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A panel data approach to price–value correlations

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  • Andrea Vaona

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Abstract

Resorting to stationary and nonstationary panel data econometrics, we offer tests for “Ricardo’s 93% theory of value” for ten OECD countries over different time ranges. The theory does not find empirical support. Copyright Springer-Verlag Berlin Heidelberg 2014

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Bibliographic Info

Article provided by Springer in its journal Empirical Economics.

Volume (Year): 47 (2014)
Issue (Month): 1 (August)
Pages: 21-34

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Handle: RePEc:spr:empeco:v:47:y:2014:i:1:p:21-34

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Keywords: Value; Price; Fixed effects model; Random effects model; Panel unit root tests; Panel cointegration tests; C21; C43; C52; D46;

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  13. Nelson C. Mark & Donggyu Sul, 2003. "Cointegration Vector Estimation by Panel DOLS and Long-run Money Demand," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 65(5), pages 655-680, December.
  14. Burke, S P & Godfrey, L G & Tremayne, A R, 1990. "Testing AR(1) against MA(1) Disturbances in the Linear Regression Model: An Alternative Procedure," Review of Economic Studies, Wiley Blackwell, vol. 57(1), pages 135-45, January.
  15. Lefteris Tsoulfidis & Theodore Mariolis, 2007. "Labour Values, Prices of Production and the Effects of Income Distribution: Evidence from the Greek Economy," Economic Systems Research, Taylor & Francis Journals, vol. 19(4), pages 425-437.
  16. Emilio Díaz & Rubén Osuna, 2008. "Understanding spurious correlation: a rejoinder to Kliman," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 31(2), pages 357-362, December.
  17. Andrew J. Kliman, 2002. "The law of value and laws of statistics: sectoral values and prices in the US economy, 1977--97," Cambridge Journal of Economics, Oxford University Press, vol. 26(3), pages 299-311, May.
  18. Maddala, G S & Wu, Shaowen, 1999. " A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 61(0), pages 631-52, Special I.
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Cited by:
  1. Andrea Vaona, 2012. "Price-price deviations are highly persistent - extended version," Working Papers 08/2012, University of Verona, Department of Economics.

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