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Economics - Research Publications
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ItemDiscrete hours labour supply modelling: Specification, estimation and simulationCREEDY, J ; KALB, GR (John Wiley & Sons, 2005)The assumption behind discrete hours labour supply modelling is that utility-maximising individuals choose from a relatively small number of hours levels, rather than being able to vary hours worked continuously. Such models are becoming widely used in view of their substantial advantages, compared with a continuous hours approach, when estimating and their role in tax policy microsimulation. This paper provides an introduction to the basic analytics of discrete hours labour supply modelling. Special attention is given to model specification, maximum likelihood estimation and microsimulation of tax reforms. The analysis is at each stage illustrated by the use of numerical examples. At the end, an empirical example of a hypothetical policy change to the social security system is given to illustrate the role of discrete hours microsimulation in the analysis of tax and transfer policy changes.
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ItemThe role of portfolio shocks in a structural vector autoregressive model of the Australian economyFry, R ; Hocking, J ; Martin, VL (BLACKWELL PUBLISHING, 2008-03)Domestic and foreign equity shocks on the Australian economy are analysed within a five‐variate structural vector autoregressive model, with identification achieved through long‐run restrictions based on the natural rate hypothesis, monetary neutrality, long‐run portfolio balance and purchasing power parity. The results show that real equity values were undervalued by 19 per cent by June 2005, with the gap narrowing thereafter. Foreign crises are important factors explaining this deterioration. The real wealth effects of equity market shocks impact significantly upon financial and goods market prices, whereas output tends to be immune. The model is also able to address puzzles that exist in the vector autoregression literature.
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ItemThe Cyclical Dynamics and Volatility of Australian Output and EmploymentSHEPHERD, D. ; DIXON, R. ( 2008)
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ItemOvercoming measurement error problems in the use of survey data on expectationsLee, K ; Shields, K (BLACKWELL PUBLISHING, 2007-09)Survey data frequently requires conversion from qualitative responses to quantitative series and it is often asserted that the conversion procedures introduce measurement errors that render the series unusable in structural modelling. We investigate the nature and treatment of the measurement error that arises when conversion procedures are used to obtain direct measures of expectations. We use simulation experiments to demonstrate the need for the adequate treatment of conversion errors and show that a procedure proposed to ‘purge’ the series of conversion error is extremely successful in circumventing the problems. We illustrate the procedures in empirical applications using business survey data.
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ItemOptimal licensing policy in differentiated industriesERKAL, N ( 2005)
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ItemAn employment equation for AustraliaDixon, R ; Freebairn, J ; Lim, GC (ECONOMIC SOC OF AUSTRALIA BROWN PRIOR ANDERSON PTY LTD, 2005-09)
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ItemEx post bidding and efficient coordination unemploymentJulien, B ; Kennes, J ; King, I (WILEY, 2005-02)Abstract. We study the implementation of constrained‐efficient allocations in labour markets where a basic coordination problem leads to an equilibrium matching friction. We argue that these allocations can be achieved in a non‐cooperative equilibrium if wages are determined by ex post bidding. This holds true even in finite‐sized markets where the equilibrium‐matching process has decreasing returns to scale – where the ‘Hosios rule’ does not apply – both with and without heterogeneity. JEL classification: D83, J64
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ItemWho enjoys 'TRIPs' abroad? An empirical analysis of intellectual property rights in the Uruguay RoundMcCalman, P (WILEY, 2005-05)Abstract. Analysis of the Uruguay Round is extended by quantifying the impact of the TRIPs agreement. The static costs of raising the standards of patent protection are captured by the transfers of income between countries, with the majority of countries estimated to make net payments abroad, the United States being a major beneficiary. To offset these transfers the model provides estimates of the dynamic benefits from the greater incentive to innovate, revealing that there is potential for all countries to benefit from the TRIPs agreement in the long run. However, the distribution of these benefits is highly skewed towards developed countries. JEL classification: O34, F43
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ItemInternational diffusion and intellectual property rights: An empirical analysisMCCALMAN, P. ( 2005)
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ItemMARKET MAKING OLIGOPOLY*LOERTSCHER, S (Wiley, 2008-06)This paper analyzes price competition between market makers who set costly capacity constraints before they intermediate between producers and consumers. The unique equilibrium outcome with pure strategies at the capacity stage is the Cournot outcome. The paper thus provides a rationale for Cournot‐type competition between market makers. This contrasts with previous findings in the literature, where due to the absence of capacity constraints that are set ex ante the Bertrand result typically obtains.