509397