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Full-Text Articles in Macroeconomics

Duality Theory In Empirical Work, Revisited, Francisco Rosas, Sergio H. Lence Aug 2017

Duality Theory In Empirical Work, Revisited, Francisco Rosas, Sergio H. Lence

Economics Publications

We compute a pseudo-dataset by Monte Carlo simulations featuring important characteristics of US agriculture, such that the initial technology parameters are known, and employing widely used datasets for calibration. Then, we show the usefulness of this calibration by applying the duality theory approach to datasets bearing as sources of noise only the aggregation of technologically heterogeneous firms. Estimation recovers initial parameters with reasonable accuracy. These conclusions are expected, but the proposed calibration sets the basis for analysing the performance of duality theory in empirical work when datasets have more observed and unobserved sources of noise, as those faced by practitioners.


Usda Forecasts Of Crop Ending Stocks: How Well Have They Performed?, Jinzhi Xiao, Chad E. Hart, Sergio H. Lence Apr 2017

Usda Forecasts Of Crop Ending Stocks: How Well Have They Performed?, Jinzhi Xiao, Chad E. Hart, Sergio H. Lence

Economics Publications

This study analyzes forecasts of U.S. ending stocks for corn, soybeans, and wheat issued by the USDA. The proposed efficiency tests focus on forecast revisions. Forecast errors are decomposed into monthly unforecastable shocks and idiosyncratic residuals. The error covariance matrix allows for heteroscedasticity and auto-correlations. Results suggest that the USDA forecasts are inefficient, providing strong evidence that the USDA is conservative in forecasting the ending stocks. Unforecastable shocks are heteroscedastic, and idiosyncratic residuals are small. Results are consistent across the three decades analyzed, but soybean forecasts are found to be considerably worse from 2005 to 2015.


Are Consumers As Constrained As Hens Are Confined? Brain Activations And Behavioral Choices After Informational Influence, Alex J. Francisco, Amanda S. Bruce, John Crespi, Jayson L. Lusk, Brandon Mcfadden, Jared M. Bruce, Robin L. Aupperle, Seung-Lark Lim Jan 2015

Are Consumers As Constrained As Hens Are Confined? Brain Activations And Behavioral Choices After Informational Influence, Alex J. Francisco, Amanda S. Bruce, John Crespi, Jayson L. Lusk, Brandon Mcfadden, Jared M. Bruce, Robin L. Aupperle, Seung-Lark Lim

Economics Publications

In 2008, California passed Proposition 2, specifying confinement space for certain farm animals. Proposition 2 went into full effect January 2015 and has significant implications for egg production in California and possibly even interstate commerce. We examined the influence of promotional videos aired during the campaign on consumers’ willingness-to-pay for eggs produced in a more open production system (i.e., cage-free, free range) and corresponding neurofunctional activations during decisions. Forty-six participants (24 females), aged 18–55 years (M=29.65), were enrolled and performed a food decision-making task during fMRI scanning. In each decision, two options of identical one dozen ...


The Behavioral And Neuroeconomics Of Food And Brand Decisions: Executive Summary, Amanda Bruce, John Crespi, Jayson Lusk Jan 2015

The Behavioral And Neuroeconomics Of Food And Brand Decisions: Executive Summary, Amanda Bruce, John Crespi, Jayson Lusk

Economics Publications

This executive summary provides the rationale for and summary of the articles of this Special Edition of the Journal of Agricultural and Food Industrial Organization.


What Explains Schooling Differences Across Countries?, Juan Carlos Cordoba, Marla Ripoll Mar 2013

What Explains Schooling Differences Across Countries?, Juan Carlos Cordoba, Marla Ripoll

Economics Publications

This paper provides a theory that explains the cross-country distribution of average years of schooling, as well as the so called human capital premium puzzle. In our theory, credit frictions as well as differences in access to public education, fertility and mortality turn out to be the key reasons why schooling differs across countries. Differences in growth rates and in wages are second order.


The Russian Food, Alcohol And Tobacco Consumption Patterns During Transition, Marian Rizov, Thomas Herzfeld, Sonya K. Huffman Dec 2012

The Russian Food, Alcohol And Tobacco Consumption Patterns During Transition, Marian Rizov, Thomas Herzfeld, Sonya K. Huffman

Economics Publications

The paper presents evidence on the impact of individual characteristics as well as regional macroeconomic factors on changes in fat, protein, alcohol and tobacco consumption, and on diet's diversity during the transition period 1994 -2004 in Russia. The results from estimating first difference demand functions using Russian Longitudinal Monitoring Survey (RLMS) data suggest that individual characteristics such as initial consumption patterns, gender, education, household income, and access to a garden plot all have a significant impact on the consumption behaviour. Regarding the macroeconomic variables, inflation has a significant impact on alcohol and tobacco consumption, while unemployment significantly impacts only ...


Review Of What’S Economics Worth? Valuing Policy Research, Giancarlo Moschini Jan 2007

Review Of What’S Economics Worth? Valuing Policy Research, Giancarlo Moschini

Economics Publications

This collection of papers—which grew out of an effort initiated by the In- ternational Food Policy Research Institute, with preliminary contributions presented at three symposia between 1996 and 2001—intellectually flows from the strand of applied economics that has endeavored to measure the returns to investments in technology and scientific research and development (R & D). Having found handsome returns for many R & D ventures, especially in agriculture, this body of research has lent itself well to advocating continued and increased public support for science—to the delight of many a scientist but, in an age of increasingly tight budget ...


Agent-Based Computational Modeling And Macroeconomics, Leigh Tesfatsion Jan 2006

Agent-Based Computational Modeling And Macroeconomics, Leigh Tesfatsion

Economics Publications

How should economists model the relationship between macroeconomic phenomena and microeconomic structure? Economists have been struggling to answer this question for decades. Nevertheless, the Walrasian equilibrium model devised by the nineteenth century French economist Leon Walras (1834-1910) still remains the fundamental paradigm that frames the way many economists think about this issue. Competitive models directly adopt the paradigm. Imperfectly competitive models typically adopt the paradigm as a benchmark of coordination success. Although often critiqued for its excessive abstraction and lack of empirical salience, the paradigm has persisted.


Rural Population Growth, 1950–1990: The Roles Of Human Capital, Industry Structure, And Government Policy, Tzu-Ling Huang, Peter F. Orazem, Darin Wohlgemuth Jan 2002

Rural Population Growth, 1950–1990: The Roles Of Human Capital, Industry Structure, And Government Policy, Tzu-Ling Huang, Peter F. Orazem, Darin Wohlgemuth

Economics Publications

Human capital raises rural incomes, but this effect is swamped by higher returns to human capital in urban markets. This leads to “brain drain” from rural areas. Populations grow more rapidly in rural counties that have a diversified employment base. Farm population grows faster (or declines more slowly) in counties with relatively high farm income, and nonfarm populations grow faster in counties with relatively high nonfarm income. However, higher farm incomes lead to slower nonfarm population growth and vice versa. Rural county government services financed by local taxes or debt have neutral or negative effects on population growth.


Male‐Female Supply To State Government Jobs And Comparable Worth, Peter F. Orazem, J. Peter Mattila Jan 1998

Male‐Female Supply To State Government Jobs And Comparable Worth, Peter F. Orazem, J. Peter Mattila

Economics Publications

The proportion of women in state government jobs and applicant pools is well explained by a model emphasizing supply-side factors. Relative to men, women’s supply is least sensitive to wages in predominantly male jobs and most sensitive to wages in predominantly female jobs. These results suggest that comparable worth policies that shift relative pay toward traditionally female jobs and away from traditionally male jobs will increase the proportion of females in male-dominated, female-dominated, and total state government jobs. The implication is that supply side responses need not prevent comparable worth pay adjustments from raising total female compensation.


Stochastic Disturbances And Exchange Rates, Walter Enders, Harvey E. Lapan Jan 1978

Stochastic Disturbances And Exchange Rates, Walter Enders, Harvey E. Lapan

Economics Publications

One of the central issues in the ongoing debate concerning fixed versus flexible exchange rates is the comparative stabilizing properties of monetary changes as opposed to exchange rate changes. Fixed and flexible exchange rate regimes have been differentiated according to the ability of the private sector of an economy to alter the nominal value of its domestic money supply via the balance of payments. A disturbance which would lead a nation to experience a balance of payments deficit (surplus) in a fixed rate regime would lead to a depreciation (appreciation) of that nation's currency in a flexible exchange rate ...