The Experts below are selected from a list of 180 Experts worldwide ranked by ideXlab platform
Henry Thompson - One of the best experts on this subject based on the ideXlab platform.
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an energy Factor Proportions model of the us economy
Energy Economics, 2014Co-Authors: Henry ThompsonAbstract:A Factor Proportions model examines the effects of falling energy input and its rising price in the US economy based on a novel production function motivated by the definition of physical work. This physical production function specifies separate interaction of energy and labor with capital, estimated with annual data from 1951 to 2008. Energy has a large output elasticity and inelastic own input demand. A rising energy price lowers the return to capital in the general equilibrium even though capital is a moderate substitute for energy. Energy has robust comparative static elasticities linked to manufacturing in the general equilibrium.
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wages in a Factor Proportions model with energy input
Economic Modelling, 2014Co-Authors: Henry ThompsonAbstract:This paper examines US wage adjustment in a structural vector autoregression of the Factor Proportions model with capital, labor, and energy inputs. Data cover the years 1949 to 2006. The wage adjusts to changes in input levels and output prices over six to eight years. Energy has a more robust wage impact than capital. The wage reacts weakly if at all to the falling price of manufactures and rising price of services during the sample period. Estimates relate directly to Factor Proportions theory suggesting robust substitution with labor in the middle of the Factor intensity ranking.
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Stolper-Samuelson Time Series: Long Term US Wage Adjustment
Review of Development Economics, 2013Co-Authors: Henry ThompsonAbstract:Factor prices adjust to product prices in the Stolper–Samuelson theorem of the Factor Proportions model. The present paper estimates adjustment in the average US wage to changes in prices of manufactures and services with yearly data from 1949 to 2006. Difference equation analysis is based directly on the comparative static Factor Proportions model. Factors of production are fixed capital assets and the labor force. Results have implications for theory and policy.
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wages in a Factor Proportions time series model of the us
Journal of International Trade & Economic Development, 2010Co-Authors: Henry ThompsonAbstract:The theoretical effects of changes in prices and Factor endowments on wages in general equilibrium models have been examined under various assumptions. The present paper is the first to estimate wage effects in the context of this theory. The data cover the US real wage, labor force, fixed capital assets, energy input, and prices of manufactures and services from 1949 to 2006. Estimated input elasticities of the wage are consistent with labor in the middle of the Factor intensity ranking, and energy as very intensive in manufacturing. The estimation technique quantifies fundamental influences on the labor market.
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labor skills and Factor Proportions trade in the gulf cooperation council
International Review of Economics & Finance, 2010Co-Authors: Henry Thompson, Hugo ToledoAbstract:A new measure of Factor intensity and abundance from trade theory is utilized to predict potential trade and income redistribution between traditional and modern economies in the Gulf Cooperation Council. Differences in labor skill intensity and abundance suggest there will be substantial trade between the modern (Bahrain, Qatar, UAE) and traditional (Kuwait, Oman, Saudi Arabia) economies in the GCC. Due to the limited data, the UAE and Kuwait are taken to represent the modern and traditional economies.
Dick Durevall - One of the best experts on this subject based on the ideXlab platform.
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Factor Proportions openness and Factor prices in kenya 1965 2000
Journal of Development Studies, 2008Co-Authors: Arne Bigsten, Dick DurevallAbstract:This study analyses how changes in Factor abundance and openness have affected relative Factor prices in Kenya since 1965, using cointegration analysis and error correction models of relative Factor prices. We find that Factor Proportions determined relative Factor prices in the long run, while openness, measured by three different proxies, possibly had a short run effect on relative Factor returns. The only deviation from this pattern occurred during the latter half of the 1990s when there was rapid wage growth, mainly due to labour market deregulation.
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Factor Proportions, Openness and Factor Prices in Kenya 1965–2000
Journal of Development Studies, 2008Co-Authors: Arne Bigsten, Dick DurevallAbstract:This study analyses how changes in Factor abundance and openness have affected relative Factor prices in Kenya since 1965, using cointegration analysis and error correction models of relative Factor prices. We find that Factor Proportions determined relative Factor prices in the long run, while openness, measured by three different proxies, possibly had a short run effect on relative Factor returns. The only deviation from this pattern occurred during the latter half of the 1990s when there was rapid wage growth, mainly due to labour market deregulation.
John Gilbert - One of the best experts on this subject based on the ideXlab platform.
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excel sheet for using nonlinear programming in international trade theory the Factor Proportions model two country
Excel Models for Trade Theory, 2009Co-Authors: John GilbertAbstract:This file contains an Excel spreadsheet for simulating the trade relationships in the HOS model with two countries, as described in Gilbert, J. (2004) "Using Nonlinear Programming in International Trade Theory: The Factor-Proportions Model" Journal of Economic Education 35(4):343-59.
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using nonlinear programming in international trade theory the Factor Proportions model
Journal of Economic Education, 2004Co-Authors: John GilbertAbstract:Students at all levels benefit from a multi-faceted approach to learning abstract material. The most commonly used technique in teaching the pure theory of international trade is a combination of geometry and algebraic derivations. Numerical simulation can provide a valuable third support to these approaches. The author describes a simple numerical nonlinear program that reinforces a widely used geometric device for teaching the Factor-Proportions theory. The basic model can be easily adapted to demonstrate a wide variety of models and results from the pure theory of international trade. The author describes the model and gives suggestions for its use as a teaching device. The author discusses extensions and further applications of the model to other important results in international trade theory.
Arne Bigsten - One of the best experts on this subject based on the ideXlab platform.
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Factor Proportions openness and Factor prices in kenya 1965 2000
Journal of Development Studies, 2008Co-Authors: Arne Bigsten, Dick DurevallAbstract:This study analyses how changes in Factor abundance and openness have affected relative Factor prices in Kenya since 1965, using cointegration analysis and error correction models of relative Factor prices. We find that Factor Proportions determined relative Factor prices in the long run, while openness, measured by three different proxies, possibly had a short run effect on relative Factor returns. The only deviation from this pattern occurred during the latter half of the 1990s when there was rapid wage growth, mainly due to labour market deregulation.
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Factor Proportions, Openness and Factor Prices in Kenya 1965–2000
Journal of Development Studies, 2008Co-Authors: Arne Bigsten, Dick DurevallAbstract:This study analyses how changes in Factor abundance and openness have affected relative Factor prices in Kenya since 1965, using cointegration analysis and error correction models of relative Factor prices. We find that Factor Proportions determined relative Factor prices in the long run, while openness, measured by three different proxies, possibly had a short run effect on relative Factor returns. The only deviation from this pattern occurred during the latter half of the 1990s when there was rapid wage growth, mainly due to labour market deregulation.
Karl W Roskamp - One of the best experts on this subject based on the ideXlab platform.
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Factor Proportions and foreign trade the case of west germany
2016Co-Authors: Karl W RoskampAbstract:The last decade saw West Germany emerge as a strong international trader. Its commodity exports rose from JDM 8.4 billion in 1950 to a staggering DM 47. 9 billion in i9601. In 1959 they already surpassed those of Great Britain. Rapidly rising exports were no doubt a prime Factor in the country's rapid economic expansion. They contributed strongly to a persistent high and sometimes perhaps too high level of aggregate demand. As the increased volume of trade was accompanied by improved terms of trade, West Germany benefited greatly from the quick reintegration in the world markets. This has been discussed elsewhere and is well known. So far little attention was, however, paid to the problem of West German Factor Proportions and foreign trade. Since an important section of International Trade theory deals with this problem it is tempting to investigate whether the West German case corroborates the usual assumptions about Factor Proportions and capital and labor intensity of exports and imports. It is well known that after 1945 Factor Proportions changed significantly in West Germany. The war destroyed a good deal of the country's capital stock but a large influx of refugees and expellees raised the population and labor force substantially above the prewar level. One can quarrel about how scarce capital actually was in 1950 but no one would probably contest that it became relatively scarcer to labor than before the war. This being the case one would have expected, according to International Trade theory, that the country would have been initially eager to participate in trade to dispose of its labor surplus through exports and augment its domestic capital through imports, that is, exports should have been labor intensive and imports capital intensive. Existing low wages and rather high returns on capital should have induced this trade pattern. Subsequently, there should have been, however, a slow change in the opposite direction. Labor became more and more the scarce Factor, in spite of hiring foreign workers, and,
