Are current economic models well equipped to provide useful policy prescriptions? Many economists would have certainly answered, “yes” before the recent Global Recession. This economic crisis has not only demonstrated the importance of banking and financial markets for the dynamics of real economies. It has also revealed the inadequacy of the dominant theoretical framework. Standard models have...

Marine circular economy development and marine ecological security construction is the solution of seeking sustainable development when human beings are faced with marine ecological crisis in future period. Marine circular economy and ecological security is the subsystem of ecological, social and economic compound system. These two are mutually conditional and have been in collaborative develop...

In the past decades several attempts have been made to integrate socio-economic models with land use change (LUC) models. In most cases, however, there is a uni-directional relation from the socio-economic model(s) to the LUC model by providing land use demands based on demographic and economic developments. In this paper we present a model that allows for a more dynamic integration between bot...

This study investigates the effect of cell phones on economic development and growth by performing an econometric analysis using data from the International Telecommunications Union and the Penn World Table. It discusses the various ways cell phones can make markets more efficient and how the diffusion of information and knowledge plays into development. Several approaches (OLS, Fixed Effects, ...

Little previous research has explored what drives the diversification of national food supplies (DFS) across countries and regions. We construct and analyse a cross-country dataset linking a simple DFS indicator - the share of calories supplied by nonstaple foods - with structural transformation and agroecological indicators. Panel econometric models show that several indicators of structural t...

economic policy consists of various methodologies, approaches and models through which the economists devise strategies to influence the overall economy. the integration of theoretical and practical frameworks provides the ground for emerging new models which are a part of economic system of the countries.each economic model is a combination of specific methodology, theoretical bases and specia...

Do financial market analysts use structural economic models when forecasting exchange rates? This is the leading question analysed in this paper. In contrast to other studies we use expectations instead of realised data. Therefore we analyse the implicit structural models forecasters have in mind when forming their exchange rate expectations. Using expected shortand long-term interest rates and...

The objective of this paper is to identify which parameters of a model are stable over time. Existing procedures can only be used to test whether a given subset of parameters is stable, and cannot be used to find which subset of parameters is stable. We propose a new procedure that is informative on the nature of instabilities affecting economic models, and sheds light on the economic interpret...

Cost-utility models are increasingly used in many countries to establish whether the cost of a new intervention can be justified in terms of health benefits. Health-state utility (HSU) estimates (the preference for a given state of health on a cardinal scale where 0 represents dead and 1 represents full health) are typically among the most important and uncertain data inputs in cost-utility mod...

Structural models are models for empirical work that have parameters stable to changes in the economic environment. In structural econometric models, economic theory is used to develop mathematical statements about how a set of observable “endogenous” variables are related to another set of observable “exogenous” variables. Examples for structural modeling include demand analysis, schooling cho...