Assessing the contribution of R&amp;D to total factor productivity—a Bayesian approach to account for heterogeneity and heteroskedasticity

Bresson, Georges; Hsiao, Chêng; Pirotte, Alain

doi:10.1007/s10182-011-0169-y

Cited by 17 publications

(27 citation statements)

References 35 publications

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“…Results shows no presence of cross-sectional dependence in our panel. Taking in consideration presence of heteroskedasticity, recent literature dealing with the estimation of heterogeneous panels (Baltagi, Bresson and Pirotte [5], Baltagi, Jung and Song [6]) suggests that the choice of an appropriate model is sensitive to specifying the correct source of heteroskedasticity (see also Bresson, Hsiao and Pirote [12]). Havin that in mind, and starting from Hoechle [18], in our analisys we will start using fixed effects linear panel regression with robust standard error.…”

Section: Methodsmentioning

confidence: 99%

Fiscal decentralization and local economic growth in Serbia

Radosavljević¹

2017

Ekonomika preduzeća

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Sažetak:U ovom radu analiziramo, koristeći panel regresiju sa fiksnim efektima, odnos između nivoa fiskalne decentralizacije i ekonomskog rasta u jedinicama lokane samouprave u Srbiji u periodu 2002-2011. godina. Naši rezultati ukazuju da postoji skroman pozitivan uticaj fiskalne decentralizacije na lokalni ekonomski rast u tom periodu u Srbiji. Jedan od dva posmatrana parametara (nivo zaposlenih u lokalnoj samoupravi i investicije lokalne samouprave) koji su korišćeni za dokaz naše hipoteze bio je pozitivan na rast stepena fiskalne decentralizacije. Veliki rast izvornih prihoda lokalne samouprave uglavnom su iskoristile za povećanje broja zaposlenih i plata u lokalnoj administraciji, dok je istovremeno broj zaposlenih u privredi smanjen. Istovremeno, rast izvornih prihoda neznatno je uticao na rast investicija. Na osnovu empirijske analize utvrđeno je da na oko 100 miliona dinara prosečnog godišnjeg rasta prihoda po jedinici lokalne samouprave u posmatranom periodu, svega 27.000 dinara u proseku je odlazilo na povećanje investicija. Pitanje optimalnog nivoa fiskalne decentralizacije kao i mogućnosti povećanja izvornih prihoda u okviru postojećeg zakonskog okvira takođe su bile diskutovane.Ključne reči: fiskalna decentralizacija, ekonomski rast, lokalna samouprava, Srbija Abstract:In this paper we examine, using a panel data approach with fixed effects, the relationship between the level of fiscal decentralization and economic growth across Serbian local self-governments over the 2002-2011 period. Our results suggest that there is a modest positive impact of fiscal decentralization on local economic growth in that period in Serbia. One of the two observed parameters (employment rates in local self-governments and local self-government investments) was positive in terms of the impact on the increased degree of fiscal decentralization. The substantial increase of local self-government own revenues was predominantly used to increase the number of employees and wages in local administrations, while, at the same time, the number of employees in the private sector dropped. At the same time, own revenue growth had only a slight impact on increase of investments. Based on an empirical analysis, out of approximately 100 million RSD of average annual increase of revenue per local self-government unit in the observed period, only 27,000 RSD on an average was directed towards increase of investments. The issue of the optimal level of fiscal decentralization, as well as the possibilities for increasing own revenues within the current legislative framework, were also discussed.

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Section: Methodsmentioning

confidence: 99%

Fiscal decentralization and local economic growth in Serbia

Radosavljević¹

2017

Ekonomika preduzeća

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“…• A7: the (N × 1) vector of the disturbances ε t is distributed as ε t ∼ N(0, σ 2 ε I N ). We express model (4) in three stages of hierarchy (see Bowman et al 2007, see also Bresson et al 2007;Hsiao and Pesaran 2008):…”

Section: A Data Driven Bayesian Approach For Modeling Cross-sectionalmentioning

confidence: 99%

“…A8: at the third level, the hierarchical model defines the prior distributions of the hyperparameters usually defined as (see Bowman et al 2007;Bresson et al 2007;Koop 2003…”

Section: A Data Driven Bayesian Approach For Modeling Cross-sectionalmentioning

confidence: 99%

A functional connectivity approach for modeling cross-sectional dependence with an application to the estimation of hedonic housing prices in Paris

Bresson¹,

Cheng

2011

AStA Adv Stat Anal

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“…6 Note that the FE and the GLS estimators are asymptotically equivalent for this case, see Baltagi et al (2008).…”

Section: The Fixed E¤ects and The First Di¤erence Estimatorsmentioning

confidence: 99%

“…If v it is known to be I (0), 6 the corresponding t-test for H 0 using the FE estimator b F E , is given by:…”

Section: The Fixed E¤ects and The First Di¤erence Estimatorsmentioning

confidence: 99%

Test of Hypotheses in Panel Data Models When the Regressor and Disturbances are Possibly Nonstationary

Baltagi

Kao

Na³

2011

SSRN Journal

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This paper considers the problem of hypotheses testing in a simple panel data regression model with random individual effects and serially correlated disturbances. Following Baltagi, Kao and Liu (2008), we allow for the possibility of non-stationarity in the regressor and/or the disturbance term. While Baltagi et al. (2008) focus on the asymptotic properties and distributions of the standard panel data estimators, this paper focuses on test of hypotheses in this setting. One important finding is that unlike the time series case, one does not necessarily need to rely on the "super-efficient" type AR estimator by Perron and Yabu (2009) to make inference in panel data.In fact, we show that the simple t-ratio always converges to the standard normal distribution regardless of whether the disturbances and/or the regressor are stationary.

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Assessing the contribution of R&D to total factor productivity—a Bayesian approach to account for heterogeneity and heteroskedasticity

Abstract: R&D, Productivity, Heteroskedasticity, Hierarchical Bayes, Markov Chain Monte Carlo simulations, Panel data, Random coefficient model,

Cited by 17 publications

References 35 publications

Fiscal decentralization and local economic growth in Serbia

Fiscal decentralization and local economic growth in Serbia

A functional connectivity approach for modeling cross-sectional dependence with an application to the estimation of hedonic housing prices in Paris

Test of Hypotheses in Panel Data Models When the Regressor and Disturbances are Possibly Nonstationary

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