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1.
Alain Marciano 《Constitutional Political Economy》2009,20(1):42-56
This article discusses the methodological foundations of Buchanan’s constitutional political economy. We argue that Buchanan
is a constitutional economist because he is an economist or a political economist. In other words, Buchanan is a constitutional economist—he insists on the necessity
of focusing on constitutions and to analyze the “rules of the social game”—because he defines economics as a science of exchange.
Buchanan’s definition of economics is not only specific, it is also opposed to the definition of economics that other economists
retain and, above all, opposed to the definition of economics that many public choice theorists use. The latter have, in effect,
adopted the Robbins 1932 definition of economics as a science of choice that Buchanan criticizes and rejects. Buchanan’s constitutional
economics can be a branch of public choice only under certain conditions.
相似文献
Alain MarcianoEmail: |
2.
Philipp Engler Terhi Jokipii Christian Merkl Pablo Rovira Kaltwasser Lúcio Vinhas de Souza 《Empirica》2007,34(5):411-425
This paper analyzes the role of banks’ regulatory capitalization in the transmission of monetary policy. We use a confidential
dataset for Austrian banks spanning from the first quarter of 1997 to the fourth quarter of 2003. We find evidence that Austrian
banks react in an asymmetric way to monetary policy depending on their regulatory excess capitalization, i.e. low capitalized
banks react more restrictively to a monetary tightening than their highly capitalized peers.
相似文献
Lúcio Vinhas de SouzaEmail: |
3.
This paper compares the European Central Bank’s (ECB) conduct of monetary policy with that of the Bundesbank. Estimated monetary policy reaction functions show that the ECB reacts similarly to expected inflation but significantly stronger to the output gap than the Bundesbank did. Theoretical considerations suggest that this stronger response to the output gap may rather be due to a higher interest rate sensitivity of the German output gap than to a higher weight given to output stabilisation in the objective function of the ECB. Counterfactual simulations based on the estimated interest rate reaction functions reveal that German interest rates would not have been lower under a hypothetical Bundesbank regime after 1999. However, this conclusion crucially depends on the assumption of an unchanged long-run real interest rate for the EMU period and is reversed when the Bundesbank reaction function is adjusted for the lower long-run real interest rate estimated for the ECB regime.
相似文献
Bernd HayoEmail: |
4.
Nejla Adanur Aklan Mehmet Nargelecekenler 《International Advances in Economic Research》2008,14(2):156-166
This paper estimates the backward-looking and forward-looking monetary policy reaction functions of the Central Bank of the
Republic of Turkey (CBRT) by considering the post-crisis period from August 2001 to September 2006, with a special emphasis
on inflation targeting. Policies which the CBRT applied are analyzed according to the Taylor rule. The empirical results indicate
that the CBRT followed the Taylor rule in its interest setting behaviour. In forward-looking models, the response coefficient
of inflation and the output gap is greater than that of backward-looking models. The results of forward-looking models reflect,
the policies conducted in Turkey. In the post-crisis period, expected inflation has been the main reaction variable for the
CBRT. This suggests that monetary policy over the post-crisis period was not accommodating increases in expected inflation.
The main conclusion is that ‘Taylor rule’ based monetary policies were effective in inflation targeting in Turkey.
相似文献
Mehmet NargelecekenlerEmail: |
5.
An estimated two-country DSGE model of Austria and the Euro Area 总被引:1,自引:0,他引:1
We present a two-country New Open Economy Macro model of the Austrian economy within the European Union’s Economic & Monetary
Union (EMU). The model includes both nominal and real frictions that have proven to be important in matching business cycle
facts, and that allow for an investigation of the effects and cross-country transmission of a number of structural shocks:
shocks to technologies, shocks to preferences, cost-push type shocks and policy shocks. The model is estimated using Bayesian
methods on quarterly data covering the period of 1976:Q2–2005:Q1. In addition to the assessment of the relative importance
of various shocks, the model also allows to investigate effects of the monetary regime switch with the final stage of the
EMU and investigates in how far this has altered macroeconomic transmission. We find that Austria’s economy appears to react
stronger to demand shocks, while in the rest of the Euro Area supply shocks have a stronger impact. Comparing the estimations
on pre-EMU and EMU subsamples we find that the contribution of (rest of the) Euro Area shocks to Austria’s business cycle
fluctuations has increased significantly.
相似文献
Katrin RabitschEmail: Email: |
6.
Phillip W. Magness 《Constitutional Political Economy》2009,20(2):177-192
This article explores an early attempt to establish a constitutional constraint on tariffs utilizing the Laffer Curve relationship.
In 1842 John Calhoun suggested that the curve’s revenue maximization apex could be used to differentiate between “Revenue”
and “Protective” tariffs independently from the non-judiciable question of legislative motive. When admitted that a tax must
actually be collected to remain constitutionally valid, the apex functions as a de facto upper tariff rate constraint. Despite
subsequently falling in disfavor, Calhoun’s argument illustrates the importance of political economy on the constitutional
level by recognizing conditions that induce policymakers to rationally raise tax rates at the expense.
相似文献
Phillip W. MagnessEmail: |
7.
In constitutional political economy, the citizens’ constitutional interests determine the social contract that is binding
for the post-constitutional market game. However, following traditional preference subjectivism, it is left open what the
constitutional interests are. Using the example of risk attitudes, we argue that this approach is too parsimonious with regard
to the behavioral foundations to support a calculus of consent. In face of innovative activities with pecuniary and technological
externalities in the post-constitutional phase, the citizens’ constitutional interests vary with their risk preferences. To
determine what kind of social contract is generally agreeable, specific assumptions about risk preferences are needed.
相似文献
Ulrich WittEmail: |
8.
Naa Anyeley Akofio-Sowah 《International Advances in Economic Research》2009,15(3):296-309
This paper investigates the relationship between the monetary regime: pegged, currency board, dollarization, and the exchange
rate pass-through for a sample consisting of 15 Sub-Saharan Africa countries and 12 Latin American countries. The research
findings about pass-through rates will shed light on the feasibility of a monetary union for Sub-Saharan Africa. The inclusion
of the latter country group was deemed desirable to explore pass-through behavior in several monetary regime options not often
used in Sub-Saharan Africa.
相似文献
Naa Anyeley Akofio-SowahEmail: |
9.
Gabriele Orcalli 《Constitutional Political Economy》2007,18(1):1-20
The EU’s immigration policy is evaluated from the standpoint of constitutional economics. The main conclusion is that European
immigration policy is trapped in a system of constitutional regulations that is too rigid as it is exclusively oriented towards
the protection and securitisation of European borders. As such, it is not capable of allowing the development of a problem-solving capacity based on successive
trials, and this produces negative outcomes for the whole of the EU.
相似文献
Gabriele OrcalliEmail: |
10.
This paper investigates various possible meanings of ‘Social Market Economy’—60 years after its political initiation in Germany.
We focus on the variety of intellectual sources that influenced the formation and interpretation of the concept in Germany
during the first half of the last century. Our particular attention is on Müller-Armack’s definition of a rather dualistic
concept of ‘social’ versus ‘market economy’ and the subtle differences it has with an original (Freiburg School) view of ordo-liberalism
that lends itself more easily to a constitutional economics perspective.
相似文献
Michael Wohlgemuth (Corresponding author)Email: |
11.
David B. Skarbek 《The Review of Austrian Economics》2009,22(1):109-112
F.A. Hayek’s broad research program has led some to conclude that his impact on economics has been minimal. This citation
study examines the frequency of Nobel laureates cited by other laureates in the official Prize Lectures to understand how
elite economists influence other elite economists. It finds that Hayek is the second most frequently mentioned laureate in
the Prize Lectures, and he has the second most publication citations of the laureates. Hayek’s influence on the top tier of
economists is substantial.
相似文献
David B. SkarbekEmail: |
12.
The study aims to examine the impact of changes in policy variables namely, monetary aggregate (M1), exchange rate and interest
rate on two monetary goal variables, namely output and price level in Fiji from 1970 to 2006 by applying the procedures of
variance decomposition and impulse response functions. We conclude that the money channel is the most effective channel of
transmission mechanism among the three channels.
相似文献
Chee-Keong Choong (Corresponding author)Email: |
13.
Gregor Zwirn 《The Review of Austrian Economics》2009,22(1):81-107
This paper focuses on Ludwig von Mises’s attempt to establish an epistemological/methodological foundation for the social
sciences (praxeology). I reconstruct Mises’s writings by disentangling the distinct realms of ontology and epistemology in
his arguments. Although Mises’s line of reasoning is squarely based on the distinction between ontology and epistemology,
he nonetheless tends to mix ontological and epistemological viewpoints in his argumentation, thereby clouding the issue involved.
I believe this is one reason why the writings of Mises appear to be so difficult and engendered different as well as competing
readings amongst Austrian economists. Furthermore, this analysis also allows us to assess whether or not Mises offers a sound
theory of knowledge. I conclude that praxeology displays internal tensions and explain the reasons for these tensions.
相似文献
Gregor ZwirnEmail: |
14.
Monthly seasonally unadjusted data can exhibit roots with possibly fractional orders of integration, corresponding to the
monthly but also to the quarterly and to the long-run or trending components of the series. In this paper we use a procedure
which is suitable to test simultaneously for the order of integration of each of these components and apply it to several
US monetary aggregates.
相似文献
Guglielmo Maria CaporaleEmail: |
15.
A simple note on herd behaviour 总被引:4,自引:0,他引:4
In his ‘Simple model of herd behaviour’, (Banerjee A (1992) A simple model of herd behaviour. Q J Econ CVII:797–817) shows
that—in a sequential game—if the first two players have chosen the same action, player 3 and all subsequent players will ignore
his/her own information and start a herd, an irreversible one. In this paper, we analyse the role played by the tie-breaking
assumptions in reaching the equilibrium. We show that: players’ strategies are parameter dependent—an incorrect herd may be
reversed; a correct herd is irreversible.
相似文献
Andrea MoroneEmail: |
16.
Gary Reich 《Constitutional Political Economy》2007,18(3):177-197
Constitutional assemblies are a common feature of many democratic transitions. However, the goal of coordinating constitutional
choice would seem nearly impossible when assemblies are comprised of highly fragmented and volatile political parties. Building
on Knight’s bargaining model, this article argues that the main challenge to coordination in unstable party systems is the
procedural disequilibrium that results from incomplete information over breakdown payoffs. The likelihood of compromise in
such circumstances is a function of the ideologies that frame constitutional choice and inform coalition-building. Thus, unstable
party systems are not chaotic, although they may be deeply conflict-laden. These issues are illustrated empirically via the
Brazilian Constitution of 1988, which demonstrates the possibilities for a stable constitutional order emerging from a fragmented
and volatile party system.
相似文献
Gary ReichEmail: |
17.
On Election Day 2004, a razor-thin majority of Alabama’s voters rejected a proposed amendment to remove overtly segregationist
language from the state constitution. Opponents had contended that approval would have opened the legislative door to significantly
higher taxes. We employ the results from two earlier special elections to analyze the outcome. In 2000, voters supported repealing
a constitutional provision prohibiting interracial marriages. Three years later, Alabamians were asked to reveal their preferences
with respect to additional taxation. The evidence suggests that opposition to higher taxes rather than bigotry was decisive
in the rejection of Amendment 2 in 2004.
相似文献
Michael ReksulakEmail: |
18.
America’s early constitutional development owes a good deal to the experience and policies of the Dutch republic. Many of
the parallels are direct: In the late 16th century, the Dutch fought a successful war to secede from a major empire. They
wrote a declaration of independence and adopted a federal model of Republican governance almost exactly two hundred years
before the Americans. Somewhat later, the Dutch republic and its political institutions subsequently inspired and protected
enlightenment scholars. Its leading political family and army played a crucial role in curtailing English absolutism in England
and in England’s American colonies, and its federal template provided a model for early American institutions.
相似文献
Roger D. CongletonEmail: |
19.
Monetary policy as bad medicine: The volatile relationship between business cycles and asset prices 总被引:1,自引:0,他引:1
Philipp Bagus 《The Review of Austrian Economics》2008,21(4):283-300
Austrian business cycle theory has become an important point of focus in controversial mainstream discussions regarding the
role of asset prices in monetary policy. In this article, the relation between asset prices and the Austrian business cycle
theory is examined. The analysis focuses on how central banking supports optimism, resulting in the redirection of entrepreneurial
activity and knowledge via asset price bubbles. The crucial role of credit expansion for asset price booms is also analyzed.
Following this analysis, the implications for monetary policy are deduced.
相似文献
Philipp BagusEmail: |
20.
This paper is organized as follows: first, we show that the reference to the notion of group selection is coherent with the
other parts of Hayek’s thought. Second, we develop the idea that recent works in terms of the emergence and evolution of social
norms corroborate in part Hayek’s theses in this domain. Finally, we put to the fore some drawbacks in Hayek’s approach and
propose means to solve them.
相似文献
Pierre GarrousteEmail: |