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Social and Behavioral Sciences Commons™
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Full-Text Articles in Social and Behavioral Sciences
Long Memory Inflationary Dynamics: The Case Of Brazil, Mark E. Jensen, Valderio A. Reisen, Francisco Cribari-Neto
Long Memory Inflationary Dynamics: The Case Of Brazil, Mark E. Jensen, Valderio A. Reisen, Francisco Cribari-Neto
Faculty Publications
It has been argued by several authors that the inflationary dynamics in Brazil follow a unit root process, thus displaying some inertia. Indeed, Cati, et al. (Journal of Applied Econometrics, 1999) have found that the inflationary dynamics in Brazil are nearly fully inertial. We estimate the fractional differencing parameter using an ARFIMA specification for the inflation rate in that country and our results suggest that the inflationary dynamics are better modeled by a long memory process than by a unit root mechanism, thus implying that there is no inertia in inflation, contrary to what has been found by other researchers. …
The New Economy Is Dead, Long Live The Information Economy, Phillip J. Bryson
The New Economy Is Dead, Long Live The Information Economy, Phillip J. Bryson
Faculty Publications
The arrival of the 2001-2003 recession caused many to suppose that the so-called "New Economy" was now defunct. This article addresses a number of related issues, including the question of the durability and viability of business cycles in the face of the technological developments of the information age. It asks what went wrong with the New Economy and examines its characteristics as well as its remaining possibilities and prospects for the future. Finally, it considers the spread of the Information Economy to Europe, especially to Germany, the country that one might expect to be the leading European player, but which …
A Tractable Approach To The Firm Location Decision Problem, Octávio Figueiredo, Paulo Guimaraes, Douglas P. Woodward
A Tractable Approach To The Firm Location Decision Problem, Octávio Figueiredo, Paulo Guimaraes, Douglas P. Woodward
Faculty Publications
The conditional logit model based on random utility maximization has provided an adequate framework to model firm location decisions. However, in practice, the implementation of this methodology presents problems when one has to handle complex choice scenarios with a large number of spatial alternatives. We posit the Poisson regression as a tractable solution to these problems. We demonstrate that by taking advantage of an equivalence relation between the likelihood function of the conditional logit and the Poisson regression we can, under certain circumstances, easily estimate a conditional logit model regardless of the number of choices. This insight should be particularly …