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Excerpt from Nonlinear Three Stage Least Squares Pooling of Cross Section and Average Time Series DataThe purpose of this paper is to discuss the estimation of exact aggregation models by the nonlinear three stage least squares method (nlbsls) of Amemiya Gallant Gallant and Jorgenson Jorgenson and Laffont (1974) and others. In exact aggregation models there is a unique correspondence between individual behavior and aggregate behavior. This pro...

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A presentation of the cost-of-capital approach for analyzing the economic impact of tax policy.This book presents a comprehensive treatment of the cost-of-capital approach for analyzing the economic impact of tax policy. This approach has provided an intellectual impetus for reforms of capital income taxation in the United States and around the world. The cost of capital and the marginal effective tax rate are combined with estimates of substi...

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Volume 1: Econometric General Equilibrium Modeling presents an econometric approach to general equilibrium modeling of the impact of economic policies. Earlier approaches were based on the "calibration" of general equilibrium models to a single data point. The obvious disadvantage of calibration is that it requires highly restrictive assumptions about technology and preferences, such as fixed input-output coefficients. These assumptions are co...

The relentless decline in the prices of information technology (IT) has steadily enhanced the role of IT investment as a source of economic growth in the United States. Productivity growth in IT-producing industries has gradually risen in importance, and a productivity revival has taken place in the rest of the economy. In this book Dale Jorgenson shows that IT provides the foundation for the resurgence of American economic growth.Information ...

This volume presents a new approach to econometric modeling of aggregateconsumer behavior. The approach has successfully extricated demand modeling from thehighly restrictive framework provided for more than half a century by the model of arepresentative consumer. Like the representative consumer model that preceded it, the new approach rests on the theory of individual behavior. The centerpiece of thevolume is an econometric model of demand o...

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A presentation of the cost-of-capital approach for analyzing the economic impact of tax policy.

These studies of the cost of capital will inspire and guide policy-makerswho share the goal of making the allocation of capital in a market economy moreefficient.Volume 1 presents pioneering studies of the cost of capital as adeterminant of investment expenditures. The cost of capital summarizes the futureconsequences of investment essential for current decisions. This concept has becomean indispensible tool for studying the dynamics of invest...

This volume presents an approach to the evaluation of economic policies through the econometric modeling of aggregate consumer behavior. While the preferences of individual consumers are revealed by their market choices, these preferences can be recovered only by econometric methods, not through the index numbers used in the official statistics. The richer and more robust methodology presented in this volume provides a fruitful point of depart...

Energy utilization, especially from fossil fuels, creates hidden costs in the form of pollution and environmental damages. The costs are well documented but are hidden in the sense that they occur outside the market, are not reflected in market prices, and are not taken into account by energy users. Double Dividend presents a novel method for designing environmental taxes that correct market prices so that they reflect the true cost of energy....