Difficulties in testing for capital overaccumulation

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-01-30 DOI:10.3982/qe2413

Narayana R. Kocherlakota

引用次数: 0

Abstract

This paper reconsiders the question of testing for the presence of Pareto suboptimal capital overaccumulation in overlapping generations economies. The paper allows generation-specific technology shocks to evolve over time according to a stationary Markov chain, and assumes that an econometrician observes a finite sample of aggregate quantities. In this setting, any statistical test of the null hypothesis of capital overaccumulation with size less than one also has zero power against the alternative hypothesis of a dynamically efficient steady state. This result means that the standard assessments of capital overaccumulation based on US aggregate quantity data should be viewed as inconclusive.

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检验资本过度积累的困难

本文重新考虑了在世代重叠经济中检验是否存在帕累托次优资本过度积累的问题。本文允许特定世代的技术冲击根据静态马尔可夫链随时间演变，并假设计量经济学家观察到的是总量的有限样本。在这种情况下，任何对规模小于 1 的资本过度积累零假设的统计检验，对动态有效稳态的备择假设也是零功率。这一结果意味着，基于美国总量数据的资本过度积累标准评估应被视为不确定的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.