Path Dependence and QWERTY's Lock-in: Toward a Veblenian Interpretation
John B. Hall, Iciar Dominguez Lacasa, Jutta Günther
Journal of Economic Issues,
No. 2,
2011
Abstract
In “Clio and the Economics of QWERTY,“ Paul David challenges an overarching, mainstream assumption that market forces should indeed lead toward efficient and optimal outcomes that include technology selection. David seeks to explain the endurance of technologies that his use of historiography judges inefficient and suboptimal. We challenge David's research, arguing that failure to consider the original institutional economics (OIE) tradition limits his grasp of complex processes to reduced notions of “path dependence“ based upon a “lock-in.“ This inquiry offers an alternative account of QWERTY and technology selection based upon Veblenian thinking, further supported by Paul Dale Bush's emphasis upon the ceremonial.
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New Insights in Business Cycles: An Overview
Oliver Holtemöller, J. Rahn, M. H. Stierle
Einzelveröffentlichungen,
No. 6,
2009
Abstract
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Menschenwürdige Wirtschaftsordnung: Historische Wurzeln und Konzepte
Ulrich Blum
Einzelveröffentlichungen,
No. 1,
2007
Abstract
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Identifying Sources of Business Cycle Fluctuations in Germany 1975-1998
Oliver Holtemöller, T. Schmidt
Einzelveröffentlichungen,
No. 6,
2009
Abstract
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Export und Beschäftigung in der ostdeutschen Industrie - ein betrieblicher Längsschnitt
Brigitte Loose, Udo Ludwig
Einzelveröffentlichungen,
No. 2,
2005
Abstract
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Einführung in das Thema
Ulrich Blum
Einzelveröffentlichungen,
No. 1,
2006
Abstract
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Der Importgehalt der Exporte im Lichte von jeweiligen und konstanten Preisen
Hans-Ulrich Brautzsch, Udo Ludwig
Einzelveröffentlichungen,
No. 2,
2007
Abstract
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Aggregation of National Data and Stability of Euro Area Money Demand
Oliver Holtemöller
Einzelveröffentlichungen,
No. 4,
2004
Abstract
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Inflation Expectations: Does the Market Beat Professional Forecasts?
Makram El-Shagi
North American Journal of Economics and Finance,
No. 3,
2011
Abstract
The present paper compares expected inflation to (econometric) inflation forecasts based on a number of forecasting techniques from the literature using a panel of ten industrialized countries during the period of 1988 to 2007. To capture expected inflation, we develop a recursive filtering algorithm which extracts unexpected inflation from real interest rate data, even in the presence of diverse risks and a potential Mundell-Tobin-effect.
The extracted unexpected inflation is compared to the forecasting errors of ten
econometric forecasts. Beside the standard AR(p) and ARMA(1,1) models, which
are known to perform best on average, we also employ several Phillips curve based approaches, VAR, dynamic factor models and two simple model avering approaches.
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The Impact of Fixed Exchange Rates on Fiscal Discipline
Makram El-Shagi
Scottish Journal of Political Economy,
No. 5,
2011
Abstract
In this paper, it is shown that, contrary to standard arguments, fiscal discipline is not substantially enhanced by a fixed exchange rate regime. This study is based on data from 116 countries collected from 1975 to 2004 and uses various estimation techniques for dynamic panel data, in particular a GMM estimation in the tradition Arellano and Bover (1995) and Blundell and Bond (1998). Contrary to previous papers on this topic, the present paper takes into account that the consequences of a new exchange rate regime do not necessarily fully manifest immediately.
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