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Long‐Run Aggregates Under Constant Returns

W. M. Gorman

C. Blackorby and A. F. Shorrocks (eds)

in Separability and Aggregation: The Collected Works of W. M. Gorman, Volume I

Published in print:
1996
Published Online:
November 2003
ISBN:
9780198285212
eISBN:
9780191596322
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198285213.003.0026
Subject:
Economics and Finance, Microeconomics

A weakness of the paper ’Aggregation in the short and long run’ (Ch. 25) is the use of strong convexity assumptions––these assumptions seem easier to justify in the short run, rather than the long ... More


Introduction

Anthony Garratt, Kevin Lee, M. Hashem Pesaran, and Yongcheol Shin

in Global and National Macroeconometric Modelling: A Long-Run Structural Approach

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199296859
eISBN:
9780191603853
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199296855.003.0001
Subject:
Economics and Finance, Econometrics

This chapter introduces the long-run structural approach to modelling. It makes brief comparisons with the key alternative approaches, namely large-scale simultaneous equation models, unrestricted ... More


Macroeconometric modelling: Alternative approaches

Anthony Garratt, Kevin Lee, M. Hashem Pesaran, and Yongcheol Shin

in Global and National Macroeconometric Modelling: A Long-Run Structural Approach

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199296859
eISBN:
9780191603853
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199296855.003.0002
Subject:
Economics and Finance, Econometrics

This chapter describes some alternative approaches to macroeconometric modelling, focusing on the long-run characteristics of macroeconomic models and the consensus that has developed surrounding ... More


National and global structural macroeconometric modelling

Anthony Garratt, Kevin Lee, M. Hashem Pesaran, and Yongcheol Shin

in Global and National Macroeconometric Modelling: A Long-Run Structural Approach

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199296859
eISBN:
9780191603853
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199296855.003.0003
Subject:
Economics and Finance, Econometrics

This chapter describes a framework for macroeconometric modelling, which draws out the links with economic theory relating to the long run and with theory relating to the short run. It elaborates a ... More


An economic theory of the long run

Anthony Garratt, Kevin Lee, M. Hashem Pesaran, and Yongcheol Shin

in Global and National Macroeconometric Modelling: A Long-Run Structural Approach

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199296859
eISBN:
9780191603853
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199296855.003.0004
Subject:
Economics and Finance, Econometrics

This chapter describes a specific theoretical framework for the macroeconomic modelling of a small open economy, emphasizing stock-flow equilibria, accounting identities, and arbitrage conditions. It ... More


A long-run structural model of the UK

Anthony Garratt, Kevin Lee, M. Hashem Pesaran, and Yongcheol Shin

in Global and National Macroeconometric Modelling: A Long-Run Structural Approach

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199296859
eISBN:
9780191603853
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199296855.003.0009
Subject:
Economics and Finance, Econometrics

This chapter describes the empirical work underlying the construction of the UK model, discusses the results obtained from testing its long-run properties, and compares the model with benchmark ... More


Determining the Advertising Budget

Sharan Jagpal

in Fusion for Profit: How Marketing and Finance Can Work Together to Create Value

Published in print:
2008
Published Online:
September 2008
ISBN:
9780195371055
eISBN:
9780199870745
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195371055.003.0013
Subject:
Business and Management, Marketing

This chapter shows how the firm should coordinate its advertising decisions with the other elements of the marketing mix such as price and promotion, especially when demand is uncertain. It shows how ... More


The Transition to Post-Industrial BMI Values in the United States

Marek Brabec and John Komlos

in Insecurity, Inequality, and Obesity in Affluent Societies

Published in print:
2012
Published Online:
January 2013
ISBN:
9780197264980
eISBN:
9780191754135
Item type:
chapter
Publisher:
British Academy
DOI:
10.5871/bacad/9780197264980.003.0008
Subject:
Sociology, Health, Illness, and Medicine

The trend in the BMI values of the United States population has not been estimated accurately because time series data are unavailable and because the focus has been on calculating period effects. ... More


Conclusion

Philip T. Hoffman, Gilles Postel-Vinay, and Jean-Laurent Rosenthal

in Dark Matter Credit

Published in print:
2019
Published Online:
May 2019
ISBN:
9780691182179
eISBN:
9780691185057
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691182179.003.0010
Subject:
Business and Management, Business History

This concluding chapter calls for an understanding of both historical inheritance and the process of change, which thus argues for a deeper understanding of long-run change. To fully grasp the role ... More


Adjustment Costs in the Labor Market

Fabio-Cesare Bagliano and Giuseppe Bertola

in Models for Dynamic Macroeconomics

Published in print:
2004
Published Online:
January 2005
ISBN:
9780199266821
eISBN:
9780191601606
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199266824.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

Focusses on how uncertainty may be treated simply in a Markov chain environment where shocks occur with given probabilities across a well‐defined and stable set of possible states. Applications to ... More


Growth in Dynamic General Equilibrium

Fabio-Cesare Bagliano and Giuseppe Bertola

in Models for Dynamic Macroeconomics

Published in print:
2004
Published Online:
January 2005
ISBN:
9780199266821
eISBN:
9780191601606
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199266824.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics

Characterizes general equilibrium interactions in a dynamic environment, focussing on the possibly endogenous growth behaviour of an economy in the long run. The treatment familiarizes readers with ... More


Banking Theory and Banking Practice in Antebellum America

Howard Bodenhorn

in State Banking in Early America: A New Economic History

Published in print:
2002
Published Online:
November 2003
ISBN:
9780195147766
eISBN:
9780199832910
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195147766.003.0003
Subject:
Economics and Finance, Economic History

Modern theories of financial intermediation begin from the premise that small, young firms, due to information asymmetries, will not have access to arm's length markets in bonds and commercial paper. ... More


Testing Dynamic Specification in Small Simultaneous Systems: An Application to a Model of Building Society Behaviour in the United Kingdom

David F. Hendry and Gordon J. Anderson

in Econometrics: Alchemy or Science?: Essays in Econometric Methodology

Published in print:
2000
Published Online:
November 2003
ISBN:
9780198293545
eISBN:
9780191596391
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198293542.003.0004
Subject:
Economics and Finance, Econometrics

The approach evaluated here is that of simplifying an initial general system, which accounts for mis‐specifications in previous empirical models as predicted by the economic theory—a variant of ... More


Aggregation in the Short and Long Run

W. M. Gorman

C. Blackorby and A. F. Shorrocks (eds)

in Separability and Aggregation: The Collected Works of W. M. Gorman, Volume I

Published in print:
1996
Published Online:
November 2003
ISBN:
9780198285212
eISBN:
9780191596322
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198285213.003.0025
Subject:
Economics and Finance, Microeconomics

The paper begins with the short‐run aspect, giving a very brief survey of known results in aggregation theory, reminding us that the basic trick in most aggregation problems is to change the ... More


Discrimination in Terms of the Long‐Run Component: A Test for Trend Stationarity

Michio Hatanaka

in Time-Series-Based Econometrics: Unit Roots and Co-integrations

Published in print:
1996
Published Online:
November 2003
ISBN:
9780198773535
eISBN:
9780191596360
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198773536.003.0003
Subject:
Economics and Finance, Econometrics

This chapter analyses a measure of long-run component, b(1). It is argued that the non-parametric variance ratio used to measure the importance of long-run components in economic time series cannot ... More


Introduction and Overview

Anindya Banerjee, Juan J. Dolado, John W. Galbraith, and David F. Hendry

in Co-integration, Error Correction, and the Econometric Analysis of Non-Stationary Data

Published in print:
1993
Published Online:
November 2003
ISBN:
9780198288107
eISBN:
9780191595899
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198288107.003.0001
Subject:
Economics and Finance, Econometrics

Serves as an introductory overview for the rest of the book, and outlines its main aims. As a basis for the following chapters, an overview and clarification of equilibrium relationships in economic ... More


Linear Transformations, Error Correction, and the Long Run in Dynamic Regression

Anindya Banerjee, Juan J. Dolado, John W. Galbraith, and David F. Hendry

in Co-integration, Error Correction, and the Econometric Analysis of Non-Stationary Data

Published in print:
1993
Published Online:
November 2003
ISBN:
9780198288107
eISBN:
9780191595899
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198288107.003.0002
Subject:
Economics and Finance, Econometrics

The focus in this chapter is on the properties of linear autoregressive‐distributed lag (ADL) models for stationary data processes, in order to understand later transformations in non‐stationary ... More


A Neo‐Classical Passage to Growth Equilibrium

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0003
Subject:
Economics and Finance, Development, Growth, and Environmental

Investigates whether a series of the short‐run equilibria starting from an arbitrarily (or historically) given capital–labour endowment will eventually approach the state of the long‐run or ‘Silvery ... More


Towards More Disaggregated Models

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0005
Subject:
Economics and Finance, Development, Growth, and Environmental

Returns to the neoclassical model where the full employment of resources and labour is automatically attained and the Rule of Profitability and the Rule of Free Goods control behaviour of activities ... More


Equilibrium Growth. (III) Normative Properties

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0009
Subject:
Economics and Finance, Development, Growth, and Environmental

Devoted to establishing the optimality of competitive equilibrium paths of various orders. So far three kinds of equilibrium growth paths have been discussed in the book: the Cassel–von Neumann path ... More


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