Oxford Bulletin of Economics and Statistics
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EXPLORING EQUILIBRIUM RELATIONSHIPS IN ECONOMETRICS THROUGH STATIC MODELS: SOME MONTE CARLO EVIDENCE<sup>*</sup>
Oxford Bulletin of Economics and Statistics - Tập 48 Số 3 - Trang 253-277 - 1986
EXPLAINING CHANGING PATTERNS OF INTERNATIONAL PRODUCTION: IN DEFENCE OF THE ECLECTIC THEORY
Oxford Bulletin of Economics and Statistics - Tập 41 Số 4 - Trang 269-295 - 1979
RESEARCH AND TRANSFER OF TECHNOLOGY BY MULTINATIONAL ENTERPRISES<sup>*</sup>
Oxford Bulletin of Economics and Statistics - Tập 43 Số 2 - Trang 115-130 - 1981
Efficiency, innovation and exports*
Oxford Bulletin of Economics and Statistics - Tập 64 Số 1 - Trang 3-15 - 2002
Macroeconomic Uncertainty and Oil Price Volatility Abstract This paper shows that higher macroeconomic uncertainty causes higher oil price volatility. Regimes of low and high uncertainty are identified in a threshold VAR model in which the effects of structural oil demand and supply shocks are estimated. The results show that higher macroeconomic uncertainty, as measured by global industrial production volatility, significantly increases the sensitivity of oil prices to shocks in oil demand and supply. This occurs as uncertainty lowers the price elasticity of oil demand and supply. The difference in the estimated oil price elasticities is economically meaningful as the price impact of a similar change in oil production might double when it hits the economy in uncertain times. As such, varying uncertainty can explain why oil price volatility is typically higher during periods such as financial crises and recessions, and why oil price volatility changes over time more generally.
Oxford Bulletin of Economics and Statistics - Tập 78 Số 5 - Trang 671-693 - 2016
Production Technology Estimates and Balanced Growth Abstract Capital‐labour substitution and total factor productivity (TFP) estimates are essential features of many economic models. Such models typically embody a balanced growth path. This often leads researchers to estimate models imposing stringent prior choices on technical change. We demonstrate that estimation of the substitution elasticity and TFP growth can be substantially biased if technical progress is thereby mis‐specified. We obtain analytical and simulation results in the context of a model consistent with balanced and near‐balanced growth (i.e. departures from balanced growth but broadly stable factor shares). Given this evidence, a constant elasticity of substitution production function system is then estimated for the US economy. Results show that the estimated substitution elasticity tends to be significantly lower using a factor‐augmenting specification (well below one). We are also able to reject conventional neutrality forms in favour of general factor augmentation with a non‐negligible capital‐augmenting component. Our work thus provides insights into production and supply‐side estimation in balanced‐growth frameworks.
Oxford Bulletin of Economics and Statistics - Tập 77 Số 1 - Trang 40-65 - 2015
Testing for Error Correction in Panel Data* Abstract This paper proposes new error correction‐based cointegration tests for panel data. The limiting distributions of the tests are derived and critical values provided. Our simulation results suggest that the tests have good small‐sample properties with small size distortions and high power relative to other popular residual‐based panel cointegration tests. In our empirical application, we present evidence suggesting that international healthcare expenditures and GDP are cointegrated once the possibility of an invalid common factor restriction has been accounted for.
Oxford Bulletin of Economics and Statistics - Tập 69 Số 6 - Trang 709-748 - 2007
LM TESTS FOR A UNIT ROOT IN THE PRESENCE OF DETERMINISTIC TRENDS*
Oxford Bulletin of Economics and Statistics - Tập 54 Số 3 - Trang 257-287 - 1992
Maximum Likelihood Estimation in Panels with Incidental Trends
Oxford Bulletin of Economics and Statistics - Tập 61 Số s1 - Trang 711-747 - 1999
DETERMINANTS OF THE INTER‐INDUSTRY STRUCTURE OF PROTECTION IN THE UK†
Oxford Bulletin of Economics and Statistics - Tập 56 Số 4 - Trang 399-419 - 1994
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