Ideas versus rival human capital: industry evidence on growth models

Article Abstract:

A correlation study on the growth rates and employment in 449 4-digit manufacturing firms in the US to test the importance of intellectual resources over labor resources on the growth of firms showed that total factor productivity, as a measure of growth, were highest in firms that are intensive capital and intermediate goods. Growth measures were significantly enhanced in firms if significant decline in prices are observed in the firm's capital and intermediate goods. This supports the assertion that investments in industrial research leads to profits.

Debt & Capital Management, Research, Manufacturing industry, Manufacturing industries, Industrial research, Financial management, Capital productivity

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Identification and the narrative approach: a reply to Leeper

Article Abstract:

A study refutes allegation that identification problems present in vector autoregression analysis of monetary policy also exist in the narrative approach. It argues that high predictability of the dummy model is a result of overfitting and is not representative of the policy shifts related to economic development. It admits though that the policy shifts obtained in the dummy have some endogenous component.

Econometrics & Model Building, Analysis, Econometrics, Monetary policy, Model theory, Business models, Predictive value of tests, Predictive value of tests (Medical), Dummy variables

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