Showing papers by "Pompeu Fabra University published in 1995"
Posted Content•
TL;DR: In this article, the concepts of s-convergence, absolute convergence, and conditional convergence are discussed and applied to a variety of data sets that include a large cross section of 110 countries, the sub-sample of OECD countries, states within the United States, the prefectures of Japan and the regions within several European countries.
Abstract: The concepts of s-convergence, absolute b-convergence and conditional b-convergence are discussed in this paper. The concepts are applied to a variety of data sets that include a large cross section of 110 countries, the sub-sample of OECD countries, the states within the United States, the prefectures of Japan and the regions within several European countries. Except for the large cross section of countries, all data sets display strong evidence of s-convergence and absolute b-convergence. The cross section of countries exhibits s-divergence and conditional b-convergence. The speed of conditional convergence, which is very similar across data sets, is close to 2% per year.
1,421 citations
Posted Content•
TL;DR: In this paper, the authors study the issue of income convergence across countries and regions with a Bayesian model which allows them to use information in an efficient and flexible way, and find that the very slow convergence rates to a common level of per-capita income found, for example, by Barro and Sala-i-Martin, is due to a "fixed effect bias" that their cross-sectional analysis introduces in the results.
Abstract: We study the issue of income convergence across countries and regions with a Bayesian model which allows us to use information in an efficient and flexible way. We argue that the very slow convergence rates to a common level of per-capita income found, for example, by Barro and Sala-i-Martin, is due to a 'fixed effect bias' that their cross-sectional analysis introduces in the results. Our approach permits the estimation of different convergence rates to different steady states for each cross-sectional unit. When this diversity is allowed, we find that convergence of each unit to (its own) steady-state income level is much faster than previously estimated, but that cross-sectional differences persist: inequalities will only be reduced by a small amount by the passage of time. The cross-country distribution of the steady state is largely explained by the cross-sectional distribution of initial conditions.
303 citations
TL;DR: In this paper, Lagrange multiplier tests of the null hypothesis of no unit roots at seasonal frequencies against the alternative of a unit root at either a single seasonal frequency or a set of seasonal frequencies were introduced.
Abstract: This article introduces Lagrange multiplier tests of the null hypothesis of no unit roots at seasonal frequencies against the alternative of a unit root at either a single seasonal frequency or a set of seasonal frequencies. The tests complement those of Dickey, Hasza, and Fuller and Hylleberg, Engle, Granger, and Yoo that examine the null of seasonal unit roots. We derive an asymptotic distribution theory for the tests, and investigate their size and power with a Monte Carlo exercise. Application of the tests to three sets of seasonal variables shows that in most cases seasonality is nonstationary.
265 citations
TL;DR: In this article, a generalized least squares estimation procedure for structural equation modeling with a mixture of dichotomous, ordered categorical, and continuous measures of latent variables is presented. But the emphasis is placed on showing the asymptotic normality of the estimates obtained in the first and second stages and the validity of the weight matrix used in the GLS estimation of the third stage.
Abstract: Muthen (1984) formulated a general model and estimation procedure for structural equation modeling with a mixture of dichotomous, ordered categorical, and continuous measures of latent variables. A general three-stage procedure was developed to obtain estimates, standard errors, and a chi-square measure of fit for a given structural model. While the last step uses generalized least-squares estimation to fit a structural model, the first two steps involve the computation of the statistics used in this model fitting. A key component in the procedure was the development of a GLS weight matrix corresponding to the asymptotic covariance matrix of the sample statistics computed in the first two stages. This paper extends the description of the asymptotics involved and shows how the Muthen formulas can be derived. The emphasis is placed on showing the asymptotic normality of the estimates obtained in the first and second stage and the validity of the weight matrix used in the GLS estimation of the third stage.
192 citations
TL;DR: It is found that unusual periods of at least three consecutive days of increased weather temperature increased mortality, independently of the V-shaped relationship, and the association of unusual periods with mortality was stronger during winters than in summers.
Abstract: Background. Many studies have reported that heatwaves increase mortality. However, it is not certain whether less pronounced rises in temperature also increase it. Such information might be important for predicting the impact of potential weather changes on mortality. We have assessed the relationship between daily mortality and moderate increases in weather temperature in Barcelona, Spain, following a time series approach. Methods. The study included the period from 1 January 1985 to 30 December 1989. For all the population resident in Barcelona, Spain, we considered the following daily data : total mortality, mortality of those >65 years, and cardiovascular and respiratory mortality. The meteorological variables were : minimum temperature, maximum temperature, dew point temperature and relative humidity. Several transfer function (ARIMA) models were estimated for the entire period and for both winters and summers separately. Results. We found that unusual periods of at least three consecutive days of increased weather temperature increased mortality, independently of the V-shaped relationship also found. The occurrence of an unusual period increased total daily mortality by 2% on average (1.7% on summers) and by 2.6% in those over 65 (2% on summers). Cardiovascular mortality rose by 4.6% (4.2% on summers) and respiratory mortality by 21.6% (13.2% on summers). However, only those unusual periods with an excess temperature and humidity were associated with mortality increases. Conclusions. The unusual periods observed in the present study cannot be classified as heatwaves because the weather temperature never reached high values and most of them occurred during the winter. The association of unusual periods with mortality was stronger during winters than in summers, maybe because unusual winter periods showed a temperature deviation from the average twice that in summer or because humidity during unusual winter periods was higher than in summer.
165 citations
TL;DR: In this paper, a set of human capital indexes for the states of the United States for each census year starting in 1940 were constructed. But, their method is based on an optimal approach by which they choose the best set of index numbers by minimizing the expected estimation error subject to some research constraints.
Abstract: Weconstruct a set of human capital indexes for the states of theUnited States for each census year starting in 1940. To do so,we propose a new methodology for the construction of index numbersin panel data sets. Our method is based on an optimal approachby which we choose the ``best'' set of index numbers by minimizingthe expected estimation error subject to some research constraints.Some of the empirical findings are that the stock of human capitalin the United States grew twice as rapidly as the average yearsof schooling and that human capital inequality across stateswent up during the 1980s (while the dispersion of schooling actuallyfell). We conclude that using the average years of schoolingfor the empirical study of existing growth models may be misleading.
135 citations
TL;DR: This paper analyzed the relationship between stock returns and real activity from the point of view of a general equilibrium, multicountry model of the business cycle and found that there is a relationship between domestic output growth and domestic stock returns which becomes stronger when foreign influences are considered.
129 citations
TL;DR: In this paper, the authors construct a model that combines elements of endogenous growth with the convergence implications of the neoclassical growth model and show that the world growth rate is driven by discoveries in the technologically leading economies.
Abstract: We construct a model that combines elements of endogenous growth with the convergence implications of the neoclassical growth model. In the long run, the world growth rate is driven by discoveries in the technologically leading economies. Followers converge toward the leaders because copying is cheaper than innovation over some range. A tendency for copying costs to increase reduces followers’ growth rates and thereby generates a pattern of conditional convergence. We discuss how countries are selected to be technological leaders, and we assess welfare implications. Poorly defined intellectual property rights imply that leaders have insufficient incentive to invent and followers have excessive incentive to copy.
99 citations
TL;DR: In this article, the authors compared the finite sample performance of the canonical correlation regression estimator (CCR) and Stock and Watson's (A simple estimator of cointegration vectors in higher-order integrated systems, Econometrica, 1993, 61(4), 783-820) dynamic ordinary least squares estimators (DOLS) using the models proposed by Inder.
91 citations
TL;DR: The authors presented a model which combines self-sustained growth and "underdevelopment traps" into a common analytical framework and provided an analytical interpretation to Rostow's observation that there is a decisive interval in the history of a society when growth becomes its normal condition and to the empirical evidence that some countries seem not to have achieved this stage yet.
63 citations
TL;DR: In this article, the authors study the behavior of overlapping generations economies in which the government either finances real deficits through seigniorage or allows money supply to grow at a predetermined rate, and provide experimental data to study the conjecture that a simple rule such as a constant growth of the money supply, can help coordinate agents' beliefs and help stabilize the economy.
TL;DR: Issues of structural complexity in a linear version of the Blum-Shub-Smale model of computation over the real numbers and real versions of PSPACE and of the polynomial time hierarchy are investigated.
29 May 1995
TL;DR: It is shown that the classes BPP, PP, PH, and PSPACE are not enlarged by allowing the use of real constants and arithmetic at unit cost provided the authors restrict branching to equality tests.
Abstract: In this paper we consider real counterparts of classical probabilistic complexity classes in the framework of real Turing machines as introduced by Blum, Shub, and Smale [2]. We give an extension of the well-known “BPP ~ P/poly” result from discrete complexity theory to a very general setting in the real number model. This result holds for real inputs, real outputs, and random elements drawn from an arbitrary probability distribution over lR~. Then we turn to the study of Boolean parts, that is, classes of languages of zero-one vectors accepted by real machines. In particular we show that the classes BPP, PP, PH, and PSPACE are not enlarged by allowing the use of real constants and arithmetic at unit cost provided we restrict branching to equality tests.
TL;DR: In this article, the authors show the link of the concept of diversity with terminology and show that the goal of absolute uniformity of scientific terms is not desirable as it reflects an artificial and Utopian process.
Abstract: This article aims to show the link of the concept of diversity with terminology. This fundamental relationship may seem paradoxical since one of the main goals of terminology is that of unification and standardisation of terms. However, it should be borne in mind that terminology has to take reality into account. This reality appears to be diverse in its nature. Terminology was born from diversity and owes much of its expansion to the diversity of its approaches, applications, functions, and training; this diversity is the natural outcome of facing up to a concrete and existing reality. Thus it can be seen that contrary to what might be common belief, the goal of absolute uniformity of scientific terms is not desirable as it reflects an artificial and Utopian process. In fact, idealising terms does not bear much resemblance to reality. Nor does it to terminology.
TL;DR: In this article, the effect of quenched coordination number randomness on the phase transition in the eight-state Potts model on regular lattices has been studied using Monte Carlo simulations.
Journal Article•
TL;DR: In a longitudinal study of weight and height over the first 4 years of life, 123 human immunodeficiency virus (HIV)-infected and 654 uninfected children of similar social background were compared.
Abstract: In a longitudinal study of weight and height over the first 4 years of life, 123 human immunodeficiency virus (HIV)-infected and 654 uninfected children of similar social background were compared. By 3 months of age there was a 400-g (8.0%) difference in weight and an 0.8-cm (1.3%) difference in height between infected and uninfected children. After age 1 year the differences stabilized and infected children were, on average, approximately 6% less heavy and 2% shorter than uninfected children. Most of the weight difference was explained by differences in height, particularly after age 1 year. Although statistically significant the difference between infected and uninfected children was small. Weight and height measurements were not useful indicators of infection. Before 6 months of age differences in weight velocity could not be explained by HIV-related morbidity and might have been related to a primary HIV infection. At older ages growth failure associated with HIV infection could be attributed to secondary HIV-related morbidity.
TL;DR: In this article, a parametric framework for comparing alternative incomplete asset structures in a productive economy is provided, focusing on the role of assets in allocating risk and transmitting private information.
TL;DR: In this article, it is shown that any structure of information revealed by prices, that is consistent with the absence of arbitrage, can be embedded in a rational expectations equilibrium, in contrast to the case of real assets, in which prices are genetically fully revealing.
Posted Content•
TL;DR: In this paper, a set of human capital indexes for the states of the United States for each Census year starting in 1940 was constructed. But the authors used the average years of schooling for the empirical study of existing growth models may be misleading.
Abstract: We construct a set of human capital indexes for the states of the United States for each Census year starting in 1940. To do so we propose a new methodology for the construction of index numbers in panel data sets. Our method is based on an optimal approach by which we choose the `best' set index numbers by minimizing the expected estimation error subject to some search constraints. Some of the empirical findings are that the stock of human capital in the United States grew twice as rapidly as the average years of schooling and that human capital inequality across states went up during the 1980s (while the dispersion of schooling actually fell). We conclude that using the average years of schooling for the empirical study of existing growth models may be misleading.
DOI•
01 Jan 1995TL;DR: The authors of as discussed by the authors define a "telon de la diversidad", i.e., the notion of unidad: unidad of bases, unidad de objeto cientifico, unity de campo de investigación; en suma, a "unidad de disciplina".
Abstract: La terminologia, aunque pueda parecer extrano a quienes solo la relacionan con la estandarizacion o la normalizacion, es por encima de todo representativa de la diversidad, y esa diversidad se manifiesta en las distintas concepciones que existen de la disciplina, en las diversas materias que la componen y en las distintas funciones que permite cumplir, ademas de la variedad de practicas que ofrece, de la diversidad de usuarios que se sirven de ella, o de la multiplicidad de organizaciones que la tratan. Como telon de la diversidad, por muy paradojico que pueda parecer de entrada, unidad: unidad de bases, unidad de objeto cientifico, unidad de campo de investigacion; en suma, unidad de disciplina. El titulo pues de esta conferencia resume de modo sintetico la posicion que intentare desarrollar: una sola materia: la terminologia, con una perspectiva poliedrica de base, en lo que se refiere a sus fundamentos (las concepciones), a sus enfoques (las orientaciones), y a suas practicas (las aplicaciones).
TL;DR: In this article, a representative agent cash-in-advance model is proposed to reproduce the time series properties of nominal excess returns in a variety of financial markets using a representative agents cash-insure model, modified to allow for time variation in the conditional variances of the exogenous processes.
TL;DR: This paper is concerned with the construction of egalitarian solutions for the limit situation with a continuum of players and associates to the egalitarian solutions a variational problem which may be viewed as a generalization---to the nontransferable utility context---of the diagonal principle of Aumann and Shapley.
Abstract: This is the first of two papers devoted to the study of egalitarian solutions for nontransferable utility NTU games with a large number of players. This paper is concerned with the construction of egalitarian solutions for the limit situation with a continuum of players. We build on the concept of the Potential introduced in Hart and Mas-Colell Hart, S., A. Mas-Colell. 1989. Potential, value and consistency. Econometrica57 589--614. and exploit partial differential equations techniques. In particular, we associate to the egalitarian solutions a variational problem which may be viewed as a generalization---to the nontransferable utility context---of the diagonal principle of Aumann and Shapley Aumann, R. J., L. S. Shapley. 1974. Values of Non-Atomic Games. Princeton University Press, Princeton, New Jersey. in the transferable utility setting.
TL;DR: It is shown that the egalitarian solutions of finite games as the number of players increases converge to the egalitarian solution of the limit game with a continuum of players as defined in the previous paper.
Abstract: This is the second of two papers devoted to the study of egalitarian solutions for nontransferable utility NTU games with a large number of players. This paper is concerned with the egalitarian solutions of finite games as the number of players increases. We show that these converge to the egalitarian solution of the limit game with a continuum of players as defined in our previous paper. The same convergence holds for the underlying potential functions. These asymptotic results are particularly significant since they provide the definitive justification for our definitions in the limit continuum case.
Posted Content•
TL;DR: In this article, the authors study the behavior of overlapping generations economies in which the government either finances real deficits through seigniorage or allows money supply to grow at a predetermined rate, and provide experimental data to study the conjecture that a simple rule such as a constant growth of the money supply, can help coordinate agents' beliefs and help stabilize the economy.
Abstract: We design and study the behavior of experimental overlapping generations economies in which the government either finances real deficits through seigniorage or allows money supply to grow at a predetermined rate. We provide experimental data to study the conjecture that a “simple” rule, such as a constant growth of the money supply, can help coordinate agents' beliefs and help stabilize the economy. Our experimental data provide weak evidence for such a conjecture. The underlying stability parameters of the economy provide a better explanation of observed price volatility than differences in the policy do. In particular, in relatively unstable environments, subjects base their forecasts more on observed fluctuations than on the announcements of stable monetary policies.
TL;DR: The methodological approach for the generation of the content and structure of such a multimedia georeferenced database is described and discussed, and the interface and navigation issues are approached from the point of view of making multimedia GIS accessible to nonexpert users.
Abstract: In this paper we examine the design and implementation of ParcBIT, a multimedia GIS (geographical information systems) CD-ROM presenting the information required for the development of a master plan for a technological park on the island of Majorca (Spain). The CD-ROM is the information resource of an international competition in which master plan proposals were submitted by leading international architects. Environmentally conscious planning is one of the possible fields of application of multimedia GIS, and in this paper the methodological approach for the generation of the content and structure of such a multimedia georeferenced database is described and discussed. The interface and navigation issues are approached from the point of view of making multimedia GIS accessible to nonexpert users. The current status of the development tools, which makes the integration of GIS and multimedia difficult, and feedback from the users of the application are evaluated.
TL;DR: In this paper, ausencias de informacion detectadas, especialmente en relacion a los efectos adversos de las intervenciones sanitarias and los riesgos laborales y ambientales, facilitar el acceso a la informacion a traves de la creacion de bases de dataos automatizadas; homogeneizar las distintas fuentes de interes sanitario.
TL;DR: Encontrar las claves de la television for ensenar y aprender desde las aulas a utilizar this nuevo lenguaje, es el objeto de reflexion de este experto en comunicacion audiovisual que nos propone como reto educar "para" y "desde" el espectaculo que nos ofrece el medio televisivo, como estrategia para superar el divorcio entre la escuela and la tele and por ende, para f
Abstract: Encontrar las claves de la television para ensenar y aprender desde las aulas a utilizar este nuevo lenguaje, es el objeto de reflexion de este experto en comunicacion audiovisual que nos propone como reto educar «para» y «desde» el espectaculo que nos ofrece el medio televisivo, como estrategia para superar el divorcio entre la escuela y la tele y por ende, para fomentar unos alumnos mas criticos y reflexivos.
TL;DR: The expression public health surveillance define much better the functions of a) monitoring and evaluation of the health policy and b) detection and research of epidemics.
TL;DR: In this article, the exactitude of the variable "municipio de residencia" empleada en las estadisticas de mortalidad, contrastandola con la información contenida in los Padrones Municipales.
Posted Content•
TL;DR: In this paper, the authors analyze the interaction between capital accumulation, technological progress and financial development and find that closer monitoring yields a higher level of innovative activity in equilibrium and faster growth.
Abstract: This paper analyses the interaction between capital accumulation, technological progress and financial development. Growth is sustained by the development of new varieties of intermediate goods. Innovation is risky and the probability of success depends on entrepreneurs' actions, which can only be imperfectly observed by outsiders through the use of a costly monitoring technology. Financial intermediaries emerge to avoid the duplication of monitoring activities and negotiate incentive contracts with innovators. Monitoring intensity is determined endogenously as a function of factor prices and determines the risk premium required by risk-averse researchers. Natural forward and backward links arise between finance and innovation. By allowing for better risk sharing, closer monitoring yields a higher level of innovative activity in equilibrium and faster growth. Under plausible assumptions, the resulting changes in factor prices lower the relative cost of monitoring, leading to a further increase in the efficiency of the financial sector.