4,806 research outputs found
The Calibration of CES Production Functions
This note addresses some issues that arise when using 'normalized' CES production functions, an approach that has become popular in the literature. The results of Klump and de La Grandville (2000) provide a simple way to calibrate the parameters of the CES production function when the necessary data are available. But some of the other applications of normalized CES production functions appear problematic, especially when used to argue that productivity is increasing in the elasticity of substitution.CES production functions, elasticity of substitution, normalization
The Geography of Output Volatility
This paper examines the structural determinants of output volatility in developing countries, and especially the roles of geography and institutions. We investigate the volatility effects of market access, climate variability, the geographic predisposition to trade, and various measures of institutional quality. We find an especially important role for market access: remote countries are more likely to have undiversified exports and to experience greater volatility in output growth. Our results are based on Bayesian methods that allow us to address formally the problem of model uncertainty and to examine robustness across a wide range of specifications.Volatility, Geography, Institutions, Bayesian Model Averaging
Rich nations, poor nations: how much can multiple equilibria explain?
This paper asks whether the income gap between rich and poor nations can be explained by multiple equilibria. We explore the quantitative implications of a simple two sector general equilibrium model that gives rise to multiplicity, and calibrate the model for a large number of countries. Under the assumptions of the model, around a quarter of the world’s economies are found to be in a low output equilibrium. The output gains associated with an equilibrium switch are sizeable, but well short of the vast income disparity observed in the data.poverty traps, multiple equilibria, TFP differences,calibration
1968-08-19, W. S. Temple to Patricia
https://digitalcommons.chapman.edu/prowe_collection/1003/thumbnail.jp
Growth Econometrics
This paper provides a survey and synthesis of econometric tools that have been employed to study economic growth. While these tools range across a variety of statistical methods, they are united in the common goals of first, identifying interesting contemporaneous patterns in growth data and second, drawing inferences on long-run economic outcomes from cross-section and temporal variation in growth. We describe the main stylized facts that have motivated the development of growth econometrics, the major statistical tools that have been employed to provide structural explanations for these facts, and the primary statistical issues that arise in the study of growth data. An important aspect of the survey is attention to the limits that exist in drawing conclusions from growth data, limits that reflect model uncertainty and the general weakness of available data relative to the sorts of questions for which they are employed.
Fungicide resistance of smco mutants of Neurospora crassa.
Fungicide resistance of smco mutants of Neurospora crassa
Fungicide-resistant os mutants of Neurospora crassa
Fungicide-resistant os mutants of Neurospora crass
Finite-Time Singularity Signature of Hyperinflation
We present a novel analysis extending the recent work of Mizuno et al. [2002]
on the hyperinflations of Germany (1920/1/1-1923/11/1), Hungary
(1945/4/30-1946/7/15), Brazil (1969-1994), Israel (1969-1985), Nicaragua
(1969-1991), Peru (1969-1990) and Bolivia (1969-1985). On the basis of a
generalization of Cagan's model of inflation based on the mechanism of
``inflationary expectation'' or positive feedbacks between realized growth rate
and people's expected growth rate, we find that hyperinflations can be
characterized by a power law singularity culminating at a critical time .
Mizuno et al.'s double-exponential function can be seen as a discrete time-step
approximation of our more general nonlinear ODE formulation of the price
dynamics which exhibits a finite-time singular behavior. This extension of
Cagan's model, which makes natural the appearance of a critical time , has
the advantage of providing a well-defined end of the clearly unsustainable
hyperinflation regime. We find an excellent and reliable agreement between
theory and data for Germany, Hungary, Peru and Bolivia. For Brazil, Israel and
Nicaragua, the super-exponential growth seems to be already contaminated
significantly by the existence of a cross-over to a stationary regime.Comment: Latex 21 pages including 2 tables and 7 eps figure
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