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  • C33  (9)
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  • 1
    Electronic Resource
    Electronic Resource
    Springer
    Empirical economics 18 (1993), S. 103-127 
    ISSN: 1435-8921
    Keywords: C33 ; E22 ; C43
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Applied econometric research has been troubled by the fact that estimated adjustment speeds from stock-adjustment models of inventory investment turn out to be “implausibly slow”. The paper presents new empirical evidence using business-survey data colfected by the IFO Institute Munich, Germany. It is shown empirically that there is no such a thing as an “implausibly slow” adjustment speed if estimation is done at the same level of aggregation as is requested by the underlying microeconomic theory, that is, at the level of the individual firm. Slow adjustment speeds turn out to be an artifact due to aggregation.
    Type of Medium: Electronic Resource
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  • 2
    ISSN: 1435-8921
    Keywords: C33 ; C52
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper demonstrates a parametric test of specification that can be used in validating econometric models employing pooled time series and cross-section data with fixed effects. This Lagrange multiplier test allows for the simultaneous testing of proper model functional form and the presence of nonspherical disturbances, using a combination of the Box-Cox transformation, the double-length regression of Davidson and MacKinnon, and the Bonferroni inducedt-test. Testing procedures are demonstrated using a model of long distance telephone demand in the United States. The illustrative model used is representative of models filed as direct testimony by telephone companies in administrative law proceedings, which usually require rigorous model validation and defenses of model results in a formal hearing room setting. The tests presented in this paper are useful to a wide variety of researchers who use pooled econometric models with fixed effects in their work.
    Type of Medium: Electronic Resource
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  • 3
    Electronic Resource
    Electronic Resource
    Springer
    Empirical economics 19 (1994), S. 55-68 
    ISSN: 1435-8921
    Keywords: C33 ; O31 ; L60
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper presents a dynamic random effects probit model for the realization of private firms' product and process innovations. We estimate the model with panel data collected by the Ifo Institute in Munich. The data covers the period between 1979 and 1986 and includes 301 firms of the West German manufacturing sector. It turns out that firms' probabilities of innovation depend on market structure, demand and cost expectations, unobserved heterogeneity, and realized innovations in the previous year. The positive significant influence of past innovations indicates that there is strong state dependence in the innovation process. This result supports the ‘success breeds success’ hypothesis suggesting a positive impact of innovative success to further innovations in the following years.
    Type of Medium: Electronic Resource
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  • 4
    Electronic Resource
    Electronic Resource
    Springer
    Empirical economics 19 (1994), S. 523-532 
    ISSN: 1435-8921
    Keywords: C33 ; R21
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The paper considers the estimation of a fixed effects time series-cross section model where errors have both unspecified interpersonal and intertemporal covariance. Efficient estimators in the form of GLS are suggested, which can be implemented on the data in their actual form or in deviations from time-means. As an empirical example, the determinants of new residential construction activity in the New England states of the US during the 80's are investigated. Results show substantial sensitivity to changes in the interest rate and the unemployment rate, whilst responses to changes in income are more muted. Long term factors related to the region are also influential.
    Type of Medium: Electronic Resource
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  • 5
    Electronic Resource
    Electronic Resource
    Springer
    Empirical economics 21 (1996), S. 137-159 
    ISSN: 1435-8921
    Keywords: Aggregate disturbance ; business cycle ; distribution dynamics ; regional fluctuation ; stochastic kernel ; C32 ; C33 ; E32
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper models fluctuations in regional disaggregates as a nonstationary, dynamically evolving distribution. Doing so enables study of the dynamics of aggregate fluctuations jointly with those of the rich cross-section of regional disaggregates. For the US, the leading state—regardless of which it happens to be—contains strong predictive power for aggregate fluctuations. This effect is difficult to understand if only aggregate disturbances affect aggregate business cycles through aggregate propagation mechanisms. Instead, a better picture might be one of a “wave” of regional dynamics, rippling across the national economy.
    Type of Medium: Electronic Resource
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  • 6
    Electronic Resource
    Electronic Resource
    Springer
    Empirical economics 21 (1996), S. 113-135 
    ISSN: 1435-8921
    Keywords: Economic growth ; labor productivity ; convergence ; industry composition ; panel unit roots ; O47 ; O51 ; C33
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We examine the sources of aggregate labor productivity movements and convergence in the U.S. states from 1963 to 1989. Productivity levels vary widely across sectors and across states, as do sectoral output and employment shares. The main finding is the diverse performance of sectors regarding convergence. Using both cross-section and time series methods, we find convergence in labor productivity for both manufacturing and mining. However, we find that convergence does not hold for all sectors over the period. Decomposing aggregate convergence into industry productivity gains and changing sectoral shares of output, we find the manufacturing sector to be responsible for the bulk of cross-state convergence.
    Type of Medium: Electronic Resource
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  • 7
    ISSN: 1435-8921
    Keywords: Factor demand ; Translog cost function ; Dynamic specification ; Aluminium industry ; C33 ; D21 ; L61
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper presents an econometric analysis of factor demands in the Norwegian primary aluminium industry using annual plant-level panel data. The translog cost function approach is applied, and a multivariate error-correction model of the cost shares of labour, raw materials and electricity is estimated. Capital is assumed tobe quasi-fixed. The hypothesis of fixed input coefficients is rejected for this industry, but the estimated own-price and cross-price elasticities suggest that relative price variations have limited effect on conditional factor demands.
    Type of Medium: Electronic Resource
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  • 8
    ISSN: 1435-8921
    Keywords: C33 ; C51
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper considers an econometric approach to measure total factor productivity (TFP) growth and technical change (TC) for 31 publicly-owned passenger-bus companies in India during 1983–1987. A translog variable cost function is used to represent the production technology. Firm heterogeneity is incorporated in the cost function using an error component model with firm-specific variances. TFP growth is decomposed into TC and economies of scale components. The TC component is further decomposed into pure, non-neutral, scale, and quasi-fixed factors/network components. An ownership group-wise comparison reveals that the public undertakings exhibit the highest rate of productivity growth, followed by the units operated by the state and local governments. The main source of TFP growth for the public undertakings and government-operated units is economies of scale, while the main source of falling TFP growth for corporations is technological regress.
    Type of Medium: Electronic Resource
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  • 9
    ISSN: 1435-8921
    Keywords: C33 ; C34 ; J22
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In this paper we examine the effects of regional and industry specific labor market indicators on wages and labor supply of married females. Based on the standard life cycle labor supply theory we derive a two equation censored panel model and estimate it using the Minimum Distance Method. For our empirical analysis we use four waves (1984–1987) of West German Panel data merged with regional indicators and industry specific demand side indicators. We obtain the result that, unlike industry specific indicators, regional demand side conditions have virtually no significant effect on market wages but that a direct effect of regional labor market conditions on labour supply remains. We conclude that regional labor market conditions can directly constrain the individual labor supply decision.
    Type of Medium: Electronic Resource
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