new human resource management practices complementarities and the impact on innovation performance in this paper we take our theoretical point of departure in recent work in organisational economics on systems of human resource management hrm practices we develop the argument that just as complementarities between new hrm practices influence financial performance positively there are theoretical reasons for expecting them also to influence innovation performance positively we examine this overall hypothesis by estimating an empirical model of innovation performance using data from a danish survey of 1 900 business firms using principal component analysis we identify two hrm systems which are conducive to innovation in the first one seven of our nine hrm variables matter almost equally for the ability to innovate the second system is dominated by firm internal and firm external training of the total of nine sectors that we consider we find that the four manufacturing sectors correlate with the first system firms belonging to wholesale trade and to the ict intensive service sectors tend to be associated with the second system

an aggregate model of technical change a simple aggregate growth model is presented in which technology is described by a probability distribution from which new plants are drawn especially good draws are viewed as technological innovations that shift the mean of the following period s plant distribution function the resulting technical change is endogenous random and cumulative in contrast to conventional growth models the model s growth path displays nonstationary drift rather than deterministic trend and the long run per capita growth rate has positive rather than zero sensitivity to the model s saving parameter

retirement in dual career families a structural model a structural econometric model of retirement of dual career couples is specified and estimated with panel data from the national longitudinal survey of mature women a coincidence of spouses retiring together despite the younger ages of wives suggests explicit efforts at coordination the estimates suggest that one reason is a correlation of tastes for leisure more important each spouse and perhaps husbands in particular values retirement more once their spouse has retired the opportunity set accounts for peaks in the retirement hazards of each spouse individually but not for peaks in the simultaneous retirement of both spouses

use of eu structural funds for sustainable energy development in new eu member states more wide use of renewable energy sources res and increase in energy supply and use efficiency can make a valuable contribution to the meeting sustainable energy development targets the article presents a detailed overview of possibilities to use the eu structural funds available for new member states nms to finance sustainable energy projects and to overcome market failures related with negative externalities of pollution positive externalities of knowledge and adoption of new pollution reduction technologies and incomplete information the analysis of current situation of the use of eu structural funds sf for the implementation of sustainable energy projects in lithuania poland and check republic was performed based on ruse project results the proposals to enhance use of sf for sustainable energy projects in nms were developed

i ve been to bali too and i will be going back are terrorist shocks to bali s tourist arrivals permanent or transitory international visitor arrivals to bali are examined using univariate and panel lagrange multiplier lm unit root tests with one and two structural breaks to ascertain if shocks to the time path of tourist arrivals are permanent or transitory the univariate lm unit root tests with one and two structural breaks fail to reject the null hypothesis of a unit root in international visitor arrivals to bali however the panel lm unit root tests with one and two structural breaks applied to a panel of bali s 11 major source markets reject the null and support the alternative hypothesis of a joint trend stationary series with transitory shocks this result suggests that the effects of the recent terrorist acts on bali on the growth path of tourist arrivals from major markets are only transitory and that as a consequence bali s tourism sector is sustainable in the long run

labor force dynamics of older married couples this article analyzes the dynamics of joint labor force behavior of older couples in the united states using the retirement history survey rhs i analyze the determinants of joint retirement and the effect of one spouse s labor force status on the labor force transitions of the other spouse the results reveal strong associations between the labor force transition probabilities of one spouse and the labor force status of the other spouse these result from structural differences in exit and entry behavior by the spouse s status several lagged endogenous variables have substantial effects on behavior even after controlling for unobserved heterogeneity

public pension programmes and the retirement of married couples in denmark in this paper we study the economic determinants of the joint retirement process of married couples we propose a tractable dynamic discrete choice model for retirement decisions which allows for non trivial saving behaviour we estimate the model on a 1 sample of danish couples of potential retirement age drawn from a population based administrative register the introduction and subsequent reforms of a publicly financed early retirement programme provide us with variation in the data to insure identification of the parameters of interest the elasticities of participation retirement with respect to income flows our estimates imply a significant asymmetry in the sensitivity of retirement behaviour of men and women with respect to variation in their own or their spouse s income flows

role of oil price shocks on macroeconomic activities an svar approach to the malaysian economy and monetary responses abstract this study examines the impact of oil price uncertainty on malaysian macroeconomic activities and monetary responses we use a structural var svar model based on monthly data over the period 1986 2009 the egarch model estimates show an important asymmetric effect of oil price shocks on the conditional oil price volatility dynamic impulse response functions obtained from the svar model show a prolonged dampening effect of oil price volatility shock on malaysian industrial production we also find that levels of consumer price index cpi decline with a positive shock to oil price uncertainty this is the result of negative demand shock due to the postponement of consumption of big ticket items by individuals households and other sectors of the economy we also found that the malaysian central bank adopts an expansionary monetary policy in response to oil price uncertainty variance decomposition analysis reconfirms that volatility in the oil price is the second most important factor to explain the variance of industrial production after its own shocks these results shed some light on how the central bank of malaysia can use controlling mechanisms to stabilize aggregate output and price level

opportunities incentives and the collective patterns of technological change in a few pages in the introductory article for this debate vernon ruttan succeeds in the unlikely task of flagging many issues at the core of the economic interpretation of technological change and by doing so he implicitly addresses also a few sensitive spots for the economic discipline at large here i will not attempt to provide any thorough view of what i consider the achievements and limitations of the current state of the art see however freeman i 994 for a critical survey which i largely share rather i shall put forward a series of remarks which hopefully could be seen as part of a much wider and still largely unexplored research programme as a premise just note that some form of attention to technology related phenomena has spread over the last 20 30 years from small enclaves of heterodox economists and economic historians to become an important concern even for quite mainstream theories of e g the firm industrial organisation macroeconomics trade growth etc from patent races all the way to new trade and new growth theories and even real business cycle macro models technical change has drawn a consideration which is less by default than it was say in robert solow s original growth models orjoe bain s barriers to entry views on industrial structures and in parallel empirical studies at the levels of specific technologies firms sectors and countries have boomed for overviews cf dosi i988 nelson i993 freeman i982 i 994 cohen i 995 and granstrand i 994 among others so at least in this sense those decreasing returns to the economics of technical change suggested by ruttan do not seem to have set in however ruttan s paper raises also substantive questions about the relative success of three interpretative perspectives which he calls induced evolutionary and path dependent in the following i shall argue that an evolutionary perspective broadly defined can easily accommodate both inducement effects and path dependent patterns of technical change let me start from what i consider the major building blocks of an

the growth of income and energy consumption in six developing countries this paper reexamines the inter temporal link between energy consumption and income in six developing countries with diverse economic backgrounds and energy statistics in a production function framework we employ the generalized variance decompositions and generalized impulse response techniques to see if the growth of income and energy consumption contains considerable information to predict each other in all countries energy appears as an essential factor of production results indicate that energy may be a relatively more important input than labor and or capital in some countries hence neutrality of energy does not seem to hold

renewable energy consumption and income in emerging economies abstract increased economic growth and demand for energy in emerging economies is creating an opportunity for these countries to increase their usage of renewable energy this paper presents and estimates two empirical models of renewable energy consumption and income for a panel of emerging economies panel cointegration estimates show that increases in real per capita income have a positive and statistically significant impact on per capita renewable energy consumption in the long term a 1 increase in real income per capita increases the consumption of renewable energy per capita in emerging economies by approximately 3 5 long term renewable energy per capita consumption price elasticity estimates are approximately equal to 0 70

renewable energy and macroeconomic efficiency of oecd and non oecd economies abstract this article analyzes the effects of renewable energy on the technical efficiency of 45 economies during the 2001 2002 period through data envelopment analysis dea in our dea model labor capital stock and energy consumption are the three inputs and real gdp is the single output increasing the use of renewable energy improves an economy s technical efficiency conversely increasing the input of traditional energy decreases technical efficiency compared to non oecd economies oecd economies have higher technical efficiency and a higher share of geothermal solar tide and wind fuels in renewable energy however non oecd economies have a higher share of renewable energy in their total energy supply than oecd economies

equilibrium evolution and learning abstract in their evolutionary theory of economic change nelson and winter 1982 developed a model based on winter 1971 in which agents have limited information processing capacities nelson s and winter s belief that the model would always generate a static selection equilibrium is shown to be incorrect despite that error simulation experiments based on their model yield a number of interesting implications about the effects of learning on evolutionary mechanisms when decision makers learn simulated competitive industries are much less volatile than when they do not moreover the most orthodox results are found when entry is difficult and there are large fixed costs of production perfect contestability implies extreme volatility

competition and innovation evidence from financial services abstract this paper presents new evidence on the relationship between competition and innovation by extending previous literature from manufacturing to financial services we introduce a new measure of overall innovation by estimating and enveloping annual minimum cost frontiers to create a global frontier the distance to the global frontier constitutes each bank s technology gap which decreases if the bank manages to innovate our innovation measure enables us to derive and estimate the model of aghion et al 2005b at the firm level for the us banking industry based on individual bank call report data for the period 1984 2004 consistent with theoretical and empirical work by aghion et al we find evidence of an inverted u relationship between competition and innovation that is robust over several different specifications further evidence on major structural changes in the us banking industry indicates that banks moved beyond their optimal innovation level and that interstate banking deregulation resulted in lower bank innovation policy implications to financial reform and prudential regulation are discussed also

evaluating the long run impacts of the 9 11 terrorist attacks on us domestic airline travel although the us airline industry began 2001 with 24 consecutive profitable quarters including net profits in 2000 totaling 7 9 billion the impact of the 9 11 event on the industry was substantial whereas the recession that began in early 2001 signaled the end of profitability the 9 11 terrorist attacks pushed the industry into financial crisis after air travel dropped 20 over the september december 2001 period compared to the same period in 2000 given the decline in domestic air travel an important question is whether the detrimental impact of the attacks was temporary or permanent that is did airline travel return to the trend that existed prior to the terrorist attacks there are theoretical reasons to the believe that it would not economists have long viewed travel mode choices as the outcome of a comparison of opportunity costs and benefits thus anything that permanently raises the opportunity cost of travel holding benefits constant should reduce the level of travel volume to determin

externalities and growth accounting this paper tackles two puzzles the high empirical elasticity of aggregte output with respect to the measured capital input and the seemingly high variability of growth rates over countries in the medium run we find that one need not invoke increasing returns or externalities to capital to explain these two puzzles rather they are consistent with a constant returns to scale aggregate production function so long as the exogenous solow residual process has enough persistence in it in our model causality runs exclusively from knowledge to capital and therefore the apparent absence of an external effect to the capital input says nothing about the importance of spillovers in the creation of knowledge copyright 1991 by american economic association

structural models of family labor supply a discrete choice approach a static neoclassical structural model is presented explaining labor supply of both spouses in two adult households in the netherlands family preferences are described with a direct translog utility function with the husbands leisure the wifes leisure and family income as its arguments we assume that the choice set of each family is finite account is taken of the dutch tax and benefits system we allow for hours restrictions and random preferences and account for unobserved wages of nonworkers the models are estimated using smooth simulated maximum likelihood results based upon dutch cross section data from 1987 are illustrated by confidence intervals for elasticities and by several policy simulations excerpt

regional spillover effects of renewable energy generation in italy in a multivariate setting we document that renewable energy generation has a positive impact on economic growth at the regional level in italy we do so by adopting panel data unit root and cointegration tests as well as granger non causality tests relying on the system gmm estimator our results are interpreted in three ways renewable energy generation alleviates balance of payments constraints and reduces the exposure of a regional economy to the volatility of the price of fossil fuels and to negative environmental and health externalities deriving from non renewable energy generation therefore our evidence supports policies promoting renewable energy generation in an appendix we show that our results are robust to the adoption of alternative econometric methods and definitions for our energy variable they are also stable over time

destination unknown pursuing sustainable mobility in the face of rival societal aspirations abstract a growing volume of scholarship and policy practice focuses on developing societal capacity to guide transitions of socio technical systems toward more sustainable alternatives because several prominent modes of transportation are widely regarded as systemically problematic the notion of sustainable mobility has received considerable attention from the standpoint of system innovation sustainability though constitutes only one of many contemporary political objectives and public commitment to goals consistent with such a future is highly equivocal a related challenge arises from the ambivalence that sustainability champions often harbor on an individual level it is probable that efforts to facilitate sustainable mobility will need to be reconciled with rival societal aspirations such as the pursuit of faster and more convenient forms of travel drawing on insights from the multi level perspective this article contrasts the relatively static automobility system with its more dynamic aeromobility counterpart and explores why evidence of an incipient transition is more apparent within the realm of aviation in particular the diffusion of personal aeromobility involving the use of small airplanes for on demand point to point air travel raises perplexing questions for the governance of sustainable mobility

vertical integration and dis integration of computer firms a history friendly model of the co evolution of the computer and semiconductor industries in this article we present a history friendly model of the changing vertical scope of computer firms during the evolution of the computer and semiconductor industries the model is history friendly in that it attempts at replicating some basic stylized qualitative features of the evolution of vertical integration on the basis of the causal mechanisms and processes which we believe can explain the history these factors are identified in the coevolution of capabilities the size of markets and the structure of industries in particular the basic assumption is that the principal force behind the patterns of vertical integration and disintegration of computer firms was the differential development of capabilities for designing and producing semiconductors among firms on this basis the changing boundaries of firms are analyzed in the context of dynamic and uncertain technological and market environments characterized by periods of technological revolutions punctuating periods of relative technological stability and smooth technical progress the model illustrates how the patterns of vertical integration and specialization in the computer industry change as a function of the evolving levels and distribution of firms capabilities over time and how they depend on the coevolution of the upstream and downstream sectors specific conditions in each of these markets the size of the external market the magnitude of the technological discontinuities the lock in effects in demand exert critical effects and feedbacks on market structure and on the vertical scope of firms as time goes by copyright 2008 oxford university press

the causal relationship between electricity consumption and economic growth in the asean countries abstract this paper investigates the causal relationship between electricity consumption and economic growth among the association of south east asian nations asean 4 members namely indonesia malaysia singapore and thailand using modern time series techniques for the period 1971 2002 the results indicate that there is a bi directional causality between electricity consumption and economic growth in malaysia and singapore this means that an increase in electricity consumption directly affects economic growth and that economic growth also stimulates further electricity consumption in the two countries however uni directional causality runs from economic growth to electricity consumption in indonesia and thailand without any feedback effect thus electricity conservation policies can be initiated without deteriorating economic side effects in the two countries

public policies and the art of catching up matching the historical evidence with a multicountry agent based model in this paper we study the effects of industrial policies on international convergence using a multi country agent based model which builds upon dosi et al 2019b the model features a group of microfounded economies with evolving industries populated by heterogeneous firms that compete in international markets in each country technological change is driven by firms activities of search and innovation while aggregate demand formation and distribution follows keynesian dynamics interactions among countries take place via trade flows and international technological imitation we employ the model to assess the different strategies that laggard countries can adopt to catch up with leaders market friendly policies industrial policies targeting the development of firms capabilities and rd protectionist policies focusing on tariffs only we find that markets cannot do the magic in absence of government interventions laggards will continue to fall behind on the contrary industrial policies can successfully drive international convergence among leaders and laggards while protectionism alone is not necessary to support catching up and countries get stuck in a sort of middle income trap finally in a global trade war where developed economies impose retaliatory tariffs both laggards and leaders are worse off and world productivity growth slows down

renewable energy consumption co2 emissions and oil prices in the g7 countries abstract economic and societal issues related to energy security and global warming is placing greater emphasis on the consumption of renewable energy this paper presents and estimates an empirical model of renewable energy consumption for the g7 countries panel cointegration estimates show that in the long term increases in real gdp per capita and co2 per capita are found to be major drivers behind per capita renewable energy consumption these results are robust across two different panel cointegration estimators oil price increases have a smaller although negative impact on renewable energy consumption deviations from equilibrium are driven mostly by the error correction term as opposed to short term shocks short term deviations from the long term equilibrium take anywhere from between 1 3 years france and 7 3 years japan to correct

a critical realist interpretation of evolutionary growth theorising the article discusses a critical realist interpretation of evolutionary growth theorising by focusing on some of its basic characteristics the evolutionary ontology is complex differentiated structured systemic open ever changing and radically uncertain its methodology tends to be increasingly based on appreciative theorising retroductive explanations and interdisciplinary analysis after discussing these features the article suggests that critical realism may indeed constitute an important philosophical and methodological foundation for the future development of evolutionary theories of economic growth

does specialization matter for growth the question concerning the extent to which the growth performance of an economy is determined by its external relations is a controversial one elements from various theoretical approaches are combined into a framework that stresses the importance of specialization for economic growth applied is a data set on growth and trade in 11 manufacturing sectors for the period 1965 1988 for the oecd area the main novelty in the database is the assignment of 75 products in the trade data to the 11 industrial sectors the relationship between growth and specialization has been tested by running a regression with the sectoral growth of value added as the dependent variable and several variables including some measuring specialization as well as other factors as the independent variables the regression results presented seem to indicate that specialization does indeed matter for economic growth however this impact seems to be gradually wearing off during the 1980s as is the case for other factors included in the regression analysis

structural breaks in international tourism demand are they caused by crises or disasters it is recognised that the tourism industry is vulnerable to some form of crises or disaster however despite the attention given to the nature and consequences of tourism crises and disasters there is a gap in the literature regarding the ex post detection of these events in this article we estimate both the number and date of structural breaks in international tourism arrival series for 25 countries and madeira island using the bai and perron 1998 structural break test we compare the date of tourism crises and disasters to the dating of these structural breaks we observe that tourism crises and disasters are largely consistent with the dates of breaks therefore this method allows us to solve a gap in the tourism industry related to the correct allocation of negative shocks in international tourism arrival demand to crisis or disaster phenomena

job search requirements for unemployed at the end of working life effects on unemployment dynamics and self employment probabilities this paper investigates the extent to which job search requirements in unemployment insurance u i increase the probability of self employment as a retirement route for causal identification we apply a difference in differences approach using a dutch 2004 policy reform that introduced job search requirements in u i for persons aged 57 5 and older unemployment dynamics and self employment probabilities are studied using a dynamic multinomial logit model with unobserved heterogeneity the results suggest that job search requirements stimulated people to exit unemployment and discouraged older workers to enter unemployment the probability of self employment as an exit route to retirement increased relative to u i but not relative to paid employment

schumpeter meeting keynes a policy friendly model of endogenous growth and business cycles this paper studies an agent based model that bridges keynesian theories of demandgeneration and schumpeterian theories of technology fueled economic growth we employ the model to investigate the properties of macroeconomic dynamics and the impact of public polices on supply demand and the fundamentals of the economy we find profound complementarities between factors influencing aggregate demand and drivers of technological change that affect both short run fluctuations and longterm growth patterns from a normative point of view simulations show a corresponding complementarity between keynesian and schumpeterian policies in sustaining long run growth paths characterized by milder fluctuations and relatively lower unemployment levels the matching or mismatching between innovative exploration of new technologies and the conditions of demand generation appear to suggest the presence of two distinct regimes of growth or absence thereof characterized by different short run fluctuations and unemployment levels

destruction and distress using a quasi experiment to show the effects of the september 11 attacks on mental well being in the united kingdom using a longitudinal household panel dataset in the uk where a significant proportion of the interviews are conducted in september each year we are able to show that the attacks of september 11 resulted in lower levels of subjective well being for those interviewed after that date in 2001 compared with those interviewed before it this quasi experiment provides one of the first examples of the impact of a terrorist attack in one country on well being in another country

how sensitive are retirement decisions to financial incentives a stated preference analysis we study the effects of financial incentives on retirement decisions using stated preference data dutch survey respondents were given hypothetical retirement scenarios describing age s of partial and full retirement and replacement rate s a stylized model is estimated in which utility is the discounted sum of within period utilities that depend on employment status and income parameters of the utility function vary with observed and unobserved characteristics simulations show that the income and substitution effects of pensions as a function of the retirement age are substantial and larger than according to studies using data on actual retirement decisions in the netherlands

the dynamics of international differentiation a multi country evolutionary model the paper presents some admittedly preliminary results on evolutionary modeling of open economies interactions the dynamics is microfounded in a multiplicity of boundedly rational agents who imperfectly learn how to innovate in environments characterized by notionally unlimited opportunities micro discoveries is shown can generate persistent system level effects despite the absence in the model of any institutional specificity of individual countries processes of innovative exploration and imitation yield international divergence less often convergence catching up and falling bebind

retirement behaviour of dutch elderly households we specify and estimate retirement models for singles and married couples and estimate these on data from the dutch socio economic panel we perform some simulations and find strong effects of retirement options in determining the retirement behaviour within different household types model estimates are used to simulate the effect of relevant retirement policies across subgroups we find that the disadvantageous treatment of the old age pension in the netherlands for married households with two earners has unintended perverse effects on the labour market behaviour of couples copyright 2004 john wiley sons ltd