Showing 1 - 10 of 92
The present paper assesses the interactions between innovation and economic institutions within the context of the inequality-growth nexus. By carrying out fixed effects estimations on a cross-country panel, we find that both institutional quality and innovations improve economic growth at the...
Persistent link: https://www.econbiz.de/10014480456
We show that two models of the labor market, a Walrasian model and a labor contracting model, both have an approximate dynamic factor structure. We use this result to motivate our empirical approach to estimating the cyclical properties of real wages, which does not impose any structure between...
Persistent link: https://www.econbiz.de/10010288748
In this paper we examine the significance of labour productivity and use of inputs in explaining technical efficiency of rice production in Bangladesh. We find that higher labour productivity can stimulate high efficiency gains, but increased use of inputs (except land) induces negative marginal...
Persistent link: https://www.econbiz.de/10005162743
We estimate an institutional production function to capture incentive induced growth in total factor productivity (TFP) of rice production in Bangladesh. The incentive component of TFP assists in explaining farmers' response to incentives due to major policy reforms during 1980s and 1990s.
Persistent link: https://www.econbiz.de/10005211991
In this paper we examine the significance of labour productivity and use of inputs in explaining technical efficiency of rice production in Bangladesh. We find that higher labour productivity can stimulate high efficiency gains, but increased use of inputs (except land) induces negative marginal...
Persistent link: https://www.econbiz.de/10010322768
We estimate an institutional production function to capture incentive induced growth in total factor productivity (TFP) of rice production in Bangladesh. The incentive component of TFP assists in explaining farmers’ response to incentives due to major policy reforms during 1980s and 1990s.
Persistent link: https://www.econbiz.de/10010322796
This paper investigates the long-run nexus between wealth inequality and aggregate output using a DSGE model in which wealth inequality endogenously affects individual entrepreneurship incentives, thereby influencing aggregate output. Our model passes the indirect inference test against the UK...
Persistent link: https://www.econbiz.de/10015193957
Developed economies have experienced slower growth since the 2008 Önancial crisis, creating fears of "secular stagnation." Rational expectations models have forward-looking bubble solutions, which could cause this; here we investigate the case of Japan. We show that a New Keynesian model with a...
Persistent link: https://www.econbiz.de/10014480383
We set out Modern Monetary Theory (MMT) as a full DSGE model, and test it by indirect inference on post Financial Crisis US data, alongside a standard New Keynesian, NK, model. The MMT model is rejected, while the NK model has a high probability. We then evaluate replacing the Öscal and...
Persistent link: https://www.econbiz.de/10014480461
Maximum Likelihood (ML) shows both lower power and higher bias in small sample Monte Carlo experiments than Indirect Inference (II) and IIís higher power comes from its use of the model-restricted distribution of the auxiliary model coeffi cients (Le et al. 2016). We show here that IIís higher...
Persistent link: https://www.econbiz.de/10014480463