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Sectoral Productivity in the United States : Recent Developments and the Role of IT
Corrado, Carol A. - 2014
theoretical framework for aggregating industry MFP to sectors and the total economy. Our work sheds light on the sources of the … were not contributors to the more recent surge in productivity. Rather, striking gains in MFP in the finance and business … service sector, a resurgence in MFP growth in the industrial sector, and an end to drops elsewhere more than account for the …
Persistent link: https://www.econbiz.de/10012709388
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Factor substitution and factor augmenting technical progress in the US: a normalized supply-side system approach
Klump, Rainer; McAdam, Peter; Willman, Alpo - 2004
Using a normalized CES function with factor-augmenting technical progress, we estimate a supply-side system of the US economy from 1953 to 1998. Avoiding potential estimation biases that have occurred in earlier studies and putting a high emphasis on the consistency of the data set, required by...
Persistent link: https://www.econbiz.de/10011604413
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Distribution and growth reconsidered - empirical results for Austria, France, Germany, the Netherlands, the UK and the USA
Hein, Eckhard; Dräger, Lena - 2007
In dem Aufsatz wird der Zusammenhang zwischen funktionaler Einkommensverteilung und Wirtschaftswachstum in Österreich, Frankreich, Deutschland, den Niederlanden, Großbritannien und den USA für den Zeitraum von 1960 bis 2005 untersucht. In Anlehnung an Bhaduri/Marglin (1990) legt die Analyse...
Persistent link: https://www.econbiz.de/10003744536
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Nicht zu früh bremsen! : der Einfluss der Geldpolitik auf die langfristige Wirtschaftsentwicklung in Deutschland und den USA
Schettkat, Ronald; Sun, Rongrong - 2009
Nahezu alle Institutionen –Kündigungsschutz, Gewerkschaften, Lohnspreizung, Arbeitslosenversicherung etc.- wurde verdächtigt und schuldig gesprochen die tragische Entwicklung der Arbeitslosigkeit in Europa verursacht zu haben. US-amerikanische Arbeitsmarktinstitutionen wurden zum Benchmark...
Persistent link: https://www.econbiz.de/10003836155
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In dubio pro CES : supply estimation with mis-specified technical change
León-Ledesma, Miguel A.; McAdam, Peter; Willman, Alpo - 2010
Capital-labor substitution and total factor productivity (TFP) estimates are essential features of growth and income distribution models. In the context of a Monte Carlo exercise embodying balanced and near balanced growth, we demonstrate that the estimation of the substitution elasticity can be...
Persistent link: https://www.econbiz.de/10003972670
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The economic impact of the green certificate market through the macro multiplier approach
Ciaschini, Maurizio; Severini, Francesca; Socci, Claudio; … - 2010
In the last decade, as many other European countries, the Italian Government adopted several reforms in order to increase the use of Renewable Energy Sources (RES). The liberalization of the electricity market that represents one of these reforms aims to reach environmental benefits from the...
Persistent link: https://www.econbiz.de/10008735712
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Uncertainty and capacity constraints : reconsidering the aggregate production function
Gracia, Eduard - 2011
The Cobb-Douglas function is today one of the most widely-adopted assumptions in economic modeling, yet both its theoretical and empirical basis have long been under question. The purpose of this paper is to build an alternative production function on neoclassical microfoundations to address...
Persistent link: https://www.econbiz.de/10008990456
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On the power and weakness of rational expectations : logical fallacies, periodic bubbles and business cycles
Gracia, Eduard - 2012
A popular interpretation of the Rational Expectations/Efficient Markets hypothesis states that, if the hypothesis holds, then market valuations must follow a random walk. This postulate has frequently been criticized on the basis of empirical evidence. Yet the assertion itself incurs what we...
Persistent link: https://www.econbiz.de/10009547387
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Non-balanced growth and production technology estimation
León-Ledesma, Miguel A.; McAdam, Peter; Willman, Alpo - 2012
Capital-labor substitution and TFP estimates are essential features of many economic models. Such models typically embody a balanced growth path. This often leads researchers to estimate models imposing stringent prior choices on technical change. We demonstrate that estimation of the...
Persistent link: https://www.econbiz.de/10009532064
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The energy-capital complementarity debate : an example of a bootstrapped sensitivity analysis
Raj, Baldev; Veall, Michael R. - 1996
The aggregate production function approach is one way to forecast future energy demand (a step in forecasting carbon dioxide emissions, for example) and to analyze the aggregate economic effects of measures such as the increase of taxes on energy use. The results of such an approach tend to...
Persistent link: https://www.econbiz.de/10009696687