1,721,036 research outputs found
Maximum likelihood and economic modeling
No full textMost of the data available to economists is observational rather than the outcome of natural or quasi experiments. This complicates analysis because it is common for observationally distinct individuals to exhibit similar responses to a given environment and for observationally identical individuals to respond differently to similar incentives. In such situations, using maximum likelihood methods to fit an economic model can provide a general approach to describing the observed data, whatever its nature. The predictions obtained from a fitted model provide crucial information about the distributional outcomes of economic policies
The relationship between monetary growth and inflation: an application of the infinite hidden Markov model to the United Kingdom
Full text linkThe analysis is undertaken through exploration of a reduced form relationship. Two questions are central to the study. The first involves the role of structural breaks in the relationship between inflation and monetary growth. We explore this through an application of Qu (2008) SQ and DQ tests which analyse structural breaks in both the mean and quantiles of the conditional distribution. The second question involves the role of nonlinearity in the relationship between inflation and monetary growth.The results from the SQ and DQ tests suggest the existence of multiple structural breaks in the linear relationship between inflation and monetary growth. In the thesis, we propose a modification to the critical values underlying these tests to capture the effect of various sample sizes. The results of Monte Carlo experiments suggest that this modification improves the power of test when compared to the results given by Qu (2008).From the estimation of Markov switch model and infinite Hidden Markov model, we find that the relationship between monetary growth and inflation exhibits a maximum of five regimes over the period 1966 to 2012. However, after introduction of inflation targeting in UK in 1992, the relationship between inflation and monetary growth stayed in one regime most of the time. The financial crisis of 2008 only changed the relationship between monetary growth and inflation for a short period before returning to the pre-crisis regime. The iHMM demonstrates a range of capabilities, notably the ability to detect structural change even at the end of the sample. This feature is desirable in monitoring potential structural breaks generally and given the importance of the specific relationship between money and inflation for practical policy purposes
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
The Marginal Rate of Substitution and the Specification of Labour Supply Models
No full textIn this note I revisit Heckman's proposal, [Heckman, 1974], to specify a static labour supply model using a simple formulation for the Marginal Rate of Substitution between total expenditure on consumption and hours of work. I describe the analytical form of the expenditure function and I show how the direct and indirect utility functions can be recovered. I propose an alternative specification for the MRS and in this case I describe analytically the labour supply functions, the indirect and direct utility functions as well as the expenditure function
The Marginal Rate of Substitution and the Specification of Labour Supply Models [Elektronisk resurs]
No full textIn this note I revisit Heckman's proposal, [Heckman, 1974], to specify a static labour supply model using a simple formulation for the Marginal Rate of Substitution between total expenditure on consumption and hours of work. I describe the analytical form of the expenditure function and I show how the direct and indirect utility functions can be recovered. I propose an alternative specification for the MRS and in this case I describe analytically the labour supply functions, the indirect and direct utility functions as well as the expenditure function.</p
The Marginal Rate of Substitution and the Specification of Labour Supply Models
No full textIn this note I revisit Heckman's proposal, [Heckman, 1974], to specify a static labour supply model using a simple formulation for the Marginal Rate of Substitution between total expenditure on consumption and hours of work. I describe the analytical form of the expenditure function and I show how the direct and indirect utility functions can be recovered. I propose an alternative specification for the MRS and in this case I describe analytically the labour supply functions, the indirect and direct utility functions as well as the expenditure function
The Marginal Rate of Substitution and the Specification of Labour Supply Models
No full textIn this note I revisit Heckman's proposal, [Heckman, 1974], to specify a static labour supply model using a simple formulation for the Marginal Rate of Substitution between total expenditure on consumption and hours of work. I describe the analytical form of the expenditure function and I show how the direct and indirect utility functions can be recovered. I propose an alternative specification for the MRS and in this case I describe analytically the labour supply functions, the indirect and direct utility functions as well as the expenditure function.</p
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
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