In this paper we concern with the decomposition and aggregation of cost efficiencies when input prices vary across decision-making units. In this respect, we first examine the relations among the components of the existing decompositions as well as with other efficiency measures. We also derive...

This paper decomposes consumption risk sharing among provinces in China over the 1980-2007 period. We find that 9.4 percent of the shocks to gross provincial product are smoothed by the interprovincial fiscal transfer system. This system also cushions a relatively large fraction of the...

We propose a method to decompose stock returns period by period. First, we argue that one can directly estimate expected stock returns from securities available in modern financial markets (using the real yield curve and the Martin (2017) equity risk premium). Second, we derive a return...

This paper investigates how the sector-specific source or the changing sectoral composition of labor productivity has contributed to β-convergence, using a newly constructed eight-sector database. The main findings are twofold. First, both within and sectoral reallocation have become important...

Rebound effects significantly reduce the effectiveness of energy efficiency in delivering energy use reductions. The understanding of the underlying rebound mechanisms causing this is however scarce. This paper illustrates that industrial energy efficiency improvements in Switzerland lead to...

A recent literature argues that the rise in aggregate markups is due to economic activity reallocating toward high-markup firms rather than an increase in firm-level markups. I show that this result is biased by three types of measurement error. First, standard decomposition methods estimate a...

We propose a method to decompose stock returns period by period. First, we argue that one can directly estimate expected stock returns from securities available in modern financial markets (using the real yield curve and the Martin (2017) equity risk premium). Second, we derive a return...

In order to enhance the robustness against lightning disturbance and high-impedance fault, a non-unit protection based on variational mode decomposition and energy entropy (VMDEE) is proposed for multi-terminal high-voltage dc (MT-HVDC) system. Firstly, the instantaneous frequency of line-mode...

This study focuses on the time series analysis of and factors influencing the export-related domestic value added (DVA) in Japan. We redefine the indicators of DVA associated with the intermediate and final goods exports to incorporate the analysis of the participation and position of the global...