The purpose of this paper is to develop an output oriented methodology for calculating productivity growth by using Malmquist productivity index (MPI) and two different data envelopment analysis (DEA) views (optimistic and pessimistic) simultaneously, and apply it to five Iranian Commercial Banks over the four time period (2009-2013). Consequently, we have proposed a new approach called the dou...

The Keynesian multiplier effect is reinterpreted and several issues that may have misled assessments of the effect of fiscal spending are discussed. It is shown that even in the textbook Keynesian framework some transfer policy ‘reduces’ aggregate demand and that public works spending may completely crowd out private consumption. Useless public works are found to be equivalent to transfers alth...

This research study examined the effect of foreign remittances and economic growth on poverty in Pakistan. Annual time series data was analyzed for the time period 1978 to 2010. Augmented Dickey-Fuller and Philips-Perron confirmed the problem of non-stationarity at level. This problem was eliminated by taking first difference of all variables. Johansen-juselius co-integration test was applied f...

This study analyzes the real estate production function and economic depreciation of structures by using data from Japan and the U.S. Real estate exhibits decreasing returns in the U.S. but constant returns in Japan. Land and structures are substitutes in both countries. The property depreciation rate is larger for newer and denser properties located away from the Central Business District (CBD...

I propose a novel method of estimating the potential level of U.S. GDP in real time. The proposed wage-based measure of economic potential remains virtually unchanged when new data are released. The distance between current and potential output – the output gap – satisfies Okun’s law and outperforms many other measures of slack in forecasting inflation. Thus, I provide a robust statistical tool...

This paper assesses quantitatively the impact of legal institutions on entrepreneurial firm dynamics. Owners choose firm size, financial structure and default to manage risk. We find: (i) Less risk averse entrepreneurs run bigger firms and it is optimal for them to incorporate, while more risk averse entrepreneurs run smaller firms and generally are better off remaining unincorporated. (ii) Mor...

This study examines the relationship between the life insurance and economic growth in India. The total life insurance premium (TLIP), and total life insurance investment (TLII), are used as proxy for life insurance and Gross Domestic Product (GDP) is used for the economic growth. The data has been compiled from the Handbook on Indian Insurance Statistics, IRDA annual reports and economic surve...

The Journal of Economic Literature codes classification system (JEL) published by the American Association (AEA) is de facto standard for research literature in economics. JEL used to classify articles, dissertations, books, book reviews, and working papers EconLit, a database maintained AEA. Over time, it has evolved extended with over 850 subclasses. This paper reviews history development sys...

This article combines all available data to produce pretax and post-tax income inequality series in 26 European countries from 1980 2017. Our estimates are consistent with macroeconomic growth comparable US distributional national accounts. Inequality grew nearly countries, but much less than the US. Contrary a widespread view, we demonstrate that Europe’s lower levels cannot be explained by mo...

[1] Eftaxias et al. [2001], hereafter cited as ‘‘E01,’’ claim to have observed VLF (very low frequency) radio waves that ‘‘might be considered as signatures of a pending earthquake.’’ For the following reasons, this claim should not be accepted. (1) Previous such claims have proved groundless. In the absence of compelling evidence, which E01 do not provide, further such claims should be regarde...