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Use of Macroeconometric models has by now assumed a measure of universality as an unavoidable aid to forecasting and … policy analysis; challenges and controversies spread over more than two decades notwithstanding.1 While such models are …
Persistent link: https://www.econbiz.de/10005487782
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Since the pioneering work of Koenker and Bassett (1978), econometric models involving median and quantile rather than … the classical mean or conditional mean concepts have attracted much interest.Contrary to the traditional models where the … noise is assumed to have mean zero, median-restricted models enjoy a rich group-invariance structure.In this paper, we …
Persistent link: https://www.econbiz.de/10011092707
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Steve Keen has debunked a good part of standard economics. However, he has left standing the theory of profit. This is unfortunate, because the theory of profit is the pivot of all of theoretical economics. This tightly focused paper clarifies the factual relation of profit and income, which...
Persistent link: https://www.econbiz.de/10011257861
Long term trends in happiness and income are not related; short term fluctuations in happiness and income are positively associated. Evidence for this is found in time series data for developed countries, transition countries, and less developed countries, whether analyzed separately or pooled....
Persistent link: https://www.econbiz.de/10010330131
We discuss the selection of the socially efficient discount rate for public investment projects that entail costs and benefits in the far distant future. We show that the discount rate should be a decreasing function of time horizon under some specific restrictions on the distribution of...
Persistent link: https://www.econbiz.de/10011608551
There have been many recent examples in the news of how employees were motivated by their companies to take actions that were not best for the long term success of the company. Mortgage companies gave financial incentives to brokers for each loan approved regardless of quality, which resulted in...
Persistent link: https://www.econbiz.de/10009429313
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ILO pub-WEP pub. Working paper on long term forecasting of regional level consumption per capita in Yugoslavia, using the BACHUE demographic aspects and economic model to produce simulations - considers the effect of income, household characteristics, social services, educational level and the...
Persistent link: https://www.econbiz.de/10010965752