More on multipliers
Recently, Oosterhaven and Stelder (2002, "Journal of Regional Science", 42, 533-543) (OS) addressed the issue of measuring the economic importance of an industry. In practice, the traditional multipliers are commonly multiplied by, for example, the outputs. According to OS, this is a misuse that leads to double counting, a correction for which results in their net multipliers. In this note, I will provide an economic interpretation, which suggests that net multipliers may be a good choice for descriptive purposes. The comment by de Mesnard (2002, "Journal of Regional Science", 42, 545-548) adopts a different viewpoint. Following his approach, I will show that also the common procedure-which was the central point of rejection in OS-has a sound economic interpretation. In its turn, this yields an alternative interpretation for the matrices used in supply-driven input-output models. Copyright Blackwell Publishing Inc. 2005
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Volume (Year): 45 (2005)
Issue (Month): 2 ()
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