558,037 research outputs found

    Assessing Output and Productivity Growth in the Banking Industry

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    This paper assesses the evolution of output and productivity in the Greek banking industry for the period 1990-2006. Three main categories of bank output were estimated based on modern theoretical approaches, while for the aggregation and estimation of output and inputs and the estimation of productivity (partial and total factor) we relied on the index number method (Tornqvist index). Additionally, we considered the effect of labor quality on banks’ productivity and using a growth accounting framework we examined the contribution of total factor productivity (TFP) to bank output growth. The results show that bank output and labor productivity increased considerably during the period under examination, outpacing the respective GDP growth and labor productivity of the Greek economy. Capital productivity and TFP of the Greek banking industry have also improved remarkably mainly since 1999, as a result of the structural changes that took place within the industry, capital investments (mainly in IT equipment) as well as improvement in the quality of human capital.Bank output; user-cost approach; total factor productivity; Tornqvist index; growth accounting; labor quality

    A multi-output analysis of the iron and steel industry

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    Bibliography: p.15

    Intra- and Inter-Industry Productivity Spillovers in OECD Manufacturing: A Spatial Econometric Perspective

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    We adopt a spatial econometric approach to estimate intra- and inter-industry productivity spillovers in total factor productivity transmitted through input-output relations in a sample of 13 OECD countries and 15 manufacturing industries. Both R&D spillovers as well as remainder, input-output-related linkage effects are accounted for, the latter of which we model by a spatial regressive error process. We find that knowledge spillovers occur both horizontally and vertically, whereas remainder spillovers are primarily of intra-industry type. Notably, these intra-industry remainder spillovers turn out economically more significant than R&D spillovers.intra-industry spillovers, inter-industry spillovers, productivity, spatial econometrics, research and development

    The Optimal Rate of Decline of an Inefficient Industry

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    This paper considers the problem of the optimal time path of contraction of an industry which has been hit by foreign competition, and shows that in general, along the optimal path, a production subsidy is warranted. The optimal subsidy trades off the benefit of unemployment in speeding up the approach to the new long-run equilibrium against the cost of lost output in the ‘inefficient’ industry. The dynamic shadow price of labour in this industry is also derived and shown to be always positive, though below the industry wage rat

    Animal Spirits, Lumpy Investment, and the Business Cycle

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    Empirical literature on investment and output dynamics is characterized by two robust stylized facts at the macro level. First, investment is considerably more volatile than output. Second, fluctuations of output and investment are highly synchronized. Furthermore, at the micro level, firm investment appears to be very lumpy. In this paper, we ask whether the two macroeconomic stylized facts above can be explained in terms of bounded rationality (i.e. "animal spirits") in firm investment behavior and the ensuing lumpiness in investment patterns. To address this question, we present an evolutionary, agent-based, model of industry dynamics and firm investment behavior. The economy is composed of consumers and firms, who belong to two industries. Firms in the first industry perform R&D and produce heterogeneous machine tools. Firms in the second industry invest in new machines and produce a consumption good. Lumpiness of firm investment is not grounded on non-convex adjustment costs, but on "animal spirits": manufacturing firms invest only if they expect a large growth in the demand for their product. Simulations show that the model is able to generate - as emergent properties - Keynesian endogenous business cycles and to reproduce the foregoing empirical macro output-investment regularities at the business cycle frequencies.Evolutionary Models, ACE Models, Animal Spirits, Lumpy Investment, Output Fluctuations, Endogenous Business Cycles

    The Contribution of the Grape and Wine Industry to Idaho’s Economy: Agribusiness and Tourism Impacts

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    The impact of Idaho’s wine and grape industry was assessed as an agribusiness and as a tourist industry. Idaho’s grape and wine industry is in its infancy, with wine sales of 15millionfrom15wineriesandgrowerscultivatingabout1,000acres,primarilyinsouthwesternIdahosCanyonCounty.Synthesizedoutputmultipliersforwinetourismwerevirtuallyidenticaltotheagribusinessoutputmultipliers(1.86and2.10forCanyonCountyandthestateofIdaho,respectively).Thewineandgrapeindustrysagribusinessimpactis15 million from 15 wineries and growers cultivating about 1,000 acres, primarily in southwestern Idaho’s Canyon County. Synthesized output multipliers for wine tourism were virtually identical to the agribusiness output multipliers (1.86 and 2.10 for Canyon County and the state of Idaho, respectively). The wine and grape industry’s agribusiness impact is 15 million in sales and 120 jobs in Idaho, and $23 million and 140 jobs for Canyon County. In contrast, tourism expenditures stimulate other businesses in addition to the agribusiness linkages of grape and wine production. Thus, only about three-fourths of the current wine production would be required to be sold to out-of-region tourists to equal the impact of the wine and grape industry as an agribusiness industry.Idaho, impact analysis, input/output models, tourism, wine, wine agribusiness, Agribusiness, Research and Development/Tech Change/Emerging Technologies,