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Full-Text Articles in Social and Behavioral Sciences
Three Essays On The Theory Of Environmental Regulation: Hybrid Price And Quantity Policies And Regulation In The Presence Of Co-Pollutants, Insung Son
Doctoral Dissertations
This dissertation contains three original essays in the economic theory of environmental regulation. The main motivations for this work are two problems: the design of greenhouse gas (GHG) policies when emissions of these gases interact with so-called co-pollutants and the design of hybrid price and quantity policies to deal with the uncertainty in the benefits and costs of controlling GHG emissions. Abstract Concerns about how best to control GHGs have generated intense interest in the co-benefits and adverse side-effects of climate policies. Efforts to reduce CO2 emissions can reduce emissions of flow pollutants that are emitted along with CO …
How Saving Data Is Estimated, Gokcer Ozgur
How Saving Data Is Estimated, Gokcer Ozgur
PERI Working Papers
Gross national saving is one of the widely used economic data in empirical studies, and it used in for saving-investment debate, economic growth and similar studies. However, there is a discrepancy between the general definition of saving and gross national saving data. Gross national saving does not represent a certain amount of funds, it is estimated or derived ex post. This study will focus on two different methods of the estimation of gross national saving and the methodology of these estimations. These findings show that using gross national saving cannot be used in empirical studies for saving-investment debate or similar …
Old And New Formulations Of The Neoclassical Theory Of Aggregate Investment: A Critical Review, Daniele Girardi
Old And New Formulations Of The Neoclassical Theory Of Aggregate Investment: A Critical Review, Daniele Girardi
Economics Department Working Paper Series
This paper surveys the neoclassical theory of aggregate investment and its criticisms. We distinguish four main formulations of this theory: the traditional ‘Wicksellian’ investment function; the Fisherian ‘array-of-opportunities’ approach (as Witte Jr. called it); the Jorgensonian model; the now prevailing adjustment-costs models. With respect to other papers criticizing the neoclassical theory of investment, we do not appeal to market imperfections. We instead argue that all four formulations present serious theoretical difficulties, even conceding free competition.
Sustained Investment Surges, Emiliano Libman, Juan Antonio Montecino, Arslan Razmi
Sustained Investment Surges, Emiliano Libman, Juan Antonio Montecino, Arslan Razmi
Economics Department Working Paper Series
Existing empirical studies have focused on determinants of investment. We focus instead on episodes of accelerated capital stock growth that last eight years or longer. We find that episodes are relatively common, even in low growth regions, but more so in middle income and Asian countries. After identifying 175 such episodes between 1950-2014, we employ probit analysis to explore their characteristics. Turning points in investment tend to be preceded by undervalued real exchange rates, macroeconomic stability (low inflation), and net capital outflows (especially portfolio outflows). We also find strong evidence for a negative correlation with the capital to output ratio …