Author: Xavier Jaravel
Publisher:
ISBN:
Category : Consumers' preferences
Languages : en
Pages : 52
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Book Description
How should we measure long-run changes in consumer welfare? This paper proposes a nonparametric approach with arbitrary observable preference heterogeneity, e.g. when expenditure shares vary with income. Our approach only requires data on the consumption baskets of a cross-section of consumers facing a common set of prices. We take nominal expenditures under a constant set of prices as our money-metric for real consumption (welfare), and we derive a consistent measure of its growth in terms of a correction to the conventional quantity indices. Our correction accounts for the cross-sectional dependence of price indices on consumer income and any obserable source of preference heterogeneity. We use nonparametric methods to approximate these corrections and provide bounds on the resulting approximation errors that hold under arbitrary underlying preferences. Applying our methodology to the measurement of growth in real consumption per capita in the United States, we find a sizable correction to standard measures of growth in the postwar era -- a period of fast growth combined with substantial inflation gaps across income groups
Author: Ross Levine
Publisher: World Bank Publications
ISBN: 6101919153
Category : Aumentoa de la produccion
Languages : en
Pages : 32
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Book Description
Author: Mark Dincecco
Publisher: Cambridge University Press
ISBN: 1108335985
Category : Political Science
Languages : en
Pages :
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Book Description
State capacity - the government's ability to accomplish its intended policy goals - plays an important role in market-oriented economic development today. Yet state capacity improvements are often difficult to achieve. This Element analyzes the historical origins of state capacity. It evaluates long-run state development in Western Europe - the birthplace of both the modern state and modern economic growth - with a focus on three key inflection points: the rise of the city-state, the nation-state, and the welfare state. This Element develops a conceptual framework regarding the basic political conditions that enable the state to take effective policy actions. This framework highlights the government's challenge to exert proper authority over both its citizenry and itself. It concludes by analyzing the European state development process relative to other world regions. This analysis characterizes the basic historical features that helped make Western Europe different. By taking a long-run approach, it provides a new perspective on the deep-rooted relationship between state capacity and economic development.
Author: Steven Durlauf
Publisher: Springer Science & Business Media
ISBN: 3642612113
Category : Business & Economics
Languages : en
Pages : 204
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Book Description
One of the most enduring questions in economics involves how a nation could accelerate the pace of its economic development. One of the most enduring answers to this question is to promote exports -either because doing so directly influences development via encouraging production of goods for export, or because export promotion permits accumulation of foreign exchange which permits importation of high-quality goods and services, which can in turn be used to expand the nation's production possibilities. In either case, growth is said to be export-led; the latter case is the so-called "two-gap" hypothesis (McKinnon, 1964; Findlay, 1973). The early work on export-led growth consisted of static cross-country com parisons (Michaely, 1977; Balassa, 1978; Tyler, 1981; Kormendi and Meguire, 1985). These studies generally concluded that there is strong evidence in favour of export-led growth because export growth and income growth are highly correlated. However, Kravis pointed out in 1970 that the question is an essen tially dynamic one: as he put it, are exports the handmaiden or the engine of growth? To make this determination one needs to look at time series to see whether or not exports are driving income. This approach has been taken in a number of papers (Jung and Marshall, 1985; Chow, 1987; Serletis, 1992; Kunst and Marin, 1989; Marin, 1992; Afxentiou and Serletis, 1991), designed to assess whether or not individual countries exhibit statistically significant evidence of export-led growth using Granger causality tests.
Author: Charles R. Hulten
Publisher: University of Chicago Press
ISBN: 0226360644
Category : Medical
Languages : en
Pages : 648
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Book Description
The productivity slowdown of the 1970s and 1980s and the resumption of productivity growth in the 1990s have provoked controversy among policymakers and researchers. Economists have been forced to reexamine fundamental questions of measurement technique. Some researchers argue that econometric approaches to productivity measurement usefully address shortcomings of the dominant index number techniques while others maintain that current productivity statistics underreport damage to the environment. In this book, the contributors propose innovative approaches to these issues. The result is a state-of-the-art exposition of contemporary productivity analysis. Charles R. Hulten is professor of economics at the University of Maryland. He has been a senior research associate at the Urban Institute and is chair of the Conference on Research in Income and Wealth of the National Bureau of Economic Research. Michael Harper is chief of the Division of Productivity Research at the Bureau of Labor Statistics. Edwin R. Dean, formerly associate commissioner for Productivity and Technology at the Bureau of Labor Statistics, is adjunct professor of economics at The George Washington University.
Author:
Publisher: Springer
ISBN: 1349588024
Category : Law
Languages : en
Pages : 7493
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Book Description
The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.
Author: Juan Gabriel RodrÃguez
Publisher: Emerald Group Publishing
ISBN: 1780520344
Category : Business & Economics
Languages : en
Pages : 259
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Book Description
Eight papers, both theoretical and applied, on the concept of equality of opportunity which says that a society should guarantee its members equal access to advantage regardless of their circumstances, while holding them responsible for turning that access into actual advantage by the application of effort.
Author: Carol Corrado
Publisher: University of Chicago Press
ISBN: 0226116174
Category : Business & Economics
Languages : en
Pages : 602
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Book Description
As the accelerated technological advances of the past two decades continue to reshape the United States' economy, intangible assets and high-technology investments are taking larger roles. These developments have raised a number of concerns, such as: how do we measure intangible assets? Are we accurately appraising newer, high-technology capital? The answers to these questions have broad implications for the assessment of the economy's growth over the long term, for the pace of technological advancement in the economy, and for estimates of the nation's wealth. In Measuring Capital in the New Economy, Carol Corrado, John Haltiwanger, Daniel Sichel, and a host of distinguished collaborators offer new approaches for measuring capital in an economy that is increasingly dominated by high-technology capital and intangible assets. As the contributors show, high-tech capital and intangible assets affect the economy in ways that are notoriously difficult to appraise. In this detailed and thorough analysis of the problem and its solutions, the contributors study the nature of these relationships and provide guidance as to what factors should be included in calculations of different types of capital for economists, policymakers, and the financial and accounting communities alike.
Author: W. Erwin Diewert
Publisher: University of Chicago Press
ISBN: 0226148572
Category : Business & Economics
Languages : en
Pages : 531
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Book Description
Although inflation is much feared for its negative effects on the economy, how to measure it is a matter of considerable debate that has important implications for interest rates, monetary supply, and investment and spending decisions. Underlying many of these issues is the concept of the Cost-of-Living Index (COLI) and its controversial role as the methodological foundation for the Consumer Price Index (CPI). Price Index Concepts and Measurements brings together leading experts to address the many questions involved in conceptualizing and measuring inflation. They evaluate the accuracy of COLI, a Cost-of-Goods Index, and a variety of other methodological frameworks as the bases for consumer price construction.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264044612
Category :
Languages : en
Pages : 556
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Book Description
Presents the proceedings of two workshops on productivity measurement and analysis, which brought together representatives of statistical offices, central banks and other officials involved with the analysis and measurement of productivity at aggregate and industry levels.
