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Hillinger, Claude - 2008

derive these measures are largely unsatisfactory. The axiomatic theory of indexes does not make clear which economic problem …. For example, the theory of the CPI is usually developed for a single consumer with homothetic preferences and then applied … to a large aggregate of diverse consumers with non-homothetic preferences.In this paper I develop a unitary theory that …

Persistent link: https://www.econbiz.de/10012725983

Neuroeconomics, Naturalism, and Language

Herrmann-Pillath, Carsten - 2008

with a naturalistic theory of social coordination. Recent neurobiological and psychological research strongly supports … theory of language. I provide some sketches based on teleosemantics and memetics, and exemplify the argument by a naturalist …

Persistent link: https://www.econbiz.de/10012726036

Explaining Bootstraps and Robustness

Lancaster, Tony - 2008

In this note we consider several versions of the bootstrap and argue that it can be helpful in explaining and thinking about such procedures to use an explicit representation of the random resampling process. To illustrate the point we give such explicit representations and use them to produce...

Persistent link: https://www.econbiz.de/10012726041

Bertrand and Price-Taking Equilibria in Markets with Product Differentiation

Coloma, Germán - 2008

In this paper we show that a homogeneous-product market with multiple Bertrand equilibria becomes a market with a single Bertrand equilibrium when we introduce a small degree of product differentiation. When differentiation tends to zero, that Bertrand equilibrium converges to the unique...

Persistent link: https://www.econbiz.de/10012726053

Information Processing with Recursive Utility : Some Intriguing Results

D'Addona, Stefano - 2008

We study information processing in a simple endowment economy where the mean consumption growth rate are governed by a hidden state variable and agents have recursive preferences. We show that for typical parameter values, there is a strong incentive to commit to ignoring future information on...

Persistent link: https://www.econbiz.de/10012726084

States and the Business Cycle

Owyang, Michael T. - 2008

We model the U.S. business cycle using a dynamic factor model that identifies common factors underlying fluctuations in state-level income and employment growth. We find three such common factors, each of which is associated with a set of factor loadings that indicate the extent to which each...

Persistent link: https://www.econbiz.de/10012726087

Allowing the Data to Speak Freely : The Macroeconometrics of the Cointegrated Vector Autoregression

Hoover, Kevin D. - 2008

An explication of the key ideas behind the Cointegrated Vector Autoregression Approach. The CVAR approach is related to Haavelmo's famous quot;Probability Approach in Econometricsquot; (1944). It insists on careful stochastic specification as a necessary groundwork for econometric inference and...

Persistent link: https://www.econbiz.de/10012726093

Nested Stochastic Possibility Frontiers with Heterogeneous Capital Inputs

Erber, Georg - 2008

This paper studies the productivity impact of heterogeneous capital inputs of selected EU-15 member countries and of the U.S. at the macroeconomic level. The stochastic possibility frontiers approach of Battese and Coelli (1992) applied here is used to identify neutralities or nonneutralities...

Persistent link: https://www.econbiz.de/10012726102

Economic Base Multipliers Revisited

Bond, Derek - 2008

This paper takes a fresh look at the estimation of economic base multipliers. It uses recent developments in both nonstationary and nonlinear inference to consider issues surrounding the derivation of such multipliers for Northern Ireland. It highlights the problem of distinguishing between...

Persistent link: https://www.econbiz.de/10012726109

Intertemporal Consumption With Directly Measured Welfare Functions and Subjective Expectations

Kapteyn, Arie - 2008

Euler equation estimation of intertemporal consumption models imposes heavy demands on data and identifiability conditions. For example, one typically needs panel data on consumption, assumptions on expectations, and a parameterization of preferences. The authors aim at reducing some of these...

Persistent link: https://www.econbiz.de/10012726133