Search results for "Econometrics"

The Other J.M.: John Maurice Clark and the Keynesian Revolution

2009

This paper suggests that Clark's views regarding the Keynesian Revolution illuminate some of the limitations of the Keynesian orthodoxy that developed after the war, bringing more institutional detail and a greater preoccupation with dynamic analysis. Clark developed the multiplier in dynamic terms and coupled it with the accelerator to provide the framework for business cycle theory. His analysis was not formalized and emphasized time lags and non-linearities, similar to Harrod. In addition, Clark was concerned with the inflationary consequences of Keynesian policies and he was dissatisfied with those mechanical interpretations of the income flow analysis, which came to be known as hydraul…

Sustainability of Pension Systems in the Baltic States

2016

Objective: The objective of the paper is to identify how the concept of sustainability is understood and ensured in the pension systems of Estonia, Latvia and Lithuania; and what implications it brings to the performance of pension schemes. Research Design & Methods: Analysis of various conceptual and methodological approaches to the notion of sustainability of pension systems. Comparative analysis of present pension legislation, as well as preceding stage of pension reforms,   accompanied by a number of numerical models. Findings: The understanding of sustainability is limited by narrow ‘fiscal’ meaning in Latvia, compared to more a multifaceted concept that includes the principle of socia…

The World Bank’s Early Reflections on Development: A Development Institution or a Bank?

2009

Until the late 1960s, the World Bank presented itself as an institution devoted to making sound and directly productive project loans. Yet, during its very early years, some discussions developed inside the Bank regarding the possibility of issuing different types of loans, namely (i) loans aimed at tackling social issues ("social loans"), and (ii) loans aimed at providing foreigncurrency to address disequilibria in the balance of payments ("impact loans"). This paper brings together historical analysis and theories of organization development to study the housing issue as a case in point. The analysis reveals that the Bank was unwilling to lend for housing programs not because these were n…

Robots, labor markets, and universal basic income

2020

Automation is a big concern in modern societies in view of its widespread impact on many socioeconomic issues including income, jobs, and productivity. While previous studies have concentrated on determining the effects on jobs and salaries, our aim is to understand how automation affects productivity, and how some policies, such as taxes on robots or universal basic income, moderate or aggravate those effects. To this end, we have designed an experiment where workers make productive effort decisions, and managers can choose between workers and robots to do these tasks. In our baseline treatment, we measure the effort made by workers who may be replaced by robots, and also elicit firm repla…

Autonomous Operation of Stationary Battery Energy Storage Systems—Optimal Storage Design and Economic Potential

2021

Global warming requires a changeover from fossil fuel based to renewable energy sources on the electrical supply side and electrification of the demand side. Due to the transient nature of renewables and fluctuating demand, buffer capacities are necessary to compensate for supply/demand imbalances. Battery energy storage systems are promising. However, the initial costs are high. Repurposing electric vehicle batteries can reduce initial costs. Further, storage design optimization could significantly improve costs. Therefore, a battery control algorithm was developed, and a simulation study was performed to identify the optimal storage design and its economic potential. The algorithm used is…

Rejection odds and rejection ratios: A proposal for statistical practice in testing hypotheses

2016

Much of science is (rightly or wrongly) driven by hypothesis testing. Even in situations where the hypothesis testing paradigm is correct, the common practice of basing inferences solely on p-values has been under intense criticism for over 50 years. We propose, as an alternative, the use of the odds of a correct rejection of the null hypothesis to incorrect rejection. Both pre-experimental versions (involving the power and Type I error) and post-experimental versions (depending on the actual data) are considered. Implementations are provided that range from depending only on the p-value to consideration of full Bayesian analysis. A surprise is that all implementations -- even the full Baye…

Interplays Between Corporate Reputation And Media – A Bibliometric Analysis

2020

Abstract As strategic asset – determinant of sustained competitiveness – corporate/firm reputation has a very distinctive feature that sets it apart: although reflection of (better, worse or not at all performed) reputation management at a company’s level, it is rather a “representation” / “perception” – built on a business’s previous behaviors, but more precisely on the ways its different stakeholders have interacted (acknowledged, internalized, resonated) with them – in a (sometimes unconscious) process highly mediated and moderated by the media. Thus, the current study aims to explore the interplays between corporate/firm reputation and media as they are reflected in the scientific liter…

2013

Currently, a growing number of programs become available in statistical software for multiple imputation of missing values. Among others, two algorithms are mainly implemented: Expectation Maximization (EM) and Multiple Imputation by Chained Equations (MICE). They have been shown to work well in large samples or when only small proportions of missing data are to be imputed. However, some researchers have begun to impute large proportions of missing data or to apply the method to small samples. A simulation was performed using MICE on datasets with 50, 100 or 200 cases and four or eleven variables. A varying proportion of data (3% - 63%) was set as missing completely at random and subsequent…

Forecast Output Coincidence and Biproportion: Two Criteria to Determine the Orientation of an Economy. Comparison for France (1980-1997)

2002

International audience; The method of forecast output coincidence used to determine if sectors are demand-sided or supply-sided in an input-output framework mixes two effects, the structural effect (choosing between demand and supply side models) and the effect of an exogenous factor (final demand or added-value). The note recalls that another method is possible, the comparison of the stability of technical and allocation coefficients, generalized by the biproportional filter: if for a sector, after biproportional filtering, column coefficients are more stable than row coefficients, then this sector is declared as not supply-sided (but one cannot decide that it is demand-sided anyway), and …

A comparative life-cycle assessment of asphalt mixtures for railway sub-ballast containing alternative materials

2018

Abstract Bituminous sub-ballast in railway track-bed can mitigate the variation of the moisture content in the subgrade and reduce vertical stiffness variations of the track leading to a more durable infrastructure. Nevertheless, durability is only one of the aspects that affects the sustainability of an infrastructure. Other relevant aspects are related to the environmental and economic issues. This research work joins the worldwide effort towards a paradigm shift in civil engineering devoted to assess the sustainability of infrastructures at the design stage. With this in mind, in this study different alternative bituminous sub-ballast mixtures containing recycled materials, namely crumb …