VeranstaltungsortS.0.05Veranstalter Institut für VolkswirtschaftslehreBeschreibungWe present a short review of the history of econometrics over the last 150 years: From the analysis of sunspot numbers, of the Beveridge wheat price index to Tinbergens’ early macromodels and the subsequent Cowles Commission models to the “Oil Crisis of Econometrics” and the methodological reactions to this crisis. The important role of computers. Widening the focus from macroeconomics to financial and business econometrics. We discuss the present and future challenges: Big data and appropriate methods; evidence-based economic policy.Vortragende(r)em.o.Univ.-Prof. Dr. Manfred DeistlerKontaktChristina Kopetzky (vwl2@aau.at)

We study the impact of digitization in the form of product innovation on the location of economic activities and value extraction on global supply chains and its effects on industry dynamics such as factor compensation. We develop a novel two-region agent-based model consisting of two traditional manufacturing sectors (upstream and downstream), an emerging digital goods sector and a service sector to account for structural change. In the wake of digitization final good producers incorporate digital components into their products, thereby increasing the product quality. We show that the region, where prior to digitization final good producers offer lower quality goods and are less competitive, is more likely to become dominant in the emerging digital goods sector. Whether digitization also results in a catch-up of the weaker region in the final goods sector depends crucially on the degree of complementarity between conventional and digital components in determining product quality. Furthermore, we analyze the implications of digitization on wage inequality within and between regions.