Offering a unifying theoretical perspective not readily available in any other text, this innovative guide to econometrics uses simple geometrical arguments to develop students' intuitive understanding of basic and advanced topics, emphasizing throughout the practical applications of modern theory and nonlinear techniques of estimation. One theme of the text is the use of artificial regressions for estimation, reference, and specification testing of nonlinear models, including diagnostic tests for parameter constancy, serial correlation, heteroscedasticity, and other types of mis-specification. Explaining how estimates can be obtained and tests can be carried out, the authors go beyond a mere algebraic description to one that can be easily translated into the commands of a standard econometric software package. Covering an unprecedented range of problems with a consistent emphasis on those that arise in applied work, this accessible and coherent guide to the most vital topics in econometrics today is indispensable for advanced students of econometrics and students of statistics interested in regression and related topics. It will also suit practising econometricians who want to update their skills. Flexibly designed to accommodate a variety of course levels, it offers both complete coverage of the basic material and separate chapters on areas of specialized interest.

Estimation and Inference in Econometrics

The benefits of the modern knowledge economy differ greatly between advanced economies. Average annual labor productivity growth (measured as GDP per hour of work) in the United States accelerated from 1.2 percent in the 1973–1995 period to 2.3 percent from 1995 to 2006. Conversely, the 15 European Union countries that constituted the union up to 2004 experienced a productivity growth slowdown between these two time periods. For these 15 countries as a group, labor productivity growth declined from an annual rate of 2.4 percent during the period 1973–1995 to 1.5 percent during the period 1995– 2006. While differences in the timing of business cycles in the United States and the European Union may have some effect on this comparison, they do not explain these divergent trend growth rates. This paper shows that the European productivity slowdown is attributable to the slower emergence of the knowledge economy in Europe compared to the United States. We consider various explanations which are not mutually exclusive: for example, lower growth contributions from investment in information and communication technology in Europe, the relatively small share of technologyproducing industries in Europe, and slower multifactor productivity growth (which can be viewed as a proxy for advances in technology and innovation). Underlying

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The productivity gap between Europe and the United States : Trends and causes

Long-term economic scenarios (up to 2100) are needed as a basis to explore possible different futures for major environmental challenges, including climate change. Given the high level of uncertainty involved, such scenarios would need to span a wide range of possible growth trajectories. The recently developed storylines of the Shared Socioeconomic Pathways (SSPs) provide a basis for making such projections. This paper describes a consistent methodology to derive (per capita) GDP trend pathways on a country basis. The methodology is based on a convergence process and places emphasis on the key drivers of economic growth in the long run: population, total factor productivity, physical capital, employment and human capital, and energy and fossil fuel resources (specifically oil and gas). The paper uses this methodology to derive country-level economic growth projections for 184 countries. The paper also investigates the influence of short-term growth rate estimates on the long-term income levels in various countries. It does so by comparing long-term projections based on short-term forecasts from 2011 with the projections based on forecasts from 2013. This highlights the effects of the recent economic crisis and uncertainty in short term developments on longer term growth trends. The projections are subject to large uncertainties, particularly for the later decades, and disregard a wide range of country-specific drivers of economic growth that are outside the narrow economic framework, such as external shocks, governance barriers and feedbacks from environmental damage. Hence, they should be interpreted with sufficient care and not be treated as predictions.

Long-term economic growth projections in the Shared Socioeconomic Pathways

This study investigates the pricing behaviour of firms in the euro area on the basis of surveys conducted by nine Eurosystem national central banks, covering more than 11,000 firms. The results, robust across countries, show that firms operate in monopolistically competitive markets, where prices are mostly set following markup rules and where price discrimination is common. Around one-third of firms follow mainly time-dependent pricing rules while two-thirds allow for elements of state-dependence. The majority of firms take into account past and expected economic developments in their pricing decisions. Price stickiness is mainly driven by customer relationships - explicit and implicit contracts - and coordination failure. Firms adjust prices asymmetrically in response to shocks: while cost shocks have a greater impact when prices have to be raised than when they have to be reduced, reductions in demand are more likely to induce a price change than increases in demand.

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The Pricing Behaviour of Firms in the Euro Area: New Survey Evidence

Environmental policies and productivity growth: Evidence across industries and firms

We identify the impact of intermediate goods markets imperfections on productivity downstream. Our empirical specification is based on a model of multifactor productivity (MFP) growth in which the effects of upstream competition can vary with distance to frontier. This model is estimated on a panel of fifteen OECD countries and twenty industries over 1985 to 2007. Competitive pressures are proxied with industry product market regulation data. We find evidence that anticompetitive upstream regulations have significantly curbed MFP growth over the past fifteen years, and more strongly so for observations that are close to the productivity frontier.

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Do product market regulations in upstream sectors curb productivity growth? panel data evidence for oecd countries

This study aims to provide some empirical explanations for the gaps in information and communication technologies (ICT) diffusion between industrialized countries and especially between European countries and the USA. National macro-economic panel data are mobilized for 11 OECD countries over the 1981–2005 period. The analysis is based on factor demand estimates. It provides some original results: (i) the impact on ICT diffusion is positive for the level of education and negative for market rigidities, and both increased over time (in absolute terms) until mid-1990s; (ii) in each country, the price-elasticity of demand for ICT decreased (in absolute terms) over time, from 2 at the beginning of the 1980s to 1 in the middle of the 2000s.

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ICT demand behaviour: an international comparison

Recent economic literature has identified sizeable differences across industrialised countries in the diffusion of Information and Communication Technologies (ICTs) throughout the production structure. This paper addresses the question of whether differences in the price elasticity of demand for ICTs could explain why Europe lags behind the United States in terms of ICT diffusion. We use annual macroeconomic data covering the period 1975-2001 and consider five countries: France, Germany, the Netherlands, the United Kingdom and the United States. Europe's lag in ICT diffusion does not appear to be linked to cross-country differences in the price elasticity of demand for ICT products. Our results suggest that at least part of the gap in ICT diffusion should be ascribed to more structural cross-country differences. The estimated value of the price-elasticity of computer hardware and software is generally lower than -1 which, given the decline in the relative price of these products, explains the increase in their share of investment expenditure and GDP. This situation is characteristic of a diffusion stage and is necessarily temporary.

Investment in Information and Communication Technologies: an Empirical Analysis

We present version 10 of OrthoMaM, a database of orthologous mammalian markers. OrthoMaM is already 11 years old and since the outset it has kept on improving, providing alignments and phylogenetic trees of high-quality computed with state-of-the-art methods on up-to-date data. The main contribution of this version is the increase in the number of taxa: 116 mammalian genomes for 14,509 one-to-one orthologous genes. This has been made possible by the combination of genomic data deposited in Ensembl complemented by additional good-quality genomes only available in NCBI. Version 10 users will benefit from pipeline improvements and a completely redesigned web-interface.

https://hal.archives-ouvertes.fr/hal-02139915/document

OrthoMaM v10: Scaling-Up Orthologous Coding Sequence and Exon Alignments with More than One Hundred Mammalian Genomes

Based on an endogenous growth model, we show that intermediate goods markets imperfections can curb incentives to improve productivity downstream. We confirm such prediction by estimating a model of multifactor productivity growth in which the effects of upstream competition vary with distance to frontier on a panel of 15 OECD countries and 20 sectors over 1985-2007. Competitive pressures are proxied with sectoral product market regulation data. We find evidence that anticompetitive upstream regulations have curbed MFP growth over the past 15 years, more strongly so for observations that are close to the productivity frontier.

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Jimmy Lopez

Papers

Do product market regulations in upstream sectors curb productivity growth? panel data evidence for oecd countries

ICT demand behaviour: an international comparison

Investment in Information and Communication Technologies: an Empirical Analysis

OrthoMaM v10: Scaling-Up Orthologous Coding Sequence and Exon Alignments with More than One Hundred Mammalian Genomes

Do Product Market Regulations in Upstream Sectors Curb Productivity Growth