The structure of metropolitan factor and product markets
Article Abstract:
A translog profit function was used and seemingly unrelated regressions were iterated to estimate a system of factor demand and output supply functions for metropolitan economies. All metropolitan areas defined by Census in 1977 for the 1962-1982 period were included in the sampling. Estimation revealed the elasticity of all price elasticities and showed that the signs turned out as predicted. Federal, state, and local tax policies were found to have a significant effect on factor demand and output supply, while public investment is found to have a small but positive and significant influence in increasing output and in complementing other factors. Private sector capital is found to have a significantly greater effect on output and employment compared to public sector capital.
Publication Name: Journal of Regional Science
Subject: Social sciences
ISSN: 0022-4146
Year: 1996
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The long-run economic impacts of federal, state, and local fiscal policies in metropolitan areas
Article Abstract:
The effects of the local, state and federal fiscal policies in ten metropolitan economies, in five states, are evaluated with the aid of an inclusive and unclassified data systematized into output-supply and factor-demand elasticities for each area. Specifically, the weight of simulated yet realistic changes in policies, encompassing expenditures and taxes, to the labor supply, gross salaries and output rates is determined in every area. Findings indicate that a single implemented policy generates results that differ throughout the five areas.
Publication Name: Journal of Regional Science
Subject: Social sciences
ISSN: 0022-4146
Year: 1996
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Subsidies, additionality and financial constraints: a comment on Wren
Article Abstract:
The impact of various UK policies to the efficacy of employment is attributed to the divergent extent of additionality. Furthermore, additionality gives a maximum effect in financially needy corporations. However, it is countered that private funds restrain the effect of government subsidies in the analytical model proposed by Wren. A more flexible representation of the financial constraint also failed to prove the argument.
Publication Name: Journal of Regional Science
Subject: Social sciences
ISSN: 0022-4146
Year: 1996
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