We show how to relate the welfare of a country's infinitely-lived representative consumer to observable aggregate data. To a first order, welfare is summarized by total factor productivity and by the capital stock per capita. These variables suffice to calculate welfare changes within a country,...

We prove that the change in welfare of a representative consumer is summarized by the current and expected future values of the standard Solow productivity residual. The equivalence holds if the representative household maximizes utility while taking prices parametrically. This result justifies...

This paper studies the effects of international openness and contracting institutions on vertical integration. It first derives a number of predictions regarding the interactions between trade barriers, contracting costs, technology intensity, and the extent of vertical integration from a simple...

Instructional dataset, N=840, Data Used to Study Travel Mode Choice Accompanying Econometric Analysis, William H. Greene, Prentice Hall, 4th ed. (c) 2000

Instructional dataset, N=41 Yearly Observations, Solow's Technological Change Accompanying Econometric Analysis, William H. Greene, Prentice Hall, 4th ed. (c) 2000

Instructional dataset, N=20, Cost Function Data Accompanying Econometric Analysis, William H. Greene, Prentice Hall, 4th ed. (c) 2000

Instructional dataset, N=25 Yearly Observations, Manufacturing Cost Data Accompanying Econometric Analysis, William H. Greene, Prentice Hall, 4th ed. (c) 2000

Instructional dataset, N=50, Ship Accident Data Accompanying Econometric Analysis, William H. Greene, Prentice Hall, 4th ed. (c) 2000

Instructional dataset, N=136 Quarterly Observations, Money, Output, and Price Deflator Data Accompanying Econometric Analysis, William H. Greene, Prentice Hall, 4th ed. (c) 2000

Instructional dataset, N=100, Income and expenditure data Accompanying Econometric Analysis, William H. Greene, Prentice Hall, 4th ed. (c) 2000