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Journal articles on the topic 'Microeconomics – Econometric models'

Author: Grafiati

Published: 10 March 2023

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1

Ginther, Donna K. "AN INTERVIEW WITH JAMES J. HECKMAN." Macroeconomic Dynamics 14, no. 4 (September 2010): 548–84. http://dx.doi.org/10.1017/s1365100510000611.

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James Heckman is one of the most important and influential scholars to have graced the economics profession. His work is deeply rooted at the intersection of economic theory and empirical microeconomics, and he has made significant contributions to the study of labor economics, microeconometrics, and the use of micro data in macroeconomic analysis. Heckman's work is motivated by the scientific method, in which theory is held up to the scrutiny of the data and empirical analysis is informed by economic theory. During the course of his work, he has made lasting contributions to the study of sample selection bias, duration analysis, heterogeneity, and treatment effects in microeconometrics. In labor economics, he has applied these econometric methods to the study of labor supply and life-cycle dynamic models of unemployment, wage growth, and skill formation. In addition, he is the leading scholar on the evaluation of active labor market programs. As an applied microeconomist, one cannot do research on labor supply, sample selection, duration models, or life-cycle dynamics without encountering Jim Heckman's work.

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Bares López, Lydia, Ana Mª Fernández Pérez, Esther Ferrándiz León, Mª Esther Flores Varo, and Mª Dolores León Rodríguez. "Using Interactive Response Systems in Economics: utility and factors influencing students’ attitudes." Multidisciplinary Journal for Education, Social and Technological Sciences 4, no. 1 (April 10, 2017): 16. http://dx.doi.org/10.4995/muse.2017.5476.

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<p class="Textoindependiente21"><span lang="EN-US">The European Higher Education Area (EHEA) involves changing traditional methods to promote innovative teaching experiences. This paper has two main aims: a) to show evidence of the use of Interactive Response Systems (IRS) to identify gaps in the understanding of the course contents and b) to investigate factors influencing students’ attitudes towards the use of IRS. The experience was developed through a collective tutoring session in the subject of Economics using IRS. Economics is a first-year subject in the Degree of Business Administration and Management offered by the University of Cadiz, which includes contents of Microeconomics and Macroeconomics and uses economic models to explain the function of the economy and the behaviour of economic agents. Results show that IRS technique allows detecting gaps in learning and comprehension. From our econometric estimations, we also identify two strongly significant variables affecting students’ attitudes towards IRS: gender and received explanations regarding the use of IRS. Variables such as first enrolment in the subject and the number of hours devoted to studying have a positive and significant effect on the attitude to IRS, but at a lower level of significance (from 5% to 10%).</span></p>

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YANKOVYI, Oleksandr, and Volodymyr YANKOVYI. "CAPITAL-LABOR RATIO IN UKRAINE’S MACHINE BUILDING: REALITY AND OPTIMALITY." Economy of Ukraine 2018, no. 8 (August 14, 2018): 16–29. http://dx.doi.org/10.15407/economyukr.2018.08.016.

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The article examines the situation of appearance of a non-optimal capital-labor ratio on the basis of a comparison of the relative speed of the dynamics of indicators of labor productivity, capital productivity and capital-labor ratio in machine building industry of Ukraine in recent years. Mathematical determination of the optimal capital-labor ratio is substantiated on the basis of production functions taking into account dynamics of the most important indicators of economic activity, presented in value terms. Methodological and applied aspects of the use of the equimarginal principle from microeconomics are discussed to determine the optimal capital-labor ratio within the limits of substitutional production functions. It is proved that at the point of optimal capital-labor ratio, the marginal rate of replacement of production factors’ substitution is equal to one. The resulting conclusion is used as a basis for development of a procedure for finding optimum capital-labor ratio using econometric models, which adequately describe the relationship of time series of product sales, basic productive assets and labor costs based on substitutional production functions. The use of the proposed procedure for determining the optimal capital-labor ratio is carried out on the example of the Cobb-Douglas-Tinbergen production function, the dynamised CES-function and the linear function. The methodological recommendations on calculation of unknown parameters are presented for these functions, as well as the formulas of optimal capital-labor ratio with indicated extreme values of products sold and the total costs for basic production assets and labor payment. The obtained theoretical results are tested according to the data of Ukraine’s machine building. The hypothesis about non-optimal capital-labor ratio in 2007-2015 is confirmed in terms of volumes of sales of the industry production. It turns out that for the analyzed period of time, the basic production assets of machine building were relatively abundant compared with the payment of labor. In 2016-2017, a positive trend begins in dynamics of the capital-labor ratio in the industry to a certain reduction and a gradual approach to the optimal value.

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Nicholson, Walter, and Frank Westhoff. "General Equilibrium Models: Improving the Microeconomics Classroom." Journal of Economic Education 40, no. 3 (July 2009): 297–314. http://dx.doi.org/10.3200/jece.40.3.297-314.

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Forni, Mario, and Marco Lippi. "Aggregation of linear dynamic microeconomic models." Journal of Mathematical Economics 31, no. 1 (February 1999): 131–58. http://dx.doi.org/10.1016/s0304-4068(98)00060-3.

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Symons, Elizabeth, P. Baker, R. Blundell, E. Symons, I. Walker, A. Atkinson, H. Sutherland, and A. Duncan. "Household Microeconomic Simulation Models: A Short Survey." Economic Journal 101, no. 406 (May 1991): 659. http://dx.doi.org/10.2307/2233582.

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MOLDAU, JUAN HERSZTAJN. "Os fundamentos microeconômicos dos indicadores de desenvolvimento socioeconômico." Brazilian Journal of Political Economy 18, no. 3 (September 1998): 440–55. http://dx.doi.org/10.1590/0101-31571998-1267.

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Resumo Neste artigo, sugiro o uso de modelos não convencionais de escolha e produção, para sustentar a construção e o emprego de números de índice. Recomendo o uso do modelo de produção proposto por Georgescu-Roegen e um modelo de escolha que reconheça a existência de critérios irredutíveis. Também se destacam a distinção entre fluxo e estoque e entre serviços e fluxos de bens dos fundos, produzidos ou consumidos em atividades de transformação. Os fluxos podem frequentemente ser associados a atividades de produção. Portanto, pode-se aplicar princípios derivados da teoria da produção. As implicações correspondentes, com relação à escolha dos números de índice, são discutidas. Outra conclusão deste artigo é a necessidade de considerar números de índices, associados à satisfação de necessidades básicas, no desenho de programas sociais. Os índices de pobreza também são discutidos para ilustrar alguns dos pontos levantados no artigo.

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Habibullah, Muzafar Shah. "The Rationality Of Economic Forecasts: The Cases Of Rubber, Oil Palm, Forestry And Mining Sector." Agro Ekonomi 10, no. 1 (November 29, 2016): 67. http://dx.doi.org/10.22146/agroekonomi.16788.

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Forecasts of economic variables is very important for planning and policy making purposes. Forecasts is an important input in decision making processes because obtaining reliable forecasts of some relevant macroeconomic variables is necessary for efficient management of funds, time and resources.Business has always recognised the need for a view of the future and has used explicit forecasts in the design and execution of their economic andJor business policies. For example, a firm trying to decide upon its investment programme will have to take into account not only the current known set of circumstances but also the unknown economic and business conditions in the future. The firm has to form a view about the future, such as the likely sales, costs, prices, competitors' reactions, labour requirements, government regulations and so on. These views about the future values of economic variables are frequently referred to as 'expectations', that is, what the firm expects to happen in the future.In recent years the performances of many microeconomics and macroeconomics series have been erratic. For example, rate of inflation, price of crude oil, prices of primary commodities, rate of interest and other pertinent economic variables have been fluctuating widely and have caused concern among the public, politicians, economists and also the businessmen. According to Mayes (l 981), with such non-uniformity of economic variables observed in the last two decades, the role of expectations has become more relevant in the economic agents' decision making process. Mayes (1981) further states that under the present conditions it has become more important to consider what expectations actually are and how they are formed.The value of economic forecasts of certain macroeconomic variables can be derived from several methods. The three main methods for deriving economic forecasts are (i) time series, (ii) econometric models, and (iii) survey of intentions of concerned agents and organizations. Time seriesanalysis and econometric modeling are the two most widely used methods in economic forecasting, but Holden and Peel (1983) had noted their drawbacks. Recently, economists have turned their direction of interest in evaluating the rationality of economic forecasts from surveys of market participants. The empirical literature on the direct tests of the rational expectations hypothesis is vast and growing. Holden et al. (1985), Lovell (1986), Wallis (1989), Maddala (1991) and Pesaran (1991) had reviewed some of these studies. The aim was to determine whether survey data on economic forecasts are accurate in the Muth's (1961) sense, that is, whether participating economic agents used all available information at the time forecasts are made. in other words, the rational expectations hypothesis of the economic forecast was put to test. In general, the empirical studies do not support the rational expectations hypothesis.Most of the studies carried out to evaluate the rationality of business firms' forecasts of economic variables were conducted on developed nations. Madsen (1993) studies the formation of output expectations in manufacturing industry in Japan, Denmark, Finland, France, Germany, Netherlands, Norway, Sweden and the United Kingdom. He found that the rational expectations hypothesis was weakly rejected. Williams (1988) and Chazelas (1988) found investment forecasts biased predictors of the actual investment value for firms in the United Kingdom and France. Meganck et a!. (1988) have concluded that investment forecasts of the manufacturing firm in Belgium were unbiased predictors of the actual values. However. Daub (1982) failed to find any rationality of the Canadian capital investment intention survey data. On the other hand. a study by Leonard (1982) on employment forecasts by the United States services sectors found that the forecasts were biased and the rationality of these employment forecasts rejected.The purpose of this paper is to present some empirical evidence on the rationality of agricultural firm managers' expectations using survey data. This study is important because it adds to the current literature on the testing of rationality of survey data, in particular, it provides empirical evidence from the perspective of a developing country. As for the country under study, the finding of the study could establish whether the forecasts documented by such survey are accurate or not; and if not, ways to produce more accurate forecasts must be found. 'Rationality' in this paper means that managers in agricultural firms have unbiased expectations and efficiently utilised available information at the time the forecasts are made.

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Kaplan, Greg, and Giovanni L. Violante. "Microeconomic Heterogeneity and Macroeconomic Shocks." Journal of Economic Perspectives 32, no. 3 (August 1, 2018): 167–94. http://dx.doi.org/10.1257/jep.32.3.167.

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In this essay, we discuss the emerging literature in macroeconomics that combines heterogeneous agent models, nominal rigidities, and aggregate shocks. This literature opens the door to the analysis of distributional issues, economic fluctuations, and stabilization policies—all within the same framework. In response to the limitations of the representative agent approach to economic fluctuations, a new framework has emerged that combines key features of heterogeneous agents (HA) and New Keynesian (NK) economies. These HANK models offer a much more accurate representation of household consumption behavior and can generate realistic distributions of income, wealth, and, albeit to a lesser degree, household balance sheets. At the same time, they can accommodate many sources of macroeconomic fluctuations, including those driven by aggregate demand. In sum, they provide a rich theoretical framework for quantitative analysis of the interaction between cross-sectional distributions and aggregate dynamics. In this article, we outline a state-of-the-art version of HANK together with its representative agent counterpart, and convey two broad messages about the role of household heterogeneity for the response of the macroeconomy to aggregate shocks: 1) the similarity between the Representative Agent New Keynesian (RANK) and HANK frameworks depends crucially on the shock being analyzed; and 2) certain important macroeconomic questions concerning economic fluctuations can only be addressed within heterogeneous agent models.

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Arroyo, Cristino R., and Junsen Zhang. "Dynamic microeconomic models of fertility choice: A survey." Journal of Population Economics 10, no. 1 (April 2, 1997): 23–65. http://dx.doi.org/10.1007/s001480050030.

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Langer, Tomáš. "Consumer Optimum and Model of Economic Interpretation in Microeconomics." Politická ekonomie 64, no. 7 (November 1, 2016): 789–803. http://dx.doi.org/10.18267/j.polek.1095.

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Flury, Thomas, and Neil Shephard. "BAYESIAN INFERENCE BASED ONLY ON SIMULATED LIKELIHOOD: PARTICLE FILTER ANALYSIS OF DYNAMIC ECONOMIC MODELS." Econometric Theory 27, no. 5 (May 17, 2011): 933–56. http://dx.doi.org/10.1017/s0266466610000599.

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We note that likelihood inference can be based on an unbiased simulation-based estimator of the likelihood when it is used inside a Metropolis–Hastings algorithm. This result has recently been introduced in statistics literature by Andrieu, Doucet, and Holenstein (2010, Journal of the Royal Statistical Society, Series B, 72, 269–342) and is perhaps surprising given the results on maximum simulated likelihood estimation. Bayesian inference based on simulated likelihood can be widely applied in microeconomics, macroeconomics, and financial econometrics. One way of generating unbiased estimates of the likelihood is through a particle filter. We illustrate these methods on four problems, producing rather generic methods. Taken together, these methods imply that if we can simulate from an economic model, we can carry out likelihood–based inference using its simulations.

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Giannone, Domenico, Michele Lenza, and Giorgio E. Primiceri. "Economic Predictions With Big Data: The Illusion of Sparsity." Econometrica 89, no. 5 (2021): 2409–37. http://dx.doi.org/10.3982/ecta17842.

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We compare sparse and dense representations of predictive models in macroeconomics, microeconomics, and finance. To deal with a large number of possible predictors, we specify a prior that allows for both variable selection and shrinkage. The posterior distribution does not typically concentrate on a single sparse model, but on a wide set of models that often include many predictors.

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Sethi, Rajiv. "Martin J. Osborne and Ariel Rubinstein, Models in Microeconomic Theory." Studies in Microeconomics 9, no. 1 (May 31, 2021): 128–29. http://dx.doi.org/10.1177/2321022220980178.

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Harstad, Ronald M., and Reinhard Selten. "Bounded-Rationality Models: Tasks to Become Intellectually Competitive." Journal of Economic Literature 51, no. 2 (June 1, 2013): 496–511. http://dx.doi.org/10.1257/jel.51.2.496.

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Research in experimental economics has cogently challenged the fundamental precept of neoclassical economics that economic agents optimize. The last two decades have seen elaboration of boundedly rational models that try to move away from the optimization approach, in ways consistent with experimental findings. Nonetheless, the collection of alternative models has made little headway supplanting the dominant paradigm. We delineate key ways in which neoclassical microeconomics holds continuing and compelling advantages over bounded-rationality models, and suggest, via a few examples, the sorts of further, difficult pushes that would be needed to redress this state of affairs. Closer collaboration between theoretic modeling and experiments is clearly seen to be necessary. (JEL B40, C72, C90, D01, D21)

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Rosenzweig, Mark R. "Microeconomic Approaches to Development: Schooling, Learning, and Growth." Journal of Economic Perspectives 24, no. 3 (August 1, 2010): 81–96. http://dx.doi.org/10.1257/jep.24.3.81.

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Within the field of economic development over the past 15 years or so, particularly significant advances have been made in what can be loosely called micro-development, an area defined principally by the units that are examined, not by a particular methodological approach. The units may be individuals, households, networks, banks, government agencies and so on, as opposed to countries. Within this area, economists use a wide variety of empirical methods informed to different degrees by economic models, they use data from developed and developing countries, and some use no data at all, to shed light on development questions. The best of this work speaks to the major questions of development and even informs, if not provides the foundation for, macro models of development and growth. I will illustrate the variety of approaches to development issues that microeconomists have employed by focusing on studies that illuminate and quantify the major mechanisms posited by growth theorists who highlight the role of education in fostering growth.

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Föllmer, Hans, and Martin Schweizer. "A Microeconomic Approach to Diffusion Models For Stock Prices." Mathematical Finance 3, no. 1 (January 1993): 1–23. http://dx.doi.org/10.1111/j.1467-9965.1993.tb00035.x.

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Crawford, Vincent P. "Boundedly Rational versus Optimization-Based Models of Strategic Thinking and Learning in Games." Journal of Economic Literature 51, no. 2 (June 1, 2013): 512–27. http://dx.doi.org/10.1257/jel.51.2.512.

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Harstad and Selten's article in this forum performs a valuable service by highlighting the dominance of optimization-based models over boundedly rational models in modern microeconomics, and questioning whether optimization-based models are a better way forward than boundedly rational models. This article complements Rabin's response to Harstad and Selten, focusing on modeling strategic behavior. I consider Harstad and Selten's examples and proposed boundedly rational models in the light of modern behavioral economics and behavioral game theory, commenting on the challenges that remain and the most promising ways forward. (JEL B40, C72, D01, D03, D80)

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Rogna, Marco. "Microeconomic models of a production economy with environmental externalities." Environment, Development and Sustainability 22, no. 3 (January 21, 2019): 2625–50. http://dx.doi.org/10.1007/s10668-019-00313-8.

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Soukup, A., and K. Šrédl. "Space Model in monopolistic competition – analysis of international trade." Agricultural Economics (Zemědělská ekonomika) 57, No. 4 (May 4, 2011): 169–74. http://dx.doi.org/10.17221/2/2010-agricecon.

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The article is interested in firm behaviour in the conditions of monopolistic competition and it shows the possibilities of the analysis of the firm behaviour in profit maximizing using the space model created by the contemporary microeconomic theory. This form of imperfect competition is often prevailing in the real environment.

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Wilkins, Allen J. "Facilitating the Transition from Graphical to Algebraic Models: A Teaching Challenge for Intermediate Microeconomics." Journal of Economic Education 23, no. 4 (1992): 317. http://dx.doi.org/10.2307/1183307.

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Volker Nienhaus, Volker Nienhaus. "The Reform Agenda of Mainstream Economics: Importance, Relevance, and Obstacles for Islamic Economics." journal of king Abdulaziz University Islamic Economics 32, no. 2 (July 6, 2019): 89–97. http://dx.doi.org/10.4197/islec.32-2.6.

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Mainstream economics textbooks focus too much on neoclassical models (with perfect competition as reference model) while the mainstream research practice is much more diverse and closer to the real world and political issues. Progress was made in microeconomics by new insights particularly from behavioral and experimental economics and new tools such as simulations and network analysis. In macroeconomics, however, the dominant Dynamic Stochastic General Equilibrium (DSGE) models have structurally failed to predict the global crisis. Their enhancement by the inclusion of an explicit financial sector is on top of the mainstream reform agenda. Islamic economics may benefit from the innovations in microeconomics, while the macroeconomic reform agenda is of limited relevance as long as the market share of Islamic finance remains quite low in most Muslim countries. A dialogue on reform between mainstream and Islamic economics should take into account that Islamic economists underline the importance of the Qur’ān and Sunnah as the primary sources of positive and normative knowledge, while secular mainstream rejects proofs of positive statements by reference to divine sources. This may become a severe methodological obstacle for more pluralism in economics.

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Chari, V. V., Patrick J. Kehoe, and Ellen R. McGrattan. "New Keynesian Models: Not Yet Useful for Policy Analysis." American Economic Journal: Macroeconomics 1, no. 1 (January 1, 2009): 242–66. http://dx.doi.org/10.1257/mac.1.1.242.

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Macroeconomists have largely converged on method, model design, reduced-form shocks, and principles of policy advice. Our main disagreements today are about implementing the methodology. Some think New Keynesian models are ready to be used for quarter-to-quarter quantitative policy advice. We do not. Focusing on the state-of-the-art version of these models, we argue that some of its shocks and other features are not structural or consistent with microeconomic evidence. Since an accurate structural model is essential to reliably evaluate the effects of policies, we conclude that New Keynesian models are not yet useful for policy analysis. (JEL E12, E60)

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Czech, Artur, and Jerzy Lewczuk. "Taxonomic and Econometric Analysis of Road Transport Development in Poland – The Voivodship Approach." Ekonomia i Zarzadzanie 8, no. 3 (September 1, 2016): 79–88. http://dx.doi.org/10.1515/emj-2016-0026.

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Abstract Transport is considered one of the basic aspects of the movement of people, raw materials as well as goods from the place of origin to the destination. Moreover, in the wider sense, transport includes economic bodies that aim to achieve goals similar to those of businesses that produce a wide range of goods required by customers. Hence, the efficient operations of basic branches of the transportation system determine the entire national economy. Furthermore, transport is considered a basic factor of development, both on the macro- and microeconomic scales. The aim of the paper is to attempt the assessment of the road transport in Poland as an important element of macro logistics. Furthermore, one of the aims of the investigation was the explanation of its influence on the level of economic development in Poland. As the source of information, the research used the data drawn from the Central Statistical Office of Poland. The main methods implemented in this study were both classic and order synthetic measure construction. Further, these measures were used in econometric models as well as for the prediction of their values. The main result of the analysis indicates that the development level of the widely considered infrastructure is strictly correlated with the socio-economic development of particular voivodships. The study on the level of road transport development can lead to a better understanding of the socio-economic development of particular areas of Poland as well as the more efficient use of the support funds.

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Riyazahmed, K., and Gunja Baranwal. "DETERMINANTS OF CREDIT RISK." International Journal of Accounting & Finance Review 6, no. 1 (February 27, 2021): 53–71. http://dx.doi.org/10.46281/ijafr.v6i1.1005.

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This study aims to empirically examine the impact of managerial effectiveness on the credit risk of the Indian public and private sector banks. We consider the return on assets as a proxy for managerial effectiveness and gross non-performing assets (GNPA) to total advances as a proxy for credit risk. The study uses fixed effects and dynamic panel data models to examine the impact. The econometric model estimations suggest a negative impact of return on assets on credit risk. Further, we analyze the impact of return on assets by the information of microeconomic and macro-economic variables in dynamic generalized methods of moments (GMM) approach. The results remain the same after using dynamic GMM modelled with lagged credit risk and lagged return on assets. Further, the effect of macroeconomic variables such as repo rate and reverse repo rate confirms the theory. Heterogeneity checks at regions and sector levels substantiate the robustness of results. JEL Classification Codes: G20, G21.

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Susdarwono, Endro Tri. "A DESCRIPTION OF DEFENSE ECONOMY AS A SCIENCE." Jurnal Utilitas 6, no. 1 (May 8, 2020): 17–25. http://dx.doi.org/10.22236/utilitas.v6i1.4784.

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The approach in this study uses a descriptive approach, the approach is intended to describe the description of the defense economy as a science by emphasizing the study of defense economics, especially the issues of study that developed during the cold war and post-cold war studies and the development of defense economy studies according to contemporary definitions. Defense economics is a study of defense costs that examines issues of defense and peace using economic analysis and methods which include microeconomic and macroeconomic studies such as static and dynamic optimization, growth theories, distribution, comparison of statistical and econometric data (use of statistical economic models). The post-Cold War Defense Economy is no longer just about managing logistical resources during wartime, managing the supply of weapons on the battlefield or war winning strategies by controlling economic resources. Understanding of the Defense Economy today has shifted to issues such as conflict, terrorism, peace, disasters to social problems ranging from food to health.

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Yay, Turan, and Gülsün Yay. "Joseph A. Schumpeter and Schumpeterian paradigm on the dynamics of capitalism: Entrepreneur, innovation, growth, and trade." Panoeconomicus, no. 00 (2022): 1. http://dx.doi.org/10.2298/pan200913001y.

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Joseph A. Schumpeter suggested two models about the evolution process of capitalist societies. The article aims to specify the essential roles of these models in discussions about the modern firm theories and the development of integrated economic growth and international trade theory. In this context, this article aims to evaluate these developments and point out their role in bridging the gap between microeconomics and macroeconomics. The Schumpeterian framework, as a bridge, provides us a very productive base to discuss the connections among entrepreneurs, firms, innovation, economic growth, and international trade.

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Bénassy, Jean-Pascal. "Staggered contracts and persistence: microeconomic foundations and macroeconomic dynamics." Recherches économiques de Louvain 69, no. 2 (2003): 125–44. http://dx.doi.org/10.1017/s0770451800005595.

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SummaryWe develop in this article a new form of wage contracts similar in spirit to those developed by Calvo (1983), and integrate these contracts into a dynamic stochastic general equilibrium model. Rational wage setting by utility maximizing trade-unions is explicitly modelled. We derive the optimal wage contracts, and compute the dynamic macroeconomic response to monetary shocks. It is shown that, unlike in most traditional models, this response can display strong persistence, a hump shaped response and positive autocorrelations in output and employment variations. All these results are obtained in a model with explicit closed-form solutions.

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Oswald, Andrew J. "Comment on J. Pencavel, "Wages and Employment under Trade Unionism: Microeconomic Models and Macroeconomic Applications"." Scandinavian Journal of Economics 87, no. 2 (June 1985): 226. http://dx.doi.org/10.2307/3439823.

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Holmlund, Bertil. "Comment on J. Pencavel, "Wages and Employment under Trade Unionism: Microeconomic Models and Macroeconomic Applications"." Scandinavian Journal of Economics 87, no. 2 (June 1985): 228. http://dx.doi.org/10.2307/3439824.

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Weber, Michael, Francesco D’Acunto, Yuriy Gorodnichenko, and Olivier Coibion. "The Subjective Inflation Expectations of Households and Firms: Measurement, Determinants, and Implications." Journal of Economic Perspectives 36, no. 3 (August 1, 2022): 157–84. http://dx.doi.org/10.1257/jep.36.3.157.

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Households’ and firms’ subjective inflation expectations play a central role in macroeconomic and intertemporal microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants, and how they shape households’ and firms’ economic choices in the data and help us make sense of the observed heterogeneous reactions to business-cycle shocks and policy interventions. We conclude by highlighting the relevant open questions and why tackling them is important for academic research and policymaking.

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Castro, Luciano, and Antonio F. Galvao. "Dynamic Quantile Models of Rational Behavior." Econometrica 87, no. 6 (2019): 1893–939. http://dx.doi.org/10.3982/ecta15146.

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This paper develops a dynamic model of rational behavior under uncertainty, in which the agent maximizes the stream of future τ‐quantile utilities, for τ ∈ (0,1). That is, the agent has a quantile utility preference instead of the standard expected utility. Quantile preferences have useful advantages, including the ability to capture heterogeneity and allowing the separation between risk aversion and elasticity of intertemporal substitution. Although quantiles do not share some of the helpful properties of expectations, such as linearity and the law of iterated expectations, we are able to establish all the standard results in dynamic models. Namely, we show that the quantile preferences are dynamically consistent, the corresponding dynamic problem yields a value function, via a fixed point argument, this value function is concave and differentiable, and the principle of optimality holds. Additionally, we derive the corresponding Euler equation, which is well suited for using well‐known quantile regression methods for estimating and testing the economic model. In this way, the parameters of the model can be interpreted as structural objects. Therefore, the proposed methods provide microeconomic foundations for quantile regression methods. To illustrate the developments, we construct an intertemporal consumption model and estimate the discount factor and elasticity of intertemporal substitution parameters across the quantiles. The results provide evidence of heterogeneity in these parameters.

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Rogers, Colin. "The Conceptual Flaw in the Microeconomic Foundations of Dynamic Stochastic General Equilibrium Models." Review of Political Economy 30, no. 1 (January 2, 2018): 72–83. http://dx.doi.org/10.1080/09538259.2018.1442894.

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Antweiler, Werner. "Microeconomic models of electricity storage: Price Forecasting, arbitrage limits, curtailment insurance, and transmission line utilization." Energy Economics 101 (September 2021): 105390. http://dx.doi.org/10.1016/j.eneco.2021.105390.

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Owen, P. Dorian. "Aggregate demand curves in general‐equilibrium macroeconomic models: Comparisons with partial‐equilibrium microeconomic demand curves∗." New Zealand Economic Papers 21, no. 1 (January 1987): 97–104. http://dx.doi.org/10.1080/00779958709544124.

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Härdle, Wolfgang, and Michael Jerison. "Cross Section Engel Curves over Time." Recherches économiques de Louvain 57, no. 4 (1991): 391–431. http://dx.doi.org/10.1017/s0770451800010605.

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SummaryMethods for nonparametric estimation and comparison of cross section Engel curves are presented and applied to U.K. expenditure data. Real Engel curves (with quantity demanded and real total expenditure on the axes) vary over time, but their shapes are generally quite stable. Mean normalized Engel curves are defined and are found not to vary greatly over time. Consequences of such invariance for the testing of microeconomic demand models are investigated.

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Alpert, William T., Kenneth A. Couch, and Oskar R. Harmon. "A Randomized Assessment of Online Learning." American Economic Review 106, no. 5 (May 1, 2016): 378–82. http://dx.doi.org/10.1257/aer.p20161057.

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A microeconomics principles course employing random assignment across three sections with different teaching models is used to explore learning outcomes as measured by a cumulative final exam for students who participate in traditional face-to-face classroom instruction, blended face-to-face and online instruction with reduced instructor contact time, and a purely online instructional format. Evidence indicates learning outcomes were reduced for students in the purely online section relative to those in the face-to-face format by 5 to 10 points on a cumulative final exam. No statistically significant differences in outcomes are observed for students in the blended relative to the face-to-face section.

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Bode, Ben, Johan Koerts, and A. Roy Thurik. "On the use of disequilibrium models in applied microeconomic research and the value of sample separation information." Applied Economics 30, no. 11 (November 1, 1998): 1511–30. http://dx.doi.org/10.1080/000368498324850.

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Żurakowska-Sawa, Joanna. "Conditions of Economic Efficiency of Industrial Enterprises in the Enterprise Life Cycle Stages." Economic and Regional Studies / Studia Ekonomiczne i Regionalne 12, no. 3 (September 1, 2019): 287–301. http://dx.doi.org/10.2478/ers-2019-0026.

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SummarySubject and purpose of work: The purpose of the study is to determine the variables determining the level of synthetic measure of economic efficiency in listed companies of the industry sector as part of their enterprise life cycle.Materials and methods: The article uses data from annual unitary financial statements of industrial enterprises according to the classification of the Warsaw Stock Exchange and data describing the macroeconomic situation of the state economy. The research period covered the years 1999-2012. In order to examine which factors determine the level of economic efficiency at each stage of the life cycle of enterprises, estimation of econometric models was carried out.Results: In the models obtained for companies in the growth and maturity stage, statistically significant determinants were obtained only in the field of internal factors. In the models estimated for companies in the stages of launch, shake-out and decline, statistically significant conditions were identified, both in terms of external factors and in the area of internal factors.Conclusions: A comprehensive assessment of the conditions for the level of economic efficiency of enterprises should take into account both factors dependent on the enterprise (microeconomic) as well as those determined by the environment (macroeconomic) and beyond its control. It is therefore necessary for managers of enterprises to have extensive and up-to-date knowledge of factors and conditions that are significant in shaping the level of economic efficiency.

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Sonin, K. I. "The principles of auction theory (Nobel Memorial Prize in Economic Sciences 2020)." Voprosy Ekonomiki, no. 1 (January 12, 2021): 5–32. http://dx.doi.org/10.32609/0042-8736-2021-1-5-32.

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Auction theory is the core of modern economic theory, and standard auctions are the basic elements of many models in microeconomics, public economics, and finance. Theoretical studies of auctions have shaped the modern understanding of the economic role of information in competitive market, and of price theory. Applied analysis of auctions has underpinned important practical mechanisms — for example, mechanisms of privatization and re-privatization of electromagnetic spectrum and public procurement. The 2020 Nobel Memorial Prize in Economic Sciences was awarded to Robert Wilson and Paul Milgrom both for their contributions to the foundations of auction theory and for the development of largescale practical applications.

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Parker, Jonathan A. "On Measuring the Effects of Fiscal Policy in Recessions." Journal of Economic Literature 49, no. 3 (September 1, 2011): 703–18. http://dx.doi.org/10.1257/jel.49.3.703.

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We do not have a good measure of the effects of fiscal policy in a recession because the methods that we use to estimate the effects of fiscal policy—both those using the observed outcomes following different policies in aggregate data and those studying counterfactuals in fitted model economies—almost entirely ignore the state of the economy and estimate “the” government multiplier, which is presumably a weighted average of the one we care about—the multiplier in a recession—and one we care less about—the multiplier in an expansion. Notable exceptions to this general claim suggest this difference is potentially large. Our lack of knowledge stems significantly from the focus on linear dynamics: vector autoregressions and linearized (or close-to-linear) dynamic stochastic general equilibrium (DSGE) models. Our lack of knowledge also reflects a lack of data: deep recessions are few and nonlinearities hard to measure. The lack of statistical power in the estimation of nonlinear models using aggregate data can be addressed by exploiting estimates of partial-equilibrium responses in disaggregated data. Microeconomic estimates of the partial-equilibrium causal effects of a policy can discipline the causal channels inherent in any DSGE model of the general equilibrium effects of policy. Microeconomic studies can also provide measures of the dependence of the effects of a policy on the states of different agents, which is a key component of the dependence of the general-equilibrium effects of fiscal policy on the state of the economy. (JEL E12, E13, E32, E62, H50)

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Diachkova, Anna V., and Anna E. Kontoboitseva. "Economic Benefits of gender equality: comparing EU and BRICS countries." Economic Consultant 37, no. 1 (March 1, 2022): 4–15. http://dx.doi.org/10.46224/ecoc.2022.1.1.

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Introduction. In the modern economy the problems of scientific analysis shift the focus from the subject area of gender inequality to gender equality, and special significance is attached to assessing the impact of gender on the social welfare. At the same time, it is noted that developed and developing countries currently have differences in the quality and quantity of goals achieved to address the issue of gender equality. The aim of the article is to assess the economic benefits of gender equality for a group of countries in the European Union and BRICS. Materials and methods. Empirical analysis was based on the construction of regression econometric models that assess the impact on the welfare of the country (GDP) of gender equality in combination with basic macroeconomic factors. Fixed effects regression models have the best descriptive capacity for the EU and BRICS countries, which was verified by standard econometric tests. The information base of the study was made up of official statistics from the reports of the World Bank, the World Economic Forum, the International Monetary Fund, and the United Nations. Results and Discussion. As a result of the study, it was revealed that the level of gender equality has a positive effect on the economic development of both the EU countries and the BRICS; a comparison of the results of the constructed econometric models for groups of EU and BRICS countries showed that gender equality has a statistically significant impact on the economic development of countries in each group, and in the BRICS countries it is stronger, so with an increase in gender equality by one, GDP per capita increases by 3.4172 vs. 0.4647 in EU countries. The inclusion of key socio-economic indicators in the analysis made it possible to compare the obtained impact, and it was found that the degree of influence of the equality index is not lower than the degree of influence of basic economic indicators. That increases the importance of this problem both at the level of the country and international associations. The conclusions obtained based on the analysis of macro statistics confirmed the conclusions of the researchers based on microeconomic data. Conclusions. The results of this study are aimed at understanding the problems of gender equality, its impact on the economic well-being of society, both in an individual country and in the world economy as a whole, which can be taken into account in designing the policy of the state and companies that together ensure progress in the development of equality between men and women.

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Hansen, Lars Peter, and James J. Heckman. "The Empirical Foundations of Calibration." Journal of Economic Perspectives 10, no. 1 (February 1, 1996): 87–104. http://dx.doi.org/10.1257/jep.10.1.87.

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Interest in simulating recently developed dynamic stochastic general equilibrium models of the economy stimulated a demand for parameters. This has given rise to calibration as advocated by Finn E. Kydland and Edward C. Prescott (1982). This paper explores the implicit assumptions underlying their calibration method. The authors question that there is a ready supply of micro estimates available to calibrate macroeconomic models. Measures of parameter uncertainty and specification sensitivity should be routinely reported. They propose a more symbiotic role for calibration as providing signals to microeconomists about important gaps in knowledge, which when filled will solidify the empirical underpinning, improving the credibility of the quantitative output.

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Velasquez, Manuel. "International Business Ethics: The Aluminum Companies in Jamaica." Business Ethics Quarterly 5, no. 4 (October 1995): 865–82. http://dx.doi.org/10.2307/3857420.

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Abstract:I evaluate the adequacy of the three models of international business ethics that have been recently proposed by Thomas Donaldson, Gerard Elfstrom and Richard De George. Using the example of the conduct of the aluminum companies in Jamaica, I argue that these three models fail to address the most important of the ethical issues encountered by multinationals because they focus too narrowly on human rights issues and on utilitarian considerations. In addition I argue that these models also evidence an inadequate understanding of microeconomic theory. I end by proposing that these defects can be remedied by a model of ethics that incorporates a theory of moral rights, a utilitarian-based theory of the market, and a theory of justice.

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CHATEAU, JEAN, XAVIER CHOJNICKI, and RICCARDO MAGNANI. "Disparities in pension systems and financial flows among European countries." Journal of Pension Economics and Finance 8, no. 1 (April 24, 2008): 1–33. http://dx.doi.org/10.1017/s1474747208003569.

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AbstractWe present a quantitative analysis of the impact of differential ageing and pension reforms on capital and labor market and, in particular, on intra-European capital flows. To this end, we develop a stylized general equilibrium model with overlapping generations of heterogeneous agents for the three largest European countries: France, Germany and the United Kingdom. The model presents a structure halfway between pure general equilibrium models with rigorous microeconomic foundations and accounting models where the macroeconomic environment remains exogenous. We show that the dynamics of capital accumulation and pension system sustainability are totally different depending on the assumption concerning economic openness. Finally, in the long run, resorting to debt financing seems to be a dead end to finance retirement systems.

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Gaines, Victor W., and Karina Kasztelnik. "Personnel Factors of Corporate Internal Auditing on the Contemporary Microeconomics Environment in the United States." Contemporary Economics 15, no. 2 (April 23, 2021): 138–52. http://dx.doi.org/10.5709/ce.1897-9254.440.

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The purpose of this quantitative, correlational research was to examine to what extent the personnel factors of internal auditing departments predict the control environment within the public sector. Using the 2013 COSO Internal Control-Integrated Framework as the theoretical framework, we addressed the extent to which the internal audit staffing size per engagement, professional development, and auditing experience of auditors predict the overall control environment and each of the five components of COSO. The results of six multiple linear regression models showed no statistically significant with the exception between professional development and Principle 4 - Recruitment. A nonparametric Kendall’s tau-b correlation analysis revealed a significant relationship between professional development and Principle 4 Recruitment, τb = 0.388, p = 0.030. The results of this study may contribute to the positive global economy change by bringing into focus the role of auditing and its positive impact on the worldwide public auditing policy.

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Lawn, Philip A. "On Heyes' IS–LM–EE proposal to establish an environmental macroeconomics." Environment and Development Economics 8, no. 1 (December 23, 2002): 31–56. http://dx.doi.org/10.1017/s1355770x03000032.

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A decade has now passed since Daly made a plea for an environmental macroeconomics. Despite an expanding literature on ‘green’ national accounting and the efforts of ecological economists to measure the sustainable net benefits of a growing macroeconomy, it is only recently that Daly's plea has been adequately answered. This has been achieved with the incorporation by Heyes of an ‘environmental equilibrium’ or EE curve into the familiar IS–LM model. However, the IS–LM–EE model proposed by Heyes is incomplete. By extending Heyes' model to include the role of technological progress and the sustainable net benefits of economic activity, this paper shows that conclusions regarding the desirability of expansionary fiscal and monetary policies alter quite radically. Moreover, it sends out a clear message that environmental concerns should be incorporated into macroeconomic models. They should not be solely confined to microeconomics.

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Hladká, Marie, and Vladimír Hyánek. "Motives for Donating: What Inspires Our Decisions to Make a Donation to Non-profit Organisations?" Review of Economic Perspectives 15, no. 4 (December 1, 2015): 357–82. http://dx.doi.org/10.1515/revecp-2015-0026.

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Abstract Motivation represents a foundation cornerstone on which analyses in a number of humanities and social sciences are built. For a long time, economists have seen motivation as connected with the act of giving, trying to interpret it in the context of the neoclassical economics assumptions. The objective of this paper is to find answers to the question of what mainly motivates the Czech population in their decisions to make a donation and whether there is any interdependence among such motives. We also ask what the relationship is between the determining motives and the rate or frequency of donating. The donation models that we analyze and use as the basis of our research are nowadays considered being the principal or at least interesting donation models commonly taken into account by economists in their work. We have only focused on selected microeconomics models to make the text clearly targeted; specifically, we are examining the public goods model, private consumption model investment model and impure altruism model. The data were collected through a questionnaire survey and analysed by means of mathematical-statistical methods that are commonly used in similar cases, such as descriptive statistics, the Pearson correlation coefficient and the ANOVA method based on the F-test. The empirical testing confirmed several assumptions connecting with this type of a research; however, our paper opened a space for a follow-up research, too.

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Kusz, Bożena, Dariusz Kusz, Iwona Bąk, Maciej Oesterreich, Ludwik Wicki, and Grzegorz Zimon. "Selected Economic Determinants of Labor Profitability in Family Farms in Poland in Relation to Economic Size." Sustainability 14, no. 21 (October 25, 2022): 13819. http://dx.doi.org/10.3390/su142113819.

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Farms in Poland come in a wide variety of sizes, and the effect of farm size on the profitability of labor has not been sufficiently investigated. This paper takes a fresh look at the model for labor profitability determinants of family farms in Poland in relation to their economic size. The purpose of this paper is to analyze the factors that determine the labor profitability index in farms of various economic size classes (classes ES1–ES5). In the analysis of factors shaping the profitability of labor in family farms, a panel analysis was applied. Family farm income expressed per family labor unit was adopted as the dependent variable. The following variables were used as explanatory variables: (1) macroeconomic index of price relations (“price gap”); unemployment; average monthly gross wages and salaries; inflation; (2) technical-agricultural production efficiency index; (3) microeconomic ratio of total assets to agricultural land; technical equipment for work; land-to-labor ratio; debt ratio, subsidy ratio, and investment effort. A diversified influence of selected factors determining the level of profitability of labor in agriculture in particular groups of farms was found. The econometric models developed also indicate different strategies that are adopted by farmers on various farms. There is no single solution here; strategies for improving the profitability of work must take into account the specificity of a given entity. The models estimated indicate the necessity of using other mechanisms and tools of agricultural policy for farms of various economic sizes. It should be expected that, in the future, there will be a dichotomous development of farms. Medium-sized farms will become larger and economically effective, and smaller farms will perform residential functions, with the disappearing function of agricultural production.

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Kleiner, G. B. "Intelligence-based theory of the firm." Voprosy Ekonomiki, no. 1 (January 12, 2021): 73–97. http://dx.doi.org/10.32609/0042-8736-2021-1-73-97.

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This paper presents the main provisions of the intelligence-based theory of the firm, which is a new direction in studying microeconomic entities. The objects of the theory are firms, whose activities to a decisive extent depend on the capacity and efficiency of using the firm’s intellectual abilities. These abilities allow analyzing the structure and characteristics of the firm’s internal and external social and economic environment in space and time. Intelligence features as a leading factor of production in interaction with the firm’s mental abilities and material resources are investigated. The requirements for models reflecting the influence of intelligence on the firm’s performance in strategic and tactical aspects are determined. The types of intelligence are classified depending on its participation in the formulation and solution of the firm’s tasks. Perspective directions of development and application of the intelligence-based theory of the firm are outlined.

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