Quality change in price indexes
The Consumer Price Index (CPI) fails to account for changes in the quality of products and the consequent improvement in the quality of lives of purchasers of these products. Aside from these, the CPI also does not reflect price shifts caused by the introduction of new products, modifications in delivery of health services, and major technological innovations. As the CPI handles data for hundreds of thousands of commodities and services, the only feasible alternative is to limit the calculations to selected items.
Publication Name: Journal of Economic Perspectives
Lethal model 2: the limits to growth revisited
The limits-to-growth (LTG) economic debate and model as described in the study entitled 'The Limits to Growth' is analyzed. Results show that while slower economic growth is visualized for the future, the complex LTG computer models Limits I and Limits 2 are unduly pessimistic, fail to account for ongoing technological change and are based on invented equations. Implications for government economic policy inthis analysis include environmental and regulatory issues.
Publication Name: Brookings Papers on Economic Activity
Optimal greenhouse-gas reductions and tax policy in the "DICE" model
Scientists must deal with problems such as uncertainty and modeling when developing optimal policies for controlling greenhouse gases (GHG). The use of 'carbon taxes' in reducing emissions of GHGs and the analysis of the cost-effectiveness of policies are becoming more popular. The dynamic integrated climate-economy (DICE) model attempts to reduce GHG emissions by considering emissions, the economic costs of policies and the effects of climate change.
Publication Name: American Economic Review
- Abstracts: The impact of exchange rate volatility on international trade: reduced form estimates using the GARCH-in-mean model
- Abstracts: The toxic intensity of industrial production: global patterns, trends, and trade policy. International investment location decisions: the case of U.S. firms
- Abstracts: Modelling price dispersion as an outcome of competition in the Irish grocery market. Barrier and queue effects: a study of leading US supermarket chain entry patterns
- Abstracts: The matching market institution: a laboratory investigation. Inefficient information aggregation as a source of asset price bubbles
- Abstracts: The liquidity premium and average interest rates. Consumption and credit constraints: international evidence