Repec Archive’s research while affiliated with University of Reading and other places

This contribution is, first and foremost, a reflection on the theme of political economy and thehistorical evolution of its ideas. It highlights some salient moments in the history of politicaleconomy and remembers the main protagonists who have contributed to the development ofthe discipline and its ideas. In analyzing the ideas of political economists, the themesexamined include innovation, economic growth, and technological change. Finally, the essaydiscusses the European Monetary Union and the adoption of the single currency, the euro. Itrefers to the different crises this currency has experienced over the past twenty years and thevarious reforms implemented to ensure the survival of the European Monetary Union.

This paper aims to analyze the competitive capacity of the Sicilian production system in a region that has historically exhibited a delayed development. It argues, first, that innovation is the most critical driver for fostering competitiveness, as it enhances total factor productivity. Second, investing in knowledge emerges as the optimal strategy to increase the efficiency of production factors and serves as a cornerstone for achieving long-term growth and development. The ability to create and utilize knowledge is fundamental to the competitive advantage of companies and the generation of wealth in the economy. Furthermore, it is argued that institutions must foster competitiveness and growth through a simple, clear, and less bureaucratic regulatory framework. This is particularly crucial in regions that have historically invested significant public resources but achieved relatively modest outcomes in terms of income and employment growth. Specifically, this paper emphasizes the necessity of substantial public investments to strengthen infrastructure, the education and training sector, and research. Equally important are private investments, not only to expand the production base but, more critically, to enhance it qualitatively through new digital technologies, thereby raising the level of total factor productivity.

The substrate concentration in source and sink and the combined net profit of the ensemble of both are the coordinates of the transfer space. Net profit is the difference of a non-linear benefit function and a linear cost function of the substrate concentration. The net profit of the ensemble, the sum of the net profit of source and sink, results in a surface within the transfer space. This surface is partially below zero, a negative net profit, and partially above zero, a positive net profit. Superadditivity appears when the surface with transfer is above the surface without transfer. Subadditivity is the revers situation. Superadditivity and subadditivity are independent of a positive or negative net profit. A positive net profit for the single parties and superadditivity for the ensemble would be optimal. I demonstrate that in a subspace of the transfer space (area III) a positive net profit for source and sink and superadditivity for the ensemble is possible. Two reservations have to be made: First, source has to be forced or deceived to give substrate beyond b=c, an attractor within the larger transfer space. Second, increased positive net profit for source and sink in symmetric ensembles is achieved on cost of superadditivity for the ensemble. The superadditive net profit of the ensemble by transfer and the individual net profit of source and sink are a trade-off within the subspace. If the individual net profit for source and sink is maxed out simultaneously, superadditivity is absent and additional transfers result in subadditivity in symmetric ensembles. Observing both limits of maximal net profit avoids subadditivity in area III. This is similar to the transfer space with the holding lines b=c. Such a pair of checklines is absent in area II.

En appuyant sur une revue de la littérature innovante, nous examinons en premier lieu théoriquement la nature de relation entre le développement financier et la croissance économique tout en tenant compte du rôle joué la finance islamique dans le sens d'orientation des investissements et des dépenses publiques qui prend en considération l'efficace humaine (éducation) en présence de la finance conventionnelle. Nous essayons en dernier lieu empiriquement de découvrir les influences de la finance islamique comme étant une tendance sur la croissance économique décrivant la stabilité et durabilité de n'importe quel système financier utilisé et par conséquent la relation entre le développement financier islamique sur la croissance économique. Notre validation empirique est basée une application sur les données de panel pour notre région MENA durant une longue période de 20 ans successifs (1990-2009).

Purpose The purpose of this paper is to re-examine the long-run relationship between radiative forcing (including emissions of carbon dioxide, sulphur oxides, methane and solar radiation) and temperatures from a structural time series modelling perspective. The authors assess whether forcing measures are cointegrated with global temperatures using the structural time series approach. Design/methodology/approach A Bayesian approach is used to obtain estimates that represent the uncertainty regarding this relationship. The estimated structural time series model enables alternative model specifications to be consistently compared by evaluating model performance. Findings The results confirm that cointegration between radiative forcing and temperatures is consistent with the data. However, the results find less support for cointegration between forcing and temperature data than found previously. Research limitations/implications Given considerable debate within the literature relating to the “best” way to statistically model this relationship and explain results arising as well as model performance, there is uncertainty regarding our understanding of this relationship and resulting policy design and implementation. There is a need for further modelling and use of more data. Practical implications There is divergence of views as to how best to statistically capture, explain and model this relationship. Researchers should avoid being too strident in their claims about model performance and better appreciate the role of uncertainty. Originality/value The results of this study make a contribution to the literature by employing a theoretically motivated framework in which a number of plausible alternatives are considered in detail, as opposed to simply employing a standard cointegration framework.

The German Institute for Economic Research Berlin (DIW), the Halle Institute for Economic Research (IWH) and the Rheinisch-Westfälisches Institut Essen (RWI) have used their own models to calculate the macroeconomic effects of the measures under the coalition agreement for the 19th parliamentary term and published them in the spring report 2018 of the Joint Economic Forecast project group. A comparison with the simulations of two other econometric models, including an older version of the RWI business cycle model (KM), suggests the hypothesis that these effects have been overestimated. The study focuses on the results of the RWI with the least overestimates. The study has two parts based on different information. In the first part, a black box method is used (1) which shows that the implicit multipliers of the simulation results are not plausible. In a further analysis attempt (2), the problematic effects are calculated on the basis of multipliers published in 2012 from an older version of the KM and compared with those of the new version. Finally, (3) the publicly available documentations of the RWI-KM are used to demonstrate that the price development may not have been calculated correctly. This would explain why the KM simulation results have a bias. The second part of the study is based on internal RWI-documents and the KM2016 model. The deeper analysis that is possible with this shows that (1) the black box method is not applicable for mathematical reasons, (2) model- and simulation-related differences lead to higher effects that cannot classified as overestimation, and (3) it cannot be claimed that the calculation method of prices systematically generates a bias. The analysis reveals how (1) the annual overlap method has been implemented in the model, (2) the problem of non-additivity of chained volumes is solved and (3) values are assigned to the instrument variables.