EconStor Collection:
http://hdl.handle.net/10419/5
2024-03-19T07:05:20ZThe delimitation of Giffenity for the Wold-Juréen (1953) utility function using relative prices: A note
http://hdl.handle.net/10419/214841
Title: The delimitation of Giffenity for the Wold-Juréen (1953) utility function using relative prices: A note
Authors: Sproule, Robert A.
Abstract: In the study of Giffen behavior or "Giffenity", there remains a paradox. On one hand, the Wold-Juréen (Demand analysis: A study in Econometrics, 1953) utility function has been touted as the progenitor of a multi-decade search for those two-good, particular utility functions, which exhibit Giffenity. On the other hand, there is no evidence that the Wold- Juréen (1953) utility function has ever been fully evaluated for Giffenity, with perhaps one minor exception, Weber (The case of a Giffen good: Comment, 1997). But there, Weber (1997) showed that the Giffenity of Good 1 depends upon the relative magnitude of income vis-à-vis the price of Good 2. Weber's precondition is so vague that it lacks broad appeal. This paper offers a new and a clear cut precondition for Giffen behavior under the Wold-Juréen (1953) utility function. That is, the author shows that if the price of Good 1 is greater than or equal to the price of Good 2, then Good 1 is a Giffen good.2020-01-01T00:00:00ZKeynes's investment theory as a micro-foundation for his grandchildren
http://hdl.handle.net/10419/214843
Title: Keynes's investment theory as a micro-foundation for his grandchildren
Authors: Nisticò, Sergio
Abstract: In contrast with the "missing micro-foundations" argument against Keynes's macroeconomics, the paper argues that it is the present state of microeconomics that needs more solid "Keynesian foundations". It is in particular Keynes's understanding of investors' behaviour that can be fruitfully extended to consumption theory, in a context in which consumers are considered as entrepreneurs, buying goods and services to engage in time-consuming activities. The paper emphasizes that the outcome in terms of enjoyment is particularly uncertain for those innovative and path-breaking activities, which Keynes discussed in his 1930 prophetic essay about us, the grandchildren of his contemporaries. Moreover, the Keynes-inspired microeconomics suggested in the paper provides an explanation of why Keynes's prophecy about his grandchildren possibly expanding leisure did not materialize yet. The paper finally points at the need for appropriate economic policies supporting consumers' propensity to enforce innovative forms of time use.2020-01-01T00:00:00ZThe sources of the evolution of China's provincial economic gap: A green economic growth accounting perspective
http://hdl.handle.net/10419/214840
Title: The sources of the evolution of China's provincial economic gap: A green economic growth accounting perspective
Authors: Yang, Wenju; Long, Ruiyun
Abstract: The inter-provincial economic gap in China is obvious and tends to expand, although it is still unclear why this occurs. This paper combines DEA-based green economic growth accounting, growth convergence test and distribution dynamic analysis to show that China's inter-provincial labor productivity demonstrated significant growth convergence between 1997 and 2016, while it was significantly promoted by capital deepening and obviously inhibited by technological progress and human capital accumulation, and the effect of technological efficiency change remained unclear. In addition, the gap of labor productivity level in China's provinces widened significantly, which can be largely attributed to the combined effects of technological progress and capital deepening. The economic growth accounting analysis ignoring Energy and environmental factors tends to overestimate the relative contribution of factor accumulation and underestimate that of TFP changes, while ignoring human capital will lead to opposite biased results, but both of which do not change the qualitative conclusions mentioned above.2020-01-01T00:00:00ZA comment on the dynamic factor model with dynamic factors
http://hdl.handle.net/10419/216838
Title: A comment on the dynamic factor model with dynamic factors
Authors: Poncela, Pilar; Ruiz, Esther
Abstract: In this paper, the authors comment on the Monte Carlo results of the paper by Lucchetti and Veneti (A replication of "A quasi-maximum likelihood approach for large, approximate dynamic factor models" (Review of Economics and Statistics), 2020)) that studies and compares the performance of the Kalman Filter and Smoothing (KFS) and Principal Components (PC) factor extraction procedures in the context of Dynamic Factor Models (DFMs). The new Monte Carlo results of Lucchetti and Veneti (2020) refer to a DFM in which the relation between the factors and the variables in the system is not only contemporaneous but also lagged. The authors´ main point is that, in this context, the model specification, which is assumed to be known in Lucchetti and Veneti (2020), is important for the properties of the estimated factors. Furthermore, estimation of the parameters is also problematic in some cases.2020-01-01T00:00:00Z