Empirical Analysis of the Interconnection between Structural Changes and Labour Productivity
The paper discusses the change of the influence of certain branches and branch changes on the economic growth, particularly the labor productivity observed in the last few decades. As a result the processing industry is replaced by the service sector, which gradually becomes dominating since 1970s. For this purpose it is proved with the results of a long-lasting work of the Groningen Growth and Development Centre (The Netherlands) concerning countries from European Union and USA in the second half of 20th century – mainly in 1980s and 1990s and until the middle of the first decade of 21st century. The achieved results give reasons for a change of the existing stylized facts formulated by N. Kaldor (1967), S. Kuznets (1971) and A. Maddison (1980).
Labor Productivity as a Factor for Increasing Public Production Efficiency
The article focuses on an integral estimation of the public production effectiveness and shows the role of human labor productivity in the formation of the summarizing performance indicator. It focuses on measuring the public production effectiveness. The role of labor productivity as a major criterion of the efficiency of the national economy is shown. The problem of measuring the public production effectiveness is inseparable from the problem of measuring productivity. The aim of this study is to identify minimum indicators that characterize the public production efficiency and which make up a balanced system. To search for a balanced system the study uses: the traditional scheme of resource expressions for integral indicator of the public production effectiveness, including labor resources, production capital and working capital; integral estimation of the public production effectiveness, including labor productivity, return on fixed capital stock; return on stocks; after receiving a list of factors for integral estimation of the efficiency of production, procedure for calculating the multivariate average value of production resources is used in order to identify the role of human labor productivity and other factor variables in the summarizing performance indicator. Quantitative analysis of factors for integral expression of regional effectiveness of public production under the conditions of each individual unit of the territorial system can be accomplished by methods of the index factor analysis. As for the application to the whole territorial system, taking into account the statistical nature of the dependencies studied it is appropriate to use correlation - regression and multivariate analyzes, which make it possible to pose the problem in matrix form, and therefore they are adequately relevant to the content of system approach. The results of the analysis are mostly characteristic of engineering. In other industries, there is specificity in the distribution of the weighted coefficients of the performance indicators used in the manufacturing process of certain types of resources. DOI: 10.5901/mjss.2014.v5n24p366
When to Cross the Spread? Trading in Two-Sided Limit Order Books
In this paper the problem of optimal trading in illiquid markets is addressed when the deviations from a given stochastic target function describing, for instance, external aggregate client flow are penalized. Using techniques of singular stochastic control, we extend the results of [F. Naujokat and N. Westray, Math. Financ. Econ., 4 (2011), pp. 299--335] to a two-sided limit order market with temporary market impact and resilience, where the bid ask spread is now also controlled. In addition to using market orders, the trader can also submit orders to a dark pool. We first show existence and uniqueness of an optimal control. In a second step, a suitable version of the stochastic maximum principle is derived which yields a characterization of the optimal trading strategy in terms of a nonstandard coupled forward-backward stochastic differential equation (FBSDE). We show that the optimal control can be characterized via buy, sell, and no-trade regions. The new feature is that we now get a nondegenerate no-...