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Data, Models, Coefficients: The Case of United States Military Expenditure

Listed author(s):
  • Jurgen Brauer

    (James M. Hull College of Business Augusta State University Augusta, Georgia, USA, jbrauer@aug.edu)

This article is an exercise in economic methodology. It replicates two published models of the effect of military expenditure on the United States economy but, in order to study variations in the relevant estimated parameters, applies two different military expenditure data sets to the models (budget vs. National Income and Product Accounts [NIPA] data). In an extension, the article examines coefficient stability when the economically preferred NIPA data are applied across varying time-periods. Two major findings are that economic models should avoid the use of budget data and that even when the preferred NIPA data are used, estimated parameters are highly unstable across time.

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File URL: http://cmp.sagepub.com/content/24/1/55.abstract
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Article provided by Peace Science Society (International) in its journal Conflict Management and Peace Science.

Volume (Year): 24 (2007)
Issue (Month): 1 (February)
Pages: 55-64

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Handle: RePEc:sae:compsc:v:24:y:2007:i:1:p:55-64
Contact details of provider: Web page: http://pss.la.psu.edu/

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  1. John B. Taylor, 2000. "Teaching Modern Macroeconomics at the Principles Level," American Economic Review, American Economic Association, vol. 90(2), pages 90-94, May.
  2. H. Sonmez Atesoglu, 2002. "Defense Spending Promotes Aggregate Output in the United States--Evidence from Cointegration Analysis," Defence and Peace Economics, Taylor & Francis Journals, vol. 13(1), pages 55-60.
  3. Jesus Felipe & F. Gerard Adams, 2005. ""A Theory of Production" The Estimation of the Cobb-Douglas Function: A Retrospective View," Eastern Economic Journal, Eastern Economic Association, vol. 31(3), pages 427-445, Summer.
  4. Jurgen Brauer, 2002. "Survey and Review of the Defense Economics Literature on Greece and Turkey: What Have We Learned?," Defence and Peace Economics, Taylor & Francis Journals, vol. 13(2), pages 85-107.
  5. Michael Brzoska, 1982. "Arms Transfer Data Sources," Journal of Conflict Resolution, Peace Science Society (International), vol. 26(1), pages 77-108, March.
  6. Stock, James H & Watson, Mark W, 1996. "Evidence on Structural Instability in Macroeconomic Time Series Relations," Journal of Business & Economic Statistics, American Statistical Association, vol. 14(1), pages 11-30, January.
  7. J. Paul Dunne & Ron Smith & Dirk Willenbockel, 2005. "Models Of Military Expenditure And Growth: A Critical Review," Defence and Peace Economics, Taylor & Francis Journals, vol. 16(6), pages 449-461.
  8. David H. Romer, 2000. "Keynesian Macroeconomics without the LM Curve," Journal of Economic Perspectives, American Economic Association, vol. 14(2), pages 149-169, Spring.
  9. Ron P. Smith, 1998. "Quantitative Methods in Peace Research," Journal of Peace Research, Peace Research Institute Oslo, vol. 35(4), pages 419-427, July.
  10. Peter Kennedy, 2003. "A Guide to Econometrics, 5th Edition," MIT Press Books, The MIT Press, edition 5, volume 1, number 026261183x, July.
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