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Cuadras-Morató, Xavier, and Josep Maria Raya. "Boycott or Buycott?: Internal Politics and Consumer Choices." B.E. Journal of Economic Analysis & Policy 16, no. 1 (January 1, 2016): 185–218. http://dx.doi.org/10.1515/bejeap-2014-0111.
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Abstract Does politics affect economic relations? In particular, do political tensions significantly affect consumer choices? The main objective of the paper is to study the consequences of political conflicts between Spain and Catalonia (a region of Spain) and the subsequent boycott calls on sales of Catalan sparkling wine (cava) in the Spanish market. We use data from sales of sparkling wine in supermarkets and similar outlets. To determine with precision the boycott period we use data on the number of news on the issue that appeared in the main national Spanish daily newspapers. The results of our econometric analysis indicate that the boycott calls triggered different consumers’ reactions in different territories. While consumers in some Spanish regions followed them and reduced their purchases of Catalan cava, there was also an anti-boycott reaction of Catalan consumers which led them to increase their consumption of the product. As a consequence of this, the boycott calls had an insignificant impact at the Spanish aggregate level. These results can be rationalized by the predictions of theoretical models of boycotts that include both the free riding and animosity motives.
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Terraneo, Marco. "Households’ financial vulnerability in Southern Europe." Journal of Economic Studies 45, no. 3 (August 13, 2018): 521–42. http://dx.doi.org/10.1108/jes-08-2016-0162.
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Purpose The purpose of this paper is to analyze whether and to what extent households living in southern Europe, i.e. Greece, Portugal, Spain and Italy, experience similar conditions of financial vulnerability, considering that in comparative research these countries are often grouped together because of the substantial instability of their economies and the similarity of social and welfare model. Design/methodology/approach The authors use data from Household Finance and Consumption Survey, a quite novel data set that covers the whole balance sheet of a sample of households. The authors compute four indicators of debt burden and in order to study households’ risk of default the authors apply two-part model, which is a valuable alternative to the application of conventional regression models with zero-inflated data. Findings Analysis reveals that the burden of debts and the risk of default are very different among the four countries, in particular Spain and Portugal have the highest proportion of financially vulnerable households. Originality/value The study is one a few that have directly compared objectives indicators of households’ financial vulnerability in all Southern European countries. Moreover, the authors employ a two-part model, a valuable alternative to the application of conventional logit or linear regression models. In the first part of the model the authors estimate the probability that households suffer financial vulnerability; in the second part, the authors estimate households’ level of vulnerability only for vulnerable families.
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Hozer, Józef, and Mariusz Doszyń. "Econometric Models of Propensities." Folia Oeconomica Stetinensia 6, no. 1 (January 1, 2007): 15–25. http://dx.doi.org/10.2478/v10031-007-0008-1.
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Econometric Models of Propensities Human being is one of the most important sources of causative forces of events that assemble economical processes. Working out the effective tools that enable measurement of the impact of people on socio-economic processes is necessary in analyzing, troubleshooting and forecasting. In the article the issues of calculating propensities by means of properly specified econometrics models were presented. The definition of propensity was introduced. Questions connected with topic of propensities were presented in context of concepts promoted by Szczecin school of econometrics (pentagon of sources of causative forces, types of relationships in economics, geometric interpretation of personality, broom of events). Econometric models, useful in analyzing propensities, were classified on primary models, econometrics models of average propensities and econometrics models of marginal propensities. Connections between the models were described. Settlement of analytical shapes of characterized models was mentioned. In an empirical example the presented methods were used to analyze average and marginal propensity to consumption of alcoholic beverages and tobacco in the households of employees in manual labour positions in Poland in years 1993-2005.
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Bardin, A., and M. Sigachev. "The Green Discourse as a Type of New Left Populism." World Economy and International Relations 64, no. 11 (2020): 96–105. http://dx.doi.org/10.20542/0131-2227-2020-64-11-96-105.
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The article is devoted to comparative political analysis of environmentalist political parties and movements in the member states of the European Union. The authors study European greens with reference to the new wave of left-wing populism that originated in 2010s, and analyze the main reasons for the growing influence of ecological and left-populist parties and movements in European societies. Case studies of a number of EU member states demonstrate close and multidimensional interdependence between the green and populist discourses. The authors outline the key factors that determine this interrelation and conclude that a general left-green discourse is emerging, based on a common commitment of the corresponding political parties and movements, as well as ecological non-governmental organizations, to a post-industrial, socio-ecological approach to world development. Moreover, this discourse is influenced by the COVID 19 pandemic, which dealt a huge blow to the global and most national economies and, most importantly, to vulnerable social groups. The current “corona crisis” will inevitably deepen the social inequality, which has always served as a breeding ground for populism. The closest example is the rise of populist movements, such as Syriza (Greece) and Podemos (Spain) in the aftermath of the 2008 international financial crisis. The post-crisis reality is likely to be marked by an increasing demand for socially oriented ecologism, with the left-green responding to this request. Therefore, one can expect a new wave of populism, exploiting the inability of many governments to provide effective response to the pandemic. This new wave is likely to be characterized by the convergence of eco-social discourse with left-wing populist and even left-wing radical discourse driven by a common commitment to post-capitalism. The crisis is also likely to attract attention of wider segments of population to global problems, including social and ecological ones. This, in turn, is likely to give an impetus to new models of development, such as “responsible development”, based on the orientation toward non-material production and consumption, intellectual and creative resources, and the use of nature-friendly technologies.
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Larsen, Bodil Merethe, and Runa Nesbakken. "Household electricity end-use consumption: results from econometric and engineering models." Energy Economics 26, no. 2 (March 2004): 179–200. http://dx.doi.org/10.1016/j.eneco.2004.02.001.
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Bolkesjø, Torjus Folsland, Michael Obersteiner, and Birger Solberg. "Information technology and the newsprint demand in Western Europe: a Bayesian approach." Canadian Journal of Forest Research 33, no. 9 (September 1, 2003): 1644–52. http://dx.doi.org/10.1139/x03-083.
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This paper focuses on the impacts of new information technology on newsprint demand in a sample of West European countries (Germany, Italy, Spain, and the United Kingdom). It is hypothesized that information technology, through the ready and free availability of news content on the Internet, could induce a structural shift in the newsprint consumption pattern in these markets. Econometric analyses based on historical data for the four countries mentioned above do not yet support this hypothesis. Based on evidence from the United States, where Internet penetration is higher, and several recently published market studies, there is, however, reason to expect stagnating newsprint consumption in Western Europe. By using Bayesian demand models, we try to incorporate prior information from these market studies in the econometric analysis. A classical demand model, based solely on historical data from 1971 to 1999, is estimated for comparison with the Bayesian models. Predictions for newsprint consumption based on the Bayesian approach show lower future consumption levels than those predicted by the classical models, which are commonly used in forest product demand studies. We conclude that Bayesian models carry the potential to improve the quality of forest products demand analyses when a structural break can be expected and sufficient information on its dynamics is available.
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Leitão, Nuno Carlos. "Testing the Role of Trade on Carbon Dioxide Emissions in Portugal." Economies 9, no. 1 (February 15, 2021): 22. http://dx.doi.org/10.3390/economies9010022.
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This article considers the relationship between trade intensity, energy consumption, income per capita, and carbon dioxide emissions from 1970–2016 for the Portuguese economy. Considering the arguments of monopolistic competition, the article tests the hypotheses of trade and energy consumption on climate change. We use the autoregressive distributed lag-ARDL model, quantile regression, and cointegration models such as fully modified ordinary least squares (FMOLS), canonical cointegration regression, and dynamic ordinary least squares (DOLS) as an econometric strategy. The econometric results have support with the literature review. The variables used in this research are integrated with the first differences, as indicated by the unit root test. The empirical study proves that trade intensity contributes to environmental improvements. However, energy consumption presents a positive impact on CO2 emissions. The econometric results also demonstrated that a sustainable environmental system exists in the long run.
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Thomas, J. "Representation and Structure in Economics: The Methodology of Econometric Models of the Consumption Function." History of Political Economy 43, no. 4 (December 1, 2011): 779–81. http://dx.doi.org/10.1215/00182702-1430337.
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Rankovic, Nenad, Branko Glavonjic, Leon Oblak, and Slavica Petrovic. "Trends of wood window and door consumption in Spain, France and Germany as elements of strategy for their export from Serbia." Bulletin of the Faculty of Forestry, no. 96 (2007): 83–95. http://dx.doi.org/10.2298/gsf0796083r.
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The paper gives results of the analysis of econometric models and trends of wood window and door consumption in Spain, France and Germany in the period 2008-2012. The results of the analysis are important for the process of creating export strategy for the chosen wood products from Serbia on the markets of the chosen countries. For each of the abovementioned markets, main recommendations in view of the possibilities for wood windows and doors export from Serbia are given, as well as the recommendations for the appearance of domestic producers on each of the chosen markets.
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Moneta, Alessio. "Which structure do models represent? Representation and structure in economics: the methodology of econometric models of the consumption function." Journal of Economic Methodology 17, no. 3 (September 2010): 338–43. http://dx.doi.org/10.1080/1350178x.2010.513760.
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Topan, Ligia, César Castro, Miguel Jerez, and Andrés Barge-Gil. "Oil price pass-through into inflation in Spain at national and regional level." SERIEs 11, no. 4 (October 20, 2020): 561–83. http://dx.doi.org/10.1007/s13209-020-00222-4.
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AbstractOil price showed sharp fluctuations in recent years which revived the interest in its effect on inflation. In this paper, we discuss the relationship between oil price and inflation in Spain, at national and regional levels, and making the distinction between energy and non-energy inflation. To this end, we fit econometric models to measure the effect of oil price shocks on inflation and to predict them under different scenarios. Our results show that almost half of the volatility of changes in total inflation is explained by changes in oil price. As could be expected, the energy component of inflation drives this effect. We also find that, under the most likely scenarios, 1-year ahead total inflation will be moderate, with relevant differences across regions.
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Guerini, Mattia, Alessio Moneta, Mauro Napoletano, and Andrea Roventini. "THE JANUS-FACED NATURE OF DEBT: RESULTS FROM A DATA-DRIVEN COINTEGRATED SVAR APPROACH." Macroeconomic Dynamics 24, no. 1 (August 1, 2018): 24–54. http://dx.doi.org/10.1017/s1365100518000445.
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In this paper, we investigate the causal effects of public and private debts on US output dynamics. We estimate a battery of Cointegrated Structural Vector Autoregressive models, and we identify structural shocks by employing Independent Component Analysis, a data-driven technique which avoids ad-hoc identification choices. The econometric results suggest that the impact of debt on economic activity isJanus-faced. Public debt shocks have positive and persistent influence on economic activity. In contrast, rising private debt has a milder positive impact on gross domestic product, but it fades out over time. The analysis of the possible transmission mechanisms reveals that public debtcrowds inprivate consumption and investment. In contrast, mortgage debt fuels consumption and output in the short-run, but shrinks them in the medium-run.
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Surmann, Markus, Wolfgang Brunauer, and Sven Bienert. "How does energy efficiency influence the Market Value of office buildings in Germany and does this effect increase over time?" Journal of European Real Estate Research 8, no. 3 (November 2, 2015): 243–66. http://dx.doi.org/10.1108/jerer-04-2015-0018.
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Purpose – The paper aims to estimate the effect of energy efficiency on the Market Value of office buildings and consider whether this effect increases over time. Design/methodology/approach – The authors analyze a dataset of office building valuations from 2009 to 2011, provided by the German Investment Property Database. The authors use hedonic regression models to determine the effect of energy efficiency and energy consumption on Market Values. Using generalized additive models (GAM) for modeling nonlinear covariate effects, the authors control for further building characteristics and location. Due to the small sample size, the authors introduce an innovative econometric approach that mitigates this problem. Findings – Mainly due to the small sample size, and in spite of the newly developed econometric methodology, the authors do not find clear evidence of the relationship between energy efficiency and the Market Value. However, the study nonetheless provides interesting insights into the composition of office building Market Values in Germany. Originality/value – In addition to the empirical results for the German office market, the main contribution of this paper lies in the econometric methodology. Beside the application of cutting-edge statistical techniques, the authors develop a method for handling datasets, for which the variable of interest is rarely observed, leveraging on the total available data. Thus, the methodology offers promising prospects for future research in similar settings.
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Heredia-Carroza, Jesús, Luis Palma Martos, and Alejandro Marín. "Determinants of attendance frequency to flamenco shows in Spain. A cultural economic approach." Revista de Métodos Cuantitativos para la Economía y la Empresa 29 (February 24, 2020): 79–98. http://dx.doi.org/10.46661/revmetodoscuanteconempresa.3751.
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This article aims to determine which variables have effect on the attendance frequency to live flamenco shows. Firstly we have done interviews to flamenco and music industry experts to achieve new-fangled variables in our analysis. Secondly, these variables were valued by flamenco consumers through surveys. Afterwards, with these data, we used a methodology based on different econometric models to obtain the coefficients of the variables. The results show how variables such as educational level, the way the music is listened or the valuation of the performer, amongst others, have an influence on the attendance frequency to flamenco live shows. The article contributes to the scarce empirical literature relating attendance frequency determinants to traditional popular genres by adding never studied before variables, focusing on the flamenco case.
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Salehin, Meshkatus, and Judit T. Kiss. "Testing the Causal Relationship between Economic Growth and Renewable Energy Consumption: Evidence from a Panel of EAGLE Countries." International Journal of Energy Economics and Policy 12, no. 1 (January 19, 2022): 281–88. http://dx.doi.org/10.32479/ijeep.11851.
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Economic growth and energy consumption are two main factors that play a vital role in any country's overall development. The researchers built and described different econometric models to evaluate the relationship between the two variables. In this research, we chose 15 emerging economy countries to examine the relationship between renewable energy consumption and economic growth. We applied the panel ARDL approach with PMG estimator which one of the best approaches to model long-term and short-term dynamics. Gross domestic product per capita and renewable energy consumption as a percent of total final energy consumption has a positive and significant coefficient when used as an independent variable in the long run. We also checked causality between the variables to test how the causal relationship occurs. We also found a causal relation from economic growth to renewable energy consumption, thus proving the conservation hypothesis. However, our outcome showed that the relationship is not statistically significant between renewable energy and economic growth in the short run. Finally, we pointed out few policy recommendations and future work directions based on our works at the end of this article.
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Vasylieva, Natalia, and John R. Kruse. "Models on providing food security: case of Ukraine." Problems and Perspectives in Management 16, no. 4 (December 11, 2018): 344–52. http://dx.doi.org/10.21511/ppm.16(4).2018.28.
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Providing food security is a top issue of agricultural economics in a global scale. Although Ukraine helps other countries become more food secure through its exports of wheat, corn, barley, and sunflower, low per capita income levels create challenges for Ukrainians to keep their diet nutrition balance in animal food basket. The research objective supposed applying mathematical apparatus to support solving this problem. The offered consumption optimization model has been developed to ensure inelastic customers’ food preferences by animal products subject to income and calories constraints. The proposed econometric models have been designed to project broiler, pork, eggs, milk, and beef productions. Complex implementation of the set mathematical models maintained the tool to analyze scenarios by expected export/import and demands for grain and oilseed crops used for feed in animal husbandry. The results of this research provide state authorities, livestock and poultry producers, Ukrainian consumers and other interested parties with management guidance focused on developing animal husbandry in the presence of income, as well as animal product price variability.
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Dharmasena, Senarath, Oral Capps, and Annette Clauson. "Ascertaining the Impact of the 2000 USDA Dietary Guidelines for Americans on the Intake of Calories, Caffeine, Calcium, and Vitamin C from At-Home Consumption of Nonalcoholic Beverages." Journal of Agricultural and Applied Economics 43, no. 1 (February 2011): 13–27. http://dx.doi.org/10.1017/s1074070800004028.
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Obesity is one of the most pressing and widely emphasized health problems in America today. Beverage choices made by households have impacts on determining the intake of calories, calcium, caffeine, and vitamin C. Using data from the Nielsen Homescan Panel over the period 1998-2003, and a two-way random-effects Fuller-Battese error components procedure, we estimate econometric models to examine economic and demographic factors affecting per-capita daily intake of calories, calcium, caffeine, and vitamin C derived from the consumption of nonalcoholic beverages. Our study demonstrates the effectiveness of the USDA 2000 Dietary Guidelines in reducing caloric and nutrient intake associated with nonalcoholic beverages.
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Russo, Federica. "Representation and Structure in Economics. The Methodology of Econometric Models of the Consumption Function, Hsiang-Ke Chao. Routledge, 2009, xiv + 161 pages." Economics and Philosophy 26, no. 1 (March 2010): 114–18. http://dx.doi.org/10.1017/s026626711000012x.
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Dimian, Gina Cristina, Mirela Ionela Aceleanu, Bogdan Vasile Ileanu, and Andreea Claudia Șerban. "UNEMPLOYMENT AND SECTORAL COMPETITIVENESS IN SOUTHERN EUROPEAN UNION COUNTRIES. FACTS AND POLICY IMPLICATIONS." Journal of Business Economics and Management 19, no. 3 (November 19, 2018): 474–99. http://dx.doi.org/10.3846/jbem.2018.6581.
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This article addresses the problem of the main factors driving sectoral unemployment in the Mediterranean countries most affected by this phenomenon. The choice of the four countries (Greece, Italy, Spain and Portugal) relies on the fact that they are dealing with the highest unemployment rates in the European Union and a certain typology of the economic structure. The originality of our research is offered by its direction, less tackled until now, namely the focus on the particularities of the economic sectors, trying to capture differences between them. The importance and the impact of the results are supported by the methods used to produce them, indicators and econometric models that are on trend and bring extra information to available studies. Descriptive statistics and mismatch indexes are used to outline the economic and labour market structure, while the econometric models built on panel data capture the impact of factors such as GVA growth, specialization and labour market mismatches on the unemployment rate at six economic sectors level. Our paper makes three contributions to the literature. First, we have demonstrated that agriculture is the sector of activity less sensitive to output fluctuations in terms of unemployment and can become a buffer for the jobless in times of recessions. Second, we have proved that industry, as a whole, is highly responsive to economic developments and bad specialization could worsen unemployment situation in this sector. Third, we showed that educational mismatches have a significant impact on unemployment in those sectors of activity that employ low educated workforce.
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Ginanneschi, Marco, and Pietro Piu. "The Role of e-Commerce in the Success of Low-cost Carriers." Scientific Annals of Economics and Business 65, no. 4 (December 1, 2018): 407–25. http://dx.doi.org/10.2478/saeb-2018-0029.
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Abstract This research aims to answer the question if e-commerce favoured in a special way the growth of low-cost carriers within the civil aviation market. After defining low-cost and traditional carriers’ business models, data on transported passengers were collected for three countries (Italy, Germany and Spain) and confronted with the number of e-consumers. Despite a significant correlation in all the three markets, only in Italy our hypothesis has been supported by Granger causality, and the regression analysis allows to forecast a future characterized by a growing dominance of LCCs. Although the definition of an econometric model will require further studies, the distinctive features of the Italian market might represent a starting point for future research on the complex relationship between e-commerce and air transport.
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Gilbert, Christopher L. "Hsiang-Ke Chao's Representation and structure in economics: the methodology of econometric models of the consumption function. London: Routledge, 2008, 176 pp." Erasmus Journal for Philosophy and Economics 3, no. 2 (November 14, 2010): 136. http://dx.doi.org/10.23941/ejpe.v3i2.62.
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MIRCEA CONSTANTIN, DUICA, FLOREA NICOLETA VALENTINA, DUICA ANISOARA, and COMAN DAN MARIUS. "The Relationship between Economic Activity and Green Production and Consumption at EU Level. An Analysis Based on Econometric and Information Models." ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH 55, no. 2/2021 (June 15, 2021): 331–46. http://dx.doi.org/10.24818/18423264/55.2.21.20.
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Madonado-Devis, Mónica, and Vicent Almenar-Llongo. "A Panel Data Estimation of Domestic Water Demand with IRT Tariff Structure: The Case of the City of Valencia (Spain)." Sustainability 13, no. 3 (January 29, 2021): 1414. http://dx.doi.org/10.3390/su13031414.
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In urban water provisioning, prices can improve efficiency, contributing to the achievement of the environmental objective. However, household responses to price changes differ widely based on the household characteristics. Analyses performed at the aggregate level ignore the implications of water demand incentives at the individual household level. A large data sample at the household level enables estimation of econometric models of water demand, capturing the heterogeneity in domestic consumption. This study estimated the domestic water demand in the city of Valencia and its elasticity, along with the demands of its different districts and neighbourhoods (intra-urban scale analysis). Water price structure in Valencia is completely different from that of other Spanish cities: it is a price structure of increasing volume (increasing rate tariffs, IRT). For this estimation, from a microdata panel at the household level, the demand function with average prices for the period 2008–2011 was estimated using panel data techniques including a fixed effect for each neighbourhood. The domestic water demand elasticity at the average price in Valencia was estimated at −0.88 (which is higher than that estimated for other Spanish cities). This value indicates an inelastic demand at the average price of the previous period, which can cause consumers to overestimate the price and react more strongly to changes.
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Spulbar, Cristi, Jatin Trivedi, and Ramona Birau. "INVESTIGATING ABNORMAL VOLATILITY TRANSMISSION PATTERNS BETWEEN EMERGING AND DEVELOPED STOCK MARKETS: A CASE STUDY." Journal of Business Economics and Management 21, no. 6 (October 1, 2020): 1561–92. http://dx.doi.org/10.3846/jbem.2020.13507.
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The main aim of this paper is to investigate volatility spillover effects, the impact of past volatility on present market movements, the reaction to positive and negative news, among selected financial markets. The sample stock markets are geographically dispersed on different continents, respectively North America, Europe and Asia. We also investigate whether selected emerging stock markets capture the volatility patterns of developed stock markets located in the same region. The empirical analysis is focused on seven developed stock market indices, i.e. IBEX35 (Spain), DJIA (USA), FTSE100 (UK), TSX Composite (Canada), NIKKEI225 (Japan), DAX (Germany), CAC40 (France) and five emerging stock market indices, i.e. BET (Romania), WIG20 (Poland), BSE (India), SSE Composite (China) and BUX (Hungary) from January 2000 to June 2018. The econometric framework includes symmetric and asymmetric GARCH models i.e. EGARCH and GJR which are performed in order to capture asymmetric volatility clustering, interdependence, correlations, financial integration and leptokurtosis. Symmetric and asymmetric GARCH models revealed that all selected financial markets are highly volatile, including the presence of leverage effect. The stock markets in Hungary, USA, Germany, India and Canada exhibit high positive volatility after global financial crisis.
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Hashani, Medain, Besime Ziberi, and Roberta Bajrami. "The rule of thumb: Private consumption as a driving force of the economic growth of Western Balkan countries." Journal of Governance and Regulation 11, no. 3 (2022): 54–60. http://dx.doi.org/10.22495/jgrv11i3art5.
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Private consumption is considered one of the main drivers of economic growth in Western Balkan countries. The main aim of this study is to estimate the impact of private consumption on the economic growth of the Western Balkans, including the North Macedonia, Kosovo, Albania, Montenegro, Bosnia and Herzegovina, and Serbia. Housing wealth was even the main driver of total private consumption in the European Union (EU) countries as a whole (Barradas, 2017). Based on an extensive literature review for panel data, this study uses econometric models with fixed effect, random effect, and Hausman-Taylor test. The data are taken from the World Development Indicators by country (The World Bank, n.d.) and cover the period 2010–2019. Based on the Hausman-Taylor test, the model that fits a small sample as in our case is chosen as the fixed effect. The results of the estimator show that a 1% increase in final consumption leads to a 0.43% increase in gross domestic product (GDP) growth and that, on the other hand, a 1% increase in the employment rate increases GDP by 0.11%. The most important domestic factor continues to be private consumption, driven by record levels in the labour market and further strengthening of household purchasing power (Bank of Slovenia, 2020). The study concludes that private consumption is the main driver of economic growth and sustainability in the case of the Western Balkans.
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Helm, Sabrina, Joyce Serido, Sun Young Ahn, Victoria Ligon, and Soyeon Shim. "Materialist values, financial and pro-environmental behaviors, and well-being." Young Consumers 20, no. 4 (November 15, 2019): 264–84. http://dx.doi.org/10.1108/yc-10-2018-0867.
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Purpose The purpose of this study is to examine young consumers’ financial behavior (e.g. saving) and pro-environmental behavior (i.e. reduced consumption and green buying) as effective proactive strategies undertaken in the present to satisfy materialistic values and maximize well-being. Design/methodology/approach The study is based on an online survey among a panel of young American adults (N = 968). Findings The study finds a positive effect of materialism on personal well-being and negative effects on financial satisfaction, proactive financial coping and reduced consumption, but no effect on green buying, a separate and distinct pro-environmental strategy. Both proactive financial coping and reduced consumption are positively associated with subjective well-being. Research limitations/implications Future research should re-examine conceptualizations of materialism in the context of climate change and the meaning of possessions in the global digital economy; studies could also focus on the specific well-being effects of reduced consumption and alternative pathways to align materialistic and environmental values. Practical implications Consumer education should look to models of financial education to demonstrate how limited natural resources can be managed at the micro level to enhance consumers’ subjective well-being, as well as reduce resource strain at the macro level. Originality/value Key contributions are the examination of materialism and consumption in the dual contexts of financial and environmental resource constraints and the effects of these key macro-social phenomena on consumers’ perceived well-being. Another study highlight is the differentiation of two strategies for proactive environmental coping, of which only one, reduced consumption, increased personal well-being and decreased psychological distress.
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Karşılı, Hüseyin, and Burak Erkut. "Ecological Footprint-Environmental Regulations Nexus: The Case of the Union for the Mediterranean." Energies 15, no. 22 (November 14, 2022): 8493. http://dx.doi.org/10.3390/en15228493.
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The environmental regulations–ecological footprint nexus is occupying an important space in the current debate of energy economics. As a counter measure to environmental degradation, implementing environmental regulations remains on the agenda of scholars and policymakers alike, but whether these regulations have a reducing impact on the ecological footprint remains open since the literature on the topic, and empirical evidence, remains fragmented and dissimilar. The current approach aimed to investigate this for five member countries of the Union for the Mediterranean with panel data econometric techniques. Panel data from France, Italy, Portugal, Spain, and Türkiye were considered for 1992–2015 and were tested for cross-sectional dependence, unit roots, and cointegration. Panel fixed effect regression estimations were conducted, also with Newey-West and Driscoll-Kraay standard errors. In addition, a country-level analysis was conducted by using fully modified ordinary least squares estimation. The results showed that energy consumption and trade increased the environmental footprint, but for environmental regulations, no conclusive effect was identified. The country-level analysis indicated that there is a divergent situation for environmental regulations among the five member countries, where only one out of five member countries showed a significant negative effect. This new empirical evidence for Union for the Mediterranean member countries highlights the importance of a common regulatory policy framework to combat the negative impacts of environmental degradation.
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Bajrami, Roberta, Adelina Gashi, Kosovare Ukshini, and Donat Rexha. "Impact of the government size on economic growth in the Western Balkan countries." Journal of Governance and Regulation 11, no. 1 (2022): 55–63. http://dx.doi.org/10.22495/jgrv11i1art6.
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The Keynesian theory states that economic growth is positively affected by government spending, while Classical theory states that economic growth is negatively affected by government spending, as is stated by neoclassical public choice theorists (Nyasha & Odhiambo, 2019). Based on these theories, many authors have carried out research on the impact of economic freedom on economic growth by analyzing various empirical cases. Bergh and Karlsson (2010) with the findings from his paper confirmed that the countries with the highest government size have an elevated growth in the globalization index of KOF and the Fraser Institute’s economic freedom index. The main aim of this paper is to analyze the government size impact on the growth of the economy in the Western Balkan in the time period 2000–2017 according to Fraser Institute’s data, incorporating the following econometric models: fixed and random effects, pooled ordinary least squares (OLS), and Hausman-Taylor IV. With these models, this paper analyzes a government size and its components: government enterprises and investment, government consumption, transfers, and subsidies. The results illustrate a relationship between the size of the government and the growth of the economy in the Western Balkans that is positive. 1% increase in government size affects 0.29% gross domestic product (GDP) growth per capita. According to the Hausman-Taylor instrumental variable, 1% growth of government consumption is affected by 0.69% the decline in GDP per capita. The growth rate of transfers and subsidies affects 0.17% of GDP growth per capita and 1% of government enterprises and investment affects 0.54% GDP growth per capita.
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Barradas, Ricardo. "The finance-growth nexus in the age of financialisation: An empirical reassessment for the European Union countries." Panoeconomicus 69, no. 4 (2022): 527–54. http://dx.doi.org/10.2298/pan180927014b.
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This paper draws an empirical reassessment of the finance-growth nexus by performing a panel data econometric analysis for all 28 European Union countries over 27 years from 1990 to 2016. Since the mid-1980s, the financial system has experienced a strong liberalisation and deregulation by preventing its beneficial effects on the real economy. This phenomenon, typically called financialisation, points to a negative view of finance and contradicts the well-entrenched hypothesis on the finance-growth nexus. We estimate both linear and non-linear growth models by incorporating seven proxies of finance (money supply, domestic credit, financial value added, short-term interest rate, long-term interest rate, stock market volume traded and stock market capitalisation) and five control variables (the lagged growth rate of the real per capita gross domestic product, the inflation rate, the general government consumption, the degree of trade openness and the education level of the population). Our results show that finance has impaired economic growth in the EU countries, both in the precrisis period and in the crisis and post-crisis periods. The enormous growth of domestic credit and of the financial value added have been restraining the economic growth of the EU countries since 1990 and particularly up until the Great Recession. This implies the need to reduce the prominence of finance, i.e. socalled definancialisation, in the coming years in order to avoid the potential new ?secular stagnation? in the current age of financialisation.
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Davidson, Natalia, Oleg Mariev, and Sophia Turkanova. "Does income inequality matter for CO2 emissions in Russian regions?" Equilibrium 16, no. 3 (September 30, 2021): 533–51. http://dx.doi.org/10.24136/eq.2021.019.
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Research background: Intensive economic growth in Russian regions during recent decades has been associated with numerous environmental issues, particularly increasing CO2 emissions, as well as income inequality. To achieve sustainable development, it is necessary to resolve these issues.
Purpose of the article: To shed light on the impact of income inequality on CO2 emissions based on Russian regional data covering the years 2004?2018.
Methods: Gini index and decile dispersion ratio are used to measure income inequality. To study the impact of income inequality on CO2 emissions in the Russian regions, we estimate econometric models with fixed and random effects and apply GMM method. We test the hypothesis of the environmental Kuznets curve to determine the impact of economic growth on CO2 emissions.
Findings & value added: The results show that CO2 emissions increase in tandem with growth in income inequality between 10% of people with the lowest income and 10% of people with the highest income. Simultaneously, CO2 emissions decrease with growth of Gini coefficient. The hypothesis of the Environmental Kuznets Curve was confirmed based on GMM method. Our findings underscore that the activities of the extraction and manufacturing sectors, as well as energy consumption, increase CO2 emissions. The chief significance of this paper is the finding that large income gap between extremely rich and extremely poor population cohorts increases CO2 emissions. This implies that economic policy aimed at reducing income inequality in Russian regions will also reduce CO2 emissions, especially if accompanied by increased use of environmentally friendly technologies. From the international perspective, our research can be extended to study other countries and regions.
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Davidson, Natalia, Oleg Mariev, and Sophia Turkanova. "Does income inequality matter for CO2 emissions in Russian regions?" Equilibrium 16, no. 3 (September 30, 2021): 533–51. http://dx.doi.org/10.24136/eq.2021.019.
Full textAbstract:
Research background: Intensive economic growth in Russian regions during recent decades has been associated with numerous environmental issues, particularly increasing CO2 emissions, as well as income inequality. To achieve sustainable development, it is necessary to resolve these issues.
Purpose of the article: To shed light on the impact of income inequality on CO2 emissions based on Russian regional data covering the years 2004?2018.
Methods: Gini index and decile dispersion ratio are used to measure income inequality. To study the impact of income inequality on CO2 emissions in the Russian regions, we estimate econometric models with fixed and random effects and apply GMM method. We test the hypothesis of the environmental Kuznets curve to determine the impact of economic growth on CO2 emissions.
Findings & value added: The results show that CO2 emissions increase in tandem with growth in income inequality between 10% of people with the lowest income and 10% of people with the highest income. Simultaneously, CO2 emissions decrease with growth of Gini coefficient. The hypothesis of the Environmental Kuznets Curve was confirmed based on GMM method. Our findings underscore that the activities of the extraction and manufacturing sectors, as well as energy consumption, increase CO2 emissions. The chief significance of this paper is the finding that large income gap between extremely rich and extremely poor population cohorts increases CO2 emissions. This implies that economic policy aimed at reducing income inequality in Russian regions will also reduce CO2 emissions, especially if accompanied by increased use of environmentally friendly technologies. From the international perspective, our research can be extended to study other countries and regions.
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Yang, Xiaojun, Ping Qin, and Jintao Xu. "Positional concern, gender, and household expenditures: a case study in Yunnan province." China Agricultural Economic Review 8, no. 4 (November 7, 2016): 572–94. http://dx.doi.org/10.1108/caer-07-2015-0076.
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Purpose The purpose of this paper is to attempt to investigate farmer’s positional concerns in rural China, and how the positional concerns correlate with household expenditures on visible goods. Design/methodology/approach The authors conduct a survey-based experiment to measure farmers’ positional concerns, and employ econometric models to examine the determinants of the degree of positional concern and how the positional concern affects household expenditures on visible goods. Findings The authors find that Chinese farmers have strong positional concerns for income, and high-income households are more concerned with relative position. Furthermore, there is a significant difference between males and females with respect to correlation between degree of positionality and household expenditures on visible goods. For females, there is a positive correlation between degree of positionality and household expenditures on clothes, restaurants, and mobile phones, respectively. For males, there is a positive correlation between degree of positionality and household expenditures on mobile phones. Social implications The government policy thus should pay attention to the positional goods, and the relevant consumption tax by increasing the prices of visible goods could be considered or suggested in the future even in the rural areas. Originality/value This paper provides complementary evidence on Chinese farmers’ positional concerns, and how the degree of positional concern relates to household expenditures on visible goods.
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Moreno Domínguez, María Jesús, María Pilar Martín Zamora, Isabel Serrano Czaia, and Lázaro Rodríguez Ariza. "Reputation and leadership: a study about reputational transfer in family and non-family firms." Cuadernos de Gestión 22, no. 1 (February 10, 2022): 65–80. http://dx.doi.org/10.5295/cdg.211465mm.
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The main objective of this paper is to determine the influence of the family on the reputational transfer between the company and its manager. In the field of family businesses, the strong identification of the family with the company has led to the study of the relationship between corporate reputation and the level of family involvement. However, the mutual transfer of reputation between the family business and its manager has yet to be investigated. For this reason, the study also aims to contrast that the corporate reputation contributes to that of its manager, studying how the presence of a family in the management and/or control of the company affects this relationship. To this end, using the rankings published by the Spanish Corporate Reputation Monitor (MERCO) of the most reputable companies and leaders in Spain for the period 2001-2017, different econometric models have been formulated with panel data. The results obtained, with important practical implications, contribute to reputation research and, especially, to the literature on family businesses. In this sense, the results show not only that the family nature of the company gives a reputational advantage to the company and its leader, but also that the reputation of the family business managers is transferred to the corporate reputation in a shorter period of time than when the company does not share this nature.
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Teye, Alfred Larm, Michel Knoppel, Jan de Haan, and Marja G. Elsinga. "Amsterdam house price ripple effects in The Netherlands." Journal of European Real Estate Research 10, no. 3 (November 6, 2017): 331–45. http://dx.doi.org/10.1108/jerer-11-2016-0041.
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Purpose This paper aims to examine the existence of the ripple effect from Amsterdam to the housing markets of other regions in The Netherlands. It identifies which regional housing markets are influenced by house price movements in Amsterdam. Design/methodology/approach The paper considers the ripple effect as a lead-lag effect and a long-run convergence between the Amsterdam and regional house prices. Using the real house prices for second-hand owner-occupied dwellings from 1995q1 to 2016q2, the paper adopts the Toda–Yamamoto Granger Causality approach to study the lead-lag effects. It uses the autoregressive distributed lags (ARDL)-Bounds cointegration techniques to examine the long-run convergence between the regional and the Amsterdam house prices. The paper controls for house price fundamentals to eliminate possible confounding effects of common shocks. Findings The cumulative evidence suggests that Amsterdam house prices have influence on (or ripple to) all the Dutch regions, except one. In particular, the Granger Causality test concludes that a lead-lag effect of house prices exists from Amsterdam to all the regions, apart from Zeeland. The cointegration test shows evidence of a long-convergence between Amsterdam house prices and six regions: Friesland, Groningen, Limburg, Overijssel, Utrecht and Zuid-Holland. Research limitations/implications The paper adopts an econometric approach to examine the Amsterdam ripple effect. More sophisticated economic models that consider the asymmetric properties of house prices and the patterns of interregional socio-economic activities into the modelling approach are recommended for further investigation. Originality/value This paper focuses on The Netherlands for which the ripple effect has not yet been researched to the authors’ knowledge. Given the substantial wealth effects associated with house price changes that may shape economic activity through consumption, evidence for ripples may be helpful to policy makers for uncovering trends that have implications for the entire economy. Moreover, the analysis controls for common house price fundamentals which most previous papers ignored.
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Alm, Siril, and Svein Ottar Olsen. "Exploring seafood socialization in the kindergarten: an intervention’s influence on children’s attitudes." Young Consumers 16, no. 1 (April 20, 2015): 36–49. http://dx.doi.org/10.1108/yc-11-2013-00414.
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Purpose – This paper aims to enhance the understanding of the influence of increased food availability and social learning in kindergartens on children’s attitudes toward food. In addition, it discusses questions regarding children and their parent’s attitudes and seafood consumption at home. Design/methodology/approach – The study uses a qualitative approach that includes semi-structured interviews with 24 Norwegian children aged four to six years, interviewed in pairs. They represented two public kindergartens. One group attended a seafood intervention and the other did not. The intervention comprised seafood served as lunch twice per week, in addition to various educational activities designed to increase children’s knowledge of seafood. Findings – Children who attended the seafood intervention used more cognitive associations by describing seafood as being healthy. They also expressed more positive attitudes towards seafood compared with the other children. The findings indicate a stronger socialization effect from parents than preschool teachers. Research limitations/implications – The children proved to have limited cognitive and communicative abilities for participation in semi-structured interviews. Future studies should consider older samples and/or methods that are more adapted to their cognitive abilities. Results cannot be generalized due to the relative small sample size and the fact that the study was performed in one culture. Social implications – To promote a healthier diet, children’s care givers and school authorities should make seafood more available. Preschool teachers should be encouraged to eat meals with the children to function as positive role models. Originality/value – The study addresses a currently under-researched issue concerning the influence of kindergartens on children’s food attitudes toward a specific food category.
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Matrizaev, B. D. "Research of methodological principles and financial mechanisms of macro-strategic management of the dynamics of technological innovation systems." Finance: Theory and Practice 26, no. 1 (February 26, 2022): 144–55. http://dx.doi.org/10.26794/2587-5671-2022-26-1-144-155.
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Production and consumption systems need radical innovations to meet the challenges of the post-industrial world. The questions of how systemic innovations or changes in socio-technical systems are implemented and in what form the principles and mechanisms of macro-strategic management of them can be organized are very relevant. Equally relevant is the issue of ensuring the inflow of resources for technological development, such as public funding or private capital. The aim of the article is to study a new model for the implementation of innovations in socio-technical systems based on a system dynamics approach. The author applies methods of a systematic approach to the analysis of economic processes and phenomena, methods of statistical and econometric analysis, methods of grouping and classification, economic and mathematical modeling, methods of comparative historical and cross-country analysis, forecasting methods and expert judgments. The article examines the methodological principles and mechanisms of macro-strategic management of the dynamics of technological innovation systems and ensuring their financial support. The author proposes a new methodological approach based on system dynamics, which combines two modern concepts of technological innovation systems management: the concept of “innovation engines”, based on the research on new technological innovation systems, and the concept of a “three-vector transition module”. A model of the emergence or decline of technological innovation systems in the context of various transitional processes (changes) in socio-technical systems is identified. The scientific novelty of the research lies in the development of new and improvement of the key methodological approaches currently used for the strategic management of the dynamics of technological innovation systems. The conclusions of the article show that the new methodological approach proposed by the author provides an important first step towards the study of more formalized models for studying the dynamics of technological innovation systems.
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Kautish, Pradeep, and Rajesh Sharma. "Value orientation, green attitude and green behavioral intentions: an empirical investigation among young consumers." Young Consumers 20, no. 4 (November 15, 2019): 338–58. http://dx.doi.org/10.1108/yc-11-2018-0881.
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Purpose The purpose of this paper is to study the relationships between two distinct value orientations, that is, the terminal and instrumental. The effects of these value orientations on green attitude and green behavioral intentions for green products among young consumers in an emerging market against the backdrop of a value–attitude–behavior cognitive hierarchical framework has also been focused on in this study. Design/methodology/approach The study espouses a hypo-deductive research design and the measures were conceptualized and advanced based on an inclusive review of the research studies conducted in the past. Anderson and Gerbing’s two-step research approach was used for partial least square structural equation modeling to assess the measurement and structural models with SmartPLS (v 3.2.6). Findings The findings suggest that the functional value is constantly essential, but not enough by itself, for envisaging green purchase behavior. The results show that both the terminal and instrumental values have a significant impact on green attitude and in turn, green attitude has a significant impact on green behavioral intentions. The instrumental value displays greater impact on both green attitude and green behavioral intentions compared to the terminal value. Additionally, the research also discloses that green attitude acts as a mediator in the relationship between terminal/instrumental value and green behavioral intentions. Research limitations/implications This paper describes two broad, yet distinctive, value orientations (i.e. terminal versus instrumental) using cross-sectional data from the state capital of the country. Future research may scrutinize the findings’ (cross-cultural) generalizability using diverse data sets to assess value orientations and customers’ green behavioral intentions among young consumers. Practical implications The research findings will enormously help green marketers and practitioners to recognize the roles of terminal and instrumental values in evolving green attitude and green behavioral intentions for green products among the young consumers, thereby helping to develop marketing strategies. Social implications The current research provides evidence that in emerging markets such as India, young consumers exhibit value orientation toward environmental deterioration, holding a sense of responsibility in their consumption pattern. This may pave the way forward for sustainable businesses. Originality/value This study is objectively a pioneering one that attempts to explore the relationships between the value orientations in terms of instrumental and terminal values and their effects on green attitude and green behavioral intentions toward green products using Rokeach’s (1973) two-dimensional measure of values among young consumers, which is quite novel to the existing body of knowledge. Moreover, this paper has surveyed these relationships in a different research context, which can expand the knowledge about green consumer behavior in emerging markets.
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Oviedo, José L., Pablo Campos, and Alejandro Caparrós. "Contingent valuation of landowner demand for forest amenities: application in Andalusia, Spain." European Review of Agricultural Economics, April 30, 2021. http://dx.doi.org/10.1093/erae/jbab022.
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Abstract We applied discrete choice contingent valuation to the amenities consumed by non-industrial private forest owners in Andalusia (Spain) in a survey of 765 landowners. The landowners’ median willingness to accept compensation from an alternative investment for giving up land amenity consumption is EUR 387.8 per hectare yearly. The preferred model shows diminishing marginal values of amenity consumption with property size, negative effects of eucalyptus and Aleppo pine presence and positive effects of distance to urban centres. We discuss the performance of the question formats and models employed and recommend the single-bounded format in this valuation context.
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Larrea Basterra, Macarena, Roberto Alvaro-Hermana, Nuria Ceular-Villamandos, and Noel M. Muniz. "A purposeful approach for measuring greenhouse gas emissions of material flow accounts for the accomplishment of territorial sustainable development and cultural economy goals on climate. The case of the Basque Country." Environment, Development and Sustainability, September 9, 2021. http://dx.doi.org/10.1007/s10668-021-01720-6.
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AbstractThis study aims at developing a purposeful approach for estimating greenhouse gas (GHG) emissions and its possible use to recreate alternative scenarios that might potentially facilitate the attainment of the material productivity (MP) ratio needed for achieving territorial sustainable development (SDGs) and circular economy goals on climate. The propounded method associates these two key concepts (GHG-MP) with the domestic material consumption (DMC) and international trade of materials, including product life cycle emissions in the overarching GHG total estimation. Developed utilizing the United Nations Framework Convention on Climate Change (UNFCCC) and diverse data, linked to the suggested scheme, from the Basque Country (Spain), this work also relies its scientific foundation upon leading literature in this field to align territorial models of production and consumption with a more localized measurement of GHG emissions. According to its results, the emissions estimated allow advising more contextualized scenarios for the potential achievement of local MP target indicator, when expressed as the amount of economic output―based on gross domestic product (GDP)—generated per unit of materials consumed and traded―in terms of DMC. From a theoretical perspective, this work contributes to the local strategic management of circular economy research and 2030 Agenda, particularly on the subject of measuring progress in the achievement of territorial climate and circular economy goals. From a utilitarian perspective, the findings comprise promising implications for both multilevel policy makers and public/private organizations that further sustainable development and actions against climate change.
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Serletis, Apostolos, and Libo Xu. "CONSUMPTION, LEISURE, AND MONEY." Macroeconomic Dynamics, September 10, 2019, 1–30. http://dx.doi.org/10.1017/s1365100519000725.
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This paper takes a parametric approach to demand analysis and tests the weak separability assumptions that are often implicitly made in representative agent models of modern macroeconomics. The approach allows estimation and testing in a systems-of-equations context, using the minflex Laurent flexible functional form for the underlying utility function and relaxing the assumption of fixed consumer preferences by assuming Markov regime switching. We generate inference consistent with both theoretical and econometric regularity. We strongly reject weak separability of consumption and leisure from real money balances as well as weak separability of consumption from leisure and real money balances, meaning that the inclusion of a money in economic models would be of quantitative importance. We also investigate the substitutability/complementarity relationship among different categories of personal consumption expenditure (nondurables, durables, and services), leisure, and money. We find that the goods are net Morishima substitutes, but because of positive income effects they are gross complements. The implications for monetary policy are also briefly discussed.
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Maziarz, Mariusz. "Resolving empirical controversies with mechanistic evidence." Synthese, June 7, 2021. http://dx.doi.org/10.1007/s11229-021-03232-2.
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AbstractThe results of econometric modeling are fragile in the sense that minor changes in estimation techniques or sample can lead to statistical models that support inconsistent causal hypotheses. The fragility of econometric results undermines making conclusive inferences from the empirical literature. I argue that the program of evidential pluralism, which originated in the context of medicine and encapsulates to the normative reading of the Russo-Williamson Thesis that causal claims need the support of both difference-making and mechanistic evidence, offers a ground for resolving empirical disagreements. I analyze a recent econometric controversy regarding the tax elasticity of cigarette consumption and smoking intensity. Both studies apply plausible estimation techniques but report inconsistent results. I show that mechanistic evidence allows for discriminating econometric models representing genuine causal relations from accidental dependencies in data. Furthermore, I discuss the differences between biological and social mechanisms and mechanistic evidence across the disciplines. I show that economists mainly rely on mathematical models to represent possible mechanisms (i.e., mechanisms that could produce a phenomenon of interest). Still, claiming the actuality of the represented mechanisms requires establishing that crucial assumptions of these models are descriptively adequate. I exemplify my approach to assessing the quality of mechanistic evidence in economics with an analysis of two models of rational addiction.
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Saunders, Harry D. "A Calculator for Energy Consumption Changes Arising from New Technologies." B.E. Journal of Economic Analysis & Policy 5, no. 1 (September 16, 2005). http://dx.doi.org/10.1515/1538-0653.1467.
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AbstractThis article offers a simple, easy-to-use tool, CECANT, that allows policy analysts to calculate the economy-wide or sectoral energy use effects of new or prospective energy efficiency technologies. Such effects are in general intricate and subtle. Unlike more complex general equilibrium models, the tool requires only that the researcher has access to econometric estimates of the economy’s (or sector’s) cost function. CECANT enables analysts to rapidly address key policy questions related to reducing carbon emissions, such as setting R&D priorities, managing the deployment of different technologies in different sectors, and comparing technology effectiveness across countries. A user-friendly software implementation accompanies this article, and examples are given showing its use.
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García, Carlos, Daniel Otero, and Boris Salazar. "The Drifting Influence of Hall's Random-Walk Hypothesis on Consumption Modeling." History of Political Economy, October 7, 2022. http://dx.doi.org/10.1215/00182702-10213653.
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Abstract Hall's 1978 article titled “Stochastic Implications of the Life Cycle–Permanent Income Hypothesis” was meant to revolutionize consumption modeling. It indeed delivered, but not by becoming the dominant modeling strategy, but by unleashing a complex process of interaction between researchers in consumption and interconnected fields that transformed Hall's original object, from a local theory of consumption into a growing research area spanning the fields of consumption, finance, monetary policy and econometric modeling, and becoming, at the turn of the century, a building block of the DSGE modeling framework. Researchers reacting to innovative work produced new models that acted modified the context of research inducing a feedback system responsible for a connected set of innovations in the fields mentioned above. Along that process the practice of consumption modeling drifted away from Hall's original proposal, suggesting the necessity of a more nuanced view of the notion of influence in contemporary macroeconomics. In this particular case, we found that drifting occurred within the bounds set by the Euler equation and the assumptions of intertemporal optimization and rational expectations.
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Li, Bing, Qing Liu, and Pei Pei. "INVESTIGATING THE ROLE OF MONEY IN THE IDENTIFICATION OF MONETARY POLICY BEHAVIOR: A BAYESIAN DSGE PERSPECTIVE." Macroeconomic Dynamics, January 24, 2020, 1–43. http://dx.doi.org/10.1017/s1365100519000762.
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This paper estimates an enriched version of the mainstream medium-scale dynamic stochastic general equilibrium model, which features nonseparability between consumption and real money balances in utility and a systematic response of the policy rate to money growth. Estimation results show that money is a significant factor in the monetary policy rule. As a consequence, econometric analysis that omits money from Taylor rules may lead to biased estimates of the model parameters. In contrast to earlier studies that rely on small-scale models, the paper stresses the merits of using a sufficiently rich model. First, it delivers different results, such as the role of nonseparability between consumption and money in utility. Second, the rich dynamics embedded in the model allow us to explore the responses of a larger set of macroeconomic variables, making the model more informative on the effects of shocks and more useful for understanding the sources of business cycles. Third and most importantly, it reveals the possible pitfalls of relying on small-scale models when studying money’s role in business cycles.
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Lanz, Andreas, Gregor Reich, and Ole Wilms. "Adaptive grids for the estimation of dynamic models." Quantitative Marketing and Economics, June 30, 2022. http://dx.doi.org/10.1007/s11129-022-09252-7.
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AbstractThis paper develops a method to flexibly adapt interpolation grids of value function approximations in the estimation of dynamic models using either NFXP (Rust, Econometrica: Journal of the Econometric Society, 55, 999–1033, 1987) or MPEC (Su & Judd, Econometrica: Journal of the Econometric Society, 80, 2213–2230, 2012). Since MPEC requires the grid structure for the value function approximation to be hard-coded into the constraints, one cannot apply iterative node insertion for grid refinement; for NFXP, grid adaption by (iteratively) inserting new grid nodes will generally lead to discontinuous likelihood functions. Therefore, we show how to continuously adapt the grid by moving the nodes, a technique referred to as r-adaption. We demonstrate how to obtain optimal grids based on the balanced error principle, and implement this approach by including additional constraints to the likelihood maximization problem. The method is applied to two models: (i) the bus engine replacement model (Rust, 1987), modified to feature a continuous mileage state, and (ii) to a dynamic model of content consumption using original data from one of the world’s leading user-generated content networks in the domain of music.
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Firwan Aprizal, Mohamad, Bambang Juanda, Anny Ratnawati, and Abdul Muin. "Econometric Model for Indonesian Fiscal and Monetary Policies in Oil & Gas Sector." Studies of Applied Economics 39, no. 10 (October 18, 2021). http://dx.doi.org/10.25115/eea.v39i10.6018.
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Indonesia has been an oil exporting country since 1965. Indonesia is currently in a period of declining in production but an increase in consumption has caused a trade deficit that continues to increase over time. Continuous production decline reflects limited discovery as a result of declining investment. The focus of the study is to evaluate variables affecting lifting, reserves and investment in oil and gas sector. Several VAR or VECM panel models are built to provide empirical evidence. The results of the empirical study give a recommendation for both fiscal and monetary policies. The impact of interest rate on investment is less significant, but the exchange rate and inflation are higher on investment. Therefore, monetary policy should be directed toward controlling inflation and moderate intervention from Central Bank to retard depreciation of Rupiah. The success rate of exploration activities to increase reserves is proven empirically relatively low. The Application of more advanced technology supported by R&D is an important component of fiscal policy so incentives need to be added to these two things to increase the success rate of exploration activities. Misinterpretation that cost recovery does not increase lifting can be corrected because the response of lifting due to cost recovery is positive. Government should reconsider the policy of eliminating the PSC Cost Recovery system by considering empirical evidence from the results of this study which proves misconceptions about cost recovery. The PSC Cost Recovery system is recommended to be reinstated in the future with improvements.
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Liu, Chang, Lin Zhou, Lisa Höschle, and Xiaohua Yu. "Food price dynamics and regional clusters: machine learning analysis of egg prices in China." China Agricultural Economic Review, September 8, 2022. http://dx.doi.org/10.1108/caer-01-2022-0003.
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PurposeThe study uses machine learning techniques to cluster regional retail egg prices after 2000 in China. Furthermore, it combines machine learning results with econometric models to study determinants of cluster affiliation. Eggs are an inexpensiv, nutritious and sustainable animal food. Contextually, China is the largest country in the world in terms of both egg production and consumption. Regional clustering can help governments to imporve the precision of price policies and help producers make better investment decisions. The results are purely driven by data.Design/methodology/approachThe study introduces dynamic time warping (DTW) algorithm which takes into account time series properties to analyze provincial egg prices in China. The results are compared with several other algorithms, such as TADPole. DTW is superior, though it is computationally expensive. After the clustering, a multinomial logit model is run to study the determinants of cluster affiliation.FindingsThe study identified three clusters. The first cluster including 12 provinces and the second cluster including 2 provinces are the main egg production provinces and their neighboring provinces in China. The third cluster is mainly egg importing regions. Clusters 1 and 2 have higher price volatility. The authors confirm that due to transaction costs, the importing areas may have less price volatility.Practical implicationsThe machine learning techniques could help governments make more precise policies and help producers make better investment decisions.Originality/valueThis is the first paper to use machine learning techniques to cluster food prices. It also combines machine learning and econometric models to better study price dynamics.
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Silva, Pedro Mendonça, Victor Ferreira Moutinho, and Arminda Finisterra Paço. "Examining the relationships between Entrepreneurship, Intrapreneurship, and e-Commerce. Evidence from Iberian and Scandinavian Countries." Revista Galega de Economía, January 26, 2023, 1–17. http://dx.doi.org/10.15304/rge.32.2.8679.
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Digitisation is a phenomenon that inevitably affects companies and economies. Consequently, the virtual market seems an excellent alternative for aspiring entrepreneurs. Recent statistics precisely point to accelerated growth of e-commerce. Indeed, this and entrepreneurship are business tools that allow a new dynamic in the market. However, recent research has barely explored the relationship between entrepreneurship and e-commerce, so this study contributes to the literature by filling the gap.
In light of the above, this study has used several indicators from two groups of countries, namely Scandinavia, in broad terms (Denmark, Sweden, Norway and Finland), and Iberia (Portugal and Spain) from the years 2012 to 2020. The Panel Corrected Standard Errors models have been used for the econometric treatment of the data. The findings confirm the bidirectional causality between entrepreneurship and e-commerce. In addition, from a widerperspective of entrepreneurship, the paper also reveals that intrapreneurship based on Research and Development (R&D) is an e-commerce driver. Therefore, this study opens up a new discussion and provides relevant support for the theoretical framework and a valuable contribution to the scarce literature on the relationship between entrepreneurship and e-commerce.
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Gao, Jialin, Fengfeng Gao, Bo Yin, and Mengwan Zhang. "International Trade as a Double-Edged Sword: The Perspective of Carbon Emissions." Frontiers in Energy Research 9 (October 26, 2021). http://dx.doi.org/10.3389/fenrg.2021.764914.
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Due to the rapid growth of fossil energy consumption, countries worldwide have paid considerable attention to reducing carbon emissions. Moreover, with economic globalization and trade liberalization, exploring the relationship between foreign trade and carbon emission reduction has become increasingly critical. Exploring this relationship can aid in establishing suitable recommendations for global carbon emission reductions. This paper uses a spatial econometric model and a dynamic panel threshold model to empirically test the spatial effect, nonlinear effect, and heterogeneous effect of foreign trade on global carbon emissions. All the above models are based on the construction of the economic weight matrix of different countries. The results reveal that 1) carbon emissions in various countries exhibit with significant spatial spillover in the overall spatial context; 2) foreign trade has a significant role in promoting carbon emissions in local and similar economic areas, but it has an apparent dual-threshold effect on economic development; and 3) there are significant differences in the impact of foreign trade on carbon emissions in different regions and different periods. Therefore, in the process of global economic integration, based on their development stages and comparative advantages, countries can focus on overall planning and coordination to promote the optimal allocation of resources and reduce carbon emissions.
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"Influence of the Information Background on the Economic Behavior of Households." Economic Policy 13, no. 5 (November 2018): 66–79. http://dx.doi.org/10.18288/1994-5124-2018-5-66-79.
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The article is devoted to the role of the information background in household decisions on consumption-savings. The issue of behavioral prerequisites for decision-making has lately become the mainstream of economic theory. The crisis of the “absolutely rational subject” as a concept led to the development of theories of bounded rationality and to the search for noneconomic determinants of micro- and macroeconomic processes. As a result of interdisciplinary studies conducted at the intersection of psychology, sociology, political science and economics, modern economic theory has been enriched with new approaches and concepts that better describe the reality than models based on the axiom of homo economicus. The main limitations of the rationality of economic entities include the imperfection of information that is available and is at the same time reliable, as well as the necessary costs of its processing plus the probability of errors. The present study is intended to make a contribution to this theory by investigating the impact of the information component in the form of economic news on the behavior of Russian households in terms of disposition of available incomes. The research was based on a selection of news for 2006–2016 by the main television channels of the Russian Federation — the most accessible and trustworthy source of information for households according to public opinion polls. The news was evaluated as negative or positive with the help of linguistic and semantic analysis, and afterwards an econometric analysis of the relationship with economic indicators was performed. It turned out that an increase in uncertainty (expansion of the “spread of negativity and positivity” news) leads to a choice in favor of current consumption, which leads to a reduction of savings as the national investment base. In addition, the authors analyzed the relationship between the tonality of news and its dynamics with the business cycle. The analysis revealed that the “information” cycle correlates, with a certain lag, with the business cycle.