By Masanori Amano
This ebook proposes new tools of detecting causality between a number of dynamic variables and of estimating divisions of nominal source of revenue alterations into adjustments in output and costs. Amano builds on confirmed traditions of macro-dynamics and the theories of Keynes and Freidman, whereas supplying cutting edge views and significant coverage implications.
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Extra info for Money, Capital Formation and Economic Growth: International Comparison with Time Series Analysis
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10). 11). 10’) by the instrumental variable method. Actually, we estimate gP t on the instruments of past gPs, because in period t, agents cannot know the values gP t+1 ; and then we shift estimated gP t one period forward to make it gPet+1 . Instruments were then chosen to be gP t−1 , gP t−2 , gP t−3 , for France, Germany, and the United Kingdom; while for Australia, Canada, Italy, Japan, and the USA, the instruments were reduced to the past two gPs. 7 , where tf is the level of total factor productivity, K is the aggregate existing stock of capital, and N is the number of labor employed, all in year t (t is omitted for brevity of notation).
As is shown below, the UK and Japan’s White tests (with cross terms) show no heteroskedasticity; hence the White matrix for these two countries was not used. 553). A. (1983) Staggered prices in a utility maximizing mramework. Journal of Monetary Economics 12, 383–98. EViews 6 (2007) User’s Guide. Irvine, CA: Quantitative Micro Software. Friedman, M. (1970) A theoretical framework for monetary analysis. Journal of Political Economy 78, 193–238. ——(1971) A monetary theory of nominal income. Journal of Political Economy 79, 323–37.