Empirical Economics (Empir Econ )

Publisher: Springer Verlag


Empirical Economics publishes papers of high quality dealing with the confrontation of relevant economic theory with observed data through the use of adequate econometric methods. Papers cover topics like estimation of established relationships between economic variables testing of hypotheses derived from economic theory policy evaluation simulation forecasting methodology econometric methods and measurement . Preference is given to contributions on industrialized market economies. Contributions dealing with developing and non-market economies should be of interest for non-specialists in these fields. Papers including international comparisons are given high priority. Shorter papers notes and comments are also welcome. Authors are expected to cooperate in case readers editors or referees should want to replicate results reported in submitted contributions. Both positive and negative results of replication efforts may be published in Empirical Economics. Indexed/

  • Impact factor
  • 5-year impact
  • Cited half-life
  • Immediacy index
  • Eigenfactor
  • Article influence
  • Website
    Empirical Economics website
  • Other titles
    Empirical economics (Online)
  • ISSN
  • OCLC
  • Material type
    Document, Periodical, Internet resource
  • Document type
    Internet Resource, Computer File, Journal / Magazine / Newspaper

Publisher details

Springer Verlag

  • Pre-print
    • Author can archive a pre-print version
  • Post-print
    • Author can archive a post-print version
  • Conditions
    • Authors own final version only can be archived
    • Publisher's version/PDF cannot be used
    • On author's website or institutional repository
    • On funders designated website/repository after 12 months at the funders request or as a result of legal obligation
    • Published source must be acknowledged
    • Must link to publisher version
    • Set phrase to accompany link to published version (The original publication is available at www.springerlink.com)
    • Articles in some journals can be made Open Access on payment of additional charge
  • Classification
    ​ green

Publications in this journal

  • [Show abstract] [Hide abstract]
    ABSTRACT: What are the consequences of a fiscal policy measure implemented in a Member State on the rest of the European Union (EU)? Should or should not EU countries coordinate their fiscal policies? Given this starting point, we study the economic consequences of shocks to fiscal variables in the EU countries from both domestic and global perspectives. With that objective in mind, we specify and estimate a global vector autoregressive model (GVAR) for fourteen countries of the former EU15 and the United States (USA), using quarterly macroeconomic, monetary and fiscal data from 1978 to 2009. Unlike other GVAR models with fiscal variables, in our study we consider total public receipts and total public expenditure separately, and model not only the euro area economies but also all countries of the former EU15 (except Luxembourg) and the USA. The results of our simulations show that the responses of real GDP to a negative (positive) domestic/global shock to total public expenditure (total public receipts) seem to be negative (positive) for the analyzed economies. The effects of domestic shocks would be larger in the country of origin of the shock, while their spillover effects would be limited. The effects of global shocks reveal a remarkable degree of similarity in the cyclical behavior of the European economies. As policy recommendations, we suggest boosting the slow process of coordination of fiscal actions in the EU in order to avoid unwanted economic consequences.
    Empirical Economics 07/2014;
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    ABSTRACT: The paper studies how high-income taxpayers responded to the introduction of the ‘extraordinary tax on individuals’ in Hungary in 2007. The study is based on a panel of tax returns compiled by the Hungarian Tax Authority for the purposes of this study, containing information on 10 percent of tax-filers from 2005 and three subsequent years. We estimate the elasticity of taxable income with respect to the marginal net-of-tax rate and find that the taxable income of Hungarian high earners is moderately responsive to taxation: the estimated elasticity is about 0.2. This means that if the upper tax rate of the 2010 Hungarian tax system were increased by a small amount, the behavioral response of taxpayers would reduce the additional tax revenue by about 60 percent. We find evidence suggesting that the elasticity is a reflection of a labor supply response to the tax change on the intensive margin, and not a reflection of tax shifting, avoidance or evasion.
    Empirical Economics 06/2014;
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    ABSTRACT: This paper employs smooth transition trend models to investigate the long-run time series behavior of quarterly US labor force participation rates. In particular, we examine whether long-run growth in labor force participation rates can be modeled by smooth transitions between states rather than as abrupt mean level changes or as a stochastic trend. Smooth transitions permit for non-instantaneous adjustment of individual workers to changes associated with economic events or general labor market conditions. We employ unit root testing procedures with alternatives characterized by stationary fluctuations around one or two smooth transitions in linear trend. We examine labor force participation rates by gender- and age-specific groups. The results indicate that all female and most male participation series are better characterized as stationary processes that undergo transitional deterministics.
    Empirical Economics 03/2014;
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    ABSTRACT: This paper investigates the size distortions of HCCME-based tests for serial correlation and the wild bootstrapped counterparts in the presence of asymmetric conditional heteroskedasticity. Thereby, asymmetric effects are allowed to enter the residual process of the dynamic regression model in both the GARCH parameterization and the innovation process. Monte Carlo evidence reported in this paper indicates that wild bootstrap versions of the LM test for serial correlation tend to overreject the null hypothesis, but the problem is generally not very serious.
    Empirical Economics 01/2014;
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    ABSTRACT: This paper approaches to the optimum currency area from the empirical side by investigating the costs of adoption of a single currency for small, open and euroized Western Balkan countries (WBC). Using several econometric techniques this paper attempts to answer three questions relevant for monetary integration of the WBC and similar transition countries: what are the constraints on an independent monetary policy; what is the need for operating an independent monetary policy; and what is the ability to conduct an independent monetary policy. The constraints on independent monetary policy in most of the WBC at this stage are relatively serious due to high levels of openness and euroization. They limit the ability of the central bank, which is oriented to price stability, to use the nominal exchange rate for achieving other goals (for example, output stabilization). Regarding the second question, the results from structural VAR framework suggest a low synchronization for supply and demand shocks between the WBC and the euro area, indicating potentially high costs of losing independent monetary policy. Moreover, the results from Kalman filter technique inform that the shock convergence process is slow or absent in the WBC vis-à-vis the euro area. Regarding the last question, the results from cointegration and VAR analysis suggest that the ability to conduct an independent monetary policy, assessed by analyzing the interest rate channel as the most prominent transmission channel in the euro area, is relatively weak in the WBC.
    Empirical Economics 08/2013; 45(1):137-156.
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    ABSTRACT: The size distribution of the domains of US-patented technological knowledge obeys an exponential law, revealing a disproportionable concentration of progress among larger domains. Our analyses suggest that this phenomenon is explained by a combination of two factors. First, domains’ trajectories of growth have inherently different potentials. Second, differences in domains’ potentials are magnified by a mechanism—domains’ self-hybridization—endogenous to the process of knowledge growth. Our results show that in addition to being stable, the observed distribution of technological progress is likely to arise under very general conditions.
    Empirical Economics 06/2013; 44(3):1143-1154.
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    ABSTRACT: Mandelbrot (Int Econ Rev 1:79–106, 1960) proposed using the so-called Pareto–Lévy class of distributions as a framework for representing income distributions. We argue in this article that the Pareto–Lévy distribution is an interesting candidate for representing income distributions because its parameters are easy to interpret and it satisfies a specific invariance-under-aggregation property. We also demonstrate that the Gini coefficient can be expressed as a simple formula of the parameters of the Pareto–Lévy distribution. We subsequently use income data for Norway and seven other OECD countries to fit the Pareto–Lévy distribution as well as the Generalized Beta type II (GB2) distribution. The results show that the Pareto–Lévy distribution fits the data better than the GB2 distribution for most countries, despite the fact that GB2 distribution has four parameters whereas the Pareto–Lévy distribution has only three.
    Empirical Economics 01/2013; 44(2).
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    ABSTRACT: This paper investigates the impact of the timeliness of information releases and data vintage variation on economic forecast quality. Specifically, using a set of 63 key US economic series, we provide a concise measure of the forecast accuracy associated with use of economic activity indices with different publication lags. A forecasting model based on an economic activity index that is subject to a short publication lag (viz. the Aruoba-Diebold-Scotti index) is more efficient than competing models. Moreover, if this publication lag advantage is removed (by artificially imposing a publication lag restriction comparable to that of a competing indicator) this efficiency largely disappears. The final part of the analysis employs a novel (simulation-based) method of assessing the impact of data vintage variation on forecast accuracy, and finds that the results are somewhat sensitive to such variation.
    Empirical Economics 01/2013;