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Full-Text Articles in Econometrics
Commodities Are Not Industries! A Value Chain Example, Randall W. Jackson, Patricio Aroca
Commodities Are Not Industries! A Value Chain Example, Randall W. Jackson, Patricio Aroca
Regional Research Institute Working Papers
Leontief and Stone both received Nobel Prizes in Economics for development and extension of input-output (IO) analysis, a framework that has gained little traction in mainstream U.S. economics. Although IO modeling has gained renewed focus in several problem domains, many contemporary economists eschew Stone's enhancements, resulting in inconsistent analytics, even in top economics journals. In this paper, we use an increasingly common approach to value chain analysis as one example that demonstrates such conceptual misunderstandings and by presenting properly formulated alternatives, we demonstrate the extent of the consequences of neglecting the Stone enhancements and important role of reproducing results.
Consistent Regional Commodity-By-Industry Input-Output Accounts, Randall Jackson, Péter Járosi
Consistent Regional Commodity-By-Industry Input-Output Accounts, Randall Jackson, Péter Járosi
Regional Research Institute Working Papers
A long-standing regional science problem domain focuses on the identification of structural economic change. One of several approaches relies on the use of historical final demand series and a comparison of observed industry output to an estimate of what output would have been were economic structure static. However, these methods were first developed before the introduction of today’s commonly used commodity-by-industry (CxI)input-output (IO) accounting frameworks, and before the application of these methods to regional economies. Correctly formulating the supporting accounting structures for these analyses is essential, but can be challenging even for experienced an- alysts. Related textbook and journal articles …