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1. Said of an estimated parameter if it is sufficiently different from zero, relative to an estimate of its probability distribution, that the probability of the actual parameter being zero is below some small threshold, such as 5%. 2. An estimate that is more than twice, in absolute value, its standard error.
Industry:Economy
A type of equilibrium, especially in a neoclassical growth model, in which those variables that are not constant grow over time at a constant and common rate.
Industry:Economy
A model in which one or more prices are assumed not to change when the markets in which they apply move out of equilibrium. Internationally, this can result in a violation of the law of one price.
Industry:Economy
1. A share in the ownership of a corporation. 2. A stock, or stock variable, is an economic magnitude that describes a quantity that exists at a point in time. Examples include a country's international reserves, a consumer's wealth, and a country's labor force. Contrasts with a flow.
Industry:Economy
1. The proposition of the Heckscher-Ohlin Model that a rise in the relative price of a good raises the real wage of the factor used intensively in that industry and lowers the real wage of the other factor. 2. The further proposition (requiring addition assumptions) that protection raises the real wage of a country's scarce factor and lowers the real wage of its abundant factor. Due to Stolper and Samuelson (1941).
Industry:Economy
1. A permanent change in the structure of an economy, such as a shift in preferences or technology, that causes a permanent change in relative sizes of various industries and a consequent reallocation of labor among them. 2. In econometric time series, a change at some time in the parameters that generate the series.
Industry:Economy
A 1990 agreement between the United States and Japan to reduce their bilateral trade imbalance. Among other commitments, the U. S. Promised to reduce its budget deficit and encourage saving, while Japan promised to increase spending and facilitate entry of new businesses.
Industry:Economy
A firm that is owned and ultimately controlled by another firm. Thus a multinational corporation has a parent in once country and one or more subsidiaries in others.
Industry:Economy
A payment by government, perhaps implicit, to the private sector in return for some activity that it wants to reward, encourage, or assist. Under WTO rules, subsidies may be prohibited, actionable, or non-actionable.
Industry:Economy
