We exploit the rationale behind the Expectation Maximization algorithm to derive simple to implement and interpret LM normality tests for the innovations of the latent variables in linear state space models against generalized hyperbolic alternatives, including symmetric and asymmetric Student...

We exploit the information in the successive vintages of gross domestic expenditure (GDE) and gross domestic income (GDI) from the current comprehensive revision to obtain an improved, timely measure of U.S. aggregate output by exploiting cointegration between the different measures and taking...

This paper tries to describe the Moroccan business cycles in both terms: classical and growth cycles, and to characterize its main regularities. The purpose of this study is to analyse the importance of the magnitude of the observable macroeconomic times series changes in predicting fluctuations...

We build China’s national production function based on national accounting data since 1997, when China primarily transformed from the Planned economy to Market. By proxying and measuring stocks of human capital(HC), physical capital and the efficiency units, as well as government expenditure...

We examine economic activity in a large virtual economy which was designed to allow decentralized barter as the sole exchange institution. We find that a small subset of goods emerges endogenously which act of media of exchange. Our analysis includes estimation of spot exchange rates between...

Proposed alternatives to GDP as a measure of social welfare or human progress are briefly evaluated. Four main categories are considered, namely ISEW and GPI based on corrections of GDP, sustainable or green(ed) GDP, genuine savings/investments and composite indexes. All these alternatives turn...

The information revolution currently underway has changed the economy in ways that are hard to measure using conventional GDP procedures. The information available to consumers has increased dramatically as a result of the Internet and its applications, and new mobile communication devices have...

Der traditionelle Indikator für die Messung des wirtschaftlichen Wohlstands eines Landes ist das Bruttoinlandsprodukt (BIP). Das BIP misst jedoch nicht das Einkommen, dass die Bürger eines Landes in der übrigen Welt erzielen. Die im Ausland erzielten Einkommen werden durch das...

This article discusses the aggregation problem and its implications for ecological economics. The aggregation problem consists of a simple dilemma: when adding heterogeneous phenomena together, the observer must choose the unit of analysis. The dilemma is that this choice affects the resulting...