Download or read book Nonparametric Measurement of Long run Growth in Consumer Welfare written by Xavier Jaravel and published by . This book was released on 2022 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Download or read book stock market development and long run growth written by Ross Levine and published by World Bank Publications. This book was released on 1996 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Price Index Concepts and Measurement written by W. Erwin Diewert and published by University of Chicago Press. This book was released on 2010-02-15 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book State Capacity and Economic Development written by Mark Dincecco and published by Cambridge University Press. This book was released on 2017-10-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Long Run Economic Growth written by Steven Durlauf and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book New Developments in Productivity Analysis written by Charles R. Hulten and published by University of Chicago Press. This book was released on 2007-11-01 with total page 648 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Inequality of Opportunity written by Juan Gabriel Rodríguez and published by Emerald Group Publishing. This book was released on 2011-10-12 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The New Palgrave Dictionary of Economics written by and published by Springer. This book was released on 2016-05-18 with total page 7493 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Measuring Capital in the New Economy written by Carol Corrado and published by University of Chicago Press. This book was released on 2009-02-15 with total page 602 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Financial Markets and the Real Economy written by John H. Cochrane and published by Now Publishers Inc. This book was released on 2005 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Markets and the Real Economy reviews the current academic literature on the macroeconomics of finance.

Download or read book A Measured Approach to Ending Poverty and Boosting Shared Prosperity written by Dean Jolliffe and published by World Bank Publications. This book was released on 2014-10-07 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This Policy Research Report was prepared by the Development Economics Research Group of the World Bank by a team led by Dean Jolliffe and Peter Lanjouw"--Page xiii.

Download or read book Introduction to Modern Economic Growth written by Daron Acemoglu and published by Princeton University Press. This book was released on 2008-12-15 with total page 1009 pages. Available in PDF, EPUB and Kindle. Book excerpt: From Nobel Prize–winning economist Daron Acemoglu, an incisive introduction to economic growth Introduction to Modern Economic Growth is a groundbreaking text from one of today's leading economists. Daron Acemoglu gives graduate students not only the tools to analyze growth and related macroeconomic problems, but also the broad perspective needed to apply those tools to the big-picture questions of growth and divergence. And he introduces the economic and mathematical foundations of modern growth theory and macroeconomics in a rigorous but easy to follow manner. After covering the necessary background on dynamic general equilibrium and dynamic optimization, the book presents the basic workhorse models of growth and takes students to the frontier areas of growth theory, including models of human capital, endogenous technological change, technology transfer, international trade, economic development, and political economy. The book integrates these theories with data and shows how theoretical approaches can lead to better perspectives on the fundamental causes of economic growth and the wealth of nations. Innovative and authoritative, this book is likely to shape how economic growth is taught and learned for years to come. Introduces all the foundations for understanding economic growth and dynamic macroeconomic analysis Focuses on the big-picture questions of economic growth Provides mathematical foundations Presents dynamic general equilibrium Covers models such as basic Solow, neoclassical growth, and overlapping generations, as well as models of endogenous technology and international linkages Addresses frontier research areas such as international linkages, international trade, political economy, and economic development and structural change An accompanying Student Solutions Manual containing the answers to selected exercises is available (978-0-691-14163-3/$24.95). See: https://press.princeton.edu/titles/8970.html For Professors only: To access a complete solutions manual online, email us at: [email protected]

Download or read book The Economics of New Goods written by Timothy F. Bresnahan and published by University of Chicago Press. This book was released on 2008-04-15 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt: New goods are at the heart of economic progress. The eleven essays in this volume include historical treatments of new goods and their diffusion; practical exercises in measurement addressed to recent and ongoing innovations; and real-world methods of devising quantitative adjustments for quality change. The lead article in Part I contains a striking analysis of the history of light over two millenia. Other essays in Part I develop new price indexes for automobiles back to 1906; trace the role of the air conditioner in the development of the American south; and treat the germ theory of disease as an economic innovation. In Part II essays measure the economic impact of more recent innovations, including anti-ulcer drugs, new breakfast cereals, and computers. Part III explores methods and defects in the treatment of quality change in the official price data of the United States, Canada, and Japan. This pathbreaking volume will interest anyone who studies economic growth, productivity, and the American standard of living.

Download or read book Is There a Debt threshold Effect on Output Growth written by Mr.Alexander Chudik and published by International Monetary Fund. This book was released on 2015-09-08 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the long-run impact of public debt expansion on economic growth and investigates whether the debt-growth relation varies with the level of indebtedness. Our contribution is both theoretical and empirical. On the theoretical side, we develop tests for threshold effects in the context of dynamic heterogeneous panel data models with cross-sectionally dependent errors and illustrate, by means of Monte Carlo experiments, that they perform well in small samples. On the empirical side, using data on a sample of 40 countries (grouped into advanced and developing) over the 1965- 2010 period, we find no evidence for a universally applicable threshold effect in the relationship between public debt and economic growth, once we account for the impact of global factors and their spillover effects. Regardless of the threshold, however, we find significant negative long-run effects of public debt build-up on output growth. Provided that public debt is on a downward trajectory, a country with a high level of debt can grow just as fast as its peers in the long run.

Download or read book Microeconometrics written by A. Colin Cameron and published by Cambridge University Press. This book was released on 2005-05-09 with total page 1058 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides the most comprehensive treatment to date of microeconometrics, the analysis of individual-level data on the economic behavior of individuals or firms using regression methods for cross section and panel data. The book is oriented to the practitioner. A basic understanding of the linear regression model with matrix algebra is assumed. The text can be used for a microeconometrics course, typically a second-year economics PhD course; for data-oriented applied microeconometrics field courses; and as a reference work for graduate students and applied researchers who wish to fill in gaps in their toolkit. Distinguishing features of the book include emphasis on nonlinear models and robust inference, simulation-based estimation, and problems of complex survey data. The book makes frequent use of numerical examples based on generated data to illustrate the key models and methods. More substantially, it systematically integrates into the text empirical illustrations based on seven large and exceptionally rich data sets.

Download or read book Food data collection in Household Consumption and Expenditure Surveys Guidelines for low and middle income countries written by Food and Agriculture Organization of the United Nations and published by Food & Agriculture Org.. This book was released on 2018-10-30 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: The measurement of food consumption and expenditure is a fundamental component of any analysis of poverty and food security, and hence the importance and timeliness of devoting attention to the topic cannot be overemphasized as the international development community confronts the challenges of monitoring progress in implementing the 2030 Agenda for Sustainable Development. In 2014, the International Household Survey Network published a desk review of the reliability and relevance of survey questions as included in 100 household surveys from low- and middle-income countries. The report was presented in March 2014 at the forty-fifth session of the United Nations Statistical Commission (UNSC), in a seminar organized by the Inter-Agency and Expert Group on Food Security, Agricultural and Rural Statistics (IAEG-AG). The assessment painted a bleak picture in terms of heterogeneity in survey design and overall relevance and reliability of the data being collected. On the positive side, it pointed to many areas in which even marginal changes to survey and questionnaire design could lead to a significant increase in reliability and consequently, great improvements in measurement accuracy. The report, which sparked a lot of interest from development partners and UNSC member countries, prompted IAEG-AG to pursue this area of work with the ultimate objective of developing, validating, and promoting scalable standards for the measurement of food consumption in household surveys. The work started with an expert workshop that took place in Rome in November 2014. Successive versions of the guidelines were drafted and discussed at various IAEG-AG meetings, and in another expert workshop organized in November 2016 in Rome. The guidelines were put together by a joint FAO-World Bank team, with inputs and comments received from representatives of national statistical offices, international organizations, survey practitioners, academics, and experts in different disciplines (statistics, economics, nutrition, food security, and analysis). A list of the main contributors is included in the acknowledgment section. In December 2017 a draft of the guidelines was circulated to 148 National Statistical Offices from low- to high-income countries for comments. The document was revised following that consultation and submitted to UNSC, which endorsed it at its forty-ninth session in March 2018 (under item 3(j) of the agenda, agricultural and rural statistics. The version presented here reflects what was endorsed by the Commission, edited for language. The process received support from the Global Strategy for Agricultural and Rural Statistics. The document is intended to be a reference document for National Statistical Offices, survey practitioners, and national and international agencies designing household surveys that involve the collection of food consumption and expenditure data.

Download or read book Econometric Analysis of Cross Section and Panel Data second edition written by Jeffrey M. Wooldridge and published by MIT Press. This book was released on 2010-10-01 with total page 1095 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second edition of a comprehensive state-of-the-art graduate level text on microeconometric methods, substantially revised and updated. The second edition of this acclaimed graduate text provides a unified treatment of two methods used in contemporary econometric research, cross section and data panel methods. By focusing on assumptions that can be given behavioral content, the book maintains an appropriate level of rigor while emphasizing intuitive thinking. The analysis covers both linear and nonlinear models, including models with dynamics and/or individual heterogeneity. In addition to general estimation frameworks (particular methods of moments and maximum likelihood), specific linear and nonlinear methods are covered in detail, including probit and logit models and their multivariate, Tobit models, models for count data, censored and missing data schemes, causal (or treatment) effects, and duration analysis. Econometric Analysis of Cross Section and Panel Data was the first graduate econometrics text to focus on microeconomic data structures, allowing assumptions to be separated into population and sampling assumptions. This second edition has been substantially updated and revised. Improvements include a broader class of models for missing data problems; more detailed treatment of cluster problems, an important topic for empirical researchers; expanded discussion of "generalized instrumental variables" (GIV) estimation; new coverage (based on the author's own recent research) of inverse probability weighting; a more complete framework for estimating treatment effects with panel data, and a firmly established link between econometric approaches to nonlinear panel data and the "generalized estimating equation" literature popular in statistics and other fields. New attention is given to explaining when particular econometric methods can be applied; the goal is not only to tell readers what does work, but why certain "obvious" procedures do not. The numerous included exercises, both theoretical and computer-based, allow the reader to extend methods covered in the text and discover new insights.