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Further econometric evidence on the gravitation and convergence of industrial rates of return on regulating capital

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  • Andrea Vaona

    ()
    (Department of Economics (University of Verona))

Abstract

The hypotheses of sectoral return rates on regulating capital either gravitating around or converging towards a common value is tested on data for various OECD countries by adopting two panel varying coefficient approaches. Our null hypotheses receive some empirical support, that turns out to be stronger once focusing on manufacturing industries only. We offer a meta-analytic framework to assess the results obtained in the present contribution and in the past literature as well. Finally we discuss implications for economic policies and future theoretical and empirical research.

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File URL: http://dse.univr.it//workingpapers/VAONAJPKE.pdf
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Bibliographic Info

Paper provided by University of Verona, Department of Economics in its series Working Papers with number 08/2011.

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Length: 28
Date of creation: Jun 2011
Date of revision:
Publication status: Published in Journal of Post-Keynesian Economics
Handle: RePEc:ver:wpaper:08/2011

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Keywords: capital mobility; gravitation; convergence; return rates on regulating capital; varying coefficient estimator; panel data.;

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References

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  1. Dumenil, Gerard & Levy, Dominique, 1987. "The Dynamics of Competition: A Restoration of the Classical Analysis," Cambridge Journal of Economics, Oxford University Press, vol. 11(2), pages 133-64, June.
  2. Lefteris Tsoulfidis & Persefoni Tsaliki, 2005. "Marxian Theory of Competition and the Concept of Regulating Capital: Evidence from Greek Manufacturing," Review of Radical Political Economics, Union for Radical Political Economics, vol. 37(1), pages 5-22, March.
  3. Anwar M. Shaikh, 1998. "The Stock Market and the Corporate Sector: A Profit-Based Approach," Macroeconomics 9811007, EconWPA.
  4. Suits, Daniel B, 1984. "Dummy Variables: Mechanics v. Interpretation," The Review of Economics and Statistics, MIT Press, vol. 66(1), pages 177-80, February.
  5. Franco Malerba, 2005. "Sectoral systems of innovation: a framework for linking innovation to the knowledge base, structure and dynamics of sectors," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 14(1-2), pages 63-82.
  6. Jeffrey M Wooldridge, 2010. "Econometric Analysis of Cross Section and Panel Data," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262232588, December.
  7. Ajit Zacharias, 2001. "Testing Profit Rate Equalization in the U.S. Manufacturing," Macroeconomics 0012013, EconWPA.
  8. Glick, Mark & Ehrbar, Hans, 1990. "Long-run Equilibrium in the Empirical Study of Monopoly and Competition," Economic Inquiry, Western Economic Association International, vol. 28(1), pages 151-62, January.
  9. Shaikh, Anwar, 1980. "Marxian Competition versus Perfect Competition: Further Comments on the So-Called Choice of Technique," Cambridge Journal of Economics, Oxford University Press, vol. 4(1), pages 75-83, March.
  10. Malerba, Franco, 2002. "Sectoral systems of innovation and production," Research Policy, Elsevier, vol. 31(2), pages 247-264, February.
  11. Fisher, Franklin M & McGowan, John J, 1983. "On the Misuse of Accounting Rates of Return to Infer Monopoly Profits," American Economic Review, American Economic Association, vol. 73(1), pages 82-97, March.
  12. Glick, Mark & Ehrbar, Hans, 1988. "Profit rate equalization in the U.S. and Europe: An econometric investigation," European Journal of Political Economy, Elsevier, vol. 4(1), pages 179-201.
  13. Andrea Vaona, 2011. "An empirical investigation into the gravitation and convergence of industry return rates in OECD countries," International Review of Applied Economics, Taylor & Francis Journals, vol. 25(4), pages 465-502.
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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.
  2. Stefania Tescari & Andrea Vaona, 2013. "Regulating rates of return do gravitate in US manufacturing!," Working Papers 19/2013, University of Verona, Department of Economics.

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