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  • 1995-1999  (219)
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  • 1
    ISSN: 1435-8921
    Keywords: D58
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We empirically evaluate the aggregate welfare effects and structural adjustment for the Spanish economy that would follow from trade liberalization with the European Economic Community. Recent theory suggests that the classical gains form more liberal trade relations could be amplified substantially if EEC liberalization permits Spanish industries to realize economies of scale. These effects depend upon the extent of trade creation and trade diversion resulting from preferential liberalization, which in turn depend on the existing patterns of Spanish resource allocation, trade, and comparative advantage. The estimated results are derived from disaggregated microeconomic model of the Spanish economy. We find that increasing returns can actually be beneficial or detrimental, depending upon the interactions between trade and policy toward domestic industry.
    Type of Medium: Electronic Resource
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  • 2
    Electronic Resource
    Electronic Resource
    Springer
    Empirical economics 20 (1995), S. 49-73 
    ISSN: 1435-8921
    Keywords: C68 ; C70 ; D58 ; D78 ; F13 ; Q17
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The integration of elementary political considerations into computable general equilibrium models is considered, and an extended illustration to agricultural trade negotiations provided. The application involves an evaluation of the payoffs of alternative support levels to agricultural and non-agricultural interests in the EC and the US. A government political preference function for each region is calibrated as a CES aggregation of the payoffs to the two interest groups, with weights corresponding to their benchmark political influence. The political preference function is presumed to be employed by each government to determine the level of agricultural support. The analysis illustrates how sensitive such computable general equilibrium models can be to elementary political considerations, mainly due to the flatness of the implied Pareto frontier. It also illustrates how one can modify the traditional political preference function approach to accommodate possible convexities of the Pareto frontier in empirical models.
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  • 3
    ISSN: 1435-8921
    Keywords: C53 ; D12 ; M37
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This study presents a structural factor analysis approach to measure the impact of advertising on consumer demand. It is assumed that advertising affects the latent perception of consumers, which in turn influences their purchasing behavior. This study investigates the relationship between consumer purchases and retail store advertising (i.e., newspaper advertising, in-store display, and point-of-purchase display) of three fruit juices using an extended Rotterdam model. The results show that the demand for orange juice and grapefruit juice was affected by their own advertising, while the demand for apple juice was only affected by advertising of competitive juices.
    Type of Medium: Electronic Resource
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  • 4
    Electronic Resource
    Electronic Resource
    Springer
    Empirical economics 20 (1995), S. 163-166 
    ISSN: 1435-8921
    Keywords: C10 ; F00
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Our objective is to “explain” per capita GDPs by the countries' latitude, using PPP-based data for 138 countries in 1985 (PPP = purchasing power parity). A simple approach is formulated which nevertheless accounts for as much as two-thirds of the variance of the per capita GDPs.
    Type of Medium: Electronic Resource
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  • 5
    ISSN: 1435-8921
    Keywords: C ; C13
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The idea of transferability is to employ in model estimation, fitted model parameters computed from a different data set. Thecombined estimator approach to the transferability problem is expressed as a linear combination of the unbiased direct estimators on the two data sets. The major gain is in variance reduction. The combined estimator is shown to have superior accuracy, in a Mean Square Error sense, to a unbiased direct estimator whenever the transfer bias is relatively small. A test that indicates if the combined estimator is superior to the direct estimator is provided. Variances of the direct estimators are assumed to be known. Monte Carlo experiments are performed to assess the quality of the approximations. The results show that the approximations used are highly conservative. An empirical example of the combined estimator applied to a discrete choice problem is presented.
    Type of Medium: Electronic Resource
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  • 6
    ISSN: 1435-8921
    Keywords: E43 ; E52
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper extends previous work on the information content of the term structure of interest rates using a newly constructed dataset for the United States, Japan, Germany, Switzerland, France, Belgium and the Netherlands (1982–1991). Results significantly differ from Jorion and Mishkin (1991). Apparently, the relation between the term structure of interest rates and future inflation is highly period- and country-dependent. We provide new evidence that these results may be due to the inability of financial markets to accurately predict a term structure of inflation in combination with the conduct of monetary policy. This probably accounts for large variation in ex post real interest rate levels and the term structure of real interest rates. Consequently, it is unlikely that the term structure of nominal interest rates will serve as a good indicator of future inflationary developments.
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  • 7
    Electronic Resource
    Electronic Resource
    Springer
    Empirical economics 20 (1995), S. 299-302 
    ISSN: 1435-8921
    Keywords: C13 ; E22
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Type of Medium: Electronic Resource
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  • 8
    Electronic Resource
    Electronic Resource
    Springer
    Empirical economics 20 (1995), S. 303-323 
    ISSN: 1435-8921
    Keywords: J10 ; J11
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper contains a theoretical and empirical model of the physician firm. The utility maximizing physician chooses the number of hours of labor to supply and the mix between patient visits and time per visit. Theory suggests that a serious specification error may occur if one estimates the labor supply curve and patient demand curve without simultaneously estimating the mix between patient visits and time per visit. A Chi-Square specification test reveals that this “triage” model statistically dominates the simple supply/demand model. Estimation results indicate relevant backward-bending labor and negatively sloped service supply functions.
    Type of Medium: Electronic Resource
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  • 9
    ISSN: 1435-8921
    Keywords: C12 ; C13 ; C23 ; C24 ; C87
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract A stochastic frontier production function is defined for panel data on firms, in which the non-negative technical inefficiency effects are assumed to be a function of firm-specific variables and time. The inefficiency effects are assumed to be independently distributed as truncations of normal distributions with constant variance, but with means which are a linear function of observable variables. This panel data model is an extension of recently proposed models for inefficiency effects in stochastic frontiers for cross-sectional data. An empirical application of the model is obtained using up to ten years of data on paddy farmers from an Indian village. The null hypotheses, that the inefficiency effects are not stochastic or do not depend on the farmer-specific variables and time of observation, are rejected for these data.
    Type of Medium: Electronic Resource
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  • 10
    Electronic Resource
    Electronic Resource
    Springer
    Empirical economics 20 (1995), S. 479-500 
    ISSN: 1435-8921
    Keywords: Real interest rates ; investment demand ; desired saving ; capital mobility ; E43 ; E44 ; F21
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In this paper a loanable funds model is estimated over the period 1959–1990 for the determination of after-tax expected real interest rates using aggregated data for four European countries under the assumption that high capital mobility in Europe implies a common capital market. It is concluded that real interest rates in the European Community were mainly driven by movements in temporary income, expected inflation, lagged investment, money growth, and the oil price. Moreover, our aggregate, model appears to be reasonably stable. Finally, individual country rates are shown to depend on the European rate as well as some country-specific variables, suggesting a limited degree of isolation from international financial markets for the countries concerned.
    Type of Medium: Electronic Resource
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