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Content:Baragona, Roberto, Domenico Cucina: Multivariate Self-Exciting Threshold, Autoregressive Modeling by Genetic Algorithms JBNST - Vol. 233/1 - 2013, pp. 3-21.
+ show abstract- hide abstractSeveral nonlinear time series models have been proposed in the literature to explain various
empirical nonlinear features of many observed financial and economic time series. One model
that has gained much attention is the so-called self-exciting threshold autoregressive (SETAR)
model. It has been found very effective for modeling and forecasting nonlinear time series in a
wide range of application fields. Furthermore, SETAR model is able to capture nonlinear characteristics
as limit cycles, jump resonance, and time irreversibility. In this work the attention is
focused on a multivariate SETAR (MSETAR) model where each linear regime follows a vector
autoregressive (VAR) process and the thresholds are multivariate. We propose a methodology
based on genetic algorithms (GAs) for building MSETAR models. The GA is designed to estimate
the structural parameters, i. e. to determine the appropriate number of regimes and find
multivariate threshold parameters. The behavior of the proposed methodology has been observed
on a simulation experiment involving three artificial data sets. Frondel, Manuel, Colin Vance: On Interaction Effects: The Case of Heckit and Two-Part Models JBNST - Vol. 233/1 - 2013, pp. 22-38.
+ show abstract- hide abstractInteraction effects capture the impact of one explanatory variable on the marginal effect of
another explanatory variable. To explore interaction effects, so-called interaction terms are
typically included in estimation specifications. While in linear models the effect of a marginal
change in the interaction term is equal to the interaction effect, this equality generally does not
hold in non-linear specifications (Ai/Norton 2003). This paper provides for a general derivation
of interaction effects in both linear and non-linear models and calculates the formulae of
the interaction effects resulting from Heckman’s sample selection model as well as the Two-
Part Model, two regression models commonly applied to data with a large fraction of either
missing or zero values in the dependent variable. Drawing on a survey of automobile use from
Germany, we argue that while it is important to test for the significance of interaction effects,
their size conveys limited substantive content. More meaningful, and also more easy to grasp,
are the conditional marginal effects pertaining to two variables that are assumed to interact. Rahmeyer, Fritz: Schumpeter, Marshall, and Neo-Schumpeterian Evolutionary Economics JBNST - Vol. 233/1 - 2013, pp. 39-64.
+ show abstract- hide abstractThe focus of evolutionary economics is a process of continuous and irreversible economic and
organizational change over time. Currently there is no agreement on the explanation of economic
evolution.
From the perspective of the history of economic thought, at first the theoretical approaches of
Schumpeter andMarshall with regard to economic development or evolution are dealt with in
detail. For both authors technical and economic innovations are the engine of economic
change. According to Schumpeter, they are created through newly established firms as the
agents of change. For Marshall, innovations and economic development are a side effect of
the manufacturing process and the division of labour. Technical and economic changes go
off both gradually (Marshall) or discontinuously (Schumpeter).
After that, a concept of neo-Schumpeterian evolutionary economics is elaborated. Evolution is
understood as a process of change that leads to the adaptation of complex systems, the result of
the causal interaction between variation, selection and retention of variety leading to continuity
over time. It has gained wide application to the theory of innovation and later to resource-based
theories of the firm. Modern evolutionary economics includes the determinants of new knowledge
and innovations into its analysis. Business enterprises not only follow their routine behaviour,
in a dynamic view they also show capabilities to restructure their given resources and to
build new ones. To sum up, technical and economic evolution are both the result of the unintentionalmarket
selection through competitive forces of the environment, and of the intentional,
voluntary entrepreneurial choices, based on the firm’s resources and dynamic capabilities. Schneider, Hilmar, Arne Uhlendorff, Klaus F. Zimmermann: Econometrics vs. Project Design: Lessons from the Evaluation of a Workfare Project JBNST - Vol. 233/1 - 2013, pp. 65-85.
+ show abstract- hide abstractA common problem of welfare states consists of a high unemployment risk for low-skilled
workers. This is often attributed to a lack of jobs for the low-skilled, but it may as well be
caused by a lack of incentives to work. Low-skilled workers are easily substitutable and therefore
have little bargaining power. Hence, they are typically dependent on low-paid jobs. This
may create disincentives towork, if the achievable marketwage does not sufficiently exceed the
welfare level. Workfare could be an efficient strategy to overcome such disincentives by introducing
a work requirement for unemployed welfare recipients. In our paper we investigate the
importance of such a supply side policy.
We evaluate a pilot workfare project of a Berlin city community to integrate young people in
social assistance into the labor market. Reference data are generated in collaboration with the
German Employment Office. The participation effect is found to be positive and of relevant
size, but not statistically significant. This indicates that selection biases detected in the allocation
process of individuals to the program can be adjusted by econometric techniques, but only
Jahrbu¨ cher f. Nationalo¨ konomie u. Statistik (Lucius & Lucius, Stuttgart 2013) Bd. (Vol.) 233/1
at the prize of reduced significance levels. Given the small sample sizes of pilot projects this
calls for social experiments in controlled project designs.
Literature Overview Pflüger, Michael, Uwe Blien, Joachim Möller, Michael Moritz, Labor Market: Effects of Trade and FDI – Recent Advances and Research Gaps JBNST - Vol. 233/1 - 2013, pp. 86-116.
+ show abstract- hide abstractThe last decade has been shaped by dramatic developments in international trade, international
investment and production, both in terms of the scale of events and in terms of their qualitative
nature. Intriguing questions have been thrown up concerning the labor market impact of these
developments, notably welfare issues (the evolution of real wages, employment and unemployment),
the distribution of income (the wage structure) and employment volatility. Path-breaking
innovations in the theories of trade, location and the multinational firm allow a fresh look
at these labor market effects. This paper takes stock of these theoretical innovations and contrasts
these with the recent empirical research efforts to uncover the labor market implications
of trade and FDI. We identify research gaps and highlight promising avenues for future research.
Book Reviews Dubin, Jeffrey A.: The Causes and Consequences of Income Tax Noncompliance JBNST - Vol. 233/1 - 2013, pp. 117-118.
Leschke, Martin, Ingo Pies, (Hrsg): William Baumols Markttheorie unternehmerischer Innovation JBNST - Vol. 233/1 - 2013, pp. 119-120.
Peukert, Helge: Die große Finanzmarkt- und Staatsschuldenkrise: Eine kritisch-heterodoxe Untersuchung JBNST - Vol. 233/1 - 2013, pp. 121-121.
Schneider, Friedrich (ed.): Handbook on the Shadow Economy JBNST - Vol. 233/1 - 2013, pp. 122-124.
Storti, Cláudia Costa, Paul de Grauwe (eds.) : Illicit Trade and the Global Economy JBNST - Vol. 233/1 - 2013, pp. 125-125.
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