By Masanori Amano
This publication proposes new equipment 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 delivering cutting edge views and critical coverage implications.
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Additional info for Money, Capital Formation and Economic Growth: International Comparison with Time Series Analysis
The terms ck (k = 0 through 6) are the parameters to be estimated. Also, εt is a zero mean iid error term. 3 Estimation of nominal aggregate income elasticity of output (eo) Let us begin with expectation formation on inﬂation, gPet+1 . 11) where gP t+1 is the actual inﬂation rate, νt+1 is an iid error term with mean zero, and the two terms on the right-hand side are not correlated (that is, cov(gPet+1 , νt+1 ) = 0). See, for example, Lovell (1986). 10). 11). 10’) by the instrumental variable method.
Section 3 estimates eos for the above countries, and compares the results among those countries. Section 4 concludes the chapter. 2 Firm behavior and division of nominal income between output and prices Firms are assumed to make a two-stage optimization regarding output and the price level. Let us start with the descriptions of variables and concepts: Y represents nominal income, Q real GDP, and P the price level. Then we have Y = P · Q. Letting gz be an annual growth rate of z, we at once ﬁnd gY = gP + gQ.
6. 7. 8. 9. 10. 11. 12. does. One reason for this would be that the wage level is taken as the ratio to its trend level. One might consider xt to depend on Et gP t+1 , whose coefﬁcient would be unity according to the natural rate hypothesis. However, on a short-run horizon, the coefﬁcient of this expectation term may well be smaller than unity. 5). 6) does not cause any problem in the following discussion. 7) is actually a vector, or a subset, of (ger s gems gm2s gtf s ). However, equalizing the lag number to either three or four for the three countries yielded similar results.