title: The effect of uncertainty on output: Instruments, identification, and the role of investment

authors: Ryan, Michael

subjects: external instrument SVAR

abstract: This study investigates the impact of uncertainty shocks on output in New Zealand between 1985Q2 and 2018Q4 using the Internal and External Instrument versions of the Structural Vector Autoregression model. While the existing literature has relied almost exclusively on the External Instrument approach, this method requires the invertibility of the uncertainty shock, whereas the Internal Instrument approach does not. We formally test for, and reject, invertibility in our application, reflecting that uncertainty frequently arises from concerns about future policy or economic fundamentals. As the two instrumental variable models produce quantitatively different impulse responses for output, we empirically illustrate the importance of testing for invertibility and using the results to guide model selection. We also find that the effects of uncertainty shocks on New Zealand's output are larger than previously documented — with investment a key transmission channel — suggesting that counter-cyclical policy may need to respond more aggressively to uncertainty-driven downturns.

text: The effect of uncertainty on output: Instruments, identification, and the role of investment This study investigates the impact of uncertainty shocks on output in New Zealand between 1985Q2 and 2018Q4 using the Internal and External Instrument versions of the Structural Vector Autoregression model. While the existing literature has relied almost exclusively on the External Instrument approach, this method requires the invertibility of the uncertainty shock, whereas the Internal Instrument approach does not. We formally test for, and reject, invertibility in our application, reflecting that uncertainty frequently arises from concerns about future policy or economic fundamentals. As the two instrumental variable models produce quantitatively different impulse responses for output, we empirically illustrate the importance of testing for invertibility and using the results to guide model selection. We also find that the effects of uncertainty shocks on New Zealand's output are larger than previously documented — with investment a key transmission channel — suggesting that counter-cyclical policy may need to respond more aggressively to uncertainty-driven downturns.

year: 2025

title: Designs efficiency for non-market valuation with choice modelling: how to measure it, what to report and why

authors: Rose, John M.

subjects: efficient experimental design

abstract: We review the basic principles for the evaluation of design efficiency in discrete choice modelling with a focus on efficiency of WTP estimates from the multinomial logit model. The discussion is developed under the realistic assumption that researchers can plausibly define a prior on the utility coefficients. Some new measures of design performance in applied studies are proposed and their rationale discussed. An empirical example based on the generation and comparison of fifteen separate designs from a common set of assumptions illustrates the relevant considerations to the context of non-market valuation, with particular emphasis placed on C-efficiency. Conclusions are drawn for the practice of reporting in non-market valuation and for future work on design research.

text: Designs efficiency for non-market valuation with choice modelling: how to measure it, what to report and why We review the basic principles for the evaluation of design efficiency in discrete choice modelling with a focus on efficiency of WTP estimates from the multinomial logit model. The discussion is developed under the realistic assumption that researchers can plausibly define a prior on the utility coefficients. Some new measures of design performance in applied studies are proposed and their rationale discussed. An empirical example based on the generation and comparison of fifteen separate designs from a common set of assumptions illustrates the relevant considerations to the context of non-market valuation, with particular emphasis placed on C-efficiency. Conclusions are drawn for the practice of reporting in non-market valuation and for future work on design research.

year: 2007-10

title: Transformation and visual arts: Donn Rātana in conversation with Claire Coleman

authors: Coleman, Claire

abstract: Interviewed by colleague and friend Claire Coleman, Donn Rātana recounts the creationof  various artworks, his interest in the concept of transformation and his approach to artmaking.A full-time artist and part-time art educator, Donn’s approach to life and work (which is also life) is:
•developing positive relationships
•valuing individual’s contribution to ‘life’
•fanning the ashes of the creative process
•manaakitanga

text: Transformation and visual arts: Donn Rātana in conversation with Claire Coleman Interviewed by colleague and friend Claire Coleman, Donn Rātana recounts the creationof  various artworks, his interest in the concept of transformation and his approach to artmaking.A full-time artist and part-time art educator, Donn’s approach to life and work (which is also life) is:
•developing positive relationships
•valuing individual’s contribution to ‘life’
•fanning the ashes of the creative process
•manaakitanga

year: 2022