Stylized facts, economic theory, econometric methodology and applications contributions to economics. Evidence and stylized facts this paper produces new evidence and stylised facts on housing, wealth accumulation and wealth distribution, relying on an indepth analysis of microbased data on household wealth across oecd countries. Marshalling evidence from multiple sources of survey data and drawing on new methods, the book asks how indias structural transformation from rural to urban, and from agriculture to nonfarm sectors is impacting poverty. We investigate the effect of electoral rules and political regimes on fiscal policy outcomes in a panel of 61 democracies from 1960 and onwards. Axel gerloff this paper analyzes the stabilization policies of the ten central and eastern european countries that have negotiated a europe agreement with the european union and had officially applied for european union membership by the end of 1997. Stylized facts in the geography of innovation sciencedirect.
Kaldors facts are six statements about economic growth, proposed by nicholas kaldor in his article of 1957. Stylized facts are persistent macroregularities which cannot be described in terms of microeconomic theory. Stylized facts, economic theory, econometric methodology and applications contributions to economics reiter, michael on. We first discuss some general issues common to all statistical studies of financial time series. Stylized facts and macroeconomic implications by chris papageorgiou available from rakuten kobo. This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in. However, if the old stylized facts on disappointing growth accompanying reforms led to doubts about economic reforms, new stylized facts should lead to some positive updating of such beliefs. We produce stylized facts related to house price appreciation gradients over a broad cross. Economic growth in latin america and the caribbean. Nicholas kaldor summarized the statistical properties of longterm economic growth in an influential 1957 paper. Lecture 1, stylized facts of economic growth and development daron acemoglu mit october 25, 2011.
In the last several years, the dollar amount of repurchases has been virtually selection from handbook of the economics of finance book. Purchase encyclopedia of health economics 1st edition. On grays rule and the stylized facts of nonrenewable resources. Stylized facts and explanations epub cigdem akin, mr. Daron acemoglu mit economic growth lecture 1 october 25, 2011. Fondazione eni enrico mattei feem series on economics, energy and environment, vol 8. Family structure and childrens educational outcomes. Stylized facts about stabilization in central and eastern. According to the theory of rational irrationality, being irrational in the sense of deviating from rational expectations is a good like any other. Oecd ilibrary housing, wealth accumulation and wealth. Read developing essential financial markets in smaller economies.
Housing, wealth accumulation and wealth distribution. Pdf stylized facts and multiple realizibility in econophysics. Stylized facts and multiple realizability in econophysics. A theoretical explanation of some stylized facts of economic growth arvind panagariya this paper presents a threegood, twocountry, general equilibrium model that is consistent with several stylized facts of economic growth. The three goods are manufactures, agriculture, and services. Stylized facts, explanations, and forecasts world bank studies.
A stylized fact is often a broad generalization that summarizes data, which although essentially true may have inaccuracies in the detail. Rightwing governments have privatized in an effort to decrease the size of government, while leftwing governments have privatized either to compensate for the failures of stateowned firms or to generate revenues. Blended families, stylized facts, and descriptive regressions donna k. In social sciences, especially economics, a stylized fact is a simplified presentation of an empirical finding. The new stylized facts about income and subjective wellbeing. Stylized facts and policy options by international monetary fund available from rakuten kobo. The current paper presents a general model of rational irrationality, which explains all three stylized facts.
The evidence strongly supports the view that there are strong agglomeration forces in hightechnology sectors, mainly related to the concentration of scientific knowledge. This chapter presents a survey of factors associated with the crafting of new innovative hightechnology clusters. This chapter provides an overview of the career profiles of italian legislators over the entire sample period 19482008. As part of what has been termed the new economic geography, this area of research is less than 20 years old, and is now developed sufficiently so that the discussion can be organized around certain stylized and commonly accepted facts. Textbooks are your best bet for a rigorous introductory treatment, as described in the question details. Redoing this exercise today, nearly fifty years later, shows how much. Models of economic growth with environmental assets. Explain the key stylized facts about aggregate consumption and investment size, volatility. The new stylized facts about income and subjective wellbeing abstract in recent decades economists have turned their attention to data that. We present a set of stylized empirical facts emerging from the statistical analysis of price variations in various types of financial markets. Michael reiter the book uses the methods of spectral analysis to establish a set of stylized facts concerning the cyclical properties of the most important economic aggregates of germany and the us. Through the argument of multiple realizability, this methodological paper claims that a top down agentbased econophysics can contribute to a better understanding of complex economic systems in two ways.
It presents crosscorrelations between domestic industrial output and a large group of macroeconomic variables, including fiscal variables, wages. In 1961, nicholas kaldor used his list of six stylized facts both to summarize the patterns that economists had discovered in national income accounts and to shape the growth models that they were developing to explain them. We list our top recommendations for the best books on macroeconomics and microeconomics, including bestselling popular economics books, and. Here we provide you with the list of top 10 best economics books to make sure you benefit from every bit of information we provide. The geography of innovation describes the importance of proximity and location to innovative activity. Apr 22, 2005 economic growth in latin america and the caribbean. Macroeconomics stylized facts of economic growth stylized facts stylized facts refer to generalizations that hold approximately, but not exactly. Several previous authors have attempted to characterize the stylized facts of energy and growth. The privatization of large stateowned enterprises is one of the most radical policy developments of the last quarter century. In particular, it documents the extent to which the characteristics of italian legislators such as their age, gender, education, occupation, and income prior to entering the parliament have changed over time and highlight the major differences between the first and the.
The top ten books to read about international economic history. Overall, estimates suggest proximity to the center. In this paper, we provide a philosophical analysis of stylized facts, which aims to be methodologically interesting and useful. Macroeconomic fluctuations in developing countries. They list four such stylized facts, which they took from jones 2002. While a sizeable literature on the topic already exists,including the notable early contributions of clark 1957. He described these as a stylised view of the facts, which coined the term stylized fact stylized facts of economic growth. The object of the economics of nonrenewable resources has been to describe what one observes by a series of stylized facts and then to explain these stylized facts in a way that is both sophisticated and interesting in the context of neoclassical economics. Introduction1 recent years have shown an increase in the number of studies on transi. Stylized facts, explanations, and forecasts world bank studies fajnzylber, pablo, loayza, norman, calderon, cesar on. This article documents the main stylized features of macroeconomic fluctuations for 12 developing countries. What are stylized facts journal of economic methodology.
Through the argument of multiple realizibility, this methodological paper claims that a. Stylized facts of economic growth university at albany. Download for free these fulltext economics books on many subjects and build on them and the related models, empirical data and key concepts, with a keen view to outline and propose appropriate economic policies for our century. Dec 01, 2007 changing nature of northsouth linkages. The book examines indias experience with poverty reduction in a period of rapid economic growth. In presidential regimes, the size of government is smaller and less responsive to income shocks, compared to parliamentary regimes. Stylized facts on the temporal and distributional properties of daily ftse returns. A rogue economist explores the hidden side of everything by steven d.
Listed below are some stylized facts about longrun economic growth. A theoretical explanation of some stylized facts of economic. The facts and the figures highlighted in the book are a real eyeopener. The thesis of the present paper is that three of the stylized facts need to be rethought. Stylized facts of daily return series and the hidden markov model. While our framework applies to all principled uses of stylized facts, we illustrate its core features by applying it to nicholas kaldors initial and exemplary use of stylized facts in growth economics. Revalidating savinginvestment comovement in nigeria. The dynamics of business cycles stylized facts, economic. Recommended economics books great writing on economics and economic policy has taken off in recent years, even as policymakers increasingly appear to ignore the many lessons economics teaches us. We summarize what we know about energy and economic growth in a set of stylized facts. This paper presents theory and evidence from disaggregated chinese data that tariff reductions induce a countrys producers to upgrade the quality of their exports. We first document stylized facts regarding the effect of trade liberalization on export prices.
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