A Cointegration Approach to Topics in Empirical Macroeconomics (summary section only)

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dc.contributor Svenska handelshögskolan, institutionen för nationalekonomi, nationalekonomi sv
dc.contributor Hanken School of Economics, Department of Economics, Economics en
dc.contributor.author Juselius, Mikael
dc.date.accessioned 2011-03-02T13:20:32Z
dc.date.available 2007-09-27T16:07:46Z fi
dc.date.available 2011-03-02T13:20:32Z
dc.date.issued 2007-06-05
dc.identifier.isbn 978-951-555-959-3
dc.identifier.uri http://hdl.handle.net/10227/235
dc.identifier.uri URN:ISBN:978-951-555-959-3
dc.description.abstract Mikael Juselius’ doctoral dissertation covers a range of significant issues in modern macroeconomics by empirically testing a number of important theoretical hypotheses. The first essay presents indirect evidence within the framework of the cointegrated VAR model on the elasticity of substitution between capital and labor by using Finnish manufacturing data. Instead of estimating the elasticity of substitution by using the first order conditions, he develops a new approach that utilizes a CES production function in a model with a 3-stage decision process: investment in the long run, wage bargaining in the medium run and price and employment decisions in the short run. He estimates the elasticity of substitution to be below one. The second essay tests the restrictions implied by the core equations of the New Keynesian Model (NKM) in a vector autoregressive model (VAR) by using both Euro area and U.S. data. Both the new Keynesian Phillips curve and the aggregate demand curve are estimated and tested. The restrictions implied by the core equations of the NKM are rejected on both U.S. and Euro area data. These results are important for further research. The third essay is methodologically similar to essay 2, but it concentrates on Finnish macro data by adopting a theoretical framework of an open economy. Juselius’ results suggests that the open economy NKM framework is too stylized to provide an adequate explanation for Finnish inflation. The final essay provides a macroeconometric model of Finnish inflation and associated explanatory variables and it estimates the relative importance of different inflation theories. His main finding is that Finnish inflation is primarily determined by excess demand in the product market and by changes in the long-term interest rate. This study is part of the research agenda carried out by the Research Unit of Economic Structure and Growth (RUESG). The aim of RUESG it to conduct theoretical and empirical research with respect to important issues in industrial economics, real option theory, game theory, organization theory, theory of financial systems as well as to study problems in labor markets, macroeconomics, natural resources, taxation and time series econometrics. RUESG was established at the beginning of 1995 and is one of the National Centers of Excellence in research selected by the Academy of Finland. It is financed jointly by the Academy of Finland, the University of Helsinki, the Yrjö Jahnsson Foundation, Bank of Finland and the Nokia Group. This support is gratefully acknowledged. fi
dc.language.iso eng
dc.publisher Svenska handelshögskolan sv
dc.publisher Hanken School of Economics en
dc.relation.ispartofseries Economics and Society
dc.relation.ispartofseries 171
dc.rights Publikationen är skyddad av upphovsrätten. Den får läsas och skrivas ut för personligt bruk. Användning i kommersiellt syfte är förbjuden. sv
dc.rights This publication is copyrighted. You may download, display and print it for Your own personal use. Commercial use is prohibited. en
dc.rights Julkaisu on tekijänoikeussäännösten alainen. Teosta voi lukea ja tulostaa henkilökohtaista käyttöä varten. Käyttö kaupallisiin tarkoituksiin on kielletty. fi
dc.subject integrated processes fi
dc.subject cointegration fi
dc.subject vector auto-regressive model fi
dc.subject the elasticity of substitution fi
dc.subject production function fi
dc.subject new keynesian phillips curve fi
dc.subject inflation fi
dc.subject.other Economics fi
dc.title A Cointegration Approach to Topics in Empirical Macroeconomics (summary section only) fi
dc.type.ontasot Doctoral thesis en
dc.type.ontasot Väitöskirja fi
dc.type.ontasot Doktorsavhandling sv
dc.type.dcmitype Text
dc.date.accepted 2007-06-15
dc.relation.issn 0424-7256

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