Search results for "macroeconomics"
showing 10 items of 477 documents
Regulation of Investments in Infrastructure: The Interplay between Strategic Behaviors and Initial Endowments
2012
This paper explores the dynamic properties of price-based policies in a model of competition between two jurisdictions. Jurisdictions invest over time in infrastructure to increase the quality of the environment, a global public good. They are identical in all respects but one: initial stocks of infrastructure. This is a dynamic type of heterogeneity that disappears in the long run. Therefore, at the steady state, usual intuitions from static settings apply: identical jurisdictions inefficiently underinvest, calling for public subsidies. In the short run, however, counterintuitive properties are established: (i) the evolution of capital stocks can be nonmonotonic and (ii) one jurisdiction c…
Current account adjustment and retained earnings
2019
First published online: 04 March 2019 This paper develops a formal strategy to calculate current accounts with retained earnings ( RE) on equity investment and analyzes their adjustment during the global financial crisis. RE are the part of companies' profits which is reinvested and not distributed to shareholders as dividends. International statistical standards treat RE on foreign direct investment and RE on portfolio investment differently: while the former enter the current and financial account, the latter do not. We show that this differential treatment strongly affects current accounts of several advanced economies, frequently referred to as financial centers, with large positions in…
Revisiting the Duration Dependence in the US Stock Market Cycles
2022
There is a big controversy among both investment professionals and academics regarding how the termination probability of a market state depends on its age. Using more than two centuries of data on the broad US stock market index, we revisit the duration dependence in bull and bear markets. Our results suggest that the duration dependence for both bull and bear markets is a nonlinear function of the state age. It appears that the duration dependence in bear markets is strictly positive. For 93% of the bull markets, the duration dependence is also positive. Only about 7% of the bull markets, those with the longest durations, do not exhibit positive duration dependence. We also compare a few …
Aggregate uncertainty and sectoral productivity growth: The role of credit constraints
2016
Abstract We show that an increase in aggregate uncertainty—measured by stock market volatility—reduces productivity growth more in industries that depend heavily on external finance. The mechanism at play is that during periods of high uncertainty, firms that are credit constrained switch the composition of investment by reducing productivity-enhancing investment—such as on ICT capital—which is more subject to liquidity risks (Aghion et al., 2010). The effect is larger during recessions, when financing constraints are more likely to be binding, than during expansions. Our statistical method—a difference-in-difference approach using productivity growth of 25 industries from 18 advanced econo…
Data for: Does social capital matter for European regional growth?
2016
Abstract of associated article: This paper analyzes the role of different elements of social capital in economic growth for a sample of 85 European regions during the period 1995–2008. Despite the remarkable progress that social capital and European regional economic growth literatures have experienced over the last two decades, initiatives combining the two are few, and entirely yet to come for the post-1990s period. Recent improvements in data availability allow this gap in the literature to be closed, since they enable the researcher to consider the traditionally disregarded Eastern and Central European (ECE) regions. This is particularly interesting, as they are all transition economies…
The Innovation Strategy and Effects in Organizational Learning: The Manufacturing Sector in Colombia
2018
Purpose To understand how innovation strategy measure by organizational methods and technology equipment, affects to organizational learning measure by improvement in production, distribution and logistics systems. MethodologyThis is an empirical analysis of the innovation strategy and organizational learning, concentrating on 8835 manufacturing companies in 33 subsectors with innovative processes, investment in research and development, better organizational methods and technology equipment, using databases from the National Department of Statistics-DANE. Multiple Regression. Software SPSS. Findings: An industry with an innovation strategy tends to get better and improved processes, and th…
Introduction to Information Technology for Development Minitrack
2015
The papers in this minitrack take the discourse of how Information Technology (IT) applications enable development objectives to take place to a new level. The contributions from the papers in this minitrack illustrate the innovative ways in which IT applications can bring about improvements in the lives of people.
Load forecast on intelligent buildings based on temporary occupancy monitoring
2016
The modeling of energy consumption in buildings must consider occupancy as a relevant input, since it plays a very important role in the overall building's energy consumption. Frequently, buildings lack of permanent occupancy monitoring solutions. However, they may include data sources that are correlated with real building occupancy. This study proposes a new methodology for energy consumption modeling, supported by these alternative data sources, such as the number of vehicles in a parking lot. The aim is to mitigate investment in permanent occupancy monitoring solutions. The proposed methodology makes use of short-term real occupancy monitoring for model fitting, to enable the developmen…
The potential of rotorcraft for intercity passenger transport
2007
Abstract There are many high-speed rail projects in Europe at different stages of development. They are supported on environmental grounds and as a means of reducing congestion on other modes, including aviation. High-speed rail, however requires major investment costs, takes a long time to come online, and involves considerable financial risks. A potential alternative that overcomes some of these problems makes use of rotorcrafts. This paper assesses the potentiality of civil rotorcrafts as part of the air transport system. Discrete mode choice models are used to forecast traveller choice behaviour when the rotorcraft is introduced and financial evaluations performed looking at the operati…
Absorption equipment for energy savings: A case study in Sicily
2013
Abstract This paper considers a feasibility study on the recovery of the reject heat available from an electric utility with two units operating with 120-MW gas turbines; these units have a heat recovery system that feeds the district heating pipeline of an industrial consortium. Thus, feeding the expeller of the absorption equipment installed in a cooling plant for foodstuff stocking represents an opportunity for the feasibility study. This plant operates at both 0 °C and −18 °C. The feasibility study covers two aspects: (1) the technical feasibility of a suitable absorption cooling plant that uses two separate pieces of absorption equipment working with the pair ammonia–water and (2) the …