In this paper, we propose a Vuong (1989)-type model selection test for conditional moment inequality models. The test uses a new average generalized empirical likelihood (AGEL) criterion function designed to incorporate full restriction of the conditional model. We also introduce a new...

In one-sector neoclassical growth models, consumption externalities lead to an inefficient allocation in a steady state and indeterminate equilibrium toward a steady state only if there is a labor-leisure tradeoff. This paper shows that in a two-sector neoclassical growth model, even without a...

This paper examines the quantitative interrelations between sectoral composition of public spending and equilibrium (in)determinacy in a two-sector real business cycle model with positive productive externalities in investment. When government purchases of con- sumption and investment goods are...

A key feature of monopsony is that a single firm pays its workers a wage ( w) less than the marginal revenue product (MRP ). Ever since its creation by Joan Robinson (1933), this feature has been explained as a symbol of the monopsonistic firm exploiting its workers. By using a simple standard...

This paper establishes an ecotourism model to analyze the role of local residents and government in achieving sustainable development. By incorporating into the model the properties of common-pool resources to which the tourism activities are linked, we prove that ecotourism cannot guarantee...

台灣實質薪資水準從1990年代末期以來，近乎停滯狀態。從經濟發展以及全球化，特別是晚近的大國開放之國際經濟情勢發展的角度來看, 薪資停滯現象，幾乎是所有已開發國家的長期現象,...

This paper provides a survey on studies that analyze the macroeconomic effects of intellectual property rights (IPR). The first part of this paper introduces different patent policy instruments and reviews their effects on R&D and economic growth. This part also discusses the distortionary...

A simple approximation for the bivariate normal cumulative distribution function (BNCDF) based on the error function is derived. The worst error of our method is found to four decimal places under various configurations considered in this paper's Table 1. This finding is much better than that in...

This paper extends the °uctuation monitoring test of Chu et al. (1996) to the regression model involving stationary or nonstationary long memory regressors and errors by proposing two innovative on-line detectors. In spite of the general framework covered by these detectors, their computational...

This paper develops an R&D-growth model and calibrates the model to aggregate data of the US economy to quantify a structural relation ship between patent length, R&D and consumption. Under parameter values that match the empirical flow-profit depreciation rate of patents and other key features...