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Money And Monetary Policy In The Eurozone: An Empirical Analysis During Crises, Jonathan Benchimol, André Fourçans 2016 Bank of Israel

Money And Monetary Policy In The Eurozone: An Empirical Analysis During Crises, Jonathan Benchimol, André Fourçans

Jonathan Benchimol

This paper analyses the role of money and monetary policy as well as the forecasting performance of New Keynesian dynamic stochastic general equilibrium (DSGE) models with and without separability between consumption and money. The study is conducted over three crisis periods in the Eurozone, namely, the ERM crisis, the Dot-com crisis and the Global Financial Crisis (GFC). The results of successive Bayesian estimations demonstrate that during these crises, the non-separable model generally provides better out of sample output forecasts than the baseline model. We also demonstrate that money shocks have some impact on output variations during crises, especially in the ...


Household Production And The Demand For Food And Other Inputs: U.S. Evidence, Wallace E. Huffman 2016 Iowa State University

Household Production And The Demand For Food And Other Inputs: U.S. Evidence, Wallace E. Huffman

Wallace Huffman

The paper develops a new productive household model and a consistent household fullincome/ expenditure demand system for inputs and leisure of U.S. households. The demand system is fitted to U.S. annual aggregate data over the last half of the 20th century and findings include that the price and income elasticity of demand for food-at-home are roughly two times larger than for food-away-from-home and that food-at-home and away-from-home are substitutes. The price and income elasticity of demand for men’s unpaid housework are twice as large as for women’s unpaid housework and women’s and men’s unpaid ...


Understanding Post-War Changes In U.S. Household Production: A Full-Income Demand-System Perspective, Wallace Huffman 2016 Iowa State University

Understanding Post-War Changes In U.S. Household Production: A Full-Income Demand-System Perspective, Wallace Huffman

Wallace Huffman

This paper examines the changing structure of U.S. household production over the post-World War II period. We apply production theory in order to define a new set of inputs for U.S. households and use newly constructed data so as to examine with the aid of a relatively simple complete household aggregate demand system. The goal is to extent our understanding of the changing structure of the U.S. household sector over the post-World War II period, including the demand for inputs of women’s and men’s housework or unpaid household labor and seven other aggregate input categories ...


Who Do Consumers Trust For Information: The Case Of Genetically Modified Foods?, Wallace E. Huffman, Matthew Rousu, Jason F. Shogren, Abebayehu Tegene 2016 Iowa State University

Who Do Consumers Trust For Information: The Case Of Genetically Modified Foods?, Wallace E. Huffman, Matthew Rousu, Jason F. Shogren, Abebayehu Tegene

Wallace Huffman

During the twentieth century, research and development (R&D) has produced a steady stream of inventions and new consumer goods, many of which have been adopted and proven to be the source of a rising standard of living (Boskin et al.). The introduction of new goods, however, creates a disequilibrium (Hausman), which in turn creates a demand by economic agents for objective information to assist in making decisions on adoption and use (Schultz).1 The consumer's challenge is to sort through the various, competing and sometimes conflicting, sources of information.


New Econometric Evidence On Agricultural Total Factor Productivity Determinants: Impact Of Funding Sources, Wallace Huffman, Robert E. Evenson 2016 Iowa State University

New Econometric Evidence On Agricultural Total Factor Productivity Determinants: Impact Of Funding Sources, Wallace Huffman, Robert E. Evenson

Wallace Huffman

This paper examines the impact of public and private agricultural research and extension on agricultural total factor productivity at the state level. We test the hypothesis that the composition of agricultural experiment station funding—share of funding from impact of federal competitive grants and contracts and from federal formula and state government appropriations affects the productivity of public agricultural research using data for the 48 contiguous states over 19701999. Our results show not only that sources of funding matter, but that an increase in federal competitive grant funding at the expense of federal formula funding would lower the productivity of ...


Determinants Of The Demand For State Agricultural Experiment Station Resources: A Demand-System Approach, Wallace Huffman, Robert Evenson 2016 Iowa State University

Determinants Of The Demand For State Agricultural Experiment Station Resources: A Demand-System Approach, Wallace Huffman, Robert Evenson

Wallace Huffman

We document the decline in traditional federal government support of the state agricultural experiment station system over the 20 years period starting in 1980 and of state government support over the 1990s. This paper presents a model of state government decisions on agricultural research expenditures. The model permits some benefits to be private in the sense that they are state specific and others to be public and spillover to other states. To capture a key aspect of agricultural research, the model includes voluntary and nonvoluntary contributions to a state government’s expenditures on agricultural research. Moreover, we argue that different ...


Dynamic Corn Supply Functions: A Model With Explicit Optimization, Abebayehu Tegene, Wallace E. Huffman, John A. Miranowski 2016 University of Wisconsin - Milwaukee

Dynamic Corn Supply Functions: A Model With Explicit Optimization, Abebayehu Tegene, Wallace E. Huffman, John A. Miranowski

Wallace Huffman

A model of optimal dynamic agricultural supply is derived and fitted assuming farmers have two annual stochastic crop production activities, a joint limitation on production capacity, interdependencies between past acreage utilization and current productivity, and rational expectations. A five-equation specification is fitted to annual data, 1948–80. Estimated parameters are consistent with the theory, and the model simulates well. The long-run price elasticity of corn acreage is 0.2, which is similar to those obtained from ad hoc dynamic models, but our short-run elasticities are different.


Aggregate Private R&D Investments In Agriculture: The Role Of Incentives, Public Policies, And Institutions, Oscar Alfranca, Wallace E. Huffman 2016 University Politecnica de Catalunya

Aggregate Private R&D Investments In Agriculture: The Role Of Incentives, Public Policies, And Institutions, Oscar Alfranca, Wallace E. Huffman

Wallace Huffman

Most observers have come to agree that Research and Development (R&D) is fundamental to the innovations that take place in advanced countries and that drive growth and development around the world. This is equally true for agricultural R&D, which has substantially increased the supply of food and fiber over time. Given the evident importance of agricultural R&D, we look at the forces that determine the amount of privately funded research in this vital sector using a sample of European countries. We construct indicators of private incentives, property rights, and publicly funded research in the various countries. Private research has grown with unusual speed in recent years and offers the prospect of advances in the quality of agricultural goods as well as reductions in their costs. Furthermore, considerable interest exists in knowing how changes in private and public research expenditures are related empirically; for example, are they complements or substitutes?1 If they are substitutes, then additional private agricultural R&D expenditures may not result in larger total agricultural research expenditures.


Black-White Human Capital Differences: Impact On Agricultural Productivity In The U.S. South, Wallace E. Huffman 2016 Iowa State University

Black-White Human Capital Differences: Impact On Agricultural Productivity In The U.S. South, Wallace E. Huffman

Wallace Huffman

In a dynamic environment, schooling of farmers and agricultural extension have the potential for enhancing the efficiency of agricultural production. In the U.S. South, a relatively large number of blacks have operated farms since emancipation. In the segregated school systems, these black farmers obtained lower quality and fewer years of schooling than white farmers. The public sector extension service had the potential for mitigating the effects of lower quality black education on farm production efficiency. In eleven of the sixteen southern states, however, the Extension Service was completely segregated, and the services provided to black farmers were fewer and ...


Optimal Pricing Strategies For A Cluster Of Goods: Own- And Cross-Price Effects With Correlated Tastes, Francisco Rosas, Santiago Acerenza, Peter Orazem 2016 Universidad ORT Uruguay and Centro de Investigaciones Económicas (CINVE)

Optimal Pricing Strategies For A Cluster Of Goods: Own- And Cross-Price Effects With Correlated Tastes, Francisco Rosas, Santiago Acerenza, Peter Orazem

Economics Working Papers

gent valuation methods are used to identify observed and unobserved preferences of goods and services. We apply these methods to compute willingness to pay (WTP) for a product conditional on having purchased another offered product. We provide a derivation for own-price and compensated cross-price elasticities whose results suggest a pricing strategy considering all offered goods simultaneously. Therefore, we solve the social planner’s problem maximizing a weighted function of producer’s revenues and consumer’s utility for the set of optimal prices. We show an application to collegiate sports, but these methods can be extended in a straightforward fashion to ...


16-29 Using Experiments To Compare The Predictive Power Of Models Of Multilateral Negotiations, Cary Deck, Charles J. Thomas 2016 Chapman University

16-29 Using Experiments To Compare The Predictive Power Of Models Of Multilateral Negotiations, Cary Deck, Charles J. Thomas

ESI Working Papers

We conduct unstructured negotiations in a laboratory experiment designed to empirically assess the predictive power of three approaches to modeling the multilateral negotiations observed in diverse strategic settings. For concreteness we consider two sellers negotiating with a buyer who wants to make only one trade, with the modeling approaches distinguished by whether the buyer negotiates with the sellers sequentially, simultaneously, or in a “take-it-or-leave-it” fashion. Our experiment features two scenarios within which the three approaches have observationally distinct predictions: a differentiated scenario with one high-surplus and one low-surplus seller, and a homogeneous scenario with identical high-surplus sellers. In both scenarios ...


Intermediation In Overlapping Generations Economies, Mark Pingle, Leigh Tesfatsion 2016 Iowa State University

Intermediation In Overlapping Generations Economies, Mark Pingle, Leigh Tesfatsion

Leigh Tesfatsion

Do active earnings-driven intermediaries have a significant role to play in dynamic economies, even in the absence of transactions costs and asymmetrical information? This paper shows that the answer is "yes" for the overlapping generations (OG) economy...


A Multi-Criteria Approach To Model Specification And Estimation, Robert Kalaba, Leigh Tesfatsion 2016 Iowa State University

A Multi-Criteria Approach To Model Specification And Estimation, Robert Kalaba, Leigh Tesfatsion

Leigh Tesfatsion

Why have multicriteria decision making (MCDM) techniques played only a minor role in econometric and statistical methodology to date? On the surface, this minor role is surprising. Every postulated theoretical relation is almost surely false. A cross-sectional function for household demand may be misspecified as linear rather than nonlinear.


The Economic Efficacy Of Reintegration Assistance For Former Child Soldiers, Jonathan B. Kaufmann 2016 American University

The Economic Efficacy Of Reintegration Assistance For Former Child Soldiers, Jonathan B. Kaufmann

Undergraduate Economic Review

There is no consensus among scholars on the efficacy of reintegration assistance programs, including how their services affect reintegration outcomes. This research is the first statistical analysis of the economic impacts of reintegration assistance for former child soldiers. Several regression analyses were performed to determine the effect of reintegration assistance on earnings and social capital. The results indicate that no statistically significant relationship exists between reintegration assistance and earnings or social capital. Conversely, societal interventions such as increasing access to education and promoting traditional cleansing ceremonies were effective.


Over-Nutrition And Changing Health Status In High Income Countries, Wallace E. Huffman, Sonya K. Huffman, Kyrre Rickertsen, Abebayehu Tegene 2016 Iowa State University

Over-Nutrition And Changing Health Status In High Income Countries, Wallace E. Huffman, Sonya K. Huffman, Kyrre Rickertsen, Abebayehu Tegene

Wallace Huffman

As per capita incomes in developed countries have grown over the past three decades, overnutrition leading to obesity and elevated health risks for cardiovascular disease, diabetes and some forms of cancer has occurred. We use economic and econometric models to identify the impact of food prices on the aggregate demand for calories and the supply of health, as reflected in mortality rates. Our models are fitted to unique panel data for 18 developed countries over 1971-2001, a period when the relative price of food first rose and then declined steadily. Some findings, using de-trended data, are that a lower real ...


Measurement Error In Job Evaluation And The Gender Wage Gap, Shih-Neng Chen, Peter F. Orazem, J. Peter Mattila, Jeffrey J. Greig 2016 Shih Hsin University

Measurement Error In Job Evaluation And The Gender Wage Gap, Shih-Neng Chen, Peter F. Orazem, J. Peter Mattila, Jeffrey J. Greig

Peter Orazem

Job evaluation is used to establish pay for many workers in the United States and has been used to measure the extent of pay discrimination. However, job evaluations are subject to measurement error that can bias these estimates. Using computed reliability ratios to adjust for measurement error in a study of Iowa state government jobs, we find that measurement errors exaggerate the implied extent of discrimination against predominantly female jobs by 34%-44%. Measurement errors also exaggerate the number of independent job factors which affect pay. A practical procedure for making these corrections is illustrated.


Trade Integration, Environmental Degradation, And Public Health In Chile: Assessing The Linkages, John Beghin, Bradley J. Bowland, Sebastien Dessus, David Roland-Holst, Dominique van der Mensbrugghe 2016 Iowa State University

Trade Integration, Environmental Degradation, And Public Health In Chile: Assessing The Linkages, John Beghin, Bradley J. Bowland, Sebastien Dessus, David Roland-Holst, Dominique Van Der Mensbrugghe

John Beghin

We use an empirical simulation model to examine links between trade integration, pollution, and public health in Chile. We synthesize economic, engineering, and health data to elucidate this complex relationship and support more coherent policy. Trade integration scenarios examined include Chile's accession to the NAFTA, MERCOSUR, and unilateral opening to world markets. The latter scenario induces substantial worsening of pollution, partly because it facilitates access to cheaper and dirty energy, and has a significant negative effect on urban morbidity and mortality. Damages caused by rising morbidity and mortality are of similar magnitude and substantial. Emissions of small particulates, SO2 ...


Determining Yuan Valuation- An Extension Of The Imf External Balance Assessment Approach, Shantanu A. Banerjee 2016 University of Texas at Austin

Determining Yuan Valuation- An Extension Of The Imf External Balance Assessment Approach, Shantanu A. Banerjee

Undergraduate Economic Review

This paper applies the IMF EBA methodology to a China-specific time series analysis, using a 2SLS instrumented regression with Newey-West standard errors to determine the policy gap that results from PBOC intervention. We find the impact of reserve accumulation to be more significant in magnitude than indicated by the EBA, demonstrating a modest improvement in accuracy with the introduction of central bank liquidity swaps as a novel instrument. Evidence of a long term equilibrium relationship is also found between the real effective exchange rate and reserve accumulation, with the presence of medium level capital controls.


16-28 Economic Analysis With Systematically Biased Agents, Mark Schneider 2016 Chapman University

16-28 Economic Analysis With Systematically Biased Agents, Mark Schneider

ESI Working Papers

A tenet of behavioral economics is that biases are systematic and should have visible effects in economic applications. Expected utility maximization has been widely applied in economic analysis, but progress has been slower incorporating 'systematically biased' agents into applications involving risk. This contrasts with the widespread application of present-biased preferences in intertemporal settings. To address this gap, we advocate a model of quasi-rank dependent probability weighting as a natural analog to quasi-hyperbolic discounting for decisions under risk. The model satisfies stochastic dominance and transitivity and transforms individual rather than cumulative probabilities. We illustrate the model’s tractability in several economic ...


Estimating Consumers' Valuation Of Organic And Cosmetically Damaged Apples, Chenyan Yue, Helen H. Jensen, Daren S. Mueller, Gail R. Nonnecke, Douglas Bonnet, Mark L. Gleason 2016 Iowa State University

Estimating Consumers' Valuation Of Organic And Cosmetically Damaged Apples, Chenyan Yue, Helen H. Jensen, Daren S. Mueller, Gail R. Nonnecke, Douglas Bonnet, Mark L. Gleason

Helen Jensen

The sooty blotch and flyspeck (SBFS) disease complex causes cosmetic damage but does not affect the safety or eating quality of apples. Treatment for disease is more difficult and costly for organic producers, and consumers' willingness to pay for organic apples needs to be considered in growers' choice of production technologies. A mixed probit model was applied to survey data to evaluate consumers' willingness to buy apples. The results show consumers will pay a premium for organic production methods and for apples with low amounts of SBFS damage. Behavioral variables such as experience growing fruit significantly affect the willingness to ...


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